PHAT (PHAT) financial statements
PHAT reported revenue of $175M in fiscal 2025, up 1502.4% a year over 2 years.
Net income was -$221M.
Free cash flow was -$167M.
The diluted share count rose 1105% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from PHAT's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $682,000 | $55M | $175M |
| Cost of revenue | — | — | — | — | $0 | $167,000 | $8M | $23M |
| Gross profit | — | — | — | — | $0 | $515,000 | $47M | $153M |
| Research and development | $20,000 | $20M | $98M | $72M | $71M | $50M | $34M | $33M |
| Selling, general and admin | $1M | $7M | $28M | $63M | $101M | $118M | $291M | $280M |
| Operating income | -$1M | -$106M | -$126M | -$135M | -$172M | -$167M | -$277M | -$160M |
| Interest expense | $13,000 | $4M | $5M | $7M | $27M | $42M | $72M | $68M |
| Pre-tax income | — | — | — | — | — | — | -$334M | -$221M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$1M | -$255M | -$129M | -$144M | -$198M | -$202M | -$334M | -$221M |
| EPS (diluted) | -$0.21 | -$22.45 | -$3.88 | -$3.89 | -$5.05 | -$3.93 | -$5.29 | -$3.03 |
| Diluted shares | 6M | 11M | 33M | 37M | 39M | 51M | 63M | 73M |
| Gross margin | — | — | — | — | — | 75.5% | 85.6% | 87.1% |
| Operating margin | — | — | — | — | — | -24532.6% | -502.2% | -91.4% |
| Net margin | — | — | — | — | — | -29558.9% | -605.1% | -126.3% |
Balance sheet
Fiscal years, from PHAT's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $879,000 | $244M | $287M | $183M | $155M | $381M | $297M | $130M |
| Receivables | — | — | — | — | $0 | $2M | $39M | $78M |
| Inventory | — | — | — | — | $0 | $1M | $3M | $6M |
| Total current assets | $902,000 | $256M | $291M | $187M | $161M | $397M | $360M | $229M |
| Property, plant and equipment | — | $463,000 | $986,000 | $650,000 | $1M | $2M | $1M | $1M |
| Total assets | $902,000 | $257M | $295M | $189M | $165M | $414M | $378M | $259M |
| Total current liabilities | $2M | $4M | $56M | $19M | $26M | $39M | $86M | $132M |
| Long-term debt | — | $23M | $40M | $90M | $95M | $138M | $201M | $209M |
| Total liabilities | $2M | $29M | $101M | $117M | $240M | $487M | $632M | $697M |
| Shareholders' equity | -$1M | $228M | $194M | $72M | -$75M | -$73M | -$254M | -$438M |
| Net debt | -$879,000 | -$221M | -$241M | -$94M | -$60M | -$244M | -$96M | $79M |
Cash flow
Fiscal years, from PHAT's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1M | -$37M | -$70M | -$148M | -$147M | -$138M | -$267M | -$167M |
| Capital spending | — | $132,000 | $1M | $328,000 | $1M | $2M | $135,000 | $229,000 |
| Free cash flow | — | -$37M | -$71M | -$149M | -$148M | -$139M | -$267M | -$167M |
| Stock-based compensation | — | $406,000 | $6M | $17M | $24M | $45M | $24M | $29M |
| Net borrowing | — | $25M | $25M | $43M | $0 | $39M | $59M | $0 |
| Free cash flow margin | — | — | — | — | — | -20412.6% | -483.1% | -95.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for PHAT.
Open PHAT in InvestinglyQuestions
What was PHAT's revenue in 2025?
$175M in fiscal 2025, from its 10-K filing.
How much free cash flow does PHAT generate?
-$167M in fiscal 2025 (operating cash flow minus capital spending).
From PHAT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.