REED'S, INC. (REED)
Reed's, Inc. (symbol: REED) operates as a manufacturer and distributor of premium, all-natural handcrafted beverages. These artisanal concoctions, part of the craft specialty foods sector, are available across a wide geographical footprint, spanning the United States, Canada, Asia, Europe, Australia, and South America. The company's product line features Reed's craft ginger beers, genuine ginger ales, and ready-to-drink selections, alongside Virgil's artisanal sodas, ginger candy, and a broader array of ginger-infused drinks, all primarily marketed under the Reed's brand. Reed's offerings reach consumers through a diverse sales network, including natural and gourmet food establishments, major grocery retailers, mass merchants, club stores, convenience and drug stores, liquor stores, institutional cafeterias, and on-premise dining and bar venues. Distribution is facilitated via third-party distributors, independent partners, and direct-to-store channels. Beyond its core distribution, the company also engages in significant international exports to specific markets such as France, the United Kingdom, South Africa, various Caribbean nations, Spain, the Philippines, and Israel, as well as broader regions in Australia, Asia, Europe, and South America. Founded in 1987, the enterprise was originally incorporated as Original Beverage Corporation, later adopting the Reed's, Inc. name in 2001. Its corporate headquarters are situated in Norwalk, Connecticut.
Sector: Bottled & Canned Soft Drinks & Carbonated Waters
Industry: Beverages - Non-Alcoholic
Reed's, Inc.
NYSE:REEDConsumer Defensive · Beverages - Non-Alcoholic
+12.01%$0.6577
AH Close$0.6300-4.21%vs close
AH Close$0.6300-4.21%vs close
Mkt Cap$7.8M
Float5.12M
O/S11.86M
Inst Own5.8%
SI2.2%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$34.06M
Net Income-$15.85M
Total Assets$23.34M
Free Cash Flow-$17.32M
Debt & Equity
Debt 52%
Equity 47%
Preferred 0%
Total Debt$10.03M
Total Equity$9.15M
Preferred Stock$94K
Shares Outstanding
Short Interest
Split History2 splits · 2 reverse
2-year cumulative
1:6
Nasdaq bars a compliance period at 1:250
- 1:6Reverse splitNov 3, 20256 shares → 1
- 1:50Reverse splitJan 27, 202350 shares → 1
Balance Sheet Details
Assets$23.34M
Liabilities$14.19M
Accounts Receivable$2.32M
Accounts Payable$3.5M
Inventory$8.05M
PP&E (Net)$1.23M
Goodwill$0
Intangible Assets$650K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Revenue | $34.06M | $37.95M | $44.71M | $53.04M | $49.6M | $41.62M | $33.82M | $38.1M | $37.71M | $42.47M | $45.95M | $43.42M | $37.28M | $30.01M | $25.01M | $20.38M | $15.18M | $15.28M | $13.06M | $10.48M | $9.47M | $8.98M | $6.78M |
| YoY Growth | -10.2% | -15.1% | -15.7% | 6.9% | 19.2% | 23.0% | -11.2% | 1.0% | -11.2% | -7.6% | 5.8% | 16.5% | 24.2% | 20.0% | 22.8% | 34.2% | -0.6% | 17.0% | 24.6% | 10.7% | 5.5% | 32.4% | - |
| Cost of Revenue | $27.1M | $26.58M | $35M | $40.93M | $36M | $28.85M | $25.94M | $27.42M | $30.82M | $33.49M | $34.34M | $30.42M | $26.49M | $20.86M | $17.61M | $16.04M | $11.57M | $11.89M | $11.04M | $8.43M | $7.75M | $7.1M | $5.46M |
| Gross Profit | $6.96M | $11.38M | $9.71M | $12.11M | $13.6M | $12.77M | $7.88M | $10.68M | $6.89M | $8.98M | $11.61M | $13.01M | $10.79M | $9.14M | $7.41M | $4.33M | $3.61M | $3.39M | $2.02M | $2.06M | $1.72M | $1.88M | $1.32M |
