Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Garden Stage Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
FY2026
Revenue
2.31
3.26
1.41
5.47
7.28
Operating expenses
2.82
3.47
5.98
9.74
21.1
Pre-tax income
-0.51
-0.21
-4.58
-4.27
-13.9
Income tax
0
-0
0.01
0.04
-0.02
Net income
-0.51
-0.21
-4.59
-4.32
-13.8
EPS, basic
0.09
0.03
0.49
0.47
1.38
EPS, diluted
0.09
0.03
0.49
0.47
1.38
Shares, basic (weighted)
6.39
7.96
9.27
9.28
10
Shares, diluted (weighted)
6.39
7.96
9.27
9.28
10
Balance sheet
FY2022
FY2024
FY2024
FY2025
FY2026
Cash and equivalents
7.84
6.32
8.94
7.89
17.5
Inventory
0.95
Other current assets
0.07
0.03
0.01
0.05
Total current assets
12.5
12.3
13.8
30.5
Property, plant and equipment
0.03
0.02
0.16
0.16
Lease right-of-use assets
0.06
0.28
0.19
0.09
Intangible assets
0.06
0.06
0.06
11.1
Other non-current assets
0.03
0.07
0.07
0.03
Total assets
13.1
16.6
15.9
41.9
Total current liabilities
11.2
7.1
9.12
17.7
Lease liabilities
0.2
0.08
Total liabilities
11.2
7.3
9.2
17.7
Paid-in capital
2.02
14
15.7
47.3
Retained earnings
-0.08
-4.67
-8.99
-22.8
Other comprehensive income
0
-0.08
-0.03
-0.31
Shareholders' equity
0.13
1.95
9.29
6.7
24.2
Total equity
0.13
1.95
9.29
6.7
24.2
Total liabilities and equity
13.1
16.6
15.9
41.9
Shares outstanding
7.96
15.6
9.28
Cash flow statement
FY2022
FY2024
FY2024
FY2025
FY2026
Net income
-0.51
-0.21
-4.59
-4.32
-13.8
Depreciation and amortization
0.01
0.01
0.01
0.06
0.11
Stock-based compensation
1.87
1.68
4.53
Deferred income tax
0
-0
-0
-0.02
-0.02
Change in inventory
-0.95
Cash from operations
-6.92
-1.88
-7.09
-1.15
-4.23
Capital expenditures
-0.02
-0.02
-0
-0.22
Cash from investing
-0.02
-0.02
-0
-0.22
-6.31
Stock issued
10.1
20.6
Cash from financing
-0.04
0.39
9.69
0.26
20.4
Exchange rate effect
-0.09
-0.02
0.02
0.05
-0.22
Net change in cash
-7.06
-1.53
2.62
-1.05
9.64
Free cash flow
-6.94
-1.9
-7.09
-1.37
Income taxes paid
0.08
0.02
0.07
Key metrics
Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $14.04 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
-190.4%
Pre-tax income / revenue.
Net margin
-190.1%
Net income / revenue.
Operating cash flow margin
-58.2%
Cash from operations / revenue.
Return on equity (ROE)
-89.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-47.9%
Net income / average total assets.
Stock-based pay / revenue
62.2%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
1.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
33.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
30.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
193.6%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
263.2%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
261.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
131.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
163.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
47.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
7.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.72x
Current assets / current liabilities.
Quick ratio
0.99x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.99x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$1.38
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.73
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.42
Cash from operations / diluted weighted shares.
Book value per share
$2.42
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
20.7x
Market cap / revenue.
P/B
6.21x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
11.5x
Market cap / tangible book value, when positive.
EV/Sales
18.2x
Enterprise value / revenue.
Earnings yield
-9.2%
Net income / market cap (the inverse of P/E).
What was Garden Stage Ltd's revenue in fiscal 2026?
Garden Stage Ltd reported revenue of $7.3M for fiscal 2026, 33.2% higher than the year before.
Was Garden Stage Ltd profitable in fiscal 2026?
No. It reported a net loss of $13.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.