Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.5M | $37.7M | $38.1M | $33.8M | $41.6M | $49.6M | $53.0M | $44.7M | $38.0M | $34.1M |
| Revenue growth | — | -11.2% | 1.0% | -11.2% | 23.0% | 19.2% | 6.9% | -15.7% | -15.1% | -10.2% |
| Gross profit | $9.24M | $6.89M | $10.7M | $7.88M | $12.8M | $13.6M | $12.1M | $9.71M | $11.4M | $6.96M |
| Gross margin | 21.8% | 18.3% | 28.0% | 23.3% | 30.7% | 27.4% | 22.8% | 21.7% | 30.0% | 20.4% |
| Operating income | -$2.80M | -$11.7M | -$8.12M | -$14.9M | -$8.62M | -$16.0M | -$14.8M | -$9.42M | -$8.12M | -$15.1M |
| Operating margin | -6.6% | -31.2% | -21.3% | -43.9% | -20.7% | -32.2% | -28.0% | -21.1% | -21.4% | -44.5% |
| Net income | -$5.01M | -$18.4M | -$10.3M | -$16.1M | -$10.2M | -$16.4M | -$20.1M | -$15.5M | -$13.2M | -$15.8M |
| Net margin | -11.8% | -48.7% | -27.1% | -47.6% | -24.5% | -33.1% | -37.8% | -34.7% | -34.7% | -46.5% |
| EPS (diluted) | -$0.37 | -$1.24 | -$0.41 | -$0.46 | -$0.17 | -$0.18 | -$9.07 | -$4.39 | -$9.81 | -$1.91 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.53M | -$3.42M | -$9.26M | -$18.2M | -$9.50M | -$17.6M | -$15.5M | -$4.27M | -$6.12M | -$17.0M |
| Capital expenditures | $410K | $813K | $159K | $322K | $122K | $326K | — | $85.0K | $152K | $272K |
| Free cash flow | -$2.94M | -$4.24M | -$9.42M | -$18.5M | -$9.62M | -$17.9M | — | -$4.35M | -$6.28M | -$17.3M |
| Share buybacks | — | — | — | — | — | $15.0K | $2.00K | $1.00K | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $18.9M | $24.5M | $12.5M | $16.0M | $20.1M | $26.3M | $25.5M | $18.9M | $25.1M | $23.3M |
| Total liabilities | $20.5M | $24.0M | $19.2M | $14.8M | $9.65M | $22.1M | $34.0M | $38.1M | $18.5M | $14.2M |
| Long-term debt | $1.36M | $1.25M | — | — | — | — | — | — | — | — |
| Shareholders' equity | -$1.66M | $508K | -$6.74M | $1.15M | $10.4M | $4.20M | -$8.47M | -$19.2M | $6.65M | $9.15M |
| Retained earnings | -$31.7M | -$50.1M | -$60.4M | -$76.5M | -$86.7M | -$103M | -$123M | -$139M | -$152M | -$168M |
| Shares (wtd avg diluted) | 14.0M | 24.6M | 25.7M | 47.6M | 86.3M | 1.82M | 2.21M | 3.54M | 1.34M | 8.30M |
Every figure is extracted from REED'S, 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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