| Gross Margin | 20.4% | 30.0% | 21.7% | 22.8% | 27.4% | 30.7% | 23.3% | 28.0% | 18.3% | 21.1% | 25.3% | 30.0% | 29.0% | 30.5% | 29.6% | 21.3% | 23.8% | 22.2% | 15.5% | 19.6% | 18.2% | 20.9% | 19.5% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $16.57M | $19.38M | $18.54M | $26.41M | $29.57M | $21.38M | $22.78M | $18.75M | $12.72M | $11.81M | $14.34M | $12.96M | $11.66M | $9.01M | $7.66M | $5.06M | $5.04M | $6.96M | $7.21M | $3.86M | $2.24M | $1.95M | $1.42M |
| Other | $5.54M | $115K | $585K | $538K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $300K | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $22.11M | $19.49M | $19.13M | $26.95M | $29.57M | $21.38M | $22.78M | $18.75M | $12.72M | $11.81M | $14.34M | $12.96M | $11.66M | $9.01M | $7.66M | $5.06M | $5.04M | $6.96M | $7.51M | $3.86M | $2.24M | $1.95M | $1.42M |
| Operating Income (EBIT) | -$15.15M | -$8.12M | -$9.42M | -$14.83M | -$15.97M | -$8.62M | -$14.9M | -$8.12M | -$11.75M | -$3.05M | -$2.73M | $41K | -$869K | $136K | -$250K | -$724K | -$2.07M | -$3.57M | -$5.49M | -$1.81M | -$516K | -$71K | -$97K |
| Operating Margin | -44.5% | -21.4% | -21.1% | -28.0% | -32.2% | -20.7% | -44.1% | -21.3% | -31.2% | -7.2% | -5.9% | 0.1% | -2.3% | 0.5% | -1.0% | -3.6% | -13.7% | -23.4% | -42.0% | -17.2% | -5.5% | -0.8% | -1.4% |
| Interest Expense | $1.11M | $5.48M | $6.11M | $5.22M | $1.2M | $1.31M | $1.29M | $2.2M | $6.62M | $1.72M | $1.23M | $793K | $651K | $660K | $691K | $586K | $486K | $244K | $0 | $415K | $310K | $0 | $251K |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1K | $0 | $8K | $0 | $0 | $0 |
| Other Income (Expense) | -$699K | -$5.04M | -$6.11M | -$5.22M | -$431K | -$1.56M | -$1.26M | -$2.2M | -$6.62M | -$2.21M | -$1.23M | -$793K | -$651K | -$660K | -$691K | -$586K | -$641K | -$243K | -$62K | -$436K | -$339K | -$153K | -$429K |
| Income Before Tax (EBT) | -$15.85M | -$13.15M | -$15.52M | -$20.06M | -$16.4M | -$10.18M | -$16.11M | -$10.32M | -$18.37M | -$5.01M | -$3.96M | -$752K | -$1.52M | -$524K | -$941K | -$1.31M | -$2.71M | $0 | -$5.58M | -$2.24M | -$855K | -$224K | -$524K |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2K | $0 | $1.72M | $0 | $2K | $0 | $0 | $0 | $0 | $1.13M | $243K | $62K | -$29K | -$29K | $408K | $677K |
| Net Income | -$15.85M | -$13.15M | -$15.52M | -$20.06M | -$16.4M | -$10.18M | -$17.4M | -$10.32M | -$18.37M | -$5.01M | -$3.96M | -$754K | -$1.52M | -$524K | -$941K | -$1.31M | -$2.56M | -$3.81M | -$5.55M | -$2.21M | -$826K | -$479K | -$774K |
| Net Income Margin | -46.5% | -34.7% | -34.7% | -37.8% | -33.1% | -24.5% | -51.4% | -27.1% | -48.7% | -11.8% | -8.6% | -1.7% | -4.1% | -1.7% | -3.8% | -6.4% | -16.9% | -25.0% | -42.5% | -21.1% | -8.7% | -5.3% | -11.4% |
| Supplementary Data | |||||||||||||||||||||||
| EPS | -1.91 | -1.64 | -4.39 | -9.52 | -9.65 | -9.47 | -24.81 | -20.36 | -62.17 | -18.39 | -14.47 | -2.78 | -5.82 | -2.22 | -4.19 | -6.18 | -13.30 | -20.62 | -33.29 | -19.25 | -8.12 | -4.87 | -7.87 |
| Diluted EPS | -1.91 | -1.64 | -4.39 | -9.52 | -9.65 | -9.47 | -24.81 | -20.36 | -62.17 | -18.39 | -14.47 | -2.78 | -5.82 | -2.22 | -4.19 | -6.18 | -13.30 | -20.62 | -33.29 | -19.25 | -7.53 | -4.87 | -7.87 |
