Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VirnetX Holding 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
1.55
1.55
0.06
0.09
303
0.04
0.05
0.01
0.01
0.16
Research and development
4.16
4.16
4.82
3.85
8.83
5.58
6.41
9.71
6.04
5.65
Selling, general and administrative
25
14.7
20.7
15.9
45.8
52.7
15.7
21.7
14.4
13.4
Operating expenses
30.1
18.9
25.5
19.8
145
49.2
22.1
31.5
20.4
19.6
Operating income
-28.5
-17.3
-25.5
-19.7
158
-49.2
-22.1
-31.4
-20.4
-19.4
Other non-operating income
0.07
0.05
Pre-tax income
-28.4
-17.3
-25.4
-19.6
307
-49.1
-20.2
-28
-18.2
-18.2
Income tax
0.13
0
0
-0.39
27
-6.21
16
-0.08
0
-0
Net income
-28.6
-17.3
-25.4
-19.2
280
-42.9
-36.3
-27.9
-18.2
-18.2
EBITDA
-28.5
-17.3
-25.4
-19.7
158
-49.2
-22.1
-31.4
-20.4
-19.4
EPS, basic
-10.17
-5.98
-7.98
-5.58
78.97
-11.96
-10.17
-7.79
-5.05
-5.00
EPS, diluted
-10.17
-5.98
-7.98
-5.58
78.17
-11.96
-10.17
-7.79
-5.05
-5.00
Shares, basic (weighted)
2.81
2.93
3.16
3.44
3.55
3.57
0
0
0
0
Shares, diluted (weighted)
2.81
2.93
3.16
3.44
3.59
3.57
0
0
0
0
Dividend per share
0.00
19.94
0.00
0.00
20.00
0.00
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
6.63
3.14
7.61
3.14
193
142
86.6
26.3
23.3
15.5
Short-term investments
9.25
1.45
1.8
2.39
28.3
27.3
65.5
27.3
14.8
5.98
Receivables
0
0.01
0.01
0.01
0.02
0.01
0
0
0.02
Other current assets
0.59
0.59
0.72
0.24
0.26
0.2
0.22
0.28
0.12
0.12
Total current assets
16.5
5.18
10.1
5.77
224
169
152
53.8
38.2
21.7
Property, plant and equipment
0.03
0.01
0.01
0.02
0.01
0.02
0.01
0.07
0.07
0.06
Lease right-of-use assets
0.05
Other non-current assets
1.6
Total assets
18.9
7.18
11.8
7.5
235
187
153
60.4
49.6
31.1
Accounts payable
1.81
0.41
1.05
1.35
0.65
0.34
0.37
0.44
0.34
0.39
Accrued liabilities
1.52
2.18
0.28
0.29
0.22
0.27
0.31
0.32
0.26
0.26
Deferred revenue
1.5
1.5
0
Total current liabilities
5.22
4.48
1.86
1.83
10.4
1.02
0.73
1.25
7.2
2.03
Other non-current liabilities
0
0.14
0
0.04
0
0.05
0
3.15
2.79
6.56
Total liabilities
7.72
5.62
1.86
1.87
10.4
1.07
0.73
4.4
9.99
8.59
Paid-in capital
169
177
208
223
232
236
240
243
244
245
Retained earnings
-158
-176
-198
-218
-8.01
-50.9
-87.2
-186
-205
-223
Other comprehensive income
-0.01
-0.01
-0.01
-0.01
-0.01
-0.07
-0.31
-0.01
0
-0.02
Shareholders' equity
11.1
1.55
9.89
5.63
224
185
152
56
39.6
22.5
Total equity
11.1
1.55
9.89
5.63
224
185
152
56
39.6
22.5
Total liabilities and equity
18.9
7.18
11.8
7.5
235
187
153
60.4
49.6
31.1
Shares outstanding
2.92
2.96
3.35
3.49
3.56
3.57
3.57
3.62
4.24
4.2
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-28.6
-17.3
-25.4
-19.2
280
-42.9
-36.3
-27.9
-18.2
-18.2
Depreciation and amortization
0.03
0.03
0.02
0.01
0.01
0
0.01
0.01
0.02
0.02
Stock-based compensation
5.4
3.99
4.06
3.71
3.94
4.18
3.33
2.78
1.9
1.97
Deferred income tax
0
-9.05
-6.9
16
-0.08
0
0
Change in receivables
0
0
-0.01
0
-0
-0.01
0
-0
0
-0.02
Change in payables
-0.48
-1.39
0.64
0.3
-0.69
-0.32
0.04
0.07
-0.1
0.05
Cash from operations
-21.9
-14.9
-22.3
-15.1
281
-51.7
-16.9
-24.8
-15.3
-15.6
Capital expenditures
-0.01
0
0
-0.01
0
-0.01
0
-0.07
-0.02
-0.02
Purchases of investments
-5.78
-33.1
-26.3
-67.1
-47.2
-28.6
-16.2
Sales and maturities of investments
11.2
8.74
2.72
5.19
7.11
27.4
28.5
85.7
41.1
25
Cash from investing
0.7
7.8
-0.37
-0.61
-26
1.03
-38.5
35.9
12.5
8.77
Stock issued
19.2
3.68
27.1
10.5
4.49
0
0
0
0.01
Dividends paid
0
-70.8
0
0
-71.4
0
Cash from financing
19.1
3.66
27.1
11.2
-65.7
-0.2
-0.03
-71.4
-0.13
-0.87
Net change in cash
-2.1
-3.49
4.48
-4.48
190
-50.9
-55.5
-60.3
-2.99
-7.75
Free cash flow
-21.9
-14.9
-22.3
-15.1
281
-51.7
-16.9
-24.8
-15.3
-15.7
Interest paid
0
Income taxes paid
0.13
0.01
0
0
39
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 $10.36 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-18,078.0%
Operating income / revenue.
EBITDA margin
-18,055.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-17,377.0%
Pre-tax income / revenue.
Net margin
-17,374.0%
Net income / revenue.
Operating cash flow margin
-14,411.0%
Cash from operations / revenue.
Return on equity (ROE)
-131.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-86.2%
Net income / average total assets.
Return on invested capital (ROIC)
-825.6%
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%.
R&D / revenue
4,796.0%
Research and development expense / revenue.
SG&A / revenue
12,943.0%
Selling, general and administrative expense / revenue.
D&A / revenue
22.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
3,140.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
50.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-77.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-43.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-47.1%
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
-36.9%
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
-37.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-41.2%
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
-33.3%
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
1.4%
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
0.8%
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
-74.8%
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
6.24x
Current assets / current liabilities.
Quick ratio
6.15x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
6.15x
(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.
Revenue per share
$0.03
Revenue / diluted weighted shares.
Operating cash flow per share
-$4.36
Cash from operations / diluted weighted shares.
Book value per share
$3.57
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
383x
Market cap / revenue.
P/B
2.90x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.90x
Market cap / tangible book value, when positive.
EV/Sales
261x
Enterprise value / revenue.
Earnings yield
-45.3%
Net income / market cap (the inverse of P/E).
What was VirnetX Holding Corp's revenue in fiscal 2025?
VirnetX Holding Corp reported revenue of $162.0K for fiscal 2025, 3,140% higher than the year before.
Was VirnetX Holding Corp profitable in fiscal 2025?
No. It reported a net loss of $18.2M.
How much free cash flow did VirnetX Holding Corp generate in fiscal 2025?
Cash from operations of $15.6M minus capital expenditures of $17.0K left free cash flow of -$15.7M.
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.