Revenue growth remains highly volatile, peaking at 76.2% in 2026Q1 while operating margins continue to suffer, reaching a low of -78.3% in 2025Q4.
| 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 | 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 | 121.17M | 102.11M | 106.66M | 156.44M | 117.64M | 52.4M | 23.87M | 22.36M | 27.15M | 10.17M | 7.6M | 7.77M | 9.02M | 8.77M | 8.59M | 11.23M | 10.4M | 8.66M | 11.9M | 12.16M | 12.63M | 10.86M | 8.71M | 7.37M | 8.78M | 10.33M | 17.88M | 15.35M | 18.6M | 19M | 13.8M |
| Revenue Growth % | 16.59% | -4.27% | -31.82% | 32.99% | 124.5% | 119.51% | 6.75% | -17.65% | 166.88% | 33.95% | -2.19% | -13.92% | 2.87% | 2.11% | -23.52% | 8.03% | 20.06% | -27.24% | -2.11% | -3.75% | 16.35% | 24.6% | 18.24% | -16.02% | -15.05% | -42.24% | 16.47% | -17.45% | -2.11% | 37.68% | - |
| Cost of Goods Sold | 89.81M | 80.54M | 82.44M | 125.39M | 66.96M | 23.86M | 16.36M | 19.3M | 21.77M | 6.33M | 4.89M | 5.05M | 5.74M | 5.6M | 5.13M | 6.71M | 6.72M | 5.65M | 8.38M | 9.05M | 9.35M | 7.74M | 6.86M | 5.37M | 6.31M | 11.94M | 13.22M | 10.78M | 14.4M | 13.8M | 9.8M |
| COGS % of Revenue | - | 78.87% | 77.3% | 80.15% | 56.92% | 45.53% | 68.52% | 86.32% | 80.19% | 62.17% | 64.38% | 65.07% | 63.57% | 63.87% | 59.7% | 59.79% | 64.68% | 65.23% | 70.39% | 74.44% | 74.02% | 71.27% | 78.73% | 72.93% | 71.91% | 115.59% | 73.95% | 70.19% | 77.42% | 72.63% | 71.01% |
| Gross Profit | 31.36M | 21.57M | 24.22M | 31.06M | 50.68M | 28.54M | 7.51M | 3.06M | 5.38M | 3.85M | 2.71M | 2.71M | 3.29M | 3.17M | 3.46M | 4.52M | 3.67M | 3.01M | 3.52M | 3.11M | 3.28M | 3.12M | 1.85M | 2M | 2.46M | -1.61M | 4.66M | 4.58M | 4.2M | 5.2M | 4M |
| Gross Margin % | 25.88% | 21.13% | 22.7% | 19.85% | 43.08% | 54.47% | 31.48% | 13.68% | 19.81% | 37.83% | 35.62% | 34.93% | 36.43% | 36.13% | 40.3% | 40.21% | 35.32% | 34.77% | 29.6% | 25.56% | 25.98% | 28.73% | 21.27% | 27.07% | 28.09% | -15.59% | 26.05% | 29.81% | 22.58% | 27.37% | 28.99% |
| Gross Profit Growth % | - | -10.92% | -22.03% | -38.72% | 77.57% | 279.85% | 145.61% | -43.13% | 39.75% | 42.26% | -0.26% | -17.46% | 3.72% | -8.44% | -23.36% | 22.98% | 21.95% | -14.53% | 13.39% | -5.33% | 5.23% | 68.32% | -7.12% | -19.07% | 253.09% | -134.56% | 1.79% | 8.99% | -19.23% | 30% | - |
| Operating Expenses | 90.48M | 73.2M | 81.22M | 184.78M | 190.16M | 46.9M | 13.55M | 27.76M | 24.99M | 9.83M | 3.92M | 3.72M | 3.83M | 3.49M | 3.56M | 3.36M | 3.18M | 3.11M | 3.13M | 3.05M | 3.17M | 3M | 3.1M | 3.06M | 2.99M | 5.05M | 4.41M | 4.26M | 4.9M | 2.7M | 2M |
| OpEx % of Revenue | - | 71.69% | 76.15% | 118.11% | 161.65% | 89.51% | 56.75% | 124.13% | 92.01% | 96.64% | 51.67% | 47.85% | 42.44% | 39.75% | 41.39% | 29.91% | 30.56% | 35.95% | 26.32% | 25.12% | 25.07% | 27.68% | 35.56% | 41.53% | 34.09% | 48.92% | 24.66% | 27.72% | 26.34% | 14.21% | 14.49% |