| Weighted Average OS | 8.30M | 8.04M | 3.54M | 2.02M | 1.82M | 1.21M | 701,160 | 507,151 | 295,516 | 272,398 | 273,762 | 271,599 | 261,129 | 236,558 | 224,579 | 212,104 | 192,352 | 184,988 | 166,762 | 114,994 | 101,718 | 98,406 | 98,372 |
| EBITDA | -$14.57M | -$7.55M | -$9.28M | -$14.73M | -$15.06M | -$8.67M | -$14.67M | -$8.02M | -$11.55M | -$2.38M | -$1.8M | $796K | -$319K | $874K | $403K | -$108K | -$963K | -$3.22M | -$5.28M | -$1.64M | -$398K | $26K | $23K |
| EBITDA Margin | -42.8% | -19.9% | -20.7% | -27.8% | -30.4% | -20.8% | -43.4% | -21.0% | -30.6% | -5.6% | -3.9% | 1.8% | -0.9% | 2.9% | 1.6% | -0.5% | -6.3% | -21.1% | -40.5% | -15.7% | -4.2% | 0.3% | 0.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Assets | |||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| Cash and Cash Equivalents | $10.42M | $10.39M | $603K | $533K | $49K | $595K | $913K | $624K | $12.13M | $451K | $1.82M | $959K | $1.1M | $1.16M | $713K | $1.08M | $1.31M | $229K | $743K | $1.64M | $28K | $42K | $13K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $10.42M | $10.39M | $603K | $533K | $49K | $595K | $913K | $624K | $12.13M | $451K | $1.82M | $959K | $1.1M | $1.16M | $713K | $1.08M | $1.31M | $229K | $743K | $1.64M | $28K | $42K | $13K |
| Accounts Receivable | $2.32M | $4.12M | $3.83M | $6.45M | $6.12M | $5.4M | $2.1M | $2.8M | $2.69M | $2.48M | $2.89M | $2.5M | $2.14M | $1.96M | $1.63M | $1.29M | $866K | $897K | $1.18M | $1.21M | $545K | $801K | $624K |
| Inventory | $8.05M | $8.11M | $11.3M | $16.18M | $17.05M | $11.12M | $10.51M | $7.38M | $5.93M | $6.88M | $7.93M | $6.31M | $6.29M | $5.79M | $6.1M | $4.55M | $2.88M | $2.84M | $3.03M | $1.51M | $1.21M | $1.3M | $1.3M |
| Other Current Assets | $673K | $683K | $2.03M | $939K | $0 | $0 | $356K | $0 | $199K | $500K | $769K | $447K | $178K | $212K | $291K | $216K | $99K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $21.46M | $23.31M | $17.76M | $24.09M | $24.7M | $18.45M | $14.3M | $10.94M | $20.95M | $10.32M | $13.45M | $11.5M | $9.97M | $9.33M | $8.73M | $7.15M | $5.16M | $4.03M | $5.03M | $6.1M | $1.86M | $2.15M | $1.95M |
| Long-Term Assets | |||||||||||||||||||||||
| Property, Plant & Equipment Net | $1.23M | $1.19M | $493K | $766K | $992K | $920K | $1.05M | $896K | $353K | $7.73M | $5.37M | $4.57M | $3.69M | $3.42M | $3.51M | $3.65M | $3.65M | $4.13M | $4.25M | $1.8M | $1.89M | $1.82M | $1.71M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $650K | $644K | $629K | $626K | $624K | $615K | $576K | $576K | $805K | $805K | $1.03M | $1.03M | $1.03M | $1.03M | $1.03M | $1.03M | $1.03M | $800K | $814K | $814K | $815K | $816K | $869K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | $0 | $0 | $0 | $0 | $67K | $67K | $82K | $2.37M | $0 | $0 | $0 | $60K | $54K | $85K | $47K | $131K | $139K | $0 | $0 | $356K | $311K | $0 |
| Total Long-Term Assets | $1.88M | $1.83M | $1.12M | $1.39M | $1.62M | $1.6M | $1.7M | $1.55M | $3.53M | $8.53M | $6.4M | $5.6M | $4.78M | $4.5M | $4.63M | $4.73M | $4.82M | $5.07M | $5.06M | $2.61M | $3.06M | $2.95M | $2.58M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $23.34M | $25.14M | $18.88M | $25.49M | $26.32M | $20.06M | $15.99M | $12.49M | $24.48M | $18.85M | $19.85M | $17.1M | $14.75M | $13.84M | $13.36M | $11.88M | $9.97M | $9.1M | $10.09M | $8.71M | $4.91M | $5.1M | $4.53M |
