Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Lucas GC 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
FY2023
FY2024
FY2025
Revenue
208
146
149
Cost of revenue
149
96.7
98.7
Gross profit
59
49
50.3
Research and development
22.2
23.1
25.1
Selling and marketing
12
10.2
9.41
General and administrative
15.3
11.8
13
Operating expenses
49.4
45.1
47.5
Operating income
9.54
3.84
2.81
Other non-operating income
0.36
0.26
-1.03
Pre-tax income
9.9
4.1
1.79
Income tax
-1.11
-1.39
0.38
Net income to minority interests
0.07
0.04
0.01
Net income
10.9
5.45
1.4
EBITDA
10.1
5
4.71
EPS, basic
0.14
0.07
EPS, diluted
0.14
0.07
Shares, basic (weighted)
1.95
1.98
2.41
Shares, diluted (weighted)
1.95
1.98
2.41
Balance sheet
FY2023
FY2024
FY2025
Cash and equivalents
4.24
4.16
4.33
Short-term investments
0.38
0.69
Receivables
3.96
8.37
4.39
Other current assets
0.23
0.27
0.43
Total current assets
32.6
36.1
32.2
Lease right-of-use assets
0.01
0.08
0.02
Total assets
41.1
55.2
64.9
Accounts payable
4.96
6.41
5.08
Accrued liabilities
0.53
0.43
0.14
Deferred revenue
1.91
2.18
0.4
Short-term debt
5.55
9.24
13.6
Total current liabilities
13.4
18.8
20
Lease liabilities
0.01
Total liabilities
13.4
18.9
20
Paid-in capital
16
19.6
26.2
Retained earnings
8.6
13.3
14.9
Treasury stock
-0.12
-0.12
Other comprehensive income
-0
0.07
-0.14
Shareholders' equity
27.3
36
44.5
Minority interests
0.35
0.38
0.4
Total equity
27.7
36.4
44.9
Total liabilities and equity
41.1
55.2
64.9
Shares outstanding
78.1
79.5
Cash flow statement
FY2023
FY2024
FY2025
Net income
11
5.49
1.41
Depreciation and amortization
0.61
1.17
1.89
Change in receivables
8.97
-3.91
4.08
Cash from operations
-5.13
2.77
5.07
Capital expenditures
-1.7
-6.12
-11.9
Purchases of investments
-0.38
-0.29
Cash from investing
-1.7
-11
-15.3
Share buybacks
-0.12
Cash from financing
4.14
8.32
10.2
Net change in cash
-2.69
0.2
-0.19
Free cash flow
-6.83
-3.35
-6.83
Interest paid
0.13
0.25
0.38
Income taxes paid
0
0.02
0.03
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.97 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
33.8%
Gross profit / revenue.
Operating margin
1.9%
Operating income / revenue.
EBITDA margin
3.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
1.2%
Pre-tax income / revenue.
Net margin
0.9%
Net income / revenue.
FCF margin
-4.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
3.4%
Cash from operations / revenue.
Effective tax rate
21.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
3.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
2.3%
Net income / average total assets.
Return on invested capital (ROIC)
6.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
16.8%
Research and development expense / revenue.
Capex / revenue
8.0%
Capital expenditures / revenue.
D&A / revenue
1.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
2.3%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
2.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
-26.7%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-6.0%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-74.3%
Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
83.2%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
23.6%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
17.5%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
21.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.61x
Current assets / current liabilities.
Quick ratio
0.47x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.25x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/E
90.8x
Market cap / net income. Only when net income is positive.
P/S
0.85x
Market cap / revenue.
P/B
2.86x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.86x
Market cap / tangible book value, when positive.
P/OCF
25.1x
Market cap / cash from operations, when positive.
EV/Sales
0.82x
Enterprise value / revenue.
EV/EBIT
43.4x
Enterprise value / operating income, when both are positive.
EV/EBITDA
25.9x
Enterprise value / EBITDA, when both are positive.
FCF yield
-5.4%
Free cash flow / market cap.
Earnings yield
1.1%
Net income / market cap (the inverse of P/E).
What was Lucas GC Ltd's revenue in fiscal 2025?
Lucas GC Ltd reported revenue of $149.0M for fiscal 2025, 2.3% higher than the year before.
Was Lucas GC Ltd profitable in fiscal 2025?
Yes. Net income was $1.4M, a net margin of 0.9%.
How much free cash flow did Lucas GC Ltd generate in fiscal 2025?
Cash from operations of $5.1M minus capital expenditures of $11.9M left free cash flow of -$6.8M.
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.