The company exhibits a structural deficit in profitability, evidenced by a 2025Q4 operating margin of -1199.7% and a consistent inability to maintain positive gross margins.
| Sales/Revenue | 112.74K | 255.02K | 398.14K | 440.54K | 353.62K | 1.43M | 1.68M | 1.46M | 308.13K | 898.08K | 337.5K | 412.67K | 15.9K |
| Revenue Growth % | -72.43% | -35.95% | -9.63% | 24.58% | -75.35% | -14.56% | 14.97% | 373.95% | -65.69% | 166.1% | -18.22% | 2495.4% | - |
| Cost of Goods Sold | 170.01K | 290.27K | 387.94K | 380.88K | 330.9K | 1.14M | 1.4M | 1.34M | 137.9K | 726.25K | 57.13K | 134.68K | 5K |
| COGS % of Revenue | - | 113.82% | 97.44% | 86.46% | 93.58% | 79.28% | 83.1% | 91.9% | 44.75% | 80.87% | 16.93% | 32.64% | 31.45% |
| Gross Profit | -57.27K | -35.25K | 10.2K | 59.66K | 22.72K | 297.16K | 283.78K | 118.23K | 170.23K | 171.83K | 280.37K | 277.99K | 10.9K |
| Gross Margin % | -50.8% | -13.82% | 2.56% | 13.54% | 6.42% | 20.72% | 16.9% | 8.1% | 55.25% | 19.13% | 83.07% | 67.36% | 68.55% |
| Gross Profit Growth % | - | -445.57% | -82.9% | 162.58% | -92.35% | 4.71% | 140.02% | -30.55% | -0.93% | -38.71% | 0.86% | 2450.34% | - |
| Operating Expenses | 4.84M | 4.86M | 6.21M | 5.01M | 5.23M | 3.31M | 2.99M | 2.94M | 1.75M | 691.67K | 723.61K | 559.24K | 31.41K |
| OpEx % of Revenue | - | 1904.93% | 1559.88% | 1137.56% | 1478.53% | 231.01% | 177.95% | 201.47% | 569.23% | 77.02% | 214.4% | 135.52% | 197.52% |
| Selling, General & Admin | 3.54M | 3.44M | 4.83M | 3.69M | 4.17M | 3.09M | 2.73M | 2.69M | 1.53M | 483.43K | 521.71K | 198.31K | 31.41K |
| SG&A % of Revenue | - | 1348.19% | 1212.78% | 836.92% | 1178.66% | 215.64% | 162.66% | 183.99% | 497.34% | 53.83% | 154.58% | 48.06% | 197.52% |
| Research & Development | 812.5K | 919.97K | 1.38M | 1.32M | 1.06M | 220.47K | 256.64K | 255.23K | 221.51K | 208.24K | 201.9K | 360.93K | 0 |
| R&D % of Revenue | - | 360.74% | 347.1% | 300.64% | 299.87% | 15.37% | 15.29% | 17.48% | 71.89% | 23.19% | 59.82% | 87.46% | - |
| Other Operating Expenses | 485.29K | 499.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.14K | 0 | 0 |
| Operating Income | -4.89M | -4.89M | -6.2M | -4.95M | -5.21M | -3.02M | -2.7M | -2.82M | -1.58M | -519.84K | -443.24K | -281.25K | -20.51K |
| Operating Margin % | -4340.43% | -1918.75% | -1557.32% | -1124.02% | -1472.11% | -210.3% | -161.05% | -193.37% | -513.98% | -57.88% | -131.33% | -68.15% | -128.97% |
| Operating Income Growth % | - | 21.08% | -25.21% | 4.88% | -72.57% | -11.56% | 4.25% | -78.31% | -204.66% | -17.28% | -57.6% | -1271.54% | - |
| EBITDA | -4.87M | -4.87M | -6.13M | -4.78M | -5.04M | -2.85M | -2.54M | -2.66M | -1.56M | -517.65K | -442.11K | -281.25K | -84.34K |
| EBITDA Margin % | -4318.2% | -1909.42% | -1538.83% | -1085.89% | -1425.09% | -198.99% | -151.53% | -182.42% | -504.89% | -57.64% | -131% | -68.15% | -530.45% |
| EBITDA Growth % | 21.66% | 20.52% | -28.07% | 5.07% | -76.55% | -12.2% | 4.5% | -71.24% | -200.53% | -17.09% | -57.19% | -233.47% | - |
| D&A (Non-Cash Add-back) | 25.07K | 23.8K | 73.61K | 167.98K | 166.27K | 162.16K | 159.81K | 160.02K | 27.99K | 2.18K | 1.13K | 0 | 0 |
| EBIT | -4.78M | -4.79M | -2.83M | -4.67M | -4.93M | -3.18M | -2.53M | -3.17M | -1.58M | -520.53K | -467.03K | -281.25K | -84.34K |
| Net Interest Income | 23.95K | 70.02K | -48.24K | 6 | 3.89K | -37.61K | -4.15K | 507 | -440.94K | -105.83K | 91 | 3.92K | 0 |
| Interest Income | 23.95K | 70.02K | 40.85K | 38.34K | 3.89K | 0 | 0 | 2.26K | 0 | 0 | 0 | 3.92K | 0 |
| Interest Expense | 0 | 0 | 89.1K | 38.33K | 0 | 37.61K | 4.15K | 1.75K | 440.94K | 105.83K | 203 | 0 | 0 |
| Other Income/Expense | 110.98K | 105.5K | 3.28M | 241.55K | 278.71K | -204.39K | 166.8K | -351.57K | -440.94K | -105.83K | 91 | 60.66K | 0 |
| Pretax Income | -4.78M | -4.79M | -2.92M | -4.71M | -4.93M | -3.22M | -2.54M | -3.18M | -2.02M | -625.67K | -439.3K | -220.59K | -20.51K |
| Pretax Margin % | -4242% | -1877.39% | -733.89% | -1069.19% | -1393.29% | -224.54% | -151.11% | -217.45% | -657.08% | -69.67% | -130.17% | -53.46% | -128.97% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 694 | 1.6K | -50.2K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.11% | -0.36% | 22.75% | 0% |
| Net Income | -4.78M | -4.79M | -3.2M | -4.72M | -4.93M | -3.22M | -2.54M | -3.18M | -2.02M | -626.36K | -440.9K | -221.39K | -20.51K |
| Net Margin % | -4242% | -1877.39% | -803.78% | -1070.98% | -1393.29% | -224.54% | -151.11% | -217.45% | -657.08% | -69.74% | -130.64% | -53.65% | -128.97% |
| Net Income Growth % | -52.51% | -49.61% | 32.17% | 4.24% | -52.96% | -26.95% | 20.1% | -56.84% | -223.24% | -42.06% | -99.15% | -979.65% | - |
