MMTEC, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data MMTEC, INC. 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

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		0.03	0.2	0.74	0.57	1.07	0.87	1.87	0.81
Cost of revenue		0.02	0.09	0.01	0.14	0.23	0.17	0.34	0.63
Gross profit		0.01	0.11	0.73	0.43	0.84	0.7	1.53	0.17
Research and development	0.51	0.83	0.74	0.41	0.74	0.83	0.36	0.07	0.04
Selling and marketing		0.17	0.39	0.24	0.3	1.01	0.9	0.72	0.34
Operating expenses	0.92	2.34	3.05	3.92	6.98	6.75	5.54	4.59	3.98
Operating income	-0.92	-2.33	-2.94	-3.18	-6.55	-5.91	-4.84	-3.06	-3.8
Interest expense		0					-4.2	2.42	8.69
Interest income					0	0.09	0.21	4.5	1.59
Other non-operating income	-0	-0.02	0.7	0	-0.57	0.25	-3.01	-88.1	-52.3
Pre-tax income	-0.92	-2.35	-2.24	-3.18	-7.12	-5.66	-7.85	-91.1	-56.1
Income tax								0.02	0.01
Income from continuing operations					-7.12	-5.66	-7.85	-91.2	-56.1
Net income to minority interests							-0.08
Net income	-0.92	-2.35	-2.24	-3.18	-7.05	-5.65	45.5	-91.2	-56.1
EBITDA	-0.9	-2.3	-2.91	-3.13	-6.51	-5.85	-4.79	-3.01	-3.72
EPS, basic	-0.20	-0.59	-1.07	-1.56	-2.88	-1.61
EPS, diluted	-0.20	-0.59	-1.07	-1.56	-2.88	-1.61
Shares, basic (weighted)	5.54	4.06	2.05	2.04	2.45	0.44	13.2	25	53.6
Shares, diluted (weighted)	5.54	4.06	2.05	2.04	2.45	0.44	13.2	25	53.6

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.24	0.09	3.64	1.43	11.2	3.81	1.76	2.87	8.19
Receivables			0.02	0.05	0.19	0.2	0.09
Other current assets	0.02	0.08	0.39	0.19	0.37	0.4	0.42	0.14	0.17
Total current assets	0.35	0.33	4.35	2.25	13.8	9.04	3.02	3.02	8.36
Property, plant and equipment	0.04	0.03	0.13	0.1	0.27	0.18	0.13	0.09	0
Lease right-of-use assets			0.98	0.66	0.44	1.06	0.65	0.44	0.51
Goodwill							108	108	108
Long-term investments			0.14	0.58
Total assets	0.43	0.19	6.21	3.71	14.6	11.4	157	65.9	18.4
Accrued liabilities	0	0.28	0.22	0.09	0.37	0.13	0.13	0.08
Short-term debt			0.08	0.09	0.36	0.41
Total current liabilities	0.1	0.81	0.81	0.66	1.13	1.17	5.45	7.32	0.67
Lease liabilities			0.65	0.32	0.11	0.65	0.27	0.04	0.18
Total liabilities	0.1	0.81	1.45	1.01	1.24	2.03	38.1	39.3	3.9
Total debt					0.36	0.41
Paid-in capital	2.09	3.76	11.2	12.2	29.9	31.7	92.5	92.7	131
Retained earnings	-1.78	-4.13	-6.38	-9.56	-16.6	-22.3	23.2	-67.9	-124
Treasury stock		-0.04	-0.04
Other comprehensive income	-0.04	-0.09	-0.12	-0	0.04	-0.14	-0.27	-0.2	-0.18
Shareholders' equity	0.32	-0.44	4.75	2.7	13.4	9.38	119	26.6	14.5
Total equity	0.32	-0.44	4.75	2.7	13.4	9.38	119	26.6	14.5
Total liabilities and equity	0.43	0.36	6.21	3.71	14.6	11.4	157	65.9	18.4
Shares outstanding	5.54	1.85	2.06	20.8	3.14	5.15	24.9	25.2	99.6

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.92	-2.35	-2.24	-3.18	-7.05	-5.65	45.4	-91.2	-56.1
Depreciation and amortization	0.02	0.03	0.03	0.05	0.04	0.07	0.05	0.05	0.08
Stock-based compensation				1.01	1.02
Change in receivables			0.06	-0.03	-0.08	-0.08	0.11	0.09
Change in payables			-0.04	-0.12	0.27	0.24	-0.18	-1.74	-0.12
Cash from operations	-0.96	-1.91	-2.14	-1.98	-4.1	-5.59	-5.15	0.72	-3.69
Capital expenditures	-0.01	-0.02	-0.13	-0.02	-0.04	-0	-0	-0.01
Acquisitions			-0.11			-1	-87.1
Sales and maturities of investments				0.31
Cash from investing	0.39	-0.07	-0.73	-0.33	-2.59	-3.54	-86.5	0.63	9
Debt issued			6.85	0.04
Debt repaid								-0.63
Stock issued			6.85		16.6	1.75
Cash from financing	0.07	1.85	6.44	0.04	16.5	1.75	89.7	-0.24
Exchange rate effect	0.03	-0.02	-0.02	0.06	-0	0	-0.03	-0	0.01
Net change in cash	-0.48	-0.14	3.55	-2.22	9.78	-7.38	-2.05	1.11	5.32
Free cash flow	-0.97	-1.94	-2.27	-2	-4.13	-5.59	-5.15	0.72
Income taxes paid									0.04

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.6%	Gross profit / revenue.
Operating margin	-470.9%	Operating income / revenue.
EBITDA margin	-460.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6,943.0%	Pre-tax income / revenue.
Net margin	-6,944.0%	Net income / revenue.
Operating cash flow margin	-457.4%	Cash from operations / revenue.
Return on equity (ROE)	-272.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-133.0%	Net income / average total assets.
Return on invested capital (ROIC)	-20.0%	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	5.0%	Research and development expense / revenue.
D&A / revenue	10.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-56.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-88.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-40.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-25.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-611.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-45.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	40.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-72.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	114.3%	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	396.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	92.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	12.5x	Current assets / current liabilities.
Quick ratio	12.2x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	12.2x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	21.2%	Total liabilities / total assets.
Interest coverage	-0.44x	Operating income / interest expense.
Working capital	$7.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	587.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$93.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.02x	Revenue / average total assets.
Fixed asset turnover	18.3x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
Revenue per share	$0.02	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.07	Cash from operations / diluted weighted shares.
Book value per share	$0.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.94	Tangible book value / shares outstanding.
Cash per share	$0.08	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$528.8M	Share price x shares outstanding.
Enterprise value	$520.6M	Market cap + total debt - cash - short-term investments.
P/S	655x	Market cap / revenue.
P/B	36.4x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	645x	Enterprise value / revenue.
Earnings yield	-10.6%	Net income / market cap (the inverse of P/E).

What was MMTEC, INC.'s revenue in fiscal 2025?

MMTEC, INC. reported revenue of $807.5K for fiscal 2025, 56.8% lower than the year before.

Was MMTEC, INC. profitable in fiscal 2025?

No. It reported a net loss of $56.1M.

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.

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