Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Stablecoin Development Corp 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
11.9
18.2
12.5
6.6
9.93
10.2
14.4
10.5
9.78
Cost of revenue
2.46
2.78
1.5
1.74
3.97
3.69
6.62
4.37
3.3
Gross profit
9.43
15.4
11
4.86
5.96
6.52
7.78
6.08
6.48
Research and development
1.37
0.41
0.26
0.18
0.29
0.04
0.17
0.03
0.04
Selling and marketing
11.8
13.7
12.8
8.77
6.17
8.09
7.8
4.71
4.03
General and administrative
7.24
8.64
5.83
5.31
5.93
7.24
7.49
5.45
7.38
7.59
Operating expenses
20.4
22.8
18.9
14.3
12.4
15.4
22.2
10.2
7.38
8.44
Operating income
-11
-7.31
-7.87
-9.4
-6.43
-8.86
-14.4
-4.1
-7.38
-8.44
Other non-operating income
-0.07
0.01
0.02
-1.43
0.61
-1.58
-0.28
-0.37
-0.58
-0.02
Pre-tax income
-13.1
-7.4
-6.54
-9.65
-11
-5.82
-10.6
-9.64
-8.75
-642
Income tax
0
0
0
0.01
0.01
0
0
0
0
0
Income from continuing operations
-6.15
-8.75
-642
Net income
-13.2
-7.4
-6.55
-9.66
-11
-5.82
-10.6
-9.64
-7.22
-631
EBITDA
-10.9
-7.22
-7.61
-9.34
-6.38
-8.8
-14.3
-4.05
-7.34
EPS, basic
-246,537.00
-84,527.00
-68,678.00
-84,527.00
-54,590.00
-926.28
-1,779.00
-697.35
-12.68
-108.39
EPS, diluted
-246,538.00
-84,527.00
-81,005.00
-84,527.00
-54,591.00
-26,415.00
-1,779.00
-697.35
-12.68
-108.39
Shares, basic (weighted)
0
0
0
0
0
0.01
0.01
0.02
0.68
5.82
Shares, diluted (weighted)
0
0
0
0
0
0.25
0.01
0.02
0.68
5.82
Dividend per share
4.00
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
9.51
3.2
3.18
6.94
12
7.5
5.36
2.92
0.43
7.96
Short-term investments
0
Receivables
2.12
3.63
3.39
1.07
1.1
1.67
1.97
0.68
0
Inventory
0.87
0.5
0.28
0.49
0.61
3.22
3.44
0.5
0
Other current assets
0.29
0.35
0.22
0.16
0.1
0.13
0.16
0.08
0.22
0.18
Total current assets
14.5
9
8.61
9.38
14.2
13.2
11.3
7.15
1.94
8.68
Property, plant and equipment
0.37
0.47
0.2
0.11
0.08
0.19
0.12
0.09
0.04
Lease right-of-use assets
1.25
0.44
0.41
1.83
1.3
0.96
0
Goodwill
0
4.53
0.35
0
Intangible assets
0
5.2
2.28
0
Other non-current assets
0.54
0.61
0.55
0.48
0.48
0.48
0.49
0.48
0.52
0.36
Total assets
15.4
10.1
9.36
11.2
15.2
24
16.4
9.03
3.42
9.04
Accounts payable
0.46
0.47
0.55
0.33
0.3
1.05
1.08
0.91
0.11
0.26
Accrued liabilities
2.01
1.67
3.26
1.78
2.12
2.09
2.72
1.17
0.58
0.4
Deferred revenue
1.86
1.53
1.47
0.43
0
0.05
0
Total current liabilities
4.32
4.98
3.85
5.69
2.83
3.44
4.26
4.28
2.84
1.14
Lease liabilities
0.51
0.09
0.25
1.59
1.11
0.71
0.29
Other non-current liabilities
0.2
0.2
0.2
Total liabilities
8.28
7.49
4.41
10.2
2.92
13.8
5.85
5.72
3.55
641
Paid-in capital
111
114
120
126
148
151
166
176
183
187
Retained earnings
-104
-111
-115
-125
-136
-142
-158
-175
-183
-819
Shareholders' equity
7.1
2.59
4.95
0.97
12.3
10.2
10.6
3.31
-0.13
-632
Total equity
7.1
2.59
4.95
0.97
12.3
10.2
10.6
3.31
-0.13
-632
Total liabilities and equity
15.4
10.1
9.36
11.2
15.2
24
16.4
9.03
3.42
9.04
Shares outstanding
0
0
0
0
0
0.01
0.01
0.06
0.98
25.2
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-13.2
-7.4
-6.55
-9.66
-11
-5.82
-10.6
-9.64
-7.22
-631
Depreciation and amortization
0.11
0.1
0.27
0.07
0.05
0.06
0.12
0.05
0.04
Stock-based compensation
1.75
2.54
0.67
0.49
0.53
0.93
0.22
0.29
0.15
0.03
Deferred income tax
0
0
0
0
0
0
0
Change in receivables
-1.59
-1.51
0.77
2.32
-0.32
0.45
-0.31
0.85
0.29
Change in inventory
0.47
0.37
0.2
-0.21
-0.12
-0.24
-0.22
0.16
-0.27
Change in payables
-2.36
-0.26
0.48
-1.84
-0.32
-0.16
0.67
-1.13
-0.06
-0.04
Cash from operations
-11.7
-6.27
-5.57
-7.93
-4.72
-9.19
-6.65
-4.13
-7.5
-8.43
Capital expenditures
-0.16
-0.24
-0.04
-0.02
-0.03
-0.05
-0.11
-0.02
-0.01
Acquisitions
0
0
-12
0
Cash from investing
-0.16
-0.24
-0.04
-0.02
-0.03
-12
-0.11
-0.02
1.06
Debt issued
1.37
Debt repaid
-3.02
Stock issued
13.6
0.19
5.59
6.7
5.22
1.78
0
Dividends paid
0
0
-4.82
Cash from financing
19.4
0.2
5.6
11.7
9.76
16.8
4.63
1.91
1.5
4.62
Net change in cash
7.6
-6.31
-0.02
3.75
5.02
-4.45
-2.13
-2.24
-2.7
7.32
Free cash flow
-11.8
-6.51
-5.61
-7.95
-4.75
-9.24
-6.77
-4.15
-7.5
Interest paid
0.05
0.15
0.05
0
0.02
0.17
0.13
0.01
Income taxes paid
0.01
0.01
0.01
0
0.02
0.36
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 $1.49 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-98.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-98.2%
Net income / average total assets.
Return on invested capital (ROIC)
-22.9%
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%.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
164.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-18.0%
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
-9.9%
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
757.1%
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
760.2%
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
682.0%
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
30.0x
Current assets / current liabilities.
Quick ratio
25.8x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
25.8x
(Cash + short-term investments) / current liabilities.
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.
Operating cash flow per share
-$0.40
Cash from operations / diluted weighted shares.
Book value per share
$2.52
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
0.59x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.59x
Market cap / tangible book value, when positive.
Earnings yield
-166.0%
Net income / market cap (the inverse of P/E).
Was Stablecoin Development Corp profitable in fiscal 2025?
No. It reported a net loss of $630.8M.
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.