The company exhibits significant margin volatility, with historical net income fluctuations between positive $8.7M and negative $7.8M, indicating that core streaming operations have yet to achieve a sustainable, predictable profit trajectory.
| Sales/Revenue | 0 | 78.09M | 41.38M | 48.48M | 35.5M | 0 | 31.23M |
| Revenue Growth % | - | 88.72% | -14.65% | 36.55% | - | -100% | - |
| Cost of Goods Sold | 0 | 102.12M | 31.09M | 39.13M | 26.46M | 0 | 21.55M |
| COGS % of Revenue | - | 130.76% | 75.13% | 80.71% | 74.53% | - | 69.02% |
| Gross Profit | 0 | -24.02M | 10.29M | 9.35M | 9.04M | 0 | 9.67M |
| Gross Margin % | - | -30.76% | 24.87% | 19.29% | 25.47% | - | 30.98% |
| Gross Profit Growth % | - | -333.41% | 10.06% | 3.43% | - | -100% | - |
| Operating Expenses | 911.32K | 38.12M | 24.85M | 26.73M | 22.61M | 576.32K | 14.92M |
| OpEx % of Revenue | - | 48.81% | 60.05% | 55.14% | 63.67% | - | 47.79% |
| Selling, General & Admin | 911.32K | 38.09M | 24.48M | 29.96M | 24.36M | 576.32K | 14.92M |
| SG&A % of Revenue | - | 48.78% | 59.17% | 61.79% | 68.61% | - | 47.79% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 24.13K | 366K | -3.23M | -1.75M | 0 | 0 |
| Operating Income | -911.32K | -62.14M | -14.56M | -17.38M | -13.56M | -576.32K | -5.25M |
| Operating Margin % | - | -79.57% | -35.18% | -35.85% | -38.2% | - | -16.81% |
| Operating Income Growth % | - | -326.85% | 16.23% | -28.13% | -2253.58% | 89.02% | - |
| EBITDA | -6.32M | -55.84M | -11.34M | -13.58M | -12.61M | 941.64K | -4.58M |
| EBITDA Margin % | - | -71.51% | -27.4% | -28.02% | -35.52% | - | -14.67% |
| EBITDA Growth % | - | -392.46% | 16.52% | -7.71% | -1439.32% | 120.55% | - |
| D&A (Non-Cash Add-back) | 0 | 6.3M | 3.22M | 3.79M | 952.54K | 0 | 668.62K |
| EBIT | -6.32M | -61.74M | -14.74M | -59.78M | -15.48M | 941.64K | -5.33M |
| Net Interest Income | 56.27K | 455.98K | -249.56K | -537.72K | -2.53M | 49.6K | -975.03K |
| Interest Income | 56.27K | 538.88K | 18.96K | 15.04K | 145.11K | 49.6K | 3.31K |
| Interest Expense | 0 | 82.9K | 268.52K | 552.75K | 2.68M | 0 | 978.33K |
| Other Income/Expense | -5.4M | 319.05K | -452.84K | -42.95M | -4.15M | 1.52M | -1.06M |
| Pretax Income | -6.32M | -61.82M | -15.01M | -60.33M | -17.71M | 941.64K | -6.31M |
| Pretax Margin % | - | -79.16% | -36.27% | -124.43% | -49.88% | - | -20.2% |
| Income Tax | 0 | 1.77M | 654.99K | 892.94K | 340K | 0 | 638.97K |
| Effective Tax Rate % | 0% | -2.87% | -4.36% | -1.48% | -1.92% | 0% | -10.13% |
| Net Income | -6.32M | -63.55M | -15.81M | -61.02M | -17.79M | 941.64K | -6.75M |
| Net Margin % | - | -81.38% | -38.21% | -125.86% | -50.1% | - | -21.6% |
| Net Income Growth % | - | -301.9% | 74.08% | -243.06% | -1988.91% | 113.96% | - |
| Net Income (Continuing) | -6.32M | -63.59M | -15.67M | -61.22M | -18.05M | 941.64K | -6.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -1.21M | -1.17M | -1.32M | -1.12M | 0 | -700.08K |
| EPS (Diluted) | -1.23 | -11.00 | -3.00 | -11.75 | -3.45 | 0.18 | -1.30 |
| EPS Growth % | - | -266.67% | 74.47% | -240.58% | -1980.11% | 114.12% | - |
| EPS (Basic) | - | -11.00 | -3.00 | -11.75 | -3.45 | 0.18 | -1.30 |
| Diluted Shares Outstanding | 5.13M | 5.76M | 5.29M | 5.2M | 5.15M | 5.13M | 5.15M |
| Basic Shares Outstanding | 5.13M | 5.76M | 5.29M | 5.2M | 5.15M | 5.13M | 5.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Negative gross margin sustainability
As indicated by the provided financial data, Anghami faces significant margin pressure, with the company reporting a negative gross margin of -30.76% that highlights the difficulty of scaling content acquisition costs relative to current revenue generation in the highly competitive MENA streaming landscape.
The negative gross margin suggests that the company is currently unable to cover its variable royalty obligations and bandwidth expenses with its existing revenue base. This structural imbalance implies that the current business model may be prioritizing user acquisition over unit-level profitability, which warrants further investigation into the sustainability of its existing label licensing agreements.
Based on historical income statement filings, Anghami's operating expenses, specifically SG&A, consistently exceed its gross profit, creating a persistent operating loss that suggests the company has yet to achieve the necessary scale to leverage its fixed cost base effectively against regional competitors.
The consistent operating losses, ranging from $208.7K to $314.9K per quarter in the provided data, indicate a reliance on external capital to fund ongoing operations. Investors should monitor whether the recent merger with OSN+ assets will lead to meaningful cost synergies or if it will further complicate the company's already strained expense structure.
According to the reported financial statements, Anghami's net income exhibits significant volatility, with fluctuations between positive $8.7M and negative $7.8M, which suggests that non-operating items or accounting adjustments may be significantly distorting the underlying operational performance of the core streaming business.
The lack of correlation between operating losses and net income results implies that investors should look past headline earnings to focus on cash-based metrics. This volatility may indicate complex accounting treatments regarding minimum guarantees or currency translation impacts that obscure the true economic health of the platform.
While management emphasizes market share, the financial data suggests that the company's growth trajectory is currently decoupled from profitability, raising concerns that the platform may be buying revenue at an unsustainable cost that could lead to future liquidity constraints if capital markets tighten.
Short-sellers would likely focus on the persistent negative gross margins and the company's reliance on external financing to cover operating burn. The fundamental challenge remains whether the company can transition from a high-growth, high-burn model to a self-sustaining entity before its current cash reserves are exhausted.
Quick answers to the most common questions about buying ANGH stock.
For fiscal year 2024, Anghami Inc. (ANGH) reported total revenue of $78.1M. This represents a 150.1% increase compared to $31.2M in 2019.
Anghami Inc. (ANGH) reported a net loss of $63.6M for the fiscal year ending 2024.
Anghami Inc. (ANGH) reported an operating income of $-62.1M, resulting in an operating profit margin of -79.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Anghami Inc. (ANGH) generated $-24.0M in gross profit for the year, representing a gross profit margin of -30.8%. This demonstrates the company's core pricing power and production efficiency.