Hongli (HLP) financial statements
Hongli reported revenue of $20M in fiscal 2025, up 8.4% a year over 7 years.
Net income was $2M and the operating margin 12.4%, against 22.1% in 2020.
Free cash flow was $660,824.
The diluted share count rose 634% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hongli's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11M | $22M | $20M | $16M | — | $14M | — | $20M |
| Cost of revenue | $7M | $14M | $13M | $11M | — | $10M | — | $13M |
| Gross profit | $4M | $8M | $7M | $5M | — | $5M | — | $6M |
| Research and development | $643,958 | $1M | $1M | $962,961 | — | $818,312 | — | $994,500 |
| Selling, general and admin | $2M | $4M | $4M | $4M | — | $6M | — | $3M |
| Operating income | $2M | $4M | $3M | $1M | — | -$2M | — | $2M |
| Interest expense | $258,238 | $313,679 | $371,214 | $650,803 | — | $155,472 | — | $165,003 |
| Pre-tax income | $3M | $3M | $3M | $932,462 | — | -$2M | — | $2M |
| Income tax | $239,496 | $263,080 | $280,069 | $67,740 | — | $8,392 | — | $228,684 |
| Net income | $2M | $3M | $3M | $864,722 | -$2M | -$2M | $990,049 | $2M |
| EPS (diluted) | $0.24 | $0.32 | $0.29 | $0.07 | -$0.15 | -$0.11 | $0.01 | $0.03 |
| Diluted shares | 10M | 10M | 10M | 12M | 13M | 17M | 73M | 73M |
| Gross margin | 39.9% | 35.3% | 34.6% | 32.8% | — | 32.0% | — | 32.5% |
| Operating margin | 22.1% | 18.1% | 14.4% | 6.4% | — | -11.2% | — | 12.4% |
| Net margin | 21.7% | 14.7% | 14.5% | 5.4% | — | -13.3% | — | 9.9% |
Balance sheet
Fiscal years, from Hongli's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1M | $484,389 | $2M | $775,686 | $930,419 | $909,716 | $923,333 | $2M |
| Receivables | — | $5M | $7M | $6M | $6M | $6M | $9M | $9M |
| Inventory | — | $3M | $3M | $2M | $2M | $3M | $2M | $2M |
| Total current assets | — | $11M | $14M | $11M | $12M | $12M | $14M | $16M |
| Property, plant and equipment | — | $5M | $12M | $11M | $11M | $10M | $10M | $12M |
| Total assets | — | $22M | $36M | $32M | $33M | $65M | $68M | $72M |
| Total current liabilities | — | $10M | $12M | $8M | $8M | $8M | $12M | $14M |
| Long-term debt | — | — | — | $3M | $4M | $3M | — | — |
| Total liabilities | — | $10M | $23M | $11M | $12M | $12M | $12M | $14M |
| Shareholders' equity | $8M | $11M | $13M | $21M | $21M | $53M | $56M | $58M |
| Net debt | -$1M | -$484,389 | $8M | $3M | $3M | $8M | $8M | $2M |
Cash flow
Fiscal years, from Hongli's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3M | $1M | $2M | $884,917 | — | -$414,034 | — | $878,267 |
| Capital spending | $584,613 | $1M | $5M | $302,393 | — | $32,506 | — | $217,443 |
| Free cash flow | $2M | $134,982 | -$3M | $582,524 | — | -$446,540 | — | $660,824 |
| Stock-based compensation | — | — | — | — | — | $2M | — | — |
| Net borrowing | — | — | $10M | — | — | — | — | — |
| Free cash flow margin | 21.5% | 0.6% | -12.9% | 3.6% | — | -3.2% | — | 3.4% |
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Open HLP in InvestinglyQuestions
What was Hongli's revenue in 2025?
$20M in fiscal 2025, from its 10-K filing.
How much free cash flow does Hongli generate?
$660,824 in fiscal 2025 (operating cash flow minus capital spending).
From Hongli's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.