SOLAI Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SOLAI Ltd 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	1.57	20.2	18.3	5.16	2.17	53.8	57	43.1	32.9	23
Cost of revenue	2.04	8.16	11.6	7.66	1.79	24.8	35	29.1	18.6	23.7
Gross profit	-0.46	12	6.7	-2.5	0.38	29	22	14	14.3	-0.72
Research and development	10.3	10.5	9	2.86	1.94	1.26	2.21	0.87	0.07
Selling and marketing	6.47	11.8	13.4	3.03	1.15	0.89	0.34	0.15	0.05	0.05
General and administrative	35.7	39.5	36.6	18.7	14.3	22.3	21.9	18.5	13.7	18.3
Operating expenses				24.6	17.4	29.6	24.5	19.5	13.8	18.3
Operating income	-52.8	-53.9	-50.1	-74	-17	-44.3	-89.6	-25.2	-8.01	-34.7
Interest expense		0		0		0.78	0.22
Interest income	3.44	3.16	2.23	1.31	0.24	0.06	0.15	0.24	0.06	0.15
Pre-tax income	-29.7	-50.5	-71.5	-75.9	-23.4	-39.9	-79.4	-25.4	-7.01	-34.5
Income tax	0.44	-1.9	-2.85	-1.08	-0.03	-0.36	0	0	0	0
Income from continuing operations						27.7	-76.4	-25.4	-6.85	-33.9
Net income to minority interests	-0.91	0.15
Net income	-29.2	-48.7	-65.7	-94.4	-32.4	-62.4	-155	-28.7	12.1	-33.9
EBITDA	-50.9	-47.9	-41	-65.1	-9.97	-29.3	-65.6	-15.3	2.14	-22.4
EPS, basic	-0.07	-0.12	-0.16	-0.22	-0.07	-0.10	-0.18	-0.03	0.01	-0.02
EPS, diluted	-0.07	-0.12	-0.16	-0.22	-0.07	-0.10	-0.18	-0.03	0.01	-0.02
Shares, basic (weighted)	415	408	419	429	430	622	871	1,102	1,172	1,727
Shares, diluted (weighted)	415	408	419	429	430	622	871	1,102	1,172	1,727

