Revenue growth reached 22.7% in 2026Q1, while gross margins improved to 71.3% from a 52.9% trough in 2024Q2, suggesting successful scaling of the core software platform.
Asure Software, Inc. (ASUR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Dec'95 |
|---|
| Sales/Revenue | 155.43M | 140.54M | 119.79M | 119.08M | 95.83M | 76.06M | 65.51M | 73.15M | 88.95M | 54.44M | 35.54M | 26.91M | 27.21M | 25.47M | 19.96M | 10.94M | 10.03M | 10.04M | 10.18M | 40.41M | 14.9M | 9.91M | 17.48M | 53.86M | 58.59M | 38.17M | 134.31M | 151.6M | 179.68M | 191M | 78.1M |
| Revenue Growth % | 24.27% | 17.32% | 0.6% | 24.27% | 25.98% | 16.12% | -10.45% | -17.76% | 63.39% | 53.18% | 32.1% | -1.1% | 6.8% | 27.59% | 82.48% | 9.05% | -0.11% | -1.36% | -74.8% | 171.26% | 50.37% | -43.31% | -67.56% | -8.07% | 53.51% | -71.58% | -11.4% | -15.63% | -5.92% | 144.56% | 44.1% |
| Cost of Goods Sold | 49.55M | 45.67M | 37.69M | 33.55M | 33.32M | 29.5M | 27.41M | 29.84M | 30.83M | 12.62M | 8.12M | 7.34M | 6.31M | 6.42M | 4.57M | 2.29M | 2.26M | 2.02M | 2.24M | 19.23M | 7.91M | 7.04M | 14.18M | 28.31M | 31.79M | 29.87M | 75.77M | 73.7M | 94.73M | 104.4M | 35.1M |
| COGS % of Revenue | - | 32.49% | 31.46% | 28.17% | 34.77% | 38.78% | 41.85% | 40.79% | 34.66% | 23.18% | 22.84% | 27.28% | 23.21% | 25.22% | 22.91% | 20.92% | 22.52% | 20.12% | 21.98% | 47.6% | 53.09% | 71.08% | 81.12% | 52.55% | 54.25% | 78.25% | 56.41% | 48.61% | 52.72% | 54.66% | 44.94% |
| Gross Profit | 105.88M | 94.87M | 82.11M | 85.54M | 62.51M | 46.56M | 38.09M | 43.31M | 58.12M | 41.82M | 27.43M | 19.57M | 20.89M | 19.05M | 15.39M | 8.65M | 7.77M | 8.02M | 7.94M | 21.18M | 6.99M | 2.87M | 3.3M | 25.56M | 26.8M | 8.3M | 58.54M | 77.9M | 84.96M | 86.6M | 43M |
| Gross Margin % | 68.12% | 67.51% | 68.54% | 71.83% | 65.23% | 61.22% | 58.15% | 59.21% | 65.34% | 76.82% | 77.16% | 72.72% | 76.79% | 74.78% | 77.09% | 79.08% | 77.48% | 79.88% | 78.02% | 52.4% | 46.91% | 28.92% | 18.88% | 47.45% | 45.75% | 21.75% | 43.59% | 51.39% | 47.28% | 45.34% | 55.06% |
| Gross Profit Growth % | - | 15.55% | -4.01% | 36.84% | 34.25% | 22.24% | -12.05% | -25.48% | 38.97% | 52.5% | 40.17% | -6.35% | 9.68% | 23.76% | 77.9% | 11.29% | -3.1% | 0.99% | -62.48% | 203.02% | 143.91% | -13.16% | -87.09% | -4.64% | 222.89% | -85.82% | -24.85% | -8.31% | -1.9% | 101.4% | 44.3% |
| Operating Expenses | 107.69M | 103.28M | 92.84M | 88.54M | 73.82M | 59.38M | 52.98M | 93.71M | 64.39M | 42.82M | 26.2M | 19.88M | 19.31M | 18.27M | 15.9M | 8.56M | 8.94M | 16.23M | 21.27M | 12.62M | 10.92M | 13.23M | 23.34M | 16.02M | 19.09M | 28.47M | 85.82M | 90.9M | 85.65M | 102.8M | 40.9M |
| OpEx % of Revenue | - | 73.49% | 77.5% | 74.35% | 77.03% | 78.06% | 80.88% | 128.11% | 72.38% | 78.66% | 73.71% | 73.9% | 70.97% | 71.71% | 79.66% | 78.25% | 89.1% | 161.63% | 208.91% | 31.24% | 73.29% | 133.52% | 133.56% | 29.75% | 32.58% | 74.58% | 63.89% | 59.96% | 47.67% | 53.82% | 52.37% |
