While revenue has grown significantly, gross margins remain highly volatile, fluctuating between a low of -7.9% in 2023Q4 and a peak of 49.6% in 2025Q3, indicating inconsistent pricing power.
| Sales/Revenue | 5.07M | 1.36M | 607K | 489K | 421K | 91K |
| Revenue Growth % | 271.41% | 124.71% | 24.13% | 16.15% | 362.64% | - |
| Cost of Goods Sold | 3.58M | 990K | 725K | 774K | 937K | 73K |
| COGS % of Revenue | 70.61% | 72.58% | 119.44% | 158.28% | 222.57% | 80.22% |
| Gross Profit | 1.49M | 374K | -118K | -285K | -516K | 18K |
| Gross Margin % | 29.39% | 27.42% | -19.44% | -58.28% | -122.57% | 19.78% |
| Gross Profit Growth % | 298.13% | 416.95% | 58.6% | 44.77% | -2966.67% | - |
| Operating Expenses | 9.64M | 6.57M | 8.8M | 11.14M | 8.03M | 1.46M |
| OpEx % of Revenue | 190.29% | 481.74% | 1450.25% | 2279.14% | 1906.89% | 1600% |
| Selling, General & Admin | 5.32M | 3.05M | 4.91M | 7.48M | 6.45M | 1.18M |
| SG&A % of Revenue | 105.03% | 223.9% | 808.24% | 1529.86% | 1531.59% | 1297.8% |
| Research & Development | 1.88M | 1.27M | 2.01M | 3.66M | 1.58M | 275K |
| R&D % of Revenue | 37.17% | 92.82% | 331.8% | 749.08% | 375.3% | 302.2% |
| Other Operating Expenses | 2.44M | 2.25M | 1.88M | 1K | 0 | 0 |
| Operating Income | -8.15M | -6.2M | -8.92M | -11.43M | -8.54M | -1.44M |
| Operating Margin % | -160.9% | -454.33% | -1469.69% | -2337.42% | -2029.45% | -1580.22% |
| Operating Income Growth % | -31.53% | 30.53% | 21.95% | -33.78% | -494.16% | - |
| EBITDA | -8.06M | -6.13M | -8.71M | -11.23M | -8.51M | -1.44M |
| EBITDA Margin % | -159.14% | -449.05% | -1435.26% | -2297.34% | -2021.38% | -1576.92% |
| EBITDA Growth % | -31.62% | 29.69% | 22.45% | -32.01% | -493.03% | - |
| D&A (Non-Cash Add-back) | 89K | 72K | 209K | 196K | 34K | 3K |
| EBIT | -8.46M | -6.54M | -9.01M | -11.62M | -9.26M | -1.17M |
| Net Interest Income | 203K | 88K | 55K | -10K | -62K | -657.92K |
| Interest Income | 203K | 88K | 55K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 10K | 62K | 657.92K |
| Other Income/Expense | -312K | -338K | -85K | -196K | -778K | -387K |
| Pretax Income | -8.46M | -6.54M | -9.01M | -11.63M | -9.32M | -1.82M |
| Pretax Margin % | -167.05% | -479.11% | -1483.69% | -2377.51% | -2214.25% | -2005.49% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 1K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.05% |
| Net Income | -8.46M | -6.54M | -9.01M | -11.63M | -9.32M | -1.83M |
| Net Margin % | -167.04% | -479.11% | -1483.86% | -2377.51% | -2214.25% | -2006.59% |
| Net Income Growth % | -29.49% | 27.45% | 22.53% | -24.72% | -410.51% | - |
| Net Income (Continuing) | -8.46M | -6.54M | -9.01M | -11.63M | -9.32M | -1.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.55 | -0.45 | -0.62 | -0.80 | -0.64 | -0.13 |
| EPS Growth % | -22.22% | 27.42% | 22.5% | -25% | -392.31% | - |
| EPS (Basic) | -0.55 | -0.45 | -0.62 | -0.80 | -0.64 | -0.13 |
| Diluted Shares Outstanding | 18.83M | 14.59M | 14.59M | 14.59M | 14.59M | 14.59M |
| Basic Shares Outstanding | 18.83M | 14.59M | 14.59M | 14.59M | 14.59M | 14.59M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable cash burn rate
As reported in recent financial filings, Cloudastructure has achieved significant top-line expansion, with quarterly revenue climbing from $140K in 2023Q4 to $1.8M by 2025Q4, representing a rapid growth trajectory that suggests successful initial market penetration despite the lack of consistent quarter-over-quarter acceleration in the most recent periods.
The company's revenue growth appears to be driven by aggressive customer acquisition, yet the sequential variability suggests that the business model may still be reliant on lumpy, project-based deployments rather than a steady stream of recurring SaaS revenue. Investors should monitor whether this growth can be sustained without a corresponding increase in customer acquisition costs, which currently appear to be elevated.
Based on the provided income statement data, gross margins have fluctuated wildly, ranging from a low of -7.9% in 2023Q4 to a peak of 49.6% in 2025Q3, indicating that the company lacks the pricing power or cost stability typical of mature software-as-a-service providers.
The significant compression to 2.0% in 2025Q4 suggests that the company may be sacrificing profitability to secure market share or is facing unexpected spikes in cloud infrastructure and hardware procurement costs. This inconsistency implies that the underlying unit economics are not yet optimized for a scalable software model.
According to the company's historical income statements, operating expenses continue to dwarf gross profit, with SG&A and R&D spending consistently resulting in deep operating losses that suggest a lack of meaningful operating leverage as the business scales its top-line revenue figures.
The persistent gap between revenue growth and operating income indicates that the company is currently in a high-investment phase where every dollar of revenue is accompanied by disproportionate overhead. Without a clear path to rationalizing these fixed costs, the company may remain dependent on external financing to bridge the widening operating deficit.
Analysis of the reported figures reveals that stock-based compensation remains a significant component of the cost structure, with quarterly charges frequently exceeding $500K, which effectively obscures the true cash-based operating losses and complicates the assessment of the company's underlying profitability and long-term earnings potential.
The reliance on equity-based incentives in a period of negative net margins suggests that management is attempting to preserve cash while still attracting talent, though this practice dilutes existing shareholders. Investors should carefully evaluate the impact of these non-cash charges on the company's overall financial health and future capital requirements.
Based on the reported quarterly data, the company's current burn rate relative to its cash position warrants significant caution, as the persistent negative operating margins suggest that the business model may be fundamentally capital-intensive rather than the high-margin software play initially presented to the market.
Short-sellers would likely focus on the inability of the company to achieve positive gross margins consistently, which undermines the thesis of a scalable, high-margin software business. If the company cannot demonstrate a clear inflection toward positive cash flow, the risk of further dilutive capital raises appears high.
Quick answers to the most common questions about buying CSAI stock.
For fiscal year 2025, Cloudastructure Inc. (CSAI) reported total revenue of $5.1M. This represents a 5467.0% increase compared to $0.1M in 2020.
Cloudastructure Inc. (CSAI) reported a net loss of $8.5M for the fiscal year ending 2025.
Cloudastructure Inc. (CSAI) reported an operating income of $-8.2M, resulting in an operating profit margin of -160.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Cloudastructure Inc. (CSAI) generated $1.5M in gross profit for the year, representing a gross profit margin of 29.4%. This demonstrates the company's core pricing power and production efficiency.