VSTM (VSTM) financial statements
VSTM reported revenue of $31M in fiscal 2025, up 2.1% a year over 7 years.
Net income was -$209M.
The diluted share count rose 87% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VSTM's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $27M | $17M | $89M | $2M | $3M | — | $10M | $31M |
| Cost of revenue | — | — | $165,000 | — | — | — | — | — | — | — |
| Gross profit | — | — | $27M | — | — | — | — | — | — | — |
| Research and development | $20M | $46M | $44M | $46M | $41M | $39M | $51M | $61M | $81M | $115M |
| Selling, general and admin | $17M | $21M | $77M | $101M | $63M | $24M | $25M | $31M | $44M | $81M |
| Operating income | -$37M | -$68M | -$95M | -$132M | -$49M | -$61M | -$73M | -$92M | -$115M | -$170M |
| Interest expense | — | $559,000 | $6M | $21M | $16M | $10M | $2M | $4M | $5M | $1M |
| Pre-tax income | — | — | -$72M | -$149M | -$68M | -$71M | -$74M | -$87M | -$130M | -$209M |
| Income tax | — | — | $0 | $0 | $194,000 | $0 | $0 | — | $185,000 | — |
| Net income | -$36M | -$68M | -$72M | -$149M | -$68M | -$71M | -$74M | -$87M | -$131M | -$209M |
| EPS (diluted) | -$0.99 | -$1.76 | -$1.37 | -$2.00 | -$0.44 | -$4.90 | -$4.57 | -$3.96 | -$3.66 | -$3.02 |
| Diluted shares | 37M | 38M | 69M | 75M | 153M | 15M | 16M | 22M | 36M | 69M |
| Gross margin | — | — | 99.4% | — | — | — | — | — | — | — |
| Operating margin | — | — | -354.8% | -758.1% | -55.8% | -2991.2% | -2809.6% | — | -1149.6% | -550.3% |
| Net margin | — | — | -271.1% | -854.8% | -76.5% | -3468.1% | -2843.3% | — | -1306.4% | -677.6% |
Balance sheet
Fiscal years, from VSTM's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $81M | $87M | $250M | $111M | $148M | $100M | $88M | $137M | $89M | $205M |
| Inventory | — | — | $327,000 | $3M | — | — | — | — | — | $2M |
| Total current assets | $81M | $88M | $253M | $85M | $145M | $106M | $93M | $144M | $95M | $223M |
| Property, plant and equipment | $1M | $861,000 | $1M | $947,000 | $416,000 | $210,000 | $92,000 | $37,000 | $32,000 | — |
| Total assets | $84M | $90M | $277M | $145M | $154M | $109M | $95M | $150M | $102M | $246M |
| Total current liabilities | $11M | $17M | $37M | $30M | $17M | $19M | $22M | $26M | $31M | $72M |
| Long-term debt | — | $15M | — | — | — | — | — | — | — | — |
| Total liabilities | $11M | $32M | $153M | $138M | $39M | $21M | $48M | $71M | $130M | $189M |
| Shareholders' equity | $72M | $58M | $124M | $7M | $115M | $88M | $47M | $57M | -$29M | $57M |
| Net debt | -$32M | -$67M | -$130M | -$44M | -$68M | -$21M | -$75M | -$78M | -$89M | -$205M |
Cash flow
Fiscal years, from VSTM's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$29M | -$57M | -$75M | -$139M | -$34M | -$54M | -$64M | -$86M | -$105M | -$138M |
| Capital spending | $39,000 | — | $2M | $7,000 | $33,000 | $196,000 | — | — | $28,000 | — |
| Free cash flow | -$30M | — | -$76M | -$139M | -$34M | -$54M | — | — | -$105M | — |
| Stock-based compensation | $6M | $5M | $7M | $9M | $8M | $8M | $6M | $6M | $7M | $9M |
| Net borrowing | — | $15M | — | -$12M | -$37M | — | — | -$300,000 | — | -$43M |
| Free cash flow margin | — | — | -284.5% | -793.6% | -37.9% | -2615.6% | — | — | -1048.0% | — |
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What was VSTM's revenue in 2025?
$31M in fiscal 2025, from its 10-K filing.
From VSTM's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.