Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data REED'S, 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
42.5
37.7
38.1
33.8
41.6
49.6
53
44.7
38
34.1
Cost of revenue
33.2
30.8
27.4
25.9
28.8
36
40.9
31.9
26.6
27.1
Gross profit
9.24
6.89
10.7
7.88
12.8
13.6
12.1
9.71
11.4
6.96
Selling and marketing
3.7
3.02
4.88
9.19
7.5
9.67
7.32
4.87
4.41
5.27
General and administrative
3.95
5.75
8.39
7.55
7.02
7.97
7.49
6.12
9.11
11.3
Operating expenses
12
18.6
18.8
22.7
21.4
29.6
26.9
19.1
19.5
22.1
Operating income
-2.8
-11.7
-8.12
-14.9
-8.62
-16
-14.8
-9.42
-8.12
-15.1
Interest expense
1.98
3.49
2.2
1.29
1.31
1.2
5.22
6.11
5.48
1.11
Net income
-5.01
-18.4
-10.3
-16.1
-10.2
-16.4
-20.1
-15.5
-13.2
-15.8
EBITDA
-2.41
-11.2
-8.04
-14.8
-8.53
-15.8
-14.7
-9.28
-7.99
-15
EPS, basic
-2.21
-7.42
-2.45
-2.75
-1.02
-53.78
-54.25
-26.26
-9.81
-1.91
EPS, diluted
-2.21
-7.42
-2.45
-2.75
-1.02
-1.08
-54.25
-26.26
-9.81
-1.91
Shares, basic (weighted)
2.28
2.47
4.24
5.86
10.1
0.31
0.37
0.59
1.34
8.3
Shares, diluted (weighted)
2.28
2.47
4.24
5.86
10.1
15.3
0.37
0.59
1.34
8.3
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.45
12.1
0.62
0.91
0.6
0.05
0.53
0.6
10.4
10.4
Receivables
2.49
2.69
2.61
2.1
4.72
5.18
5.67
3.57
3.98
2.32
Inventory
6.89
5.93
7.38
10.5
11.1
17
16.2
11.3
8.11
8.05
Other current assets
0.5
0.2
7.51
0.42
1.34
1.49
0.94
2.03
0.68
0.67
Total current assets
10.3
20.9
10.9
14.3
18.5
24.7
24.1
17.8
23.3
21.5
Property, plant and equipment
7.73
0.17
0.9
1.05
0.92
0.99
0.77
0.49
1.19
1.23
Intangible assets
0.81
0.81
0.58
0.58
0.62
0.62
0.63
0.63
0.64
0.65
Total assets
18.9
24.5
12.5
16
20.1
26.3
25.5
18.9
25.1
23.3
Accounts payable
5.96
7.48
5.72
5.36
6.75
10.4
9.81
9.13
6.96
3.5
Accrued liabilities
0.22
0.22
1.48
0.65
0.9
0.29
0.23
1.1
0.98
0.67
Short-term debt
0.19
0.22
Total current liabilities
11.9
18.6
14.2
9.41
8.93
21.7
25.7
27.2
17.7
13.4
Long-term debt
1.36
1.25
0.17
Lease liabilities
0.56
0.39
0.21
0.84
0.8
Other non-current liabilities
0.13
0.11
Total liabilities
20.5
24
19.2
14.8
9.65
22.1
34
38.1
18.5
14.2
Total debt
2.38
1.47
Paid-in capital
30
49.8
53.6
77.6
97
107
115
119
158
177
Retained earnings
-31.7
-50.1
-60.4
-76.5
-86.7
-103
-123
-139
-152
-168
Shareholders' equity
-1.66
0.51
-6.74
1.15
10.4
4.2
-8.47
-19.2
6.65
9.15
Total equity
-1.66
0.51
-6.74
1.15
10.4
4.2
-8.47
-19.2
6.65
9.15
Total liabilities and equity
18.9
24.5
12.5
16
20.1
26.3
25.5
18.9
25.1
23.3
Shares outstanding
2.34
4.12
4.3
7.96
14.4
0.31
0.42
0.7
7.56
11.8
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-5.01
-18.4
-10.3
-16.1
-10.2
-16.4
-20.1
-15.5
-13.2
-15.8
Depreciation and amortization
0.39
0.55
0.09
0.06
0.09
0.14
0.11
0.14
0.13
0.16
Stock-based compensation
0.66
0.28
0.67
0.37
0.49
0.53
0.06
Change in receivables
0.51
-0.55
0.06
0.76
-2.48
-0.45
-0.53
0.28
-1.27
0.74
Change in inventory
1.09
0.56
-1.16
-3.58
-0.16
-5.87
0.53
2.65
2.91
-1.95
Change in payables
-1.5
1.52
-1.76
-0.18
1.39
3.69
-0.63
-1.07
-1.39
-3.35
Cash from operations
-2.53
-3.42
-9.26
-18.2
-9.5
-17.6
-15.5
-4.27
-6.12
-17
Capital expenditures
-0.41
-0.81
-0.16
-0.32
-0.12
-0.33
-0.09
-0.15
-0.27
Cash from investing
-0.41
-0.81
0.94
-0.28
-0.16
-0.34
-0
-0.02
-0.17
-0.25
Debt issued
0.77
Debt repaid
-0.16
-0.19
-0.25
-0.65
Stock issued
2.23
13.1
22.3
16.6
7.33
5.03
4.02
11.9
18.2
Share buybacks
-0.02
-0
-0
Cash from financing
1.58
15.9
-3.19
18.7
9.34
17.4
16
4.36
16.1
17.3
Net change in cash
-11.5
0.29
-0.32
-0.55
0.48
0.07
9.79
0.03
Free cash flow
-2.94
-4.24
-9.42
-18.5
-9.62
-17.9
-4.35
-6.28
-17.3
Interest paid
1.75
1.81
1.35
0.5
1.74
0.43
1.91
1.05
0.87
0.83
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 $0.65 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
18.0%
Gross profit / revenue.
Operating margin
-61.4%
Operating income / revenue.
EBITDA margin
-61.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-63.5%
Net income / revenue.
Operating cash flow margin
-50.2%
Cash from operations / revenue.
Return on assets (ROA)
-119.7%
Net income / average total assets.
Stock-based pay / revenue
0.0%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
0.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-10.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-13.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-3.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-38.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-16.9%
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
-11.4%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
37.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
-2.5%
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
-7.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-2.9%
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
3.1%
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
519.4%
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
182.1%
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
-3.9%
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
0.85x
Current assets / current liabilities.
Quick ratio
0.34x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.15x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.56
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
$2.46
Revenue / diluted weighted shares.
Operating cash flow per share
-$1.24
Cash from operations / diluted weighted shares.
Book value per share
-$0.13
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.26x
Market cap / revenue.
EV/Sales
0.18x
Enterprise value / revenue.
Earnings yield
-239.7%
Net income / market cap (the inverse of P/E).
What was REED'S, INC.'s revenue in fiscal 2025?
REED'S, INC. reported revenue of $34.1M for fiscal 2025, 10.2% lower than the year before.
Was REED'S, INC. profitable in fiscal 2025?
No. It reported a net loss of $15.8M.
How much free cash flow did REED'S, INC. generate in fiscal 2025?
Cash from operations of $17.0M minus capital expenditures of $272.0K left free cash flow of -$17.3M.
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.