| Selling, General & Admin | 80.97M | 68.37M | 49.26M | 99.85M | 89.67M | 44.46M | 13.7M | 16.93M | 22.85M | 8.71M | 3.22M | 2.82M | 3.01M | 2.72M | 2.85M | 2.61M | 2.62M | 2.56M | 2.51M | 2.33M | 2.5M | 2.42M | 2.47M | 2.5M | 2.24M | 3.99M | 3.24M | 2.8M | 3.1M | 1.6M | 1.9M |
| SG&A % of Revenue | - | 66.96% | 46.19% | 63.83% | 76.22% | 84.85% | 57.38% | 75.73% | 84.16% | 85.63% | 42.34% | 36.34% | 33.4% | 30.99% | 33.19% | 23.24% | 25.16% | 29.53% | 21.09% | 19.13% | 19.82% | 22.3% | 28.39% | 33.95% | 25.55% | 38.6% | 18.14% | 18.26% | 16.67% | 8.42% | 13.77% |
| Research & Development | 9.51M | 4.83M | 11.01M | 7.23M | 2.77M | 2.04M | 1.85M | 1.86M | 1.43M | 1.12M | 709K | 894K | 816K | 768K | 704K | 749K | 561K | 556K | 622K | 728K | 663K | 584K | 624K | 558K | 749K | 1.07M | 1.17M | 952.69K | 1.4M | 900K | 0 |
| R&D % of Revenue | - | 4.73% | 10.32% | 4.62% | 2.36% | 3.9% | 7.75% | 8.32% | 5.27% | 11.01% | 9.33% | 11.51% | 9.04% | 8.76% | 8.2% | 6.67% | 5.4% | 6.42% | 5.23% | 5.99% | 5.25% | 5.38% | 7.16% | 7.57% | 8.54% | 10.32% | 6.52% | 6.2% | 7.53% | 4.74% | - |
| Other Operating Expenses | 0 | 0 | 20.95M | 77.69M | 97.72M | 403K | -2M | 8.96M | 701.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500.69K | 400K | 200K | 100K |
| Operating Income | -59.12M | -51.63M | -57M | -153.72M | -139.48M | -18.36M | -6.03M | -24.7M | -19.61M | -5.98M | -1.22M | -1M | -542K | -317K | -94K | 1.16M | 495K | -102K | 391K | 53K | 116K | 114K | -1.25M | -1.06M | -526K | -6.66M | 249.45K | 320.67K | -700K | 2.5M | 2M |
| Operating Margin % | -48.79% | -50.56% | -53.44% | -98.26% | -118.57% | -35.04% | -25.27% | -110.45% | -72.2% | -58.8% | -16.05% | -12.92% | -6.01% | -3.61% | -1.09% | 10.3% | 4.76% | -1.18% | 3.29% | 0.44% | 0.92% | 1.05% | -14.29% | -14.45% | -5.99% | -64.51% | 1.39% | 2.09% | -3.76% | 13.16% | 14.49% |
| Operating Income Growth % | - | 9.42% | 62.92% | -10.21% | -659.64% | -204.34% | 75.57% | -25.97% | -227.68% | -390.82% | -21.54% | -85.06% | -70.98% | -237.23% | -108.12% | 133.74% | 585.29% | -126.09% | 637.74% | -54.31% | 1.75% | 109.16% | -16.9% | -102.47% | 92.11% | -2771.4% | -22.21% | 145.81% | -128% | 25% | - |
| EBITDA | -36.61M | -30.33M | -30.82M | -123.89M | -123.06M | -14.9M | -5.45M | -19.5M | -16.7M | -5.73M | -1.06M | -789K | -297K | -111K | 114K | 1.33M | 585K | -5K | 485K | 135K | 191K | 217K | -1.13M | -934K | -228K | -6.21M | 725.44K | 821.36K | -300K | 2.7M | 2.1M |
| EBITDA Margin % | -30.21% | -29.7% | -28.9% | -79.19% | -104.61% | -28.44% | -22.81% | -87.21% | -61.5% | -56.31% | -13.93% | -10.16% | -3.29% | -1.27% | 1.33% | 11.81% | 5.63% | -0.06% | 4.08% | 1.11% | 1.51% | 2% | -12.96% | -12.67% | -2.6% | -60.15% | 4.06% | 5.35% | -1.61% | 14.21% | 15.22% |
| EBITDA Growth % | 11.49% | 1.6% | 75.12% | -0.68% | -725.71% | -173.7% | 72.08% | -16.78% | -191.47% | -441.5% | -34.09% | -165.66% | -167.57% | -197.37% | -91.4% | 126.67% | 11800% | -101.03% | 259.26% | -29.32% | -11.98% | 119.22% | -20.88% | -309.65% | 96.33% | -956.45% | -11.68% | 373.79% | -111.11% | 28.57% | - |
