Revenue performance remains highly erratic, characterized by extreme fluctuations such as the collapse from $77.7M in 2023Q4 to negative $15.9M in 2025Q4, which obscures the firm's core interest-generating capacity.
| 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 |
|---|
| Sales/Revenue | 147.7M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 69.83M | 149.76M | 45.95M | 106.61M | 61.14M | 131.98M | -2.2M | 59.55M | 40.46M | 95.17M | 128.89M | 11.37M | 22.15M | 6.34M | 19K |
| Gross Margin % | 47.27% | 74.41% | 32.17% | 55.48% | 55.2% | 80.58% | -6.36% | 54.59% | 47.01% | 80.49% | 97.31% | 96.56% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 225.92% | -56.9% | 74.38% | -53.68% | 6088.2% | -103.7% | 47.17% | -57.48% | -26.16% | 1033.31% | -48.66% | 249.42% | 33268.42% | - |
| Operating Expenses | 46.37M | 79.94M | 11.94M | 11.35M | 10.63M | 12.87M | 8.55M | 7.7M | 9.15M | 9.28M | 9.22M | 12.81M | 5.82M | 238K | -6K |
| OpEx % of Revenue | - | 39.72% | 8.36% | 5.91% | 9.59% | 7.86% | 24.69% | 7.05% | 10.63% | 7.84% | 6.96% | 108.8% | 26.26% | 3.75% | -31.58% |
| Selling, General & Admin | 9.98M | 6.33M | 11.45M | 10.44M | 9.5M | 11.58M | 7.36M | 6.41M | 7.84M | 7.99M | 7.95M | 11.67M | 5.19M | 65K | -9K |
| SG&A % of Revenue | - | 3.15% | 8.02% | 5.43% | 8.58% | 7.07% | 21.25% | 5.87% | 9.11% | 6.76% | 6% | 99.09% | 23.43% | 1.03% | -47.37% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 23.46M | 69.82M | 34.01M | 95.26M | 50.51M | 119.11M | -10.75M | 51.86M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| Operating Margin % | 15.88% | 34.69% | 23.81% | 49.57% | 45.6% | 72.72% | -31.05% | 47.54% | 36.37% | 72.64% | 90.35% | -12.24% | 73.74% | 96.25% | 131.58% |
| Operating Income Growth % | - | 105.31% | -64.3% | 88.59% | -57.59% | 1207.55% | -120.74% | 65.62% | -63.55% | -28.22% | 8399.1% | -108.83% | 167.7% | 24308% | - |
| EBITDA | 23.46M | 69.82M | 34.01M | 95.26M | 50.51M | 119.11M | -10.75M | 51.86M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| EBITDA Margin % | 15.88% | 34.69% | 23.81% | 49.57% | 45.6% | 72.72% | -31.05% | 47.54% | 36.37% | 72.64% | 90.35% | -12.24% | 73.74% | 96.25% | 131.58% |
| EBITDA Growth % | 254.89% | 105.31% | -64.3% | 88.59% | -57.59% | 1207.55% | -120.74% | 65.62% | -63.55% | -28.22% | 8399.1% | -108.83% | 167.7% | 24308% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 23.46M | 69.82M | 34.01M | 95.26M | 50.51M | 119.11M | -10.75M | 51.86M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| Net Interest Income | 115.76M | 130.21M | 68.92M | 145.35M | 134.27M | 113.67M | 115.6M | 142.06M | 139.88M | 122.43M | 78.01M | 51.59M | 17.31M | 1.86M | 3K |
| Interest Income | 207.71M | 220.75M | 165.79M | 230.91M | 183.9M | 145.48M | 152.44M | 191.59M | 185.5M | 145.5M | 81.58M | 51.99M | 17.31M | 1.86M | 3K |
| Interest Expense | 91.95M | 90.54M | 96.87M | 85.56M | 49.62M | 31.81M | 36.84M | 49.53M | 45.62M | 23.07M | 3.57M | 405K | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -953K | -20.72M | 34.01M | 95.26M | 50.51M | 119.11M | -10.75M | 51.86M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| Pretax Margin % | -0.65% | -10.29% | 23.81% | 49.57% | 45.6% | 72.72% | -31.05% | 47.54% | 36.37% | 72.64% | 90.35% | -12.24% | 73.74% | 96.25% | 131.58% |
| Income Tax | 4K | -85K | 107K | -54K | 372K | 342K | 268K | 12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.42% | 0.41% | 0.31% | -0.06% | 0.74% | 0.29% | -2.49% | 0.02% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -957K | -20.63M | 33.9M | 95.31M | 50.14M | 118.76M | -11.02M | 51.84M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| Net Margin % | -0.65% | -10.25% | 23.74% | 49.6% | 45.27% | 72.51% | -31.83% | 47.53% | 36.37% | 72.64% | 90.35% | -12.24% | 73.74% | 96.25% | 131.58% |
| Net Income Growth % | 93.72% | -160.85% | -64.43% | 90.09% | -57.78% | 1177.52% | -121.26% | 65.58% | -63.55% | -28.22% | 8399.1% | -108.83% | 167.7% | 24308% | - |
