SHIP (SHIP) financial statements
SHIP reported revenue of $158M in fiscal 2025, up 17.9% a year over 9 years.
Net income was $21M and the operating margin 27.4%, against -40.9% in 2016.
Free cash flow was $17M, and the company returned $9M in dividends.
The diluted share count rose 14889% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SHIP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36M | $78M | $95M | $90M | $66M | $153M | $125M | $110M | $167M | $158M |
| Gross profit | $35M | $75M | $92M | — | — | — | — | — | — | — |
| Selling, general and admin | $4M | $5M | $6M | $6M | $7M | $14M | $17M | $22M | $24M | $20M |
| Operating income | -$15M | $3M | $4M | $12M | -$268,000 | $66M | $30M | $21M | $63M | $43M |
| Interest expense | $7M | $12M | $16M | $15M | $12M | $18M | $15M | $21M | $21M | $22M |
| Pre-tax income | -$25M | -$3M | -$21M | -$12M | -$18M | $41M | $17M | $2M | $43M | — |
| Income tax | $34,000 | $0 | $16,000 | $54,000 | $0 | $0 | -$28,000 | $0 | $0 | — |
| Net income | -$25M | -$3M | -$21M | -$12M | -$18M | $41M | $17M | $2M | $43M | $21M |
| EPS (diluted) | -$180.00 | -$13.50 | -$1,343.90 | -$122.10 | -$5.49 | $2.50 | $0.96 | $0.12 | $2.11 | $1.01 |
| Diluted shares | 0M | 0M | 0M | 0M | 3M | 19M | 18M | 18M | 20M | 21M |
| Gross margin | 96.3% | 96.3% | 96.5% | — | — | — | — | — | — | — |
| Operating margin | -40.9% | 3.6% | 4.5% | 13.4% | -0.4% | 43.0% | 23.7% | 19.4% | 37.4% | 27.4% |
| Net margin | -68.4% | -4.2% | -22.2% | -13.1% | -27.9% | 27.0% | 13.8% | 2.1% | 26.0% | 13.4% |
Balance sheet
Fiscal years, from SHIP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13M | $9M | $7M | $14M | $21M | $41M | $26M | $19M | $22M | $48M |
| Receivables | $3M | $4M | $3M | $2M | $801,000 | $0 | $720,000 | $896,000 | $404,000 | $871,000 |
| Inventory | $4M | $5M | $5M | $4M | $5M | $1M | $2M | $2M | $2M | $2M |
| Total current assets | $22M | $19M | $17M | $22M | $31M | $47M | $62M | $25M | $46M | $75M |
| Property, plant and equipment | $232M | $255M | $244M | $254M | $257M | $426M | $435M | $440M | $488M | $507M |
| Total assets | $258M | $276M | $268M | $283M | $295M | $487M | $514M | $478M | $546M | $607M |
| Total current liabilities | $21M | $34M | $36M | $237M | $31M | $88M | $95M | $70M | $62M | $88M |
| Long-term debt | $198M | $176M | $179M | — | — | $147M | $197M | $179M | $220M | $235M |
| Total liabilities | $227M | $234M | $246M | $253M | $200M | $243M | $292M | $249M | $284M | $325M |
| Shareholders' equity | $31M | $41M | $21M | $30M | $96M | $244M | $222M | $228M | $262M | $281M |
| Net debt | $196M | $186M | $189M | -$14M | -$21M | $174M | $206M | $191M | $236M | $242M |
Cash flow
Fiscal years, from SHIP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15M | $3M | $6M | $13M | -$10M | $81M | $37M | $31M | $75M | $53M |
| Capital spending | $41M | $33M | $31M | $12M | $20M | $197M | $70M | $314,000 | $71M | $36M |
| Free cash flow | -$56M | -$30M | -$25M | $759,000 | -$30M | -$116M | -$33M | $31M | $5M | $17M |
| Stock-based compensation | $624,000 | $730,000 | $1M | $1M | $869,000 | $5M | $7M | $9M | $5M | $4M |
| Dividends paid | — | — | — | — | $0 | $0 | $18M | $6M | $11M | $9M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$2M | $0 | -$2M | -$5M | $0 |
| Net borrowing | $32M | $34M | $67M | — | — | — | — | — | — | — |
| Free cash flow margin | -156.0% | -38.9% | -26.6% | 0.8% | -45.6% | -76.1% | -26.4% | 28.1% | 2.8% | 10.8% |
| Dividends per share | — | — | — | — | — | — | $1.01 | $0.33 | $0.54 | $0.46 |
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Open SHIP in InvestinglyQuestions
What was SHIP's revenue in 2025?
$158M in fiscal 2025, from its 10-K filing.
How much free cash flow does SHIP generate?
$17M in fiscal 2025 (operating cash flow minus capital spending).
From SHIP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.