Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | $40.5K | $95.6K | $237K |
| Revenue growth | — | — | — | — | — | — | — | — | 136.1% | 147.7% |
| Gross profit | — | — | — | — | — | — | — | $38.0K | $88.2K | — |
| Gross margin | — | — | — | — | — | — | — | 93.8% | 92.3% | — |
| Operating income | -$4.14M | -$5.52M | -$5.60M | -$6.32M | -$6.60M | -$17.0M | -$17.1M | -$21.2M | -$23.1M | -$20.8M |
| Operating margin | — | — | — | — | — | — | — | -52405.5% | -24150.6% | -8765.5% |
| Net income | -$4.41M | -$5.75M | -$5.77M | -$6.73M | -$6.72M | -$18.6M | -$17.2M | -$21.0M | -$22.5M | -$20.3M |
| Net margin | — | — | — | — | — | — | — | -51943.2% | -23571.0% | -8576.5% |
| EPS (diluted) | -$0.07 | -$0.08 | -$0.08 | -$0.08 | -$0.07 | -$0.18 | -$0.15 | -$0.18 | -$0.19 | -$0.16 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.15M | -$4.36M | -$4.40M | -$4.77M | -$4.87M | -$10.3M | -$10.5M | -$12.2M | -$15.6M | -$13.7M |
| Capital expenditures | $129K | $184K | $1.04M | $223K | $158K | $1.10M | $1.31M | $3.29M | $2.27M | $1.33M |
| Free cash flow | -$3.28M | -$4.55M | -$5.44M | -$4.99M | -$5.03M | -$11.4M | -$11.8M | -$15.5M | -$17.8M | -$15.1M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.96M | $3.48M | $2.17M | $2.24M | $3.31M | $23.4M | $24.1M | $31.4M | $27.7M | $69.0M |
| Total assets | $3.19M | $5.85M | $5.45M | $6.82M | $7.37M | $27.2M | $29.3M | $41.8M | $37.8M | $79.2M |
| Total liabilities | $128K | $833K | $545K | $1.92M | $1.59M | $2.02M | $1.71M | $5.35M | $4.38M | $4.54M |
| Shareholders' equity | $3.06M | $5.02M | $4.91M | $4.91M | $5.78M | $25.2M | $27.6M | $36.4M | $33.4M | $74.6M |
| Retained earnings | -$46.0M | -$51.8M | -$57.5M | -$64.3M | -$71.0M | -$89.6M | -$107M | -$124M | -$147M | -$167M |
| Shares (wtd avg diluted) | 68.1M | 74.1M | 79.2M | 87.4M | 91.9M | 105M | 112M | 115M | 121M | 129M |
Every figure is extracted from Lightwave Logic, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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