| D&A (Non-Cash Add-back) | 22.51M | 21.3M | 26.18M | 29.83M | 16.42M | 3.46M | 588K | 5.2M | 2.91M | 254.01K | 161K | 214K | 245K | 206K | 208K | 169K | 90K | 97K | 94K | 82K | 75K | 103K | 116K | 131K | 298K | 450.75K | 475.99K | 500.69K | 400K | 200K | 100K |
| EBIT | -62.72M | -49.68M | -44.25M | -202.99M | -151.08M | -21.04M | -20.45M | -23.55M | -16.87M | -5.98M | -1.22M | -1M | -542K | -317K | -94K | 1.16M | 495K | 192K | 391K | 53K | 116K | 114K | -1.25M | -1.06M | -526K | -6.66M | 249.45K | 320.67K | -700K | 2.5M | 2M |
| Net Interest Income | -15.02M | -12.85M | -17.43M | -39.87M | -34.75M | -1.06M | -9.54M | -3.91M | -13.45M | -4.99M | 77K | 0 | 0 | 0 | 0 | 0 | -6K | -15K | 50K | 67K | 15K | -88K | 45K | 25K | 0 | -50.63K | -61.07K | 0 | -200K | 0 | -200K |
| Interest Income | 3.3M | 2.77M | 2.24M | 4.44M | 2.59M | 808K | 105K | 3.35M | 2.74M | 0 | 77K | 0 | 0 | 0 | 0 | 0 | 321K | 294K | 50K | 67K | 15K | 0 | 45K | 25K | 0 | 12.83K | 29.92K | 0 | 0 | 0 | 0 |
| Interest Expense | 18.32M | 15.62M | 19.67M | 44.31M | 37.34M | 1.87M | 9.65M | 7.26M | 16.19M | 4.99M | 0 | 0 | 0 | 0 | 0 | 0 | 327K | 309K | 0 | 0 | 0 | 88K | 0 | 0 | 0 | 63.46K | 90.99K | 0 | 200K | 0 | 200K |
| Other Income/Expense | -31.43M | -13.66M | -4.7M | -86.53M | -48.95M | -4.55M | -24.07M | -6.11M | -13.45M | -4.99M | 77K | -94K | -115K | -312K | -233K | 8K | -6K | -15K | 139K | 67K | -116K | -88K | 45K | 25K | 286K | -78.06K | -50.28K | -170.47K | -200K | -100K | -100K |
| Pretax Income | -90.55M | -65.29M | -61.7M | -240.25M | -188.42M | -22.91M | -30.1M | -30.81M | -33.06M | -10.97M | -1.14M | -1.1M | -657K | -629K | -327K | 1.17M | 489K | -117K | 530K | 120K | 0 | 26K | -1.2M | -1.04M | -240K | -6.74M | 199.17K | 150.19K | -900K | 2.4M | 1.9M |
| Pretax Margin % | -74.73% | -63.94% | -57.85% | -153.57% | -160.17% | -43.72% | -126.09% | -137.78% | -121.74% | -107.85% | -15.03% | -14.13% | -7.28% | -7.17% | -3.81% | 10.37% | 4.7% | -1.35% | 4.45% | 0.99% | - | 0.24% | -13.77% | -14.11% | -2.73% | -65.27% | 1.11% | 0.98% | -4.84% | 12.63% | 13.77% |
| Income Tax | 410K | 253K | 56K | 337K | -4.49M | 130K | -24K | -108.29K | -76.6K | -78.39K | -20K | -1K | 1K | 3K | 2K | 41K | 2K | 31K | -28K | -1K | -131K | 0 | -25K | -77K | -530K | 298.88K | 104K | 123K | -300K | 1M | 700K |
| Effective Tax Rate % | -0.45% | -0.39% | -0.09% | -0.14% | 2.38% | -0.57% | 0.08% | 0.35% | 0.23% | 0.71% | 1.75% | 0.09% | -0.15% | -0.48% | -0.61% | 3.52% | 0.41% | -26.5% | -5.28% | -0.83% | - | 0% | 2.08% | 7.4% | 220.83% | -4.43% | 52.22% | 81.9% | 33.33% | 41.67% | 36.84% |
| Net Income | -92.14M | -66.4M | -56.2M | -231.03M | -181.82M | -23.25M | -29.41M | -32.91M | -32.23M | -10.62M | -1.12M | -1.1M | -658K | -632K | -329K | 1.12M | 487K | -148K | 558K | 121K | 131K | 26K | -1.18M | -963K | 290K | -7.04M | 95.17K | 27.19K | -600K | 1.4M | 1.2M |