| Liabilities | |||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||
| Accounts Payable | $3.5M | $6.96M | $9.13M | $9.8M | $10.43M | $6.75M | $5.54M | $5.72M | $7.48M | $5.96M | $7.46M | $5.89M | $3.61M | $3.37M | $2.31M | $2.59M | $954K | $1.93M | $2M | $1.7M | $1.64M | $1.41M | $1.18M |
| Short-Term Debt | $9.18M | $9.57M | $16.5M | $13.41M | $10.23M | $599K | $3.18M | $6.98M | $10.47M | $5.53M | $4.6M | $3.14M | $4.8M | $3.29M | $3.32M | $2.11M | $1.52M | $1.37M | $27K | $1.43M | $1.62M | $1.26M | $1.2M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$51K | $277K | -$183K | -$153K | -$125K | -$79K | -$69K | -$127K | -$94K | -$64K | $0 | $0 | $0 | $0 | -$1.26M | -$1.2M |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $341K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Liabilities | $13.39M | $17.66M | $27.19M | $25.66M | $21.72M | $8.93M | $9.41M | $14.23M | $18.64M | $11.88M | $12.72M | $9.29M | $8.63M | $7.03M | $6.07M | $5.32M | $3.12M | $3.4M | $2.08M | $3.27M | $3.45M | $2.83M | $2.54M |
| Long-Term Liabilities | |||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $10.87M | $8.09M | $0 | $171K | $4.69M | $4.16M | $4.94M | $7.28M | $5.85M | $3.68M | $2.63M | $2.61M | $729K | $2.27M | $71K | $1.75M | $766K | $821K | $1.31M | $1.29M | $1.23M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $8K | $38K | $147K | $905K | $0 | $0 | $0 | $0 | $2.15M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $803K | $837K | $10.87M | $8.3M | $394K | $726K | $5.43M | $5M | $5.32M | $8.63M | $6.34M | $4.16M | $2.73M | $2.71M | $2.98M | $2.41M | $2.48M | $1.75M | $766K | $821K | $1.31M | $1.29M | $1.23M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $14.19M | $18.49M | $38.06M | $33.96M | $22.12M | $9.65M | $14.85M | $19.23M | $23.97M | $20.51M | $19.07M | $13.45M | $11.36M | $9.74M | $9.05M | $7.73M | $5.59M | $5.14M | $2.85M | $4.09M | $4.76M | $4.13M | $3.78M |
| Stockholders' Equity | |||||||||||||||||||||||
| Preferred Stock | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $94K | $560K | $1.27M | $1.32M | $1.67M | $471K | $481K | $589K | $589K | $589K | $0 |
| Common Stock | $5K | $1K | $0 | $0 | $0 | $9K | $5K | $3K | $2K | $1K | $1K | $1K | $1K | $1K | $1K | $1K | $1K | $1K | $874 | $714 | $503 | $472 | $472 |
| Retained Earnings | -$167.73M | -$151.88M | -$138.73M | -$123.2M | -$103.14M | -$86.73M | -$76.55M | -$60.43M | -$50.1M | -$31.72M | -$26.71M | -$22.74M | -$21.98M | -$20.46M | -$19.89M | -$18.88M | -$17.5M | -$14.92M | -$11.08M | -$5.5M | -$3.26M | -$2.4M | -$1.67M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$342K | -$9.34M | -$4.86M | -$4.22M | -$3.4M | -$2.8M | -$2.35M | -$1.74M | -$1.18M | -$727K | -$1.15M | -$868K | -$663K | $29K | -$390K | -$294K |
| Other Stockholders' Equity | $176.88M | $158.53M | $119.55M | $114.73M | $107.34M | $97.13M | $77.69M | $53.69M | $50.61M | $30.07M | $27.49M | $26.39M | $25.37M | $24.56M | $24.19M | $23.02M | $21.88M | $18.88M | $18.32M | $10.12M | $3.41M | $3.37M | $2.43M |
| Total Equity | $9.15M | $6.65M | -$19.18M | -$8.47M | $4.2M | $10.4M | $1.15M | -$6.74M | $508K | -$1.66M | $785K | $3.65M | $3.39M | $4.1M | $4.3M | $4.14M | $4.38M | $3.96M | $7.24M | $4.62M | $149K | $970K | $760K |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $23.34M | $25.14M | $18.88M | $25.49M | $26.32M | $20.06M | $15.99M | $12.49M | $24.48M | $18.85M | $19.85M | $17.1M | $14.75M | $13.84M | $13.36M | $11.88M | $9.97M | $9.1M | $10.09M | $8.71M | $4.91M | $5.1M | $4.53M |
