RCEL (RCEL) financial statements
RCEL reported revenue of $71M in fiscal 2025, up 85.8% a year over 7 years.
Net income was -$49M and the operating margin -60.0%, against -1489.9% in 2018.
Free cash flow was -$33M.
The diluted share count rose 199% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from RCEL's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $929,000 | $5M | $14M | $29M | $34M | $50M | $64M | $71M |
| Cost of revenue | $546,000 | $1M | $3M | $6M | $6M | $8M | $9M | $13M |
| Gross profit | $383,000 | $4M | $11M | $23M | $28M | $42M | $55M | $59M |
| Research and development | $6M | $8M | $9M | $15M | $14M | $21M | $20M | $21M |
| Selling, general and admin | $14M | $28M | $49M | $37M | $45M | $66M | $91M | $81M |
| Operating income | -$14M | -$26M | -$43M | -$27M | -$28M | -$43M | -$57M | -$43M |
| Interest expense | $21,000 | $27,000 | $33,000 | $22,000 | $16,000 | $1M | $5M | $5M |
| Pre-tax income | -$14M | -$25M | -$42M | -$27M | -$27M | -$35M | -$62M | -$49M |
| Income tax | -$1M | -$121,000 | $4,000 | $38,000 | $36,000 | $66,000 | $54,000 | $11,000 |
| Net income | -$13M | -$25M | -$42M | -$27M | -$27M | -$35M | -$62M | -$49M |
| EPS (diluted) | $1.37 | $1.56 | $2.07 | $1.17 | $1.07 | -$1.40 | -$2.39 | -$1.74 |
| Diluted shares | 9M | 16M | 20M | 23M | 25M | 25M | 26M | 28M |
| Gross margin | 41.2% | 76.8% | 79.2% | 79.6% | 82.4% | 84.5% | 86.3% | 83.0% |
| Operating margin | -1489.9% | -466.4% | -299.2% | -90.8% | -79.9% | -85.1% | -88.6% | -60.0% |
| Net margin | -1370.8% | -458.6% | -294.7% | -90.9% | -77.5% | -70.6% | -96.8% | -68.5% |
Balance sheet
Fiscal years, from RCEL's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $20M | $74M | $111M | $79M | $89M | $36M | $18M |
| Receivables | — | $1M | $2M | $3M | $4M | $8M | $12M | $9M |
| Inventory | — | $742,000 | $1M | $2M | $2M | $6M | $7M | $7M |
| Total current assets | — | $24M | $78M | $121M | $87M | $104M | $57M | $35M |
| Property, plant and equipment | — | $1M | $1M | $1M | $1M | $2M | $10M | $9M |
| Total assets | — | $26M | $82M | $126M | $98M | $112M | $80M | $56M |
| Total current liabilities | — | $4M | $8M | $7M | $11M | $13M | $20M | $63M |
| Long-term debt | — | — | — | — | — | $40M | $42M | $0 |
| Total liabilities | — | $5M | $10M | $10M | $13M | $62M | $75M | $73M |
| Shareholders' equity | $14M | $21M | $72M | $116M | $85M | $49M | $4M | -$17M |
| Net debt | -$11M | -$20M | -$74M | -$111M | -$18M | $18M | $28M | $33M |
Cash flow
Fiscal years, from RCEL's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13M | -$19M | -$23M | -$26M | -$19M | -$38M | -$49M | -$31M |
| Capital spending | $365,000 | $1M | $590,000 | $894,000 | $452,000 | $1M | $9M | $2M |
| Free cash flow | -$13M | -$20M | -$23M | -$27M | -$20M | -$39M | -$58M | -$33M |
| Stock-based compensation | $1M | $2M | $16M | $6M | $7M | $8M | $13M | $10M |
| Net borrowing | — | — | — | — | — | $39M | — | — |
| Free cash flow margin | -1434.3% | -370.3% | -163.6% | -91.7% | -56.8% | -78.6% | -90.9% | -46.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for RCEL.
Open RCEL in InvestinglyQuestions
What was RCEL's revenue in 2025?
$71M in fiscal 2025, from its 10-K filing.
How much free cash flow does RCEL generate?
-$33M in fiscal 2025 (operating cash flow minus capital spending).
From RCEL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.