Revenue has contracted by 23.0% year-over-year to $4.0 million in 2025Q3, while gross margins have deteriorated to 23.0% from a 2023Q2 peak of 41.4%.
| Metric | TTM | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 15.75M | 21.96M | 29.95M | 43.09M | 39.24M | 29.19M | 32.24M | 27.03M | 29.17M | 30.77M | 25.64M | 28.49M | 22.41M | 16.03M | 12.69M | 8.31M | 14.73M | 27.82M | 40.71M | 43.54M | 23.92M | 17.24M | 16.51M | 11.51M | 12.8M | 12.3M | 4M | 100K | 100K |
| Revenue Growth % | -33.51% | -26.68% | -30.5% | 9.82% | 34.42% | -9.47% | 19.28% | -7.32% | -5.2% | 19.99% | -9.99% | 27.1% | 39.79% | 26.38% | 52.62% | -43.56% | -47.06% | -31.67% | -6.5% | 82.06% | 38.73% | 4.4% | 43.53% | -10.08% | 4.03% | 207.5% | 3900% | 0% | - |
| Cost of Goods Sold | 13.1M | 16.76M | 25.21M | 22.85M | 20.81M | 21.2M | 17.35M | 15.47M | 20.4M | 20.55M | 18.01M | 14.6M | 9.96M | 6.51M | 4.83M | 3.47M | 5.59M | 7.61M | 10.8M | 14.46M | 8.57M | 6.58M | 6.59M | 5.14M | 5.26M | 5.7M | 2.7M | 0 | 0 |
| COGS % of Revenue | - | 76.35% | 84.19% | 53.02% | 53.04% | 72.63% | 53.82% | 57.23% | 69.94% | 66.8% | 70.25% | 51.25% | 44.44% | 40.61% | 38.04% | 41.78% | 37.98% | 27.35% | 26.52% | 33.22% | 35.83% | 38.14% | 39.89% | 44.66% | 41.1% | 46.34% | 67.5% | - | - |
| Gross Profit | 2.64M | 5.19M | 4.73M | 20.24M | 18.43M | 7.99M | 14.89M | 11.56M | 8.77M | 10.21M | 7.63M | 13.89M | 12.45M | 9.52M | 7.86M | 4.84M | 9.13M | 20.21M | 29.92M | 29.08M | 15.35M | 10.66M | 9.93M | 6.37M | 7.54M | 6.6M | 1.3M | 100K | 100K |
| Gross Margin % | 16.78% | 23.65% | 15.81% | 46.98% | 46.96% | 27.37% | 46.18% | 42.77% | 30.06% | 33.2% | 29.75% | 48.75% | 55.56% | 59.39% | 61.96% | 58.22% | 62.02% | 72.65% | 73.48% | 66.78% | 64.17% | 61.86% | 60.11% | 55.34% | 58.9% | 53.66% | 32.5% | 100% | 100% |
| Gross Profit Growth % | - | 9.69% | -76.62% | 9.86% | 130.65% | -46.35% | 28.8% | 31.89% | -14.17% | 33.92% | -45.08% | 11.51% | 30.77% | 21.14% | 62.43% | -47.02% | -54.8% | -32.45% | 2.88% | 89.49% | 43.9% | 7.43% | 55.89% | -15.51% | 14.19% | 407.69% | 1200% | 0% | - |
| Operating Expenses | 14.63M | 19.8M | 18.71M | 17.37M | 12.92M | 14.3M | 12.63M | 12.17M | 12.59M | 19.76M | 16.66M | 15.37M | 12.22M | 8.22M | 6.62M | 8.05M | 16.03M | 19.88M | 20.49M | 19.95M | 12.31M | 8.57M | 7.38M | 5.47M | 14.73M | 12.8M | 9.9M | 5.4M | 400K |
| OpEx % of Revenue | - | 90.17% | 62.48% | 40.31% | 32.92% | 49.01% | 39.16% | 45.02% | 43.15% | 64.24% | 64.98% | 53.95% | 54.51% | 51.29% | 52.17% | 96.89% | 108.88% | 71.48% | 50.32% | 45.82% | 51.46% | 49.71% | 44.66% | 47.53% | 115.12% | 104.07% | 247.5% | 5400% | 400% |
| Selling, General & Admin | 13.15M | 18.32M | 18.71M | 17.37M | 12.92M | 14.3M | 12.62M | 12.17M | 12.58M | 19.75M | 16.64M | 15.34M | 12.2M | 7.98M | 6.52M | 7.65M | 15.92M | 19.81M | 20.41M | 19.74M | 12.29M | 8.54M | 7.37M | 5.33M | 12.72M | 9.4M | 5.7M | 3.3M | 200K |
