UPB (UPB) financial statements
UPB reported revenue of $3M in fiscal 2025, up 9.5% a year over 2 years.
Net income was -$143M and the operating margin -5618.8%, against -1685.5% in 2023.
Free cash flow was -$133M.
The diluted share count rose 1723% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from UPB's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $2M | $2M | $3M |
| Research and development | $32M | $63M | $137M |
| Selling, general and admin | $11M | $17M | $26M |
| Operating income | -$40M | -$78M | -$160M |
| Income tax | $0 | $0 | $0 |
| Net income | -$21M | -$63M | -$143M |
| EPS (diluted) | -$12.95 | -$5.58 | -$2.66 |
| Diluted shares | 3M | 14M | 54M |
| Operating margin | -1685.5% | -3281.2% | -5618.8% |
| Net margin | -862.9% | -2650.0% | -5026.0% |
Balance sheet
Fiscal years, from UPB's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $110M | $470M | $342M |
| Receivables | $98,000 | $613,000 | $668,000 |
| Total current assets | $117M | $479M | $352M |
| Property, plant and equipment | $159,000 | $582,000 | $559,000 |
| Goodwill | — | $0 | — |
| Total assets | $117M | $482M | $354M |
| Total current liabilities | $7M | $11M | $13M |
| Total liabilities | $9M | $12M | $14M |
| Shareholders' equity | -$123M | $470M | $340M |
| Net debt | -$26M | -$326M | -$102M |
Cash flow
Fiscal years, from UPB's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$38M | -$59M | -$133M |
| Capital spending | $144,000 | $511,000 | $165,000 |
| Free cash flow | -$38M | -$60M | -$133M |
| Stock-based compensation | $3M | $6M | $10M |
| Free cash flow margin | -1599.6% | -2518.3% | -4675.5% |
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Open UPB in InvestinglyQuestions
What was UPB's revenue in 2025?
$3M in fiscal 2025, from its 10-K filing.
How much free cash flow does UPB generate?
-$133M in fiscal 2025 (operating cash flow minus capital spending).
From UPB's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.