| Selling, General & Admin | 82.71M | 79.4M | 68.81M | 68.07M | 54.18M | 43.02M | 37.48M | 41.53M | 47.33M | 33.89M | 21.05M | 14.96M | 14M | 13.25M | 11.8M | 6.2M | 5.69M | 12.56M | 11.24M | 12.01M | 10.27M | 12.86M | 12.25M | 11.01M | 11.44M | 19.65M | 55.75M | 60.9M | 64.8M | 65.4M | 26M |
| SG&A % of Revenue | - | 56.5% | 57.45% | 57.16% | 56.54% | 56.55% | 57.21% | 56.78% | 53.21% | 62.24% | 59.22% | 55.62% | 51.46% | 52.02% | 59.12% | 56.69% | 56.74% | 125.03% | 110.36% | 29.72% | 68.95% | 129.8% | 70.1% | 20.45% | 19.52% | 51.49% | 41.51% | 40.17% | 36.06% | 34.24% | 33.29% |
| Research & Development | 5.52M | 5.6M | 7.81M | 6.85M | 6.15M | 5.41M | 5.96M | 5.35M | 8.36M | 4.46M | 2.9M | 3.05M | 3.31M | 2.83M | 2.38M | 1.68M | 1.45M | 2.27M | 2.15M | 611K | 618K | 318K | 4.06M | 3.87M | 3.21M | 7.44M | 17.36M | 18M | 19.89M | 24.5M | 11.3M |
| R&D % of Revenue | - | 3.98% | 6.52% | 5.75% | 6.41% | 7.11% | 9.1% | 7.32% | 9.4% | 8.19% | 8.15% | 11.35% | 12.17% | 11.13% | 11.9% | 15.34% | 14.4% | 22.6% | 21.15% | 1.51% | 4.15% | 3.21% | 23.23% | 7.18% | 5.48% | 19.49% | 12.92% | 11.87% | 11.07% | 12.83% | 14.47% |
| Other Operating Expenses | 4M | 18.28M | 16.22M | 13.62M | 13.49M | 10.95M | 9.55M | 46.83M | 8.69M | 4.48M | 2.25M | -110K | 2M | 2.18M | 1.73M | 680K | 1.8M | 1.41M | 7.88M | 4K | 28K | 50K | 7.03M | 1.14M | 4.44M | 1.38M | 12.71M | 12M | 960K | 12.9M | 3.6M |
| Operating Income | -1.81M | -8.41M | -10.74M | -3M | -11.31M | -12.81M | -14.89M | -50.4M | -6.26M | -1M | 1.23M | -317K | 1.58M | 782K | -513K | 91K | -1.17M | -10.23M | -13.33M | 8.55M | -3.93M | -10.36M | -20.67M | 9.54M | 6.9M | -15.11M | -27.27M | -13M | 839K | -16.2M | 2.1M |
| Operating Margin % | -1.16% | -5.98% | -8.96% | -2.52% | -11.8% | -16.84% | -22.73% | -68.9% | -7.04% | -1.84% | 3.45% | -1.18% | 5.82% | 3.07% | -2.57% | 0.83% | -11.61% | -101.87% | -130.89% | 21.16% | -26.38% | -104.59% | -118.28% | 17.7% | 11.77% | -39.57% | -20.31% | -8.58% | 0.47% | -8.48% | 2.69% |
| Operating Income Growth % | - | 21.69% | -258.02% | 73.48% | 11.75% | 13.94% | 70.46% | -704.68% | -526.3% | -181.5% | 487.07% | -120.01% | 102.56% | 252.44% | -663.74% | 107.81% | 88.61% | 23.22% | -255.83% | 317.66% | 62.08% | 49.87% | -316.75% | 38.28% | 145.65% | 44.62% | -109.8% | -1649.46% | 105.18% | -871.43% | 333.33% |
| EBITDA | 28.27M | 19.59M | 12.79M | 17.62M | 9.1M | 5.01M | 1.28M | -32.23M | 5.01M | 5.06M | 4.84M | 2.69M | 4.41M | 3.73M | 1.78M | 1.14M | -149K | -10.23M | -12.18M | 8.64M | -3.22M | -9.43M | -7.32M | 10.87M | 11.57M | -6.48M | -14.57M | -1M | 9.71M | -3.3M | 5.7M |
| EBITDA Margin % | 18.19% | 13.94% | 10.68% | 14.79% | 9.5% | 6.58% | 1.96% | -44.06% | 5.63% | 9.29% | 13.62% | 10.02% | 16.19% | 14.64% | 8.93% | 10.43% | -1.49% | -101.87% | -119.62% | 21.39% | -21.6% | -95.24% | -41.87% | 20.19% | 19.75% | -16.97% | -10.85% | -0.66% | 5.4% | -1.73% | 7.3% |
| EBITDA Growth % | 315.51% | 53.16% | -27.39% | 93.53% | 81.77% | 290.94% | 103.97% | -743.87% | -1.03% | 4.5% | 79.59% | -38.82% | 18.13% | 109.26% | 56.18% | 865.77% | 98.54% | 15.99% | -240.89% | 368.65% | 65.89% | -28.95% | -167.29% | -6.05% | 278.68% | 55.54% | -1356.8% | -110.3% | 394.21% | -157.89% | 418.18% |
