NOCOPI TECHNOLOGIES INC/MD/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOCOPI TECHNOLOGIES INC/MD/ 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.38	1.57	3.34	2.54	2.66	1.95	4.63	2.08	2.12	1.49
Cost of revenue	0.44	0.44	0.56	0.84	1.12	0.74	0.73	0.98	1.02	0.68
Gross profit	0.94	1.12	2.78	1.7	1.54	1.21	3.9	1.1	1.1	0.81
Research and development	0.14	0.15	0.15	0.17	0.17	0.18	0.14	0.16	0.18	0.18
Selling and marketing	0.24	0.25	0.39	0.33	0.36	0.29	0.49	0.27	0.32	0.28
General and administrative	0.29	0.32	0.37	0.39	0.53	0.72	1.22	2.54	3.9	0.95
Operating expenses	0.67	0.72	0.91	0.89	1.06	1.19	1.85	2.97	4.4	1.41
Operating income	0.27	0.41	1.87	0.81	0.48	0.03	2.05	-1.87	-3.3	-0.6
Interest expense	0.01	0.03	0.01	0.01	0.01	0	0	0.01	0.02	0.02
Interest income		0	0	0.01	0.02	0.02		0.33	0.02	0.02
Other non-operating income	-0.01	-0.03	-0.01	0	0.01	0.02	0.06	0.31	0.62	0.45
Pre-tax income		0.38	1.86	0.81	0.49	0.04	2.11	-1.56	-2.68	-0.15
Income tax			0.21	0.05	-0.02	-0.01	0.29	-0.12	0	0
Net income	0.26	0.38	1.66	0.75	0.51	0.05	1.81	-1.44	-2.68	-0.15
EBITDA	0.28	0.41	1.88	0.82	0.5	0.06	2.08	-1.82	-3.27	-0.59
EPS, basic	0.00	0.01	0.03	0.01	0.01	0.01	0.24	-0.15	-0.25	-0.01
EPS, diluted	0.00	0.01	0.03	0.01	0.01	0.01	0.24	-0.15	-0.25	-0.01
Shares, basic (weighted)	58.6	58.6	58.6	59.4	64.1	6.74	7.58	9.67	10.5	10.8
Shares, diluted (weighted)	58.6	58.9	59	59.8	64.2	6.74	7.58	9.67	10.5	10.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.2	0.36	0.4	0.69	1.36	1.85	0.92	2.27	10.8	11.6
Short-term investments							4.39	7.99
Receivables	0.24	0.29	0.58	1.35	1.28	0.97	1.1	1.12	1.23	0.94
Inventory	0.07	0.11	0.13	0.13	0.32	0.42	0.49	0.45	0.35	0.46
Other current assets	0.03	0.04	0.04	0.14	0.1	0.16	0.1	0.12	0.16	0.14
Total current assets	0.54	0.8	1.16	2.3	3.07	3.4	7.03	12.1	12.6	13.1
Property, plant and equipment	0.02	0.01	0.01	0.07	0.09	0.09	0.06	0.04	0.02	0.01
Lease right-of-use assets				0.2	0.16	0.12	0.07	0.02	0.03	0.16
Goodwill										0
Intangible assets										0
Other non-current assets			1.35	1.16	0.72	0.3
Total assets	0.56	0.81	2.52	3.53	3.87	3.79	9.62	14	13.9	14
Accounts payable	0.03	0	0.02	0.04	0.01	0	0.1	0.03	0.02	0.03
Accrued liabilities	0.46	0.36	0.16	0.23	0.18	0.15	0.17	0.09	0.11	0.15
Deferred revenue	0.11	0.1
Total current liabilities	0.74	0.6	0.35	0.47	0.27	0.2	0.61	1.49	0.19	0.29
Lease liabilities				0.16	0.12	0.07	0.02	0	0	0.09
Other non-current liabilities			0.09	0.07	0.04	0.01	0.17	0.13	0.09	0.14
Total liabilities	0.74	0.6	0.55	0.74	0.42	0.28	0.8	1.62	0.28	0.43
Paid-in capital	12.4	12.4	12.4	12.5	12.6	13.2	16.7	21.6	25.6	25.7
Retained earnings	-13.2	-12.8	-11.1	-10.3	-9.8	-9.75	-7.93	-9.37	-12	-12.2
Shareholders' equity	-0.18	0.22	1.97	2.79	3.45	3.51	8.82	12.4	13.6	13.6
Total equity	-0.18	0.22	1.97	2.79	3.45	3.51	8.82	12.4	13.6	13.6
Total liabilities and equity	0.56	0.81	2.52	3.53	3.87	3.79	9.62	14	13.9	14
Shares outstanding	58.6	58.6	58.6	61	67.4	6.75	9.25	10.5	10.8	10.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.26	0.38	1.66	0.75	0.51	0.05	1.81	-1.44	-2.68	-0.15
Depreciation and amortization	0.01	0.01	0.01	0.01	0.02	0.03	0.03	0.05	0.03	0.01
Stock-based compensation					0	0	0	1.32	2.73	0.13
Deferred income tax			0.11	-0.06	-0.05			-0.39
Change in receivables	0.01	-0.05	-0.29	-0.77	0.06	0.31	-0.13	-0.02	-0.11	0.3
Change in inventory	-0.03	-0.04	-0.02	0.01	-0.2	-0.1	-0.06	0.05	0.14	-0.14
Change in payables	-0.03	-0.12	-0.19	0.11	-0.05	-0.1	0.23	-0.07	-0.01	0.01
Cash from operations	0.2	0.18	0.04	0.36	0.7	0.51	-0.04	-0.02	0.59	0.71
Capital expenditures	-0	-0.01	-0	-0.07	-0.04	-0.03	-0	-0.03	-0.01	0
Purchases of investments								-3.6
Cash from investing	-0	-0.01	-0	-0.07	-0.04	-0.03	-4.39	-3.63	7.98	0
Stock issued		0					3.5	5
Cash from financing	-0.01	-0.01			0.01	0	3.5	5
Net change in cash	0.19	0.16	0.04	0.29	0.67	0.48	-0.93	1.35	8.57	0.71
Free cash flow	0.2	0.17	0.04	0.29	0.66	0.48	-0.04	-0.05	0.58	0.71
Interest paid	0.01	0.01	0
Income taxes paid			0.04	0.1	0.05	0.04	0	0.18

