VASO Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VASO 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	72.6	72.8	74	75.5	69.9	75.6	79.3	81	86.8	89.1
Cost of revenue	31.1	32.1	32.9	33.1	31.3	32.4	31.4	30.4	34.7	34.4
Gross profit	41.5	40.7	41.1	42.4	38.6	43.1	47.9	50.6	52.1	54.7
Research and development	0.53	0.95	0.89	0.81	0.75	1.72	0.61	0.76	0.85	0.73
Selling, general and administrative	39.4	43.6	44	41	37.1	38.6	40.8	45.1	49	52.2
General and administrative								0.08	0.05	0.04
Operating expenses	39.9	44.6	44.8	41.8	37.8	40.3	41.4	46.4	51.8	57.6
Operating income	1.56	-3.83	-3.72	0.59	0.77	2.82	6.45	4.2	0.29	-2.89
Interest expense	0.65	0.67	0.75	0.99	0.7	0.31	0.04	0.05	0	0.03
Interest income								0.76	1	0.79
Other non-operating income	-0.46	-0.57	-0.4	-0.86	-0.42	3.43	0.1	0.71	0.99	1.59
Pre-tax income	1.1	-4.41	-4.12	-0.27	0.36	6.25	6.55	4.91	1.28	-1.31
Income tax	0.28	0.13	-0.39	0.11	0	0.15	-4.74	0.1	0.33	-2.88
Net income	0.82	-4.54	-3.73	-0.38	0.36	6.1	11.3	4.81	0.95	1.57
EBITDA	3.72	-1.41	-1.2	3.27	3.23	6.66	8.38	5.19	1.11	-2.03
EPS, basic	0.01	-0.03	-0.02	0.00	0.00	0.03	0.07	0.03	0.01	0.01
EPS, diluted	0.01	-0.03	-0.02	0.00	0.00	0.03	0.06	0.03	0.01	0.01
Shares, basic (weighted)	186	189	0.19	0.2	0.2	0.2	173	174	175	176
Shares, diluted (weighted)	186	189	0.19	0.2	0.2	203	175	176	176	176

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.09	5.25	2.67	2.12	6.82	6.03	11.8	11.3	26.3	34.1
Short-term investments				0	0.77	0.63	8.5	14
Receivables	16.5	18.1	15	20.1	14	21.2	21.5	0.9	0.92	0.41
Inventory	2.4	2.36	1.98	1.94	1.38	1.15	1.47	1.47	0.91	0.83
Other current assets	0.93	0.99	0.89	1.34	1.15	0.99	1.01	1.72	2.4	1.06
Total current assets	25.1	25.5	19.2	24.1	22.3	27.8	41	45.1	51.2	58.6
Property, plant and equipment	4.02	4.72	5.81	4.95	3.89	2.17	1.34	1.17	1.54	0.12
Lease right-of-use assets			0	0.87	1.01	0.92	1.57	1.95	2.35	1.15
Goodwill	17.3	17.5	17.3	17.3	15.7	15.7	15.6	15.6	1.18	1.23
Intangible assets	6	5.25	4.74	4.3	3.95	2.04	1.51	1.41	1.62	1.26
Long-term investments				0	1.12	1.04	0.89
Other non-current assets	5	3.85	3.07	2.59	2.19	2.45	4.73	4.9	5.36	5.99
Total assets	57.4	56.8	50.5	54.4	50.4	52.4	71.6	75.8	82.9	88.3
Accounts payable	5.22	5.42	6.28	7.65	6.29	2.8	2.27	2.67	4.18	0.9
Accrued liabilities	1.13	1.18	0.65	1.51	1.68			0.22
Deferred revenue	7.63	15.5	10.4	12.3	11.5	16.5	15.1	15.9	17.1	19
Short-term debt	4.25	3.67	9.7	3.93	5.97	0.01	0.01
Total current liabilities	25.7	33.7	35.4	33	31.7	31	31.5	30	34.7	36.8
Long-term debt	5.58	5.09	0.25	8.14	5.78	0.02	0.02	0.01
Lease liabilities			0	0.32	0.47	0.35	0.82	1.02	1.28	0.46
Other non-current liabilities	1.35	1.08	1.04	1.03	0.91	0.99	1.47	1.51	1.42	1.91
Total liabilities	44.5	47.6	45.9	50.1	45.3	41.1	49.6	48.9	55.2	58.9
Total debt	9.57	8.9	0.25	8.14	5.78	0.02	0.02
Paid-in capital	62.9	63.4	63.7	63.8	63.9	63.9	64	64	62	62.1
Retained earnings	-47.8	-52.3	-57	-57.4	-57	-50.9	-39.8	-35	-34.1	-32.5
Treasury stock	-2	-2	-2	-2	-2	-2	-2	-2
Other comprehensive income	-0.33	-0.06	-0.32	-0.31	0.02	0.11	-0.23	-0.3	-0.44	-0.32
Shareholders' equity				4.31	5.09	11.1	22.1	26.8	27.7	29.4
Total equity	12.9	9.15	4.56	4.31	5.09	11.3	22.1	26.8	27.7	29.4
Total liabilities and equity	57.4	56.8	50.5	54.4	50.4	52.4	71.6	75.8	82.9	88.3
Shares outstanding	191	193	195	202	204	204	175	175	176	176

