SolarWindow Technologies, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SolarWindow Technologies, 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
0
0
Research and development
0.82
0.95
1.93
1.98
2.28
1.66
0.9
0.76
0.59
0.62
Selling, general and administrative
2.32
2.78
3.62
4.43
5.32
6.28
2.85
1.55
2.01
1.73
Operating expenses
7.94
3.75
2.31
2.61
2.36
Operating income
-3.14
-3.73
-5.55
-6.41
-7.6
-7.94
-3.75
-2.31
-2.61
-2.36
Interest expense
0.31
0.31
0.48
0.13
Other non-operating income
-1.5
-1.62
-1.3
-0.48
0.25
0.03
0.06
0.25
-0.44
0.14
Pre-tax income
-7.35
-7.91
-4.95
-2.36
-3.06
-2.26
Income tax
0
0
Income from continuing operations
-3.69
-2.06
-3.05
-2.21
Net income
-4.64
-5.35
-6.85
-6.89
-7.35
-7.91
-4.95
-2.4
-3.46
-2.26
EBITDA
-3.13
-3.72
-5.54
-6.39
-7.58
-7.91
-3.72
-2.3
-2.59
-2.35
EPS, basic
-0.17
-0.17
-0.19
-0.14
-0.14
-0.15
-0.09
-0.04
-0.06
-0.04
EPS, diluted
-0.17
-0.17
-0.19
-0.14
-0.14
-0.15
-0.09
-0.04
-0.06
-0.04
Shares, basic (weighted)
27.3
31.3
36
48.7
53
53.1
53.2
53.2
53.2
55.8
Shares, diluted (weighted)
17.7
12
10.4
22.3
27.3
53.1
53.2
53.2
53.2
55.8
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.51
0.67
0.7
16.6
14.2
7.13
8.08
0.49
1.25
6.56
Short-term investments
5
5
5.5
3
Other current assets
0.02
0.02
0.06
0.05
0.06
0.07
0.09
0.24
0.68
0.02
Total current assets
2.87
0.78
0.89
17.2
14.8
12.3
8.36
6.3
4.99
6.6
Property, plant and equipment
0.02
0.05
0.04
1.37
1.35
1.39
1.33
1.32
0.01
0.04
Lease right-of-use assets
0.07
0.04
Total assets
2.9
0.83
0.93
18.7
16.2
13.7
9.69
7.62
5
6.65
Accounts payable
0.18
0.23
0.09
0.1
0.05
0.06
0.06
0.11
0.09
0.11
Short-term debt
0.07
2.94
Total current liabilities
0.79
0.23
0.09
0.18
0.19
0.17
0.12
0.29
0.32
0.19
Long-term debt
3.62
3.6
3.6
Lease liabilities
0.04
0.02
Total liabilities
2.81
4.46
4.55
0.22
0.21
0.17
0.12
0.29
0.32
0.19
Total debt
0.53
0.6
0.6
Paid-in capital
33.7
35.4
42.2
71.2
76
81.6
82.6
82.7
83.5
87.5
Retained earnings
-33.7
-39
-45.9
-52.8
-60.1
-68
-73
-75.4
-78.8
-81.1
Other comprehensive income
-0.01
-0.07
-0.08
-0.08
Shareholders' equity
0.08
-3.63
-3.62
18.4
-16
13.6
9.57
7.33
4.68
6.45
Total equity
0.08
-3.63
-3.62
18.4
-16
13.6
9.57
7.33
4.68
6.45
Total liabilities and equity
2.9
0.83
0.93
18.7
16.2
13.7
9.69
7.62
5
6.65
Shares outstanding
28.5
34.3
36.3
53
53
53.2
53.2
53.2
53.2
65.8
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-4.64
-5.35
-6.85
6.89
7.35
-7.91
-4.95
-2.4
-3.46
-2.26
Depreciation and amortization
0.01
0.01
0.02
0.02
0.02
0.03
0.03
0.01
0.01
0.01
Stock-based compensation
0.65
0.65
2.84
3.96
4.87
4.79
1.02
0.16
0.4
0.1
Change in payables
0.09
0.05
-0.14
0
-0.04
0
0.07
0.1
-0.04
-0.09
Cash from operations
-2.63
-2.77
-2.92
-2.55
-2.45
-2.66
-3.64
-2.08
-1.74
-1.5
Capital expenditures
-0
-0.05
-0
-1.35
-0.01
-0.08
-0.36
0
-0
-0.04
Purchases of investments
-5
-6
-4
Cash from investing
-0
-0.05
-0
-1.35
-0.01
-5.07
4.64
-5.5
2.5
2.96
Stock issued
2.95
19.8
0.72
Cash from financing
4.92
0.97
2.95
19.8
0.72
3.85
Exchange rate effect
-0.02
-0.05
-0
-0
Net change in cash
2.28
-1.84
0.03
15.9
-2.45
-7.02
0.95
-7.59
0.76
5.31
Free cash flow
-2.64
-2.81
-2.92
-3.89
-2.45
-2.74
-4
-2.08
-1.74
-1.54
Interest paid
0
0.05
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $1.90 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-51.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-48.2%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
37.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-12.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
32.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-11.8%
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
-16.3%
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
4.9%
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
1.6%
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
15.4%
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
15.8x
Current assets / current liabilities.
Quick ratio
15.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
15.6x
(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
-$0.03
Cash from operations / diluted weighted shares.
Book value per share
$0.07
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
27.2x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
27.2x
Market cap / tangible book value, when positive.
Earnings yield
-1.9%
Net income / market cap (the inverse of P/E).
Was SolarWindow Technologies, Inc. profitable in fiscal 2025?
No. It reported a net loss of $2.3M.
How much free cash flow did SolarWindow Technologies, Inc. generate in fiscal 2025?
Cash from operations of $1.5M minus capital expenditures of $37.7K left free cash flow of -$1.5M.
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.