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.69 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.7%	Gross profit / revenue.
Operating margin	-53.5%	Operating income / revenue.
EBITDA margin	-52.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-32.7%	Pre-tax income / revenue.
Net margin	-32.7%	Net income / revenue.
FCF margin	27.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.7%	Cash from operations / revenue.
Return on equity (ROE)	-4.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.1%	Net income / average total assets.
Return on invested capital (ROIC)	-22.5%	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	9.8%	Research and development expense / revenue.
Stock-based pay / revenue	9.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-29.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-31.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-26.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-40.7%	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	-11.9%	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	20.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	0.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	22.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	1.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.5%	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	31.5%	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	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.4%	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	29.4%	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	2.5%	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	12.5%	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	-30.0%	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	12.1x	Current assets / current liabilities.
Quick ratio	10.4x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	9.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	9.7%	Total liabilities / total assets.
Interest coverage	-44.1x	Operating income / interest expense.
Working capital	$12.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$13.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	6.34x	Revenue / average property, plant and equipment.
Inventory turnover	0.65x	Cost of revenue / average inventory.
Days inventory	563 days	365 x average inventory / cost of revenue.
Receivables turnover	1.58x	Revenue / average receivables.
Days sales outstanding	231 days	365 x average receivables / revenue.
Days payables	142 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	653 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	2.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.06	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.
Revenue per share	$0.18	Revenue / diluted weighted shares.
FCF per share	$0.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.05	Cash from operations / diluted weighted shares.
Book value per share	$1.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.16	Tangible book value / shares outstanding.
Cash per share	$0.91	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$19.8M	Share price x shares outstanding.
Enterprise value	$9.2M	Market cap + total debt - cash - short-term investments.
P/S	9.90x	Market cap / revenue.
P/B	1.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.45x	Market cap / tangible book value, when positive.
P/FCF	36.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	35.7x	Market cap / cash from operations, when positive.
EV/Sales	4.57x	Enterprise value / revenue.
EV/FCF	16.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	-3.3%	Net income / market cap (the inverse of P/E).

What was NOCOPI TECHNOLOGIES INC/MD/'s revenue in fiscal 2025?

NOCOPI TECHNOLOGIES INC/MD/ reported revenue of $1.5M for fiscal 2025, 29.5% lower than the year before.

Was NOCOPI TECHNOLOGIES INC/MD/ profitable in fiscal 2025?

No. It reported a net loss of $154.9K.

How much free cash flow did NOCOPI TECHNOLOGIES INC/MD/ generate in fiscal 2025?

Cash from operations of $713.9K minus capital expenditures of $0.0 left free cash flow of $713.9K.

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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