USBC (USBC) financial statements
Net income was -$22M.
Free cash flow was -$8M.
The diluted share count rose 4313% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from USBC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $5M | $4M | $2M | $121,939 | $0 | $4M | $0 | — | — |
| Cost of revenue | $5M | $4M | $3M | $1M | $69,726 | $0 | — | — | — | — |
| Gross profit | $987,901 | $907,752 | $821,623 | $426,547 | $52,213 | $0 | — | — | — | — |
| Research and development | $325,803 | $79,405 | $570,514 | $1M | $2M | $4M | $5M | $8M | $6M | $2M |
| Selling, general and admin | $3M | $3M | $3M | $4M | $5M | $6M | $8M | $7M | $9M | $16M |
| Operating income | -$3M | -$3M | -$2M | -$5M | -$7M | -$10M | -$13M | -$14M | -$15M | -$18M |
| Interest expense | $323,928 | $376,974 | $1M | $3M | $6M | $15M | $8M | $389,626 | $2M | $1M |
| Pre-tax income | -$2M | -$4M | -$3M | -$8M | -$14M | -$25M | -$20M | -$15M | -$17M | -$22M |
| Income tax | — | — | — | — | $0 | $0 | $0 | $0 | $0 | -$172,843 |
| Net income | -$2M | -$4M | -$3M | -$8M | -$14M | -$25M | -$20M | -$15M | -$17M | -$22M |
| EPS (diluted) | -$1.22 | -$1.01 | -$0.38 | -$0.42 | -$0.62 | -$0.86 | — | — | -$7.85 | -$0.39 |
| Diluted shares | 1M | 4M | 9M | 18M | 22M | 29M | — | — | 2M | 63M |
| Gross margin | — | 18.6% | 19.1% | 23.6% | 42.8% | — | — | — | — | — |
| Operating margin | — | -66.5% | -52.5% | -277.7% | -5597.8% | — | -288.4% | — | — | — |
| Net margin | — | -80.0% | -75.7% | -421.7% | -11122.5% | — | -460.3% | — | — | — |
Balance sheet
Fiscal years, from USBC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $188,309 | $103,181 | $934,407 | $2M | $4M | $12M | $13M | $8M | $3M | $9M |
| Receivables | $808,955 | $693,320 | $320,538 | $63,049 | $0 | — | — | — | — | — |
| Inventory | $295,218 | $225,909 | $203,582 | $7,103 | $0 | — | — | — | — | — |
| Total current assets | $1M | $1M | $1M | $2M | $4M | $12M | $13M | $8M | $3M | $10M |
| Property, plant and equipment | $285,415 | $133,204 | $169,333 | $130,472 | $128,671 | $328,504 | $81,325 | $81,325 | $66,796 | $35,429 |
| Goodwill | $983,645 | $0 | — | — | — | — | — | — | — | — |
| Total assets | $3M | $1M | $2M | $3M | $5M | $13M | $14M | $8M | $4M | $125M |
| Total current liabilities | $5M | $5M | $5M | $6M | $6M | $11M | $4M | $5M | $5M | $4M |
| Long-term debt | $0 | $0 | $0 | $0 | — | — | — | — | — | — |
| Total liabilities | $5M | $5M | $5M | $6M | $7M | $12M | $4M | $5M | $6M | $28M |
| Shareholders' equity | -$3M | -$4M | -$3M | -$3M | -$2M | $1M | $10M | $4M | -$2M | $97M |
| Net debt | -$188,309 | -$103,181 | -$934,407 | -$2M | -$4M | -$12M | -$13M | -$8M | -$3M | -$9M |
Cash flow
Fiscal years, from USBC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3M | -$1M | -$1M | -$3M | -$4M | -$7M | -$7M | -$10M | -$13M | -$8M |
| Capital spending | $23,437 | -$2,441 | $97,251 | $79,932 | $70,134 | $299,525 | $855,468 | $80,797 | $66,352 | $0 |
| Free cash flow | -$3M | -$1M | -$1M | -$3M | -$4M | -$7M | -$8M | -$10M | -$13M | -$8M |
| Stock-based compensation | $46,398 | $37,848 | $50,899 | $1M | $2M | $1M | — | $3M | $3M | $7M |
| Share buybacks (net) | — | — | — | — | — | — | -$855,321 | $0 | — | — |
| Net borrowing | — | — | — | — | — | — | — | $0 | $7,800 | $0 |
| Free cash flow margin | — | -25.9% | -28.2% | -176.4% | -3267.2% | — | -178.3% | — | — | — |
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How much free cash flow does USBC generate?
-$8M in fiscal 2025 (operating cash flow minus capital spending).
From USBC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.