| Net Margin % | -76.04% | -65.02% | -52.69% | -147.67% | -154.56% | -44.37% | -123.22% | -147.18% | -118.71% | -104.34% | -14.77% | -14.11% | -7.29% | -7.21% | -3.83% | 10.01% | 4.68% | -1.71% | 4.69% | 1% | 1.04% | 0.24% | -13.49% | -13.07% | 3.3% | -68.16% | 0.53% | 0.18% | -3.23% | 7.37% | 8.7% |
| Net Income Growth % | -43.69% | -18.14% | 75.67% | -27.07% | -681.97% | 20.96% | 10.63% | -2.11% | -203.63% | -846.19% | -2.37% | -66.57% | -4.11% | -92.1% | -129.27% | 130.8% | 429.05% | -126.52% | 361.16% | -7.63% | 403.85% | 102.21% | -22.01% | -432.07% | 104.12% | -7498.28% | 249.99% | 104.53% | -142.86% | 16.67% | - |
| Net Income (Continuing) | -90.96M | -65.55M | -61.76M | -240.59M | -183.94M | -23.04M | -30.08M | -30.7M | -32.98M | -10.9M | -1.12M | -1.1M | -658K | -632K | -329K | 1.12M | 487K | -148K | 558K | 121K | 131K | 26K | -1.18M | -963K | 290K | -7.04M | 95.17K | 27.19K | -600K | 1.4M | 1.2M |
| Discontinued Operations | 0 | 0 | -779K | -12.36M | -5.89M | 0 | 661K | -2.24M | 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 | 5.91M | 6.1M | -6.55M | 14.18M | 17.5M | 118.34M | 822K | 8.24K | 40.66K | 780.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.83 | -51.90 | -217.95 | -421.85 | -231.28 | -2298.05 | -7446.47 | -247952.93 | -212324.62 | -112200.00 | -109600.00 | -65800.00 | -63200.00 | -32900.00 | 97800.00 | 48700.00 | -14800.00 | 49800.00 | 10800.00 | 11400.00 | 2400.00 | -117500.00 | -13757.14 | 4142.86 | -100581.71 | 732.05 | 247.19 | -5454.55 | 12727.27 | 13333.33 |
| EPS Growth % | 94.55% | 98.4% | 76.19% | 48.33% | -82.4% | 89.94% | 69.14% | 97% | -16.78% | -89.24% | -2.37% | -66.57% | -4.11% | -92.1% | -133.64% | 100.82% | 429.05% | -129.72% | 361.11% | -5.26% | 375% | 102.04% | -754.1% | -432.07% | 104.12% | -13839.66% | 196.15% | 104.53% | -142.86% | -4.55% | - |
| EPS (Basic) | - | -0.83 | -51.90 | -217.95 | -894.41 | -231.28 | -2298.05 | -7446.47 | -247952.93 | -212324.62 | -112200.00 | -109600.00 | -65800.00 | -63200.00 | -32900.00 | 112400.00 | 48700.00 | -14800.00 | 50400.00 | 10800.00 | 12000.00 | 2400.00 | -117500.00 | -13757.14 | 4142.86 | -100581.71 | 732.05 | 247.19 | -5454.55 | 12727.27 | 13333.33 |
| Diluted Shares Outstanding | 380.73M | 90.71M | 1.08M | 1.06M | 431K | 100.53K | 12.8K | 4.42K | 130 | 50 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 70 | 70 | 70 | 130 | 110 | 110 | 110 | 90 |
| Basic Shares Outstanding | 380.73M | 90.71M | 1.08M | 1.06M | 203.28K | 100.53K | 12.8K | 4.42K | 130 | 50 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 70 | 70 | 70 | 130 | 110 | 110 | 110 | 90 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High fixed cost burn
According to the company's quarterly income statements, revenue growth has fluctuated significantly, peaking at 76.2% in 2026Q1 before retreating, reflecting a lack of consistent organic demand across its eight disparate business segments and a reliance on highly cyclical, project-based defense and digital asset mining income.