| Supplementary Data | |||||||||||||||||||||||
| Total Debt | $10.03M | $10.41M | $27.58M | $21.89M | $10.78M | $1.46M | $8.65M | $11.99M | $15.84M | $13.43M | $11.44M | $7.42M | $7.61M | $6.06M | $4.1M | $4.62M | $4.06M | $3.12M | $793K | $2.25M | $2.93M | $2.55M | $2.43M |
| Net Debt | -$399K | $17K | $26.97M | $21.36M | $10.73M | $860K | $7.74M | $11.37M | $3.72M | $12.98M | $9.62M | $6.46M | $6.51M | $4.9M | $3.39M | $3.53M | $2.75M | $2.89M | $50K | $610K | $2.9M | $2.51M | $2.42M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Operating Activities | |||||||||||||||||||||||
| Net Income | -$15.84M | -$13.15M | -$15.52M | -$19.22M | -$16.4M | -$10.18M | -$16.11M | -$10.32M | -$18.37M | -$5.01M | -$3.96M | -$754K | -$1.52M | -$524K | -$941K | -$1.31M | -$2.56M | -$3.81M | -$5.55M | -$2.21M | -$826K | -$479K | -$774K |
| Depreciation & Amortization | $160K | $125K | $142K | $108K | $143K | $204K | $152K | $108K | $551K | $647K | $933K | $755K | $550K | $738K | $653K | $616K | $469K | $355K | $205K | $156K | $119K | $97K | $124K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | -$367K | $126K | -$150K | $8.95M | $616K | $103K | $71K | -$75K | $264K | $971K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $59K | $528K | $526K | $859K | $1.68M | $1.18M | $790K | $1.16M | $276K | $658K | $877K | $396K | $327K | $107K | $389K | $198K | $421K | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||||
| Accounts Receivable | $743K | -$408K | $275K | -$525K | -$446K | -$2.48M | $757K | $61K | -$551K | $509K | -$497K | -$428K | -$107K | -$599K | -$361K | -$444K | $38K | $264K | -$649K | $0 | $0 | $0 | $0 |
| Inventory | -$1.95M | $2.91M | $2.65M | $531K | -$5.87M | -$159K | -$3.58M | -$1.16M | $560K | $1.09M | -$1.62M | -$13K | -$499K | $305K | -$1.54M | -$1.67M | -$37K | $191K | -$1.52M | -$303K | $93K | -$4K | $43K |
| Accounts Payable | -$3.35M | -$1.39M | -$1.07M | -$629K | $3.69M | $1.39M | -$182K | -$1.76M | $1.52M | -$1.5M | $1.56M | $2.28M | $244K | $1.06M | -$276K | $1.63M | -$638K | -$68K | $51K | $0 | $0 | $0 | $0 |
| Other Working Capital | -$325K | $614K | $1.53M | -$90K | -$187K | -$510K | -$1.48M | $1.23M | $286K | $446K | $1.25M | -$1.31M | -$118K | -$195K | -$256K | -$213K | $119K | $63K | $931K | -$651K | $448K | $57K | -$107K |
| Total Working Capital Change | -$4.87M | $1.72M | $3.38M | -$713K | -$2.82M | -$1.76M | -$4.48M | -$1.63M | $1.82M | $545K | $699K | $535K | -$480K | $569K | -$2.44M | -$696K | -$518K | $450K | -$1.18M | -$954K | $541K | $53K | -$63K |
| Other Non-Cash Items | $3.46M | $4.65M | $7.21M | $3.53M | -$198K | $1.43M | $1.36M | $1.58M | $3.36M | $10K | $1K | $13K | $5K | $23K | -$899K | $381K | $870K | $541K | $724K | $9K | $124K | $153K | $431K |
| Net Cash from Operating | -$17.04M | -$6.12M | -$4.27M | -$15.43M | -$17.59M | -$9.5M | -$18.16M | -$9.26M | -$3.42M | -$2.53M | -$1.35M | $1.02M | -$1.19M | $1.18M | -$2.26M | -$811K | -$1.32M | -$2.47M | -$5.81M | -$3M | -$43K | -$176K | -$282K |
| Investing Activities | |||||||||||||||||||||||
