VANI (VANI) financial statements
VANI reported revenue of $0 in fiscal 2025, down 5.4% a year over 3 years.
Net income was -$27M.
Free cash flow was -$25M.
The diluted share count rose 58% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VANI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4M | $8M | $7M | $3M | — | — | — | — | $0 | $0 |
| Cost of revenue | $10M | $5M | $5M | $2M | $500,000 | $130,000 | — | — | — | — |
| Gross profit | -$6M | $3M | $2M | $1M | $500,000 | $130,000 | — | — | — | — |
| Research and development | $5M | $8M | $10M | $13M | $5M | $11M | $14M | $17M | $16M | $18M |
| Selling, general and admin | $19M | $21M | $22M | $15M | $7M | $2M | $7M | $10M | $9M | $9M |
| Operating income | -$33M | -$29M | -$35M | -$34M | -$15M | -$13M | -$21M | -$27M | -$25M | -$28M |
| Pre-tax income | — | — | — | — | — | — | — | — | -$23M | -$27M |
| Income tax | — | — | $0 | $0 | — | — | — | — | $2,000 | — |
| Net income | -$33M | -$29M | -$35M | -$34M | -$15M | -$13M | -$14M | -$26M | -$23M | -$27M |
| EPS (diluted) | -$0.84 | -$0.53 | -$4.23 | -$2.28 | -$0.72 | -$0.27 | — | -$0.50 | -$0.43 | -$0.43 |
| Diluted shares | 40M | 54M | 8M | 15M | 21M | 33M | — | 51M | 55M | 62M |
| Gross margin | -152.8% | 35.7% | 29.1% | 36.3% | — | — | — | — | — | — |
| Operating margin | -833.4% | -359.2% | -509.9% | -1004.9% | — | — | — | — | — | — |
| Net margin | -832.6% | -358.1% | -508.6% | -994.1% | — | — | — | — | — | — |
Balance sheet
Fiscal years, from VANI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $8M | $4M | $11M | $2M | $2M | $45M | $21M | $18M | $16M |
| Receivables | $274,000 | $2M | $504,000 | $455,000 | — | — | — | — | — | — |
| Inventory | $3M | $3M | $3M | $1M | — | — | — | — | — | — |
| Total current assets | $15M | $13M | $10M | $13M | $4M | $2M | $48M | $23M | $20M | $18M |
| Property, plant and equipment | $1M | $1M | $1M | $1M | $174,000 | $1M | $1M | $2M | $2M | $3M |
| Total assets | $17M | $14M | $11M | $17M | $4M | $5M | $51M | $46M | $42M | $39M |
| Total current liabilities | $6M | $7M | $8M | $7M | $5M | $2M | $7M | $6M | $6M | $7M |
| Total liabilities | $6M | $7M | $8M | $9M | $5M | $3M | $7M | $25M | $24M | $24M |
| Shareholders' equity | $11M | $8M | $3M | $7M | $2M | $2M | $44M | $21M | $18M | $16M |
| Net debt | -$11M | -$8M | -$4M | -$11M | $119,000 | -$2M | -$45M | -$21M | -$18M | -$16M |
Cash flow
Fiscal years, from VANI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25M | -$24M | -$30M | -$28M | -$17M | -$11M | -$19M | -$24M | -$21M | -$24M |
| Capital spending | $490,000 | $265,000 | $163,000 | $493,000 | $330,000 | $572,000 | $338,000 | $887,000 | $556,000 | $1M |
| Free cash flow | -$26M | -$24M | -$30M | -$28M | -$17M | -$12M | -$19M | -$25M | -$21M | -$25M |
| Stock-based compensation | $3M | $4M | $4M | $3M | $421,000 | $2M | $1M | $2M | $2M | $1M |
| Free cash flow margin | -641.4% | -304.0% | -434.4% | -832.3% | — | — | — | — | — | — |
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What was VANI's revenue in 2025?
$0 in fiscal 2025, from its 10-K filing.
How much free cash flow does VANI generate?
-$25M in fiscal 2025 (operating cash flow minus capital spending).
From VANI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.