| D&A (Non-Cash Add-back) | 30.07M | 28M | 23.53M | 20.62M | 20.41M | 17.82M | 16.17M | 18.16M | 11.27M | 6.06M | 3.61M | 3.01M | 2.82M | 2.95M | 2.29M | 1.05M | 1.02M | 0 | 1.15M | 93K | 711K | 927K | 13.35M | 1.34M | 4.68M | 8.63M | 12.71M | 12M | 8.87M | 12.9M | 3.6M |
| EBIT | -1M | -7.42M | -9.82M | -4.81M | -9.92M | 6.03M | -14.75M | -15.34M | -10.74M | -1M | 1.23M | -408K | 1.58M | 919K | -763K | 175K | -1.08M | -9.79M | -12.6M | 12.41M | -3.93M | -10.36M | -2.1M | 18.71M | -5.1M | -11.82M | -21.45M | -12.9M | -700K | -42.7M | -17M |
| Net Interest Income | -6.52M | -4.19M | -111K | -4.3M | -4.44M | -2.04M | -1.22M | -16M | -8.62M | -4.63M | -2.01M | -1.11M | -1.35M | -2.38M | -1.98M | -742K | -61K | 178K | 626K | 0 | 430K | 0 | 103K | 0 | 338K | 1.44M | -245K | 0 | 1.22M | 1.15M | 0 |
| Interest Income | 777K | 869K | 913K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 22K | 0 | 49K | 3K | 10K | 5K | 125K | 715K | 0 | 506K | 0 | 213K | 0 | 338K | 1.44M | 1.19M | 0 | 1.24M | 2.74M | 0 |
| Interest Expense | 7.3M | 5.06M | 1.02M | 4.3M | 4.44M | 2.04M | 1.22M | 16M | 8.62M | 4.63M | 2.01M | 1.13M | 1.35M | 2.42M | 1.98M | 752K | 66K | 53K | 89K | 0 | 76K | 0 | 110K | 0 | 0 | 0 | 1.43M | 0 | 27K | 1.6M | 0 |
| Other Income/Expense | -6.49M | -4.07M | -103K | -6.11M | -3.05M | 16.81M | -1.09M | -16M | -8.62M | -4.63M | -2.01M | -1.22M | -1.73M | -2.33M | -2.23M | -668K | 20K | 387K | 640K | 3.79M | 418K | 366K | -522K | -35K | 1.68M | 6.5M | 44.26M | -2.8M | 3.52M | -28.08M | -200K |
| Pretax Income | -8.3M | -12.47M | -10.84M | -9.11M | -14.35M | 4M | -15.97M | -66.4M | -14.78M | -5.63M | -783K | -1.54M | -145K | -1.54M | -2.75M | -577K | -1.15M | -9.85M | -12.69M | 12.34M | -3.51M | -9.99M | -21.19M | 9.5M | 9.11M | -14.81M | 2.91M | -15.7M | 2.82M | -52.1M | 3.8M |
| Pretax Margin % | -5.34% | -8.88% | -9.05% | -7.65% | -14.98% | 5.25% | -24.39% | -90.78% | -16.61% | -10.33% | -2.2% | -5.72% | -0.53% | -6.07% | -13.76% | -5.27% | -11.41% | -98.02% | -124.6% | 30.54% | -23.57% | -100.9% | -121.26% | 17.64% | 15.55% | -38.8% | 2.17% | -10.36% | 1.57% | -27.28% | 4.87% |
| Income Tax | 124K | 652K | 933K | 109K | 112K | 802K | 337K | -24.11M | -7.23M | 96K | 189K | 219K | 117K | 117K | 285K | 72K | -8K | -112K | 21K | 94K | 44K | 16K | 22K | 126K | -177K | -304K | 613K | -100K | 37K | 52.1M | 100K |
| Effective Tax Rate % | -1.49% | -5.23% | -8.61% | -1.2% | -0.78% | 20.08% | -2.11% | 36.31% | 48.92% | -1.71% | -24.14% | -14.24% | -80.69% | -7.57% | -10.37% | -12.48% | 0.7% | 1.14% | -0.17% | 0.76% | -1.25% | -0.16% | -0.1% | 1.33% | -1.94% | 2.05% | 21.07% | 0.64% | 1.31% | -100% | 2.63% |
| Net Income | -8.42M | -13.13M | -11.77M | -9.21M | -14.47M | 3.19M | -16.31M | 30M | -7.55M | -5.72M | -972K | -1.76M | -262K | -1.66M | -3.03M | -649K | -1.14M | -9.73M | -12.71M | 12.25M | -3.56M | -6.57M | -20.64M | 8.02M | -6.1M | -32.54M | 2.3M | -15.6M | 2.78M | -52.1M | 3.7M |
