VLN (VLN) financial statements
VLN reported revenue of $71M in fiscal 2025, up 2.7% a year over 6 years.
Net income was -$32M and the operating margin -48.2%, against -46.6% in 2019.
Free cash flow was -$14M, and the company returned $24M in net buybacks.
The diluted share count rose 983% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VLN's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $60M | $57M | $71M | $91M | $84M | $58M | $71M |
| Cost of revenue | $13M | $13M | $20M | $27M | $32M | $24M | $27M |
| Gross profit | $47M | $43M | $51M | $63M | $53M | $34M | $44M |
| Research and development | $53M | $45M | $47M | $58M | $48M | $40M | $43M |
| Selling, general and admin | $23M | $22M | $31M | $34M | $14M | $16M | $14M |
| Operating income | -$28M | -$23M | -$27M | -$28M | -$27M | -$41M | -$34M |
| Pre-tax income | -$26M | -$19M | -$26M | -$27M | -$20M | -$37M | -$31M |
| Income tax | $414,000 | $164,000 | $407,000 | $451,000 | $112,000 | $96,000 | $158,000 |
| Net income | -$26M | -$20M | -$27M | -$28M | -$20M | -$37M | -$32M |
| EPS (diluted) | -$4.13 | -$3.25 | -$1.15 | -$0.28 | -$0.19 | -$0.35 | -$0.31 |
| Diluted shares | 10M | 10M | 33M | 98M | 102M | 105M | 103M |
| Gross margin | 79.0% | 76.4% | 71.6% | 69.9% | 62.5% | 59.2% | 62.4% |
| Operating margin | -46.6% | -40.0% | -38.3% | -31.3% | -32.0% | -71.5% | -48.2% |
| Net margin | -43.2% | -34.5% | -37.5% | -30.5% | -23.4% | -63.2% | -44.7% |
Balance sheet
Fiscal years, from VLN's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $26M | $57M | $148M | $142M | $131M | $93M |
| Receivables | — | $9M | $7M | $12M | $15M | $8M | $10M |
| Inventory | — | $3M | $9M | $24M | $14M | $10M | $10M |
| Total current assets | — | $76M | $199M | $189M | $175M | $154M | $119M |
| Property, plant and equipment | $3M | $2M | $3M | $3M | $3M | $4M | $3M |
| Goodwill | — | — | — | — | — | $2M | $2M |
| Total assets | — | $79M | $203M | $196M | $181M | $172M | $135M |
| Total current liabilities | — | $11M | $16M | $25M | $16M | $20M | $23M |
| Total liabilities | — | $12M | $20M | $28M | $16M | $29M | $30M |
| Shareholders' equity | -$68M | -$82M | $182M | $167M | $164M | $143M | $105M |
| Net debt | -$16M | -$26M | -$57M | -$20M | -$17M | -$35M | -$28M |
Cash flow
Fiscal years, from VLN's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22M | -$20M | -$22M | -$22M | -$6M | $1M | -$13M |
| Capital spending | $1M | $861,000 | $1M | $1M | $1M | $2M | $1M |
| Free cash flow | -$23M | -$20M | -$23M | -$23M | -$8M | -$848,000 | -$14M |
| Stock-based compensation | $3M | $5M | $10M | $12M | $15M | $15M | $17M |
| Share buybacks (net) | — | — | — | — | — | -$1M | -$24M |
| Free cash flow margin | -38.4% | -36.0% | -32.6% | -25.6% | -9.0% | -1.5% | -19.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for VLN.
Open VLN in InvestinglyQuestions
What was VLN's revenue in 2025?
$71M in fiscal 2025, from its 10-K filing.
How much free cash flow does VLN generate?
-$14M in fiscal 2025 (operating cash flow minus capital spending).
From VLN's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.