SG (SG) financial statements
SG reported revenue of $679M in fiscal 2025, up 25.2% a year over 5 years.
Net income was -$134M and the operating margin -20.5%, against -64.2% in 2020.
Free cash flow was -$119M.
The diluted share count rose 635% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SG's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $221M | $340M | $470M | $584M | $677M | $679M |
| Cost of revenue | $229M | $299M | $401M | $482M | $544M | $576M |
| Gross profit | -$9M | $40M | $69M | $102M | $133M | — |
| Research and development | — | — | $2M | $1M | $1M | $1M |
| Selling, general and admin | $110M | $135M | $202M | $161M | $167M | $162M |
| Operating income | -$142M | -$134M | -$193M | -$122M | -$96M | -$139M |
| Interest expense | $404,000 | $87,000 | $83,000 | $128,000 | $256,000 | $19,000 |
| Pre-tax income | -$141M | -$153M | -$189M | -$113M | -$92M | -$134M |
| Income tax | $0 | $147,000 | $1M | $379,000 | -$1M | $46,000 |
| Net income | -$141M | -$153M | -$190M | -$113M | -$90M | -$134M |
| EPS (diluted) | -$8.80 | -$5.51 | -$1.73 | -$1.01 | -$0.79 | -$1.14 |
| Diluted shares | 16M | 28M | 110M | 112M | 114M | 118M |
| Gross margin | -3.9% | 11.9% | 14.7% | 17.5% | 19.6% | — |
| Operating margin | -64.2% | -39.5% | -41.1% | -20.9% | -14.1% | -20.5% |
| Net margin | -64.0% | -45.1% | -40.5% | -19.4% | -13.4% | -19.7% |
Balance sheet
Fiscal years, from SG's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $103M | $472M | $332M | $257M | $215M | $89M |
| Receivables | — | $3M | $3M | $4M | $5M | $5M |
| Inventory | — | $903,000 | $1M | $2M | $2M | $2M |
| Total current assets | — | $507M | $346M | $276M | $235M | $130M |
| Property, plant and equipment | — | $181M | $235M | $267M | $296M | $327M |
| Goodwill | $6M | $36M | $36M | $36M | $36M | $28M |
| Total assets | — | $763M | $909M | $857M | $857M | $788M |
| Total current liabilities | — | $48M | $73M | $92M | $116M | $119M |
| Total liabilities | — | $110M | $368M | $374M | $411M | $432M |
| Shareholders' equity | -$307M | $653M | $541M | $483M | $446M | $356M |
| Net debt | -$103M | -$472M | -$332M | -$257M | -$215M | -$89M |
Cash flow
Fiscal years, from SG's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$90M | -$65M | -$43M | $26M | $43M | -$13M |
| Capital spending | $48M | $85M | $97M | $90M | $84M | $106M |
| Free cash flow | -$138M | -$149M | -$140M | -$63M | -$41M | -$119M |
| Stock-based compensation | $5M | $29M | $79M | $50M | $39M | $36M |
| Free cash flow margin | -62.8% | -43.9% | -29.8% | -10.8% | -6.1% | -17.5% |
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Open SG in InvestinglyQuestions
What was SG's revenue in 2025?
$679M in fiscal 2025, from its 10-K filing.
How much free cash flow does SG generate?
-$119M in fiscal 2025 (operating cash flow minus capital spending).
From SG's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.