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	103	81.3	63.3	51.9	47.3	17.7	5.5	3.24	1.81	1.42
Short-term investments	14.4	18.4	14.5				2.36	0	0	0
Receivables						0.74	3.58	2.88	1.85	2.76
Other current assets	2.71	1.94	9.48	4.35	1.56	21.5	8.22	6.3	5.91	6.52
Total current assets	246	113	87.5	61.8	51.5	93.3	35.3	33.9	19.1	17.7
Property, plant and equipment	7.77	16.4	14.1	9.21	1	70.2	27.2	22.8	19.9	12.2
Lease right-of-use assets				5.26	1.43	6.17	4.14	4.27	2.63	1.99
Goodwill	23.1	40	18.9			26.6		0	0
Intangible assets	44.7	44.7	31.3	0.65	0.24	71.9	3.3	2.03	11.1	5.86
Long-term investments	12.3	53.3	28.3	22	14.1	10.1	8.05	4.17	3.56	3.4
Other non-current assets	0.39	0.96	0.52	0.27	0.09	4.46		0.06	0.06	0.02
Total assets	299	270	181	99.9	72.1	294	86.8	72.6	86.3	45.6
Accounts payable						54.4	3.67	0.82	0.03	0.57
Accrued liabilities	2.34	2.56	1.42	0.99	0.17	0.49	0.75	0.41	0.31	0.32
Total current liabilities	30.2	27	14.5	11.1	11.3	84.4	30.8	44.9	11.2	10
Long-term debt	6.41	4.27	0.61	0.43	0.08
Lease liabilities				4.55	0.89	4.57	2.84	2.54	1.06	0.86
Other non-current liabilities									7.26
Total liabilities	38.7	34.3	16.2	16.1	12.3	89	33.7	47.5	19.6	10.9
Total debt	6.41	4.27	0.61	0.43	0.08
Paid-in capital	317	353	354	366	412	591	621	622	641	652
Retained earnings	-77.5	-132	-190	-282	-324	-387	-542	-571	-558	-592
Treasury stock	-17.8	-22.1	-20.9	-20.7	-21.6	-21.6	-21.6	-21.6	-21.6	-21.6
Other comprehensive income	24.9	17.8	20	20.3	-4.6	-2.36	-3.96	-4.28	-4.39	-4.25
Shareholders' equity	246	217	162	84	61.8	180	53.1	25.1	56.9	34.2
Minority interests	14.2	15.3	-1.61	-2.21	-1.98	25.4			9.89	0.5
Total equity	260	232	161	81.7	59.9	205	53.1	25.1	66.8	34.7
Total liabilities and equity	299	270	181	99.9	72.1	294	86.8	72.6	86.3	45.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-30.1	-48.6	-66.8	-94.9	-32.1	-74.4	-158	-28.7	11.9	-34.5
Depreciation and amortization	1.85	6.07	9.1	8.82	7.02	15.1	24.1	9.86	10.1	12.3
Stock-based compensation	23.5	14	15.8	11.5	8.05	6.45	4.47	1.03	1.21	0.85
Deferred income tax	-0.07	0.06	-0.05	-1.11	-0.03	-0.36
Change in receivables	-0.63	0	0	0		1.68	-3.8	-2.59	1.28	-0.92
Change in payables	0	0	0	0		-7.7
Cash from operations	-16.5	-31.1	-23.3	-22.3	-9.81	-34.3	-63.6	-28.4	-32.7	-26.9
Capital expenditures	-3.87	-11.2	-5.18	-0.54	-0.23	-56.6	-13.8	-1.43	-1.18	-0.22
Acquisitions	-0.96	-57.5	0	0		-21.9
Purchases of investments	-30.7	-3.07	0	0	-12.3	-1	-2.36
Cash from investing	72.6	16.7	-1.38	9.6	3.33	-75.4	24.4	26.2	28.9	15.9
Stock issued	1.81	0.86	6.03	2.46	65				2.34	10.6
Share buybacks	-18.9	-2.66
Cash from financing	-16.9	-1.42	7.97	2.46	0	77.7	29.8		2.37	10.7
Exchange rate effect	0.01	-6.29	3.09	0.06	1.82	1.92	-2.83	-0.05	0.06	-0.07
Net change in cash	39.2	-22.1	-13.7	-10.1	-4.65	-30.1	-12.2	-2.3	-1.47	-0.39
Free cash flow	-20.3	-42.3	-28.5	-22.8	-10	-90.9	-77.3	-29.8	-33.9	-27.1
Income taxes paid	0.01	1.37	0	0	0	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	-3.1%	Gross profit / revenue.
Operating margin	-150.9%	Operating income / revenue.
EBITDA margin	-97.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-149.9%	Pre-tax income / revenue.
Net margin	-147.3%	Net income / revenue.
FCF margin	-118.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-117.1%	Cash from operations / revenue.
Return on equity (ROE)	-74.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-51.4%	Net income / average total assets.
Return on invested capital (ROIC)	-62.4%	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%.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	53.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-30.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-26.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	60.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-105.0%	Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-1,145.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-380.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-300.0%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-39.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-13.6%	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	-11.2%	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	-47.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-19.3%	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	-8.8%	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	47.4%	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	25.6%	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	32.1%	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	1.76x	Current assets / current liabilities.
Quick ratio	0.42x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	23.9%	Total liabilities / total assets.
Working capital	$7.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$28.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	1.43x	Revenue / average property, plant and equipment.
Receivables turnover	9.99x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	5 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.02	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.
EPS, basic	-$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.01	Revenue / diluted weighted shares.
FCF per share	-$0.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.02	Cash from operations / diluted weighted shares.
Book value per share	$0.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.02	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.

What was SOLAI Ltd's revenue in fiscal 2025?

SOLAI Ltd reported revenue of $23.0M for fiscal 2025, 30.1% lower than the year before.

Was SOLAI Ltd profitable in fiscal 2025?

No. It reported a net loss of $33.9M.

How much free cash flow did SOLAI Ltd generate in fiscal 2025?

Cash from operations of $26.9M minus capital expenditures of $220.0K left free cash flow of -$27.1M.

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.

Open interactive statements, quarterly figures and charts

Back to SOLAI Ltd