Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QS Energy, 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0.05
0
0
0
0
0
0
0
0
Research and development
0.28
0.24
0.21
0.89
0.36
0.35
0.49
0.2
0.19
1.61
General and administrative
2.16
1.47
Operating expenses
2.1
2.94
1.85
2.16
1.47
Operating income
-1.82
-1.19
-1.25
-0.89
-1.58
-14.9
Interest expense
1.6
1.66
1
0.07
0.15
0.23
0.36
0.33
0.36
0.39
Other non-operating income
0
0
Pre-tax income
-2.38
-3.13
-2.06
-3.05
-1.82
Income tax
0
0
0
0
0
0
0
0
0
0
Net income
-4
-4.84
-3.06
-5.62
-2.42
-1.42
-1.55
-1.22
-1.93
-15.3
EBITDA
-1.82
-1.18
-1.25
-0.89
-1.58
-14.9
EPS, basic
-0.02
-0.02
-0.01
-0.02
-0.01
0.00
0.00
0.00
0.00
-0.03
EPS, diluted
-0.02
-0.02
-0.01
-0.02
-0.01
0.00
0.00
0.00
0.00
-0.03
Shares, basic (weighted)
193
218
246
291
316
336
362
386
405
500
Shares, diluted (weighted)
193
218
246
291
316
336
362
386
405
500
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.14
0.2
1.15
0.48
0.05
0.11
0.13
0.07
0.15
0.01
Other current assets
0.03
0.04
0.03
0.1
0.05
0.01
0.02
0.01
0.01
0.05
Total current assets
0.16
0.24
1.19
0.58
0.1
0.13
0.15
0.08
0.16
0.06
Property, plant and equipment
0.02
0.05
0.02
0.02
0.02
0.01
0.01
0
0
0
Lease right-of-use assets
0
0.14
0
Other non-current assets
0.01
0
0
0
0
Total assets
0.19
0.29
1.21
0.6
0.11
0.28
0.16
0.08
0.16
0.06
Accounts payable
0.81
0.85
1.07
1.26
1.49
1.73
1.96
2.2
2.43
3.17
Accrued liabilities
0.03
0.06
Total current liabilities
1.54
2.16
2.7
2.87
3.62
4.35
4.85
5.33
5.86
5.93
Long-term debt
0.11
Lease liabilities
0
0.11
0
Total liabilities
1.54
2.16
2.7
2.87
3.62
4.45
4.85
5.33
5.86
5.93
Total debt
0.11
Paid-in capital
104
108
111
116
117
118
119
120
121
136
Retained earnings
-105
-110
-113
-119
-121
-123
-124
-125
-127
-143
Shareholders' equity
-1.36
-1.87
-1.48
-2.27
-3.51
-4.17
-4.69
-5.24
-5.7
-5.88
Total equity
-1.36
-1.87
-1.48
-2.27
-3.51
-4.17
-4.69
-5.24
-5.7
-5.88
Total liabilities and equity
0.19
0.29
1.21
0.6
0.11
0.28
0.16
0.08
0.16
0.06
Shares outstanding
199
234
256
310
323
355
376
393
428
543
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-4
-4.84
-3.06
-5.62
-2.42
-1.42
-1.55
-1.22
-1.93
-15.3
Depreciation and amortization
0.01
0.02
0.02
0.01
0.01
0.01
0
0
0
0
Stock-based compensation
0.44
0.89
0.44
0.38
0.38
0.05
0.13
0.04
0
0.24
Change in payables
0.22
0.05
0.22
0.18
Cash from operations
-1.63
-1.79
-1.48
-2.68
-0.97
-0.72
-0.92
-0.63
-1.17
-4.01
Capital expenditures
-0.01
-0.05
0
-0.01
0
0
-0
0
-0
0
Cash from investing
-0.01
-0.05
0
-0.01
0
0
-0
0
-0
0
Stock issued
0
0.04
0.03
0.13
0
Cash from financing
1.42
1.9
2.43
2.01
0.54
0.78
0.94
0.57
1.25
3.86
Net change in cash
-0.67
-0.43
0.06
0.02
-0.06
0.08
-0.14
Free cash flow
-1.63
-1.84
-1.48
-2.68
-0.97
-0.72
-0.92
-0.63
-1.17
-4.01
Interest paid
0
0
0
0
0
0
0
0
0
0
Income taxes paid
0
0
0
0
0
0
0
0
0
0
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 $0.10 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-3,109.0%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
-66.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-29.7%
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
-13.6%
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
23.4%
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
11.4%
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
9.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
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
$0.00
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.01
Cash from operations / diluted weighted shares.
Book value per share
-$0.01
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
Earnings yield
-11.4%
Net income / market cap (the inverse of P/E).
What was QS Energy, Inc.'s revenue in fiscal 2025?
QS Energy, Inc. reported revenue of $0.0 for fiscal 2025.
Was QS Energy, Inc. profitable in fiscal 2025?
No. It reported a net loss of $15.3M.
How much free cash flow did QS Energy, Inc. generate in fiscal 2025?
Cash from operations of $4.0M minus capital expenditures of $0.0 left free cash flow of -$4.0M.
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.