| SG&A % of Revenue | - | 83.45% | 62.48% | 40.31% | 32.92% | 49.01% | 39.15% | 45.01% | 43.14% | 64.18% | 64.91% | 53.86% | 54.43% | 49.79% | 51.39% | 92.06% | 108.11% | 71.2% | 50.14% | 45.32% | 51.4% | 49.55% | 44.62% | 46.3% | 99.42% | 76.42% | 142.5% | 3300% | 200% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 2.07K | 3.71K | 2.85K | 17.8K | 18.07K | 24.9K | 17.01K | 145.72K | 99.89K | 401.5K | 113.62K | 76.65K | 73.23K | 215.78K | 14.08K | 26.7K | 7.26K | 21.98K | 1.44M | 2.7M | 4M | 2.1M | 200K |
| R&D % of Revenue | - | - | - | - | - | - | 0.01% | 0.01% | 0.01% | 0.06% | 0.07% | 0.09% | 0.08% | 0.91% | 0.79% | 4.83% | 0.77% | 0.28% | 0.18% | 0.5% | 0.06% | 0.15% | 0.04% | 0.19% | 11.25% | 21.95% | 100% | 2100% | 200% |
| Other Operating Expenses | 1000K | 1.47M | 0 | 0 | 0 | 0 | -13 | 0 | 0 | 0 | 0 | 0 | 0 | 94.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -450 | 119.46K | 569.99K | 700K | 200K | 0 | 0 |
| Operating Income | -11.98M | -14.61M | -13.98M | 2.87M | 5.51M | -6.32M | 2.27M | -608.54K | -3.94M | -9.55M | -9.04M | -1.58M | 234.06K | 1.3M | 1.24M | -3.36M | -6.9M | 325.45K | 9.43M | 9.13M | 3.04M | 2.09M | 2.55M | 899.14K | -7.19M | -6.2M | -8.6M | -5.3M | -300K |
| Operating Margin % | -76.1% | -66.52% | -46.67% | 6.67% | 14.04% | -21.64% | 7.03% | -2.25% | -13.5% | -31.04% | -35.27% | -5.55% | 1.04% | 8.1% | 9.79% | -40.42% | -46.85% | 1.17% | 23.16% | 20.97% | 12.7% | 12.15% | 15.45% | 7.82% | -56.22% | -50.41% | -215% | -5300% | -300% |
| Operating Income Growth % | - | -4.51% | -586.43% | -47.84% | 187.21% | -378.77% | 472.29% | 84.54% | 58.78% | -5.59% | -472.32% | -775.15% | -81.99% | 4.63% | 136.96% | 51.31% | -2220.25% | -96.55% | 3.28% | 200.49% | 45.06% | -17.91% | 183.77% | 112.5% | -16.02% | 27.91% | -62.26% | -1666.67% | - |
| EBITDA | -11.6M | -14.79M | -13.32M | 3.35M | 6.08M | -5.83M | 2.75M | -186.53K | -3.38M | -8.69M | -7.94M | -717.6K | 842.23K | 1.6M | 1.38M | -3.19M | -6.68M | 526.07K | 9.62M | 9.38M | 3.24M | 2.26M | 2.68M | 1.05M | -6.62M | -5.5M | -8.4M | -4.9M | -400K |
| EBITDA Margin % | -73.63% | -67.37% | -44.49% | 7.78% | 15.48% | -19.96% | 8.52% | -0.69% | -11.59% | -28.23% | -30.95% | -2.52% | 3.76% | 9.97% | 10.86% | -38.39% | -45.39% | 1.89% | 23.62% | 21.54% | 13.53% | 13.09% | 16.23% | 9.13% | -51.76% | -44.72% | -210% | -4900% | -400% |
| EBITDA Growth % | 35.22% | -11.02% | -497.4% | -44.82% | 204.28% | -312.08% | 1572.65% | 94.48% | 61.1% | -9.46% | -1005.94% | -185.2% | -47.32% | 16% | 143.2% | 52.26% | -1370.6% | -94.53% | 2.57% | 189.82% | 43.39% | -15.81% | 155.23% | 115.85% | -20.42% | 34.52% | -71.43% | -1125% | - |