| Capital Expenditures | -$272K | -$152K | -$88K | -$2K | -$335K | -$161K | -$322K | -$159K | -$813K | -$410K | -$532K | -$330K | -$602K | -$507K | -$356K | -$383K | -$356K | -$191K | -$2.65M | -$65K | -$182K | -$204K | -$148K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $45K | $1.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $19K | -$15K | $68K | $0 | $0 | $0 | $45K | $1.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$300K | -$1.58M | -$33K | -$44K | $0 |
| Net Cash from Investing | -$253K | -$167K | -$20K | -$2K | -$335K | -$161K | -$277K | $942K | -$813K | -$410K | -$532K | -$330K | -$602K | -$507K | -$356K | -$383K | -$356K | -$191K | -$2.95M | -$1.65M | -$215K | -$248K | -$148K |
| Financing Activities | |||||||||||||||||||||||
| Debt Repaid | $650K | -$10.41M | -$3.55M | -$9.33M | $2K | $3.5M | $48K | $7.51M | -$1.98M | $709K | -$1.23M | -$665K | $107K | $281K | -$560K | $74K | -$1.2M | $800K | $100K | $402K | -$11K | -$339K | -$408K |
| Common Stock Issuance | $18.18M | $15.98M | $4.02M | $5.03M | $7.33M | $16.56M | $22.34M | $832K | $13.09M | $2.23M | $0 | $0 | $0 | $0 | $672K | $432K | $713K | $0 | $7.79M | $7M | $197K | $334K | $11K |
| Common Stock Repurchases | $0 | $0 | -$1K | -$2K | -$15K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$77K | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | -$5K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$29K | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$203K | -$347K | -$1.83M | $449K | -$161K | -$62K | $430K | -$31K | $1.93M | $116K | $75K | -$7K | $342K | -$44K | -$40K | -$24K | -$117K | $1.67M | $1.55M | -$252K | -$333K | -$220K | $0 |
| Net Cash from Financing | $17.32M | $16.08M | $4.36M | $15.92M | $17.38M | $9.34M | $18.73M | -$3.19M | $15.91M | $1.58M | $2.74M | -$831K | $1.74M | -$220K | $2.25M | $972K | $2.75M | $2.15M | $7.86M | $6.26M | $243K | $454K | $419K |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $33K | $9.79M | $70K | $484K | -$546K | -$318K | $289K | -$11.5M | $11.68M | -$1.36M | $857K | -$145K | -$59K | $450K | -$371K | -$222K | $1.08M | -$514K | -$896K | $1.61M | -$15K | $30K | -$12K |
| Supplementary Data | |||||||||||||||||||||||
| Operating Cash Flow | -$17.04M | -$6.12M | -$4.27M | -$15.43M | -$17.59M | -$9.5M | -$18.16M | -$9.26M | -$3.42M | -$2.53M | -$1.35M | $1.02M | -$1.19M | $1.18M | -$2.26M | -$811K | -$1.32M | -$2.47M | -$5.81M | -$3M | -$43K | -$176K | -$282K |
| Capital Expenditure | -$278K | -$152K | -$88K | -$2K | -$335K | -$161K | -$322K | -$159K | -$813K | -$410K | -$532K | -$330K | -$602K | -$507K | -$356K | -$383K | -$356K | -$191K | -$2.65M | -$65K | -$182K | -$204K | -$148K |
| Free Cash Flow | -$17.32M | -$6.28M | -$4.35M | -$15.44M | -$17.92M | -$9.66M | -$18.48M | -$9.42M | -$4.24M | -$2.94M | -$1.88M | $686K | -$1.79M | $670K | -$2.62M | -$1.19M | -$1.67M | -$2.66M | -$8.46M | -$3.07M | -$224K | -$380K | -$430K |
| Cash at Beginning | $10.39M | $603K | $533K | $49K | $595K | $913K | $624K | $12.13M | $451K | $1.82M | $959K | $1.1M | $1.16M | $713K | $1.08M | $1.31M | $229K | $743K | $1.64M | $28K | $42K | $13K | $25K |
| Cash at End | $10.42M | $10.39M | $603K | $533K | $49K | $595K | $913K | $624K | $12.13M | $451K | $1.82M | $959K | $1.1M | $1.16M | $713K | $1.08M | $1.31M | $229K | $743K | $1.64M | $28K | $42K | $13K |