Delcath Systems (DCTH) financial statements
Delcath Systems reported revenue of $85M in fiscal 2025, up 51.8% a year over 9 years.
Net income was $3M and the operating margin 0.8%, against -825.3% in 2016.
Free cash flow was $21M, and the company returned $6M in net buybacks.
The diluted share count rose 823493% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Delcath Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $3M | — | — | — | $4M | $3M | $2M | $37M | $85M |
| Cost of revenue | $550,000 | $701,000 | $1M | $719,000 | $640,000 | $671,000 | $686,000 | $635,000 | $6M | $12M |
| Gross profit | $1M | $2M | $2M | $861,000 | $1M | $3M | $2M | $1M | $31M | $73M |
| Research and development | $8M | $10M | $20M | $9M | $11M | $14M | $19M | $18M | $14M | $29M |
| Selling, general and admin | $9M | $10M | $10M | $11M | $11M | $14M | $17M | $22M | $30M | $44M |
| Operating income | -$16M | -$18M | -$27M | -$20M | -$21M | -$25M | -$34M | -$38M | -$12M | $660,000 |
| Interest expense | $14M | $22M | — | — | — | — | — | — | — | — |
| Pre-tax income | -$18M | -$45M | -$19M | -$9M | -$24M | -$26M | -$37M | -$48M | -$26M | $4M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $810,000 |
| Net income | -$18M | -$45M | -$19M | -$9M | -$24M | -$26M | -$37M | -$48M | -$26M | $3M |
| EPS (diluted) | -$3,707.00 | -$3,250.00 | -$504.00 | -$342.83 | -$8.35 | -$3.59 | -$4.12 | -$2.94 | -$0.93 | $0.07 |
| Diluted shares | 0M | 0M | 0M | 0M | 3M | 7M | 9M | 16M | 29M | 40M |
| Gross margin | 72.4% | 74.2% | — | — | — | 81.1% | 74.8% | 69.2% | 83.4% | 86.2% |
| Operating margin | -825.3% | -669.1% | — | — | — | -690.0% | -1245.1% | -1849.0% | -33.4% | 0.8% |
| Net margin | -902.2% | -1661.8% | — | — | — | -721.5% | -1342.7% | -2308.9% | -70.9% | 3.2% |
Balance sheet
Fiscal years, from Delcath Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $4M | $3M | $10M | $29M | $23M | $8M | $32M | $53M | $91M |
| Receivables | $403,000 | $317,000 | $585,000 | $21,000 | $57,000 | $44,000 | $366,000 | $241,000 | $11M | $12M |
| Inventory | $660,000 | $1M | $858,000 | $654,000 | $855,000 | $1M | $2M | $3M | $7M | $10M |
| Total current assets | $34M | $8M | $6M | $13M | $32M | $31M | $16M | $37M | $74M | $120M |
| Property, plant and equipment | $1M | $1M | $925,000 | $735,000 | $1M | $1M | $1M | $1M | $2M | $3M |
| Total assets | $35M | $9M | $7M | $14M | $35M | $33M | $18M | $39M | $77M | $124M |
| Total current liabilities | $36M | $8M | $18M | $16M | $10M | $6M | $15M | $16M | $6M | $11M |
| Total liabilities | $37M | $8M | $22M | $21M | $13M | $21M | $24M | $23M | $8M | $12M |
| Shareholders' equity | -$1M | $678,000 | -$15M | -$6M | $22M | $12M | -$6M | $16M | $69M | $111M |
| Net debt | -$4M | -$4M | -$3M | -$10M | -$29M | -$23M | -$8M | -$13M | -$32M | -$43M |
Cash flow
Fiscal years, from Delcath Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14M | -$15M | -$15M | -$24M | -$23M | -$23M | -$25M | -$31M | -$19M | $23M |
| Capital spending | $258,000 | $524,000 | $76,000 | $24,000 | $782,000 | $143,000 | $209,000 | $58,000 | $559,000 | $2M |
| Free cash flow | -$14M | -$16M | -$15M | -$24M | -$24M | -$23M | -$25M | -$31M | -$19M | $21M |
| Stock-based compensation | — | — | — | — | — | — | $8M | $8M | $10M | $24M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | $0 | -$6M |
| Net borrowing | — | — | $0 | $4M | $0 | $15M | -$714,000 | -$6M | -$11M | $0 |
| Free cash flow margin | -726.5% | -586.4% | — | — | — | -639.9% | -925.3% | -1516.2% | -51.7% | 24.6% |
Questions
What was Delcath Systems's revenue in 2025?
$85M in fiscal 2025, from its 10-K filing.
How much free cash flow does Delcath Systems generate?
$21M in fiscal 2025 (operating cash flow minus capital spending).
From Delcath Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.