RANI (RANI) financial statements
RANI reported revenue of $2M in fiscal 2025, up 28.7% a year over 5 years.
Net income was -$30M and the operating margin -2346.0%, against -3581.0% in 2020.
Free cash flow was -$19M.
The diluted share count rose 239% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from RANI's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $462,000 | $3M | $0 | $0 | $1M | $2M |
| Research and development | $12M | $26M | $37M | $40M | $27M | $20M |
| Selling, general and admin | $5M | $28M | $27M | $26M | $24M | $20M |
| Operating income | -$17M | -$52M | -$63M | -$66M | -$53M | -$38M |
| Interest expense | $124,000 | $466,000 | $1M | $5M | $5M | $3M |
| Pre-tax income | -$17M | -$53M | -$63M | -$68M | — | — |
| Income tax | $35,000 | $41,000 | $70,000 | $0 | $0 | $0 |
| Net income | -$17M | -$8M | -$31M | -$34M | -$30M | -$30M |
| EPS (diluted) | — | -$0.43 | -$1.28 | -$1.33 | -$1.05 | -$0.45 |
| Diluted shares | — | 20M | 24M | 26M | 28M | 66M |
| Operating margin | -3581.0% | -1899.1% | — | — | -5186.2% | -2346.0% |
| Net margin | -3615.4% | -306.6% | — | — | -2920.0% | -1817.1% |
Balance sheet
Fiscal years, from RANI's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $73M | $117M | $126M | $6M | $4M | $19M |
| Receivables | — | — | — | $0 | $0 | $2M |
| Total current assets | $75M | $120M | $101M | $51M | $30M | $53M |
| Property, plant and equipment | $4M | $5M | $6M | $6M | $2M | $736,000 |
| Total assets | $79M | $124M | $108M | $58M | $37M | $59M |
| Total current liabilities | $5M | $3M | $5M | $8M | $20M | $13M |
| Long-term debt | $2M | $0 | $29M | $24M | $10M | $0 |
| Total liabilities | $8M | $3M | $34M | $32M | $33M | $17M |
| Shareholders' equity | -$113M | $47M | $37M | $13M | $2M | $33M |
| Net debt | -$69M | -$117M | $2M | $24M | $21M | -$19M |
Cash flow
Fiscal years, from RANI's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$15M | -$32M | -$47M | -$51M | -$35M | -$19M |
| Capital spending | $1M | $506,000 | $2M | $1M | $268,000 | $88,000 |
| Free cash flow | -$16M | -$33M | -$48M | -$52M | -$36M | -$19M |
| Stock-based compensation | $0 | $23M | $16M | $19M | $16M | $12M |
| Net borrowing | — | — | — | $0 | -$5M | -$21M |
| Free cash flow margin | -3497.8% | -1205.4% | — | — | -3479.0% | -1151.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for RANI.
Open RANI in InvestinglyQuestions
What was RANI's revenue in 2025?
$2M in fiscal 2025, from its 10-K filing.
How much free cash flow does RANI generate?
-$19M in fiscal 2025 (operating cash flow minus capital spending).
From RANI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.