| Net Income (Continuing) | -4.78M | -4.79M | -2.92M | -4.71M | -4.93M | -3.22M | -2.54M | -3.18M | -2.02M | -626.36K | -467.43K | -146.15K | -84.34K |
| Discontinued Operations | 0 | 0 | -278.26K | -7.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -25.77 | -28.28 | -19.20 | -31.20 | -30.00 | -20.40 | -16.40 | -20.80 | -14.29 | -4.83 | -2.67 | -5.83 | -0.08 |
| EPS Growth % | -62.25% | -47.29% | 38.46% | -4% | -47.06% | -24.39% | 21.15% | -45.54% | -195.78% | -81.11% | 54.25% | -6842.86% | - |
| EPS (Basic) | - | -28.28 | -19.20 | -31.20 | -30.00 | -20.40 | -16.40 | -20.80 | -14.29 | -4.83 | -2.67 | -5.83 | -0.08 |
| Diluted Shares Outstanding | 185.55K | 185.55K | 167.86K | 150.79K | 163.24K | 156.44K | 153.6K | 153.56K | 141.67K | 129.64K | 129.66K | 25.06K | 24.68K |
| Basic Shares Outstanding | 185.55K | 185.55K | 167.86K | 150.79K | 163.24K | 156.44K | 153.6K | 153.56K | 141.67K | 129.64K | 129.66K | 25.06K | 24.28K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unsustainable cash burn rate
As reported in recent financial filings, Focus Universal's top-line performance has deteriorated significantly, with quarterly revenue plummeting to $48.0K in 2026Q1 from $201.7K in 2023Q4, signaling a failure to establish a durable commercial footprint for its USIP platform or legacy hardware offerings.
The consistent quarter-over-quarter volatility and downward trend suggest that the company lacks a repeatable sales motion. Investors should monitor whether the current revenue decline reflects a permanent loss of market relevance for its horticultural products or merely a transition phase that has yet to yield meaningful platform adoption.
Based on the company's income statement data, gross margins have exhibited extreme instability, frequently dipping into negative territory, including a -69.1% margin in 2025Q4, which indicates that the cost of goods sold consistently exceeds the revenue generated from product sales.
This negative margin profile implies that the company is effectively subsidizing its customers with every unit sold, a model that is fundamentally unsustainable. The inability to achieve positive gross margins suggests that either manufacturing overhead is unabsorbed or the product pricing strategy is disconnected from the underlying cost structure.
According to the provided financial statements, the company's operating margin reached an extreme -1918.75% in 2025Q4, highlighting a massive disconnect between the firm's high fixed operating expenses and its negligible revenue generation capacity.
The persistent reliance on heavy SG&A and R&D spending without a corresponding scale in top-line revenue suggests that the company is not currently benefiting from operating leverage. This structure warrants further investigation into whether management can rationalize the cost base before the existing cash reserves are fully exhausted.
As indicated by the historical data, net income figures are heavily distorted by non-operating items and significant stock-based compensation, which reached $470.8K in 2024Q3, complicating the assessment of the company's true underlying operational performance.
The presence of erratic net income swings, such as the positive $1.4M reported in 2024Q3 followed by immediate losses, suggests that reported earnings are not reflective of core business health. Investors should be wary of these fluctuations, as they appear to mask the ongoing cash burn required to sustain the current business model.
Based on the reported figures, the company's cash burn rate relative to its $7.9 million liquidity position suggests a limited runway, raising significant concerns regarding the firm's ability to continue as a going concern without further dilutive financing.
Short-sellers would likely focus on the lack of a clear path to profitability and the potential for inventory impairments given the negative gross margins. The absence of a recurring revenue stream makes the company highly vulnerable to market sentiment and its own inability to convert R&D investment into commercial success.
Quick answers to the most common questions about buying FCUV stock.
For fiscal year 2025, Focus Universal Inc. (FCUV) reported total revenue of $0.3M. This represents a 1503.9% increase compared to $0.0M in 2014.
Focus Universal Inc. (FCUV) reported a net loss of $4.8M for the fiscal year ending 2025.
Focus Universal Inc. (FCUV) reported an operating income of $-4.9M, resulting in an operating profit margin of -1918.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Focus Universal Inc. (FCUV) generated $-0.0M in gross profit for the year, representing a gross profit margin of -13.8%. This demonstrates the company's core pricing power and production efficiency.