| D&A (Non-Cash Add-back) | 388.71K | -185.28K | 653.16K | 479.31K | 567.12K | 490.24K | 481.32K | 422.02K | 557.39K | 863.35K | 1.11M | 862.68K | 608.16K | 299.55K | 136.62K | 168.88K | 216.03K | 200.63K | 188.76K | 247.44K | 197.19K | 161.9K | 128.6K | 150.94K | 569.99K | 700K | 200K | 400K | -100K |
| EBIT | -11.83M | -14.42M | -13.68M | 2.87M | 6.49M | -6.16M | 2.28M | -425.33K | -3.94M | -5.06M | -9.04M | -1.56M | 329.11K | 1.39M | 1.33M | -3.54M | -6.9M | 325.45K | 9.43M | 9.13M | 3.04M | 2.09M | 2.55M | 899.14K | -7.19M | -6.2M | -8.6M | -5.3M | -300K |
| Net Interest Income | 16.16K | 243K | 297.26K | 19.28K | -3.37K | 157.21K | 8.82K | -541 | -1.74K | -10.35K | -836 | 19.9K | 68.26K | 84.13K | 106.35K | 38.19K | 116.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 154.45K | 300.72K | 297.26K | 19.28K | 5.58K | 158.09K | 11.02K | 0 | 0 | 11 | 65 | 22.01K | 69.52K | 85.27K | 109.18K | 38.19K | 116.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 138.3K | 57.72K | 0 | 0 | 8.95K | 884 | 2.2K | 541 | 1.74K | 10.36K | 901 | 2.11K | 1.26K | 1.14K | 2.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.22M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 16.16K | 243K | 297.26K | 19.24K | 970.35K | 155.38K | 8.47K | 182.68K | -1.74K | -10.22K | -836 | 19.9K | 68.26K | 84.85K | 80.82K | 38.19K | 116.48K | 491.14K | 741.16K | 503.76K | 138.22K | 112.36K | 199.08K | 325.6K | 114.54K | 1M | 1.8M | 500K | -100K |
| Pretax Income | -11.97M | -14.36M | -13.68M | 2.89M | 6.48M | -6.16M | 2.27M | -425.87K | -3.94M | -9.56M | -9.05M | -1.56M | 302.32K | 1.38M | 1.32M | -3.32M | -6.78M | 816.58K | 10.17M | 9.63M | 3.18M | 2.21M | 2.75M | 1.22M | -7.08M | -5.2M | -6.7M | -4.9M | -400K |
| Pretax Margin % | -76% | -65.42% | -45.68% | 6.71% | 16.51% | -21.11% | 7.05% | -1.58% | -13.5% | -31.07% | -35.28% | -5.48% | 1.35% | 8.63% | 10.43% | -39.96% | -46.06% | 2.94% | 24.98% | 22.12% | 13.28% | 12.8% | 16.66% | 10.65% | -55.32% | -42.28% | -167.5% | -4900% | -400% |
| Income Tax | 0 | 0 | 5.9M | 518.53K | -6.33M | 1.73K | -1.44K | 27.61K | 13.48K | 12.82K | 4.05M | -269.29K | -4.15M | -183.95K | -234.28K | 77.71K | -632.67K | 841.01K | 4.07M | 3.76M | 1.56M | 1.16M | -6.66M | 0 | 0 | 0 | 6.7M | 4.9M | 0 |
| Effective Tax Rate % | 0% | 0% | -43.15% | 17.93% | -97.75% | -0.03% | -0.06% | -6.48% | -0.34% | -0.13% | -44.8% | 17.26% | -1371.59% | -13.29% | -17.71% | -2.34% | 9.33% | 102.99% | 39.97% | 39.02% | 49.24% | 52.72% | -242.05% | 0% | 0% | 0% | -100% | -100% | 0% |
| Net Income | -11.97M | -14.36M | -19.58M | 2.37M | 12.81M | -6.16M | 2.28M | -453.48K | -4.53M | -9.57M | -13.1M | -1.29M | 4.45M | 1.57M | 1.56M | -3.4M | -6.15M | -24.42K | 6.11M | 5.87M | 1.61M | 1.04M | 9.41M | 1.22M | -7.08M | -5.2M | -6.7M | -4.9M | -400K |