| Net Margin % | -5.42% | -9.34% | -9.83% | -7.74% | -15.1% | 4.2% | -24.9% | 41.01% | -8.49% | -10.51% | -2.73% | -6.53% | -0.96% | -6.52% | -15.19% | -5.93% | -11.33% | -96.9% | -124.81% | 30.31% | -23.87% | -66.3% | -118.11% | 14.89% | -10.42% | -85.25% | 1.71% | -10.29% | 1.55% | -27.28% | 4.74% |
| Net Income Growth % | 46.1% | -11.49% | -27.77% | 36.31% | -553.05% | 119.58% | -154.37% | 497.47% | -31.91% | -488.68% | 44.68% | -570.61% | 84.24% | 45.18% | -367.18% | 42.92% | 88.32% | 23.41% | -203.76% | 444.53% | 45.87% | 68.18% | -357.36% | 231.41% | 81.24% | -1516.63% | 114.72% | -661.35% | 105.33% | -1508.11% | 3600% |
| Net Income (Continuing) | -8.42M | -13.13M | -11.77M | -9.21M | -14.47M | 3.19M | -16.31M | -42.29M | -11.37M | -5.72M | -972K | -1.76M | -262K | -1.66M | -3.03M | -649K | -1.14M | -9.73M | -12.71M | 12.25M | -3.56M | -10.01M | -21.21M | 18.42M | -3.25M | -5.01M | 22.2M | -15.6M | 2.8M | -44.27M | -17.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72.29M | 3.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.29 | -0.48 | -0.45 | -0.42 | -0.72 | 0.16 | -1.03 | -2.73 | -0.54 | -0.53 | -0.15 | -0.28 | -0.04 | -0.29 | -0.60 | -0.14 | -0.25 | -2.07 | -2.82 | 3.13 | -0.94 | -1.75 | -5.53 | 2.13 | -1.67 | -8.73 | 0.60 | -4.40 | 0.80 | -15.61 | -18.73 |
| EPS Growth % | 50.25% | -6.67% | -7.14% | 41.67% | -550% | 115.53% | 62.27% | -405.56% | -1.89% | -253.33% | 46.43% | -540.73% | 84.93% | 51.67% | -328.57% | 44% | 87.92% | 26.6% | -190.1% | 432.98% | 46.29% | 68.35% | -359.62% | 227.54% | 80.87% | -1555% | 113.64% | -650% | 105.12% | 16.66% | -28180.96% |
| EPS (Basic) | - | -0.48 | -0.45 | -0.42 | -0.72 | 0.17 | -1.03 | -2.73 | -0.54 | -0.53 | -0.15 | -0.28 | -0.04 | -0.29 | -0.60 | -0.14 | -0.25 | -2.08 | -2.82 | 3.20 | -0.94 | -1.75 | -5.53 | 2.20 | -1.67 | -8.73 | 0.60 | -4.40 | 0.80 | -15.61 | -18.73 |
| Diluted Shares Outstanding | 28.75M | 27.43M | 26.05M | 22.14M | 20.12M | 19.51M | 15.91M | 15.51M | 14.01M | 10.89M | 6.53M | 6.18M | 6M | 5.66M | 5.05M | 4.63M | 4.63M | 4.7M | 4.5M | 3.91M | 3.79M | 3.74M | 3.73M | 3.76M | 3.66M | 3.73M | 3.83M | 3.55M | 3.5M | 3.34M | 1.69M |
| Basic Shares Outstanding | 28.75M | 27.43M | 26.05M | 22.14M | 20.12M | 19.31M | 15.91M | 15.51M | 14.01M | 10.8M | 6.48M | 6.18M | 6M | 5.66M | 5.05M | 4.63M | 4.63M | 4.68M | 4.5M | 3.83M | 3.79M | 3.74M | 3.73M | 3.65M | 3.66M | 3.73M | 3.83M | 3.55M | 3.5M | 3.34M | 1.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ASUR stock.
For fiscal year 2025, Asure Software, Inc. (ASUR) reported total revenue of $140.5M. This represents a 80.0% increase compared to $78.1M in 1995.
Asure Software, Inc. (ASUR) reported a net loss of $13.1M for the fiscal year ending 2025.
Asure Software, Inc. (ASUR) reported an operating income of $-8.4M, resulting in an operating profit margin of -6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Asure Software, Inc. (ASUR) generated $94.9M in gross profit for the year, representing a gross profit margin of 67.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating scale and profitability
