Revenue growth has entered a contractionary phase with a 27.1% year-over-year decline in 2025Q4, while operating margins have deteriorated to -25.4% due to an inability to scale expenses.
| Sales/Revenue | 62.86M | 64.47M | 55M | 49.04M | 47.52M |
| Revenue Growth % | -2.5% | 17.23% | 12.15% | 3.2% | - |
| Cost of Goods Sold | 30.65M | 34.7M | 20.46M | 24.26M | 19.29M |
| COGS % of Revenue | 48.76% | 53.82% | 37.19% | 49.48% | 40.6% |
| Gross Profit | 32.21M | 29.77M | 34.54M | 24.77M | 28.23M |
| Gross Margin % | 51.24% | 46.18% | 62.81% | 50.52% | 59.4% |
| Gross Profit Growth % | 8.21% | -13.81% | 39.43% | -12.23% | - |
| Operating Expenses | 37.08M | 32.38M | 34.76M | 35.23M | 38.72M |
| OpEx % of Revenue | 58.98% | 50.23% | 63.2% | 71.85% | 81.49% |
| Selling, General & Admin | 29.98M | 25.78M | 26.41M | 27.28M | 32.07M |
| SG&A % of Revenue | 47.69% | 39.98% | 48.03% | 55.62% | 67.5% |
| Research & Development | 7.1M | 6.61M | 8.35M | 7.96M | 6.69M |
| R&D % of Revenue | 11.29% | 10.25% | 15.17% | 16.22% | 14.08% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -42K |
| Operating Income | -4.86M | -2.61M | -218K | -10.46M | -10.54M |
| Operating Margin % | -7.74% | -4.05% | -0.4% | -21.33% | -22.17% |
| Operating Income Growth % | -86.08% | -1099.08% | 97.92% | 0.74% | - |
| EBITDA | -4.02M | -2.31M | -15K | -9.12M | -9.63M |
| EBITDA Margin % | -6.4% | -3.59% | -0.03% | -18.6% | -20.27% |
| EBITDA Growth % | -73.96% | -15313.33% | 99.84% | 5.32% | - |
| D&A (Non-Cash Add-back) | 842K | 302K | 203K | 1.34M | 903K |
| EBIT | -7.95M | -6.5M | 449K | -9.21M | -10.54M |
| Net Interest Income | -317K | -693K | -780K | -517K | 346K |
| Interest Income | 0 | 0 | 0 | 0 | 346K |
| Interest Expense | 317K | 693K | 780K | 517K | 0 |
| Other Income/Expense | -3.4M | -4.58M | -113K | -899K | -304K |
| Pretax Income | -8.27M | -7.2M | -331K | -11.36M | -10.84M |
| Pretax Margin % | -13.15% | -11.16% | -0.6% | -23.16% | -22.81% |
| Income Tax | 410K | 1.25M | 2.03M | 696K | 11K |
| Effective Tax Rate % | -4.96% | -17.31% | -613.29% | -6.13% | -0.1% |
| Net Income | -8.68M | -8.44M | -2.36M | -12.05M | -10.85M |
| Net Margin % | -13.8% | -13.1% | -4.29% | -24.58% | -22.84% |
| Net Income Growth % | -2.76% | -257.6% | 80.41% | -11.08% | - |
| Net Income (Continuing) | -8.68M | -8.44M | -2.36M | -12.05M | -10.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.07 | -8.00 | -1.02 | -9.00 | -8.25 |
| EPS Growth % | 24.13% | -688.18% | 88.72% | -9.09% | - |
| EPS (Basic) | -6.07 | -8.00 | -1.02 | -9.00 | -8.25 |
| Diluted Shares Outstanding | 1.43M | 1.06M | 1M | 1.32M | 1.32M |
| Basic Shares Outstanding | 1.43M | 1.06M | 1M | 1.32M | 1.32M |
| Dividend Payout Ratio | - | - | - | - | - |
Liquidity and revenue contraction
As reported in recent financial filings, DHAI's revenue trajectory has shifted into a contractionary phase, with the most recent quarter showing a 27.1% year-over-year decline to $12.6M, signaling that the company is struggling to maintain momentum in its core robotic rehabilitation equipment sales cycle.
The consistent deceleration from the $20.9M peak in 2023Q4 suggests that the company's project-based revenue model is highly sensitive to hospital capital expenditure constraints. Investors should monitor whether this decline reflects a temporary pause in procurement or a more permanent loss of market share to emerging exoskeleton technologies.
Based on the provided income statement data, DHAI's gross margin has exhibited significant instability, dropping to 45.8% in 2025Q4 from a high of 59.4% in 2023Q4, which indicates potential pricing pressure or rising costs within the specialized supply chain for its robotic hardware components.
The inability to maintain gross margins above the 50% threshold suggests that the company lacks the pricing power necessary to offset its high fixed-cost base. This margin compression, combined with declining revenue, creates a difficult environment for achieving the scale required to reach consistent operating profitability.
According to the company's quarterly results, DHAI's operating margin has deteriorated to -25.4% in 2025Q4, demonstrating that the firm is currently unable to scale its operating expenses efficiently against its shrinking revenue base, leading to persistent and widening operating losses across recent reporting periods.
The lack of operating leverage is particularly concerning given the high R&D and SG&A requirements inherent in medical device manufacturing. Without a significant rebound in unit volume, the current cost structure appears unsustainable, necessitating a potential strategic pivot to reduce overhead or secure additional capital.
Financial statements indicate that DHAI's net margin has plummeted to -34.8% in 2025Q4, a trend that short-sellers would likely highlight as evidence of a business model that is failing to convert its technological integration into a self-sustaining, profitable enterprise within the competitive medical robotics landscape.
The reliance on capital-intensive hardware sales in a high-interest-rate environment poses a substantial risk to the company's long-term viability. The absence of stock-based compensation in the provided data may mask the true cost of talent retention, warranting further investigation into how the company plans to fund future operations.
Quick answers to the most common questions about buying DHAI stock.
For fiscal year 2025, DIH Holding US, Inc. (DHAI) reported total revenue of $62.9M. This represents a 32.3% increase compared to $47.5M in 2021.
DIH Holding US, Inc. (DHAI) reported a net loss of $8.7M for the fiscal year ending 2025.
DIH Holding US, Inc. (DHAI) reported an operating income of $-4.9M, resulting in an operating profit margin of -7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
DIH Holding US, Inc. (DHAI) generated $32.2M in gross profit for the year, representing a gross profit margin of 51.2%. This demonstrates the company's core pricing power and production efficiency.