| Net Margin % | -76% | -65.42% | -65.39% | 5.51% | 32.65% | -21.11% | 7.06% | -1.68% | -15.52% | -31.11% | -51.08% | -4.53% | 19.85% | 9.78% | 12.27% | -40.89% | -41.77% | -0.09% | 15% | 13.49% | 6.74% | 6.05% | 56.97% | 10.65% | -55.32% | -42.28% | -167.5% | -4900% | -400% |
| Net Income Growth % | 34.57% | 26.65% | -924.83% | -81.47% | 307.9% | -370.81% | 601.78% | 89.98% | 52.72% | 26.91% | -914.41% | -129.02% | 183.71% | 0.72% | 145.8% | 44.74% | -25084.77% | -100.4% | 3.93% | 264.37% | 54.53% | -88.91% | 668.2% | 117.3% | -36.13% | 22.39% | -36.73% | -1125% | - |
| Net Income (Continuing) | -11.97M | -14.36M | -19.58M | 2.37M | 12.81M | -6.16M | 2.28M | -453.48K | -3.95M | -5.09M | -13.1M | -1.29M | 4.38M | 1.57M | 1.56M | -3.4M | -6.15M | -24.42K | 6.11M | 5.87M | 1.61M | 1.04M | 9.41M | 1.22M | -7.08M | -5.2M | -6.7M | -4.9M | -400K |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | -3.84 | -4.73 | -6.45 | 0.76 | 4.20 | -2.20 | 1.00 | -0.39 | -1.90 | -2.50 | -6.50 | -0.65 | 0.22 | 0.08 | 0.08 | -0.18 | -0.34 | -0.00 | 0.33 | 0.31 | 0.09 | 0.06 | 0.53 | 0.08 | -0.75 | -0.56 | -0.73 | -1.31 | -0.07 |
| EPS Growth % | 35.71% | 26.67% | -948.68% | -81.9% | 290.91% | -320% | 356.41% | 79.47% | 24% | 61.54% | -900% | -395.45% | 175% | 0% | 144.44% | 47.06% | - | -100.42% | 6.45% | 244.44% | 47.54% | -88.49% | 595.54% | 110.16% | -33.93% | 23.29% | 44.27% | -1742.48% | - |
| EPS (Basic) | - | -4.73 | -6.45 | 0.78 | 4.40 | -2.15 | 1.04 | -0.36 | -1.89 | -2.49 | -1.15 | -0.11 | 0.23 | 0.08 | 0.08 | -0.18 | -0.34 | -0.00 | 0.34 | 0.33 | 0.09 | 0.06 | 0.53 | 0.08 | -0.75 | -0.56 | -0.73 | -1.31 | -0.07 |
| Diluted Shares Outstanding | 3.12M | 3.03M | 3.04M | 3.13M | 3.02M | 2.86M | 2.21M | 2.13M | 2.09M | 2.04M | 2.03M | 1.99M | 19.97M | 19.7M | 19.42M | 18.72M | 18.24M | 18.07M | 18.66M | 18.96M | 18.01M | 17.78M | 17.91M | 16.48M | 9.41M | 9.24M | 9.13M | 3.74M | 5.63M |
| Basic Shares Outstanding | 3.12M | 3.03M | 3.04M | 3.04M | 3.05M | 2.8M | 2.28M | 1.95M | 2.38M | 3.83M | 11.42M | 11.42M | 19.58M | 19.44M | 19.18M | 18.72M | 18.24M | 18.07M | 18.16M | 18.01M | 17.47M | 17.36M | 17.53M | 16.47M | 9.41M | 9.24M | 9.13M | 3.74M | 5.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 24.25% | 11.9% | - | - | - | - | - | - | - | - | - |
Liquidity and existential obsolescence
As reported in recent financial filings, CTHR has experienced a persistent double-digit revenue decline, with the most recent quarter showing a 23.0% year-over-year contraction to $4.0 million, signaling a fundamental erosion of the company's top-line relevance in the competitive bridge luxury jewelry market.
The consistent downward trajectory in revenue suggests that the company's core moissanite offering is losing market share to more competitively priced lab-grown diamond alternatives. Investors should monitor whether the pivot to the Caydia brand can stabilize top-line performance, though current data indicates that marketing efforts are failing to arrest the decline in consumer demand.
