MNKD (MNKD) financial statements
MNKD reported revenue of $349M in fiscal 2025, up 8.0% a year over 9 years.
Net income was $6M and the operating margin 11.1%, against 38.5% in 2016.
Free cash flow was $14M.
The diluted share count rose 241% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MNKD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $175M | $12M | $28M | $63M | $65M | $75M | $100M | $199M | $286M | $349M |
| Cost of revenue | $17M | $17M | $19M | $20M | $15M | $17M | $16M | $21M | $17M | $27M |
| Gross profit | $158M | -$5M | $8M | $43M | $50M | $59M | $84M | $178M | $268M | $322M |
| Research and development | $15M | $14M | $9M | $7M | $6M | $12M | $20M | $31M | $46M | $66M |
| Selling, general and admin | $47M | $75M | $80M | $75M | $59M | $77M | $91M | $94M | $94M | $144M |
| Operating income | $67M | -$108M | -$77M | -$45M | -$48M | -$47M | -$64M | $9M | $73M | $39M |
| Interest expense | $16M | $9M | $5M | $6M | $9M | $15M | $15M | $15M | $12M | $14M |
| Pre-tax income | $126M | -$117M | -$87M | -$52M | -$57M | -$81M | -$87M | -$10M | $31M | $1M |
| Income tax | $0 | $51,000 | $240,000 | $0 | -$218,000 | $0 | $0 | $2M | $3M | -$4M |
| Net income | $126M | -$117M | -$87M | -$52M | -$57M | -$81M | -$87M | -$12M | $28M | $6M |
| EPS (diluted) | $1.36 | -$1.13 | -$0.60 | -$0.27 | -$0.26 | -$0.32 | -$0.34 | -$0.04 | $0.10 | $0.02 |
| Diluted shares | 92M | 104M | 144M | 196M | 223M | 249M | 257M | 267M | 284M | 314M |
| Gross margin | 90.2% | -46.7% | 30.4% | 68.1% | 76.8% | 77.7% | 84.0% | 89.5% | 93.9% | 92.3% |
| Operating margin | 38.5% | -921.1% | -274.9% | -70.7% | -73.5% | -62.3% | -64.3% | 4.4% | 25.4% | 11.1% |
| Net margin | 71.9% | -999.0% | -312.2% | -82.3% | -87.9% | -107.3% | -87.6% | -6.0% | 9.7% | 1.7% |
Balance sheet
Fiscal years, from MNKD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $23M | $44M | $71M | $50M | $67M | $204M | $171M | $295M | $197M | $171M |
| Receivables | $302,000 | $3M | $4M | $4M | $4M | $5M | $17M | $15M | $12M | $38M |
| Inventory | $2M | $3M | $4M | $4M | $5M | $7M | $22M | $29M | $28M | $35M |
| Total current assets | $77M | $57M | $82M | $61M | $79M | $219M | $235M | $373M | $268M | $292M |
| Property, plant and equipment | $29M | $27M | $26M | $27M | $26M | $37M | $45M | $84M | $85M | $82M |
| Goodwill | — | — | — | — | — | — | $2M | $2M | $2M | $68M |
| Total assets | $107M | $85M | $108M | $94M | $109M | $321M | $295M | $475M | $394M | $792M |
| Total current liabilities | $92M | $88M | $75M | $66M | $74M | $48M | $67M | $104M | $82M | $171M |
| Long-term debt | — | — | — | $114M | — | — | — | — | — | — |
| Total liabilities | $291M | $299M | $283M | $284M | $289M | $531M | $546M | $721M | $473M | $843M |
| Shareholders' equity | -$184M | -$215M | -$175M | -$191M | -$180M | -$209M | -$251M | -$246M | -$79M | -$51M |
| Net debt | -$23M | -$44M | -$71M | $89M | -$67M | -$124M | -$70M | -$238M | -$46M | -$75M |
Cash flow
Fiscal years, from MNKD's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$78M | -$65M | -$38M | -$88M | -$28M | -$62M | -$81M | $34M | $43M | $18M |
| Capital spending | $1M | — | $354,000 | $3M | $801,000 | $11M | $8M | $42M | $10M | $5M |
| Free cash flow | -$79M | — | -$38M | -$91M | -$29M | -$73M | -$88M | -$8M | $33M | $14M |
| Stock-based compensation | $5M | $5M | $7M | $6M | $7M | $12M | $13M | $18M | $21M | $24M |
| Net borrowing | — | — | — | — | $5M | — | — | — | — | $325M |
| Free cash flow margin | -45.3% | — | -136.7% | -144.4% | -44.4% | -97.0% | -88.5% | -4.2% | 11.5% | 3.9% |
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Open MNKD in InvestinglyQuestions
What was MNKD's revenue in 2025?
$349M in fiscal 2025, from its 10-K filing.
How much free cash flow does MNKD generate?
$14M in fiscal 2025 (operating cash flow minus capital spending).
From MNKD's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.