| Net Income (Continuing) | -957K | -20.63M | 33.9M | 95.31M | 50.14M | 118.76M | -11.02M | 51.84M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.02 | -0.39 | 0.63 | 1.74 | 0.89 | 2.09 | -0.19 | 0.92 | 0.55 | 1.54 | 2.26 | -0.04 | 0.98 | 2.20 | 0.10 |
| EPS Growth % | -133.33% | -161.9% | -63.79% | 95.51% | -57.42% | 1200% | -120.65% | 67.27% | -64.29% | -31.86% | 6258.04% | -103.74% | -55.45% | 2100% | - |
| EPS (Basic) | - | -0.39 | 0.63 | 1.74 | 0.89 | 2.09 | -0.19 | 0.92 | 0.55 | 1.54 | 2.26 | -0.04 | 0.98 | 2.20 | 0.10 |
| Diluted Shares Outstanding | 50.8M | 52.34M | 53.56M | 54.69M | 56.56M | 56.81M | 56.82M | 56.85M | 57.07M | 56.13M | 52.98M | 39.25M | 16.82M | 2.76M | 250.17K |
| Basic Shares Outstanding | 50.8M | 52.34M | 53.56M | 54.69M | 56.56M | 56.81M | 56.82M | 56.85M | 57.07M | 56.13M | 52.98M | 39.25M | 16.82M | 2.76M | 250.17K |
| Dividend Payout Ratio | - | - | 131.38% | - | 132.91% | 47.19% | - | 94.46% | 142.93% | 49.36% | 32.1% | - | 70.07% | 25.17% | - |
Portfolio Valuation Volatility
As reported in recent financial filings, CION's revenue trajectory exhibits significant quarterly volatility, with figures swinging from $77.7M in 2023Q4 to negative $15.9M in 2025Q4, suggesting that the firm's top-line performance is heavily influenced by non-recurring valuation adjustments rather than consistent organic interest income generation.
The extreme variance in quarterly revenue suggests that the firm's reported top-line is highly sensitive to mark-to-market adjustments on its Level 3 assets. Investors should monitor whether this volatility reflects underlying credit deterioration or merely accounting noise inherent in the BDC valuation process.
Based on the provided income statement data, CION's gross margins have fluctuated wildly, reaching a peak of 79.2% in 2026Q1 while collapsing to 2.4% in other periods, which indicates that the firm's core interest spread is frequently eroded by significant unrealized depreciation within the investment portfolio.
The disconnect between high gross margins in certain quarters and negative net margins suggests that the firm's profitability is not currently driven by operational efficiency. This pattern implies that the cost of capital and portfolio write-downs are consistently overwhelming the interest income generated from the underlying loan book.
According to the historical income statement, CION's net income has frequently dipped into negative territory, including a $42.7M loss in 2025Q1, which highlights the difficulty in assessing true earnings quality when non-operating valuation adjustments dominate the bottom line and mask the firm's actual cash-generating capacity.
The reliance on fair value accounting for its investment portfolio makes traditional EPS metrics unreliable for gauging dividend sustainability. Analysts should focus on Net Investment Income (NII) rather than GAAP net income to determine if the firm is actually covering its distributions through recurring interest payments.
As evidenced by the recurring negative net margins and extreme revenue swings, a skeptical view suggests that CION's reliance on Level 3 asset valuations may be masking underlying credit issues, potentially leading to future NAV erosion that current market pricing may not yet fully reflect.
The persistent volatility in the income statement warrants investigation into whether the firm's 'opportunistic' bucket is introducing excessive risk. If the current negative net margin trend continues, it may indicate that the firm's underwriting standards are failing to protect against the current macroeconomic environment.
Quick answers to the most common questions about buying CION stock.
CION Investment Corporation (CION) reported a net loss of $20.6M for the fiscal year ending 2025.
CION Investment Corporation (CION) reported an operating income of $69.8M, resulting in an operating profit margin of 34.7%. This margin reflects the operational efficiency of the business before interest and taxes.
CION Investment Corporation (CION) generated $149.8M in gross profit for the year, representing a gross profit margin of 74.4%. This demonstrates the company's core pricing power and production efficiency.