The erratic revenue trajectory suggests that the company struggles to maintain a baseline of recurring income, likely due to the fragmented nature of its conglomerate structure. Investors should monitor whether the recent rebranding to Hyperscale Data signals a genuine pivot toward stable data center revenue or merely another attempt to chase cyclical trends.
As reported in financial filings, GPUS has struggled with extreme margin volatility, with gross margins swinging from a low of -2.2% in 2024Q2 to 34.2% in 2026Q1, indicating that the company lacks the pricing power necessary to offset its high-cost industrial and energy-intensive operations.
The wide variance in gross margins implies that the company's profitability is highly sensitive to external commodity prices and energy costs rather than operational efficiency. This structural instability suggests that the firm may be unable to achieve sustainable profitability without a significant rationalization of its low-margin contract manufacturing and mining assets.
Based on the provided income statement data, the company's operating margins have remained consistently negative, reaching -78.3% in 2025Q4, which demonstrates that SG&A expenses are scaling disproportionately to gross profit and preventing the realization of any meaningful operating leverage across the consolidated entity.
The inability to scale operating income despite revenue fluctuations suggests that the corporate overhead required to manage eight distinct segments is excessive. This high fixed-cost burden appears to be a primary inhibitor to achieving positive cash flow, warranting further investigation into the necessity of such a complex administrative structure.
Data from recent financial disclosures highlight that the company's net margins have frequently dipped below -100%, suggesting that the market's current pricing of GPUS as a distressed entity is a rational response to the persistent inability to convert revenue into bottom-line earnings or positive cash flow.
Short-sellers would likely focus on the company's reliance on dilutive financing and the potential for further impairment of its diverse investment portfolio. The lack of a clear path to self-sustainability suggests that the current business model may be fundamentally incompatible with the capital requirements of its industrial and technology segments.
Quick answers to the most common questions about buying GPUS stock.
For fiscal year 2025, Hyperscale Data, Inc. (GPUS) reported total revenue of $102.1M. This represents a 639.9% increase compared to $13.8M in 1996.
Hyperscale Data, Inc. (GPUS) reported a net loss of $66.4M for the fiscal year ending 2025.
Hyperscale Data, Inc. (GPUS) reported an operating income of $-51.6M, resulting in an operating profit margin of -50.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Hyperscale Data, Inc. (GPUS) generated $21.6M in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.