According to the company's income statements, gross margins have deteriorated significantly, fluctuating from a peak of 41.4% in 2023Q2 to a recent 23.0% in 2025Q3, reflecting an inability to maintain pricing power amidst a commoditized synthetic gemstone landscape and aggressive inventory discounting.
The volatility in gross margins, punctuated by a negative 20.7% margin in 2024Q4, suggests that the company is highly susceptible to inventory write-downs and pricing pressure. This margin profile appears structurally weak, indicating that the brand lacks the premium positioning required to offset the rising costs of customer acquisition in a digital-first retail environment.
Based on the provided financial data, CTHR exhibits a severe lack of operating leverage, as evidenced by operating margins that have remained consistently negative, reaching -48.6% in 2025Q3, which implies that the current revenue scale is insufficient to cover the company's fixed corporate and marketing overhead.
The inability to scale operating income alongside revenue suggests that the company's cost structure is misaligned with its current market reality. Without a significant reduction in SG&A expenses or a dramatic recovery in sales volume, the company appears trapped in a cycle of operating losses that threatens its long-term viability.
Financial statements indicate that the company's reliance on a single, commoditized product category has left it vulnerable, with operating losses totaling millions per quarter and cash reserves dwindling, which may suggest that the current business model is approaching an unsustainable inflection point for shareholders.
Short-sellers would likely focus on the rapid depletion of cash relative to the persistent operating burn, which may necessitate dilutive financing in the near term. The fundamental risk remains that the company's core product, moissanite, may face total price parity with lab-grown diamonds, effectively eliminating the company's primary value proposition to the consumer.
Quick answers to the most common questions about buying CTHR stock.
For fiscal year 2024, Charles & Colvard, Ltd. (CTHR) reported total revenue of $22.0M. This represents a 21856.5% increase compared to $0.1M in 1997.
Charles & Colvard, Ltd. (CTHR) reported a net loss of $14.4M for the fiscal year ending 2024.
Charles & Colvard, Ltd. (CTHR) reported an operating income of $-14.6M, resulting in an operating profit margin of -66.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Charles & Colvard, Ltd. (CTHR) generated $5.2M in gross profit for the year, representing a gross profit margin of 23.6%. This demonstrates the company's core pricing power and production efficiency.