SMHI (SMHI) financial statements
SMHI reported revenue of $228M in fiscal 2025, up 0.6% a year over 9 years.
Net income was -$28M and the operating margin 6.0%, against -81.1% in 2016.
Free cash flow was -$85M, and the company returned $7M in net buybacks.
The diluted share count rose 48% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SMHI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $216M | $123M | $179M | $174M | $142M | $171M | $217M | $280M | $271M | $228M |
| Cost of revenue | $149M | $147M | $175M | — | — | — | — | — | — | — |
| Gross profit | $66M | $19M | $60M | $65M | $51M | $44M | $45M | $120M | $74M | $46M |
| Selling, general and admin | $49M | $50M | $42M | $40M | $40M | $38M | $41M | $49M | $45M | $47M |
| Operating income | -$175M | -$130M | -$68M | -$54M | -$72M | -$37M | -$54M | $36M | -$10M | $14M |
| Interest expense | $10M | $16M | $27M | $29M | $31M | $28M | $30M | $38M | $41M | $36M |
| Pre-tax income | -$190M | -$118M | -$92M | -$84M | -$98M | $7M | -$70M | -$4M | -$83M | -$19M |
| Income tax | -$63M | -$74M | -$13M | -$8M | -$23M | $11M | $9M | $9M | -$3M | $11M |
| Net income | -$132M | -$33M | -$78M | -$93M | -$79M | $33M | -$72M | -$9M | -$78M | -$28M |
| EPS (diluted) | -$7.47 | -$1.87 | -$3.70 | -$3.95 | -$3.18 | $1.30 | -$2.69 | -$0.34 | -$2.82 | -$1.06 |
| Diluted shares | 18M | 18M | 21M | 24M | 25M | 25M | 27M | 27M | 28M | 26M |
| Gross margin | 30.7% | 15.1% | 33.3% | 37.2% | 35.7% | 25.5% | 20.9% | 42.9% | 27.3% | 20.2% |
| Operating margin | -81.1% | -105.0% | -38.2% | -31.1% | -50.5% | -21.7% | -24.8% | 12.7% | -3.8% | 6.0% |
| Net margin | -61.2% | -26.7% | -43.3% | -53.2% | -55.6% | 19.4% | -33.0% | -3.3% | -28.8% | -12.2% |
Balance sheet
Fiscal years, from SMHI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $157M | $110M | $92M | $81M | $33M | $38M | $40M | $67M | $59M | $69M |
| Receivables | $45M | $46M | $55M | $43M | $45M | $56M | $54M | $64M | $70M | $65M |
| Inventory | $3M | $4M | $2M | $1M | $576,000 | $928,000 | $2M | $2M | $3M | $2M |
| Total current assets | $251M | $177M | $179M | $195M | $179M | $111M | $132M | $165M | $174M | $180M |
| Property, plant and equipment | $542M | $690M | $744M | $661M | $754M | $721M | $665M | $605M | $545M | $475M |
| Total assets | $1.0B | $1.0B | $1.1B | $1.0B | $1.0B | $913M | $815M | $780M | $727M | $661M |
| Total current liabilities | $81M | $99M | $84M | $120M | $132M | $85M | $121M | $77M | $85M | $71M |
| Long-term debt | $218M | $292M | $388M | $380M | $441M | $333M | $260M | $288M | $317M | $305M |
| Total liabilities | $465M | $485M | $548M | $530M | $616M | $466M | $436M | $406M | $429M | $396M |
| Shareholders' equity | $545M | $508M | $526M | $457M | $402M | $446M | $379M | $374M | $298M | $264M |
| Net debt | $121M | $205M | $313M | $317M | $440M | $327M | $282M | $248M | $285M | $266M |
Cash flow
Fiscal years, from SMHI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$29M | $35M | -$53M | $2M | -$30M | $9M | -$15M | $9M | -$10M | -$36M |
| Capital spending | $101M | $69M | $36M | $45M | $21M | $7M | $462,000 | $11M | $7M | $49M |
| Free cash flow | -$130M | -$34M | -$89M | -$43M | -$50M | $2M | -$15M | -$2M | -$18M | -$85M |
| Stock-based compensation | $0 | $726,000 | — | $5M | $5M | $5M | $5M | $6M | $6M | $6M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$7M |
| Net borrowing | $16M | -$5M | $12M | -$24M | -$23M | -$78M | -$38M | $119M | $321M | -$12M |
| Free cash flow margin | -60.3% | -27.7% | -49.5% | -24.7% | -35.5% | 1.3% | -6.9% | -0.6% | -6.5% | -37.4% |
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Open SMHI in InvestinglyQuestions
What was SMHI's revenue in 2025?
$228M in fiscal 2025, from its 10-K filing.
How much free cash flow does SMHI generate?
-$85M in fiscal 2025 (operating cash flow minus capital spending).
From SMHI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.