Metrics are mathematically derived from official filings.
Revenue Growth Momentum Remains Robust
As reported in recent financial filings, ASUR achieved a 22.7% year-over-year revenue increase in 2026Q1, signaling a sustained recovery from the negative growth rates observed in early 2024, though investors should monitor whether this expansion is driven by core subscription gains or transient service-based revenue streams.
The acceleration in top-line performance suggests that the company's pivot toward a cloud-centric HCM model is gaining traction within its target SMB segment. However, the volatility in quarterly growth rates warrants caution, as it may reflect the lumpy nature of professional services or the integration of acquired client bases rather than purely organic subscription expansion.
Gross Margin Volatility Reflects Complexity
Based on the provided income statement data, ASUR's gross margin reached 71.3% in 2026Q1, a significant improvement from the 52.9% trough in 2024Q2, suggesting that the company is successfully scaling its high-margin software components while managing the costs associated with its service-heavy payroll processing model.
The fluctuation in gross margins indicates that the company's cost structure remains sensitive to the mix of software versus manual compliance services. Sustained margin expansion will likely depend on the company's ability to automate its tax compliance workflows and reduce the headcount-intensive nature of its current service delivery.
Operating Leverage Finally Turning Positive
According to the latest quarterly results, ASUR achieved a 5.4% operating margin in 2026Q1, marking a critical shift from the persistent operating losses seen throughout 2024 and 2025, which indicates that the company may finally be reaching the scale necessary to leverage its fixed operating expense base.
The transition to positive operating income suggests that management's efforts to control SG&A expenses are beginning to yield results relative to revenue growth. Investors should monitor whether this operating leverage is sustainable or if it remains vulnerable to future increases in R&D or marketing spend required to defend its market position.
Stock-Based Compensation Masks True Profitability
As indicated by the financial data, ASUR reported $2.1 million in stock-based compensation for 2026Q1, which represents a substantial portion of the company's $2.3 million operating income, suggesting that GAAP profitability remains heavily reliant on non-cash accounting adjustments rather than pure operational cash generation.
The reliance on equity-based incentives to manage the bottom line warrants further investigation into the company's long-term cash flow sustainability. While the shift to positive net income is a positive signal, the quality of these earnings appears constrained by the ongoing dilution and non-cash expenses inherent in the current compensation structure.