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.82	-4.54	-3.73	-0.38	0.36	-6.1	-11.9	4.81	0.95	1.57
Depreciation and amortization	2.16	2.43	2.52	2.68	2.46	3.84	1.92	1	0.82	0.86
Stock-based compensation	0.43	0.51	0.31	0.14	0.09	0.03	0.04	0.05	0.05	0.03
Deferred income tax	0.23	0.22	-0.37	0.05	-0.07	0.05	-4.79	0.05	0.05	-3.05
Change in inventory	-0.6	0.09	0.33	0.03	-0.01	0.3	-0.42	-0.02	0.57	0.09
Change in payables							-0.52	0.4	1.51	0.6
Cash from operations	5.22	1.6	-1.45	-1.33	5.93	7.82	14.4	5.3	3.28	9.27
Capital expenditures	-1.87	-2.37	-2.59	-1.21	-1	-0.42	-0.57
Acquisitions	0
Purchases of investments	0			0	-0.73		-8	-24.5
Cash from investing	-2.25	-2.37	-2.28	-1.18	-0.58	-0.26	-8.42	-5.66	11.7	-0.73
Stock issued					38.6	43.1
Cash from financing	1.92	-1.05	1.14	1.91	-0.55	-8.33	-0.23	-0.13	-0.09	0.25
Exchange rate effect	0.04	-0.02	0.01	0.06	-0.11		0.03	0.02	0.01	-0.02
Net change in cash	4.93	-1.84	-2.58	-0.54	4.7	-0.79	5.8	-0.48	14.9	8.78
Free cash flow	3.35	-0.78	-4.04	-2.54	4.93	7.4	13.9
Interest paid	0.8	0.64	0.7	0.78	0.7	0.35	0.04	0.02	0	0.03
Income taxes paid	0.55	0.06	0.08	0.06	0.07	0.11	0.05	0.09	0.18	0.23

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 $0.29 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.6%	Gross profit / revenue.
Operating margin	-2.6%	Operating income / revenue.
EBITDA margin	-1.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.0%	Pre-tax income / revenue.
Net margin	3.1%	Net income / revenue.
Operating cash flow margin	9.8%	Cash from operations / revenue.
Effective tax rate	-7,253.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
R&D / revenue	1.0%	Research and development expense / revenue.
SG&A / revenue	60.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.5%	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	7.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1,114.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-283.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	65.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-48.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	34.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-45.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	182.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.1%	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	42.1%	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	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	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	11.9%	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	0.2%	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	0.3%	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	288.3%	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	1.68x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.17x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	66.0%	Total liabilities / total assets.
Working capital	$22.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$26.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	794x	Revenue / average property, plant and equipment.
Inventory turnover	33.7x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	195x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	4 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.01	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	$0.45	Revenue / diluted weighted shares.
Operating cash flow per share	$0.04	Cash from operations / diluted weighted shares.
Book value per share	$0.17	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.15	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$51.0M	Share price x shares outstanding.
Enterprise value	$12.8M	Market cap + total debt - cash - short-term investments.
P/E	20.4x	Market cap / net income. Only when net income is positive.
P/S	0.64x	Market cap / revenue.
P/B	1.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.95x	Market cap / tangible book value, when positive.
P/OCF	6.49x	Market cap / cash from operations, when positive.
EV/Sales	0.16x	Enterprise value / revenue.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).

What was VASO Corp's revenue in fiscal 2025?

VASO Corp reported revenue of $89.1M for fiscal 2025, 2.7% higher than the year before.

Was VASO Corp profitable in fiscal 2025?

Yes. Net income was $1.6M, a net margin of 1.8%.

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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