The company reported a 2025Q4 gross margin of -169.1% on just $43.5K in revenue, highlighting a persistent inability to achieve profitable production scale.
| Sales/Revenue | 92.78K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 192.94K | 5.85K | 0 | 0 | 0 |
| COGS % of Revenue | 207.96% | - | - | - | - |
| Gross Profit | -100.17K | -5.85K | 0 | 0 | 0 |
| Gross Margin % | -107.96% | - | - | - | - |
| Gross Profit Growth % | -1612.22% | - | - | - | - |
| Operating Expenses | 22.23M | 17.44M | 904.79K | 900.63K | 818 |
| OpEx % of Revenue | 23959.61% | - | - | - | - |
| Selling, General & Admin | 3.22M | 17.44M | 904.79K | 900.63K | 818 |
| SG&A % of Revenue | 3472.57% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 19.01M | 0 | 0 | 0 | 0 |
| Operating Income | -22.52M | -17.44M | -1.23M | -900.63K | -818 |
| Operating Margin % | -24275.54% | - | - | - | - |
| Operating Income Growth % | -29.15% | -1322.93% | -36.07% | -110001.47% | - |
| EBITDA | -22.3M | -17.41M | -1.23M | -684.76K | 0 |
| EBITDA Margin % | -24031.46% | - | - | - | - |
| EBITDA Growth % | -28.06% | -1320.83% | -78.95% | - | - |
| D&A (Non-Cash Add-back) | 226.45K | 27.22K | 103 | 215.87K | 818 |
| EBIT | -15.84M | -17.44M | -1.23M | -900.63K | -818 |
| Net Interest Income | 0 | -375.78K | 858.42K | -13.03K | 0 |
| Interest Income | 0 | 0 | 858.42K | 0 | 0 |
| Interest Expense | 150.41K | 375.78K | 0 | 13.03K | 0 |
| Other Income/Expense | 6.11M | -377.29K | -616.4K | -13.03K | 0 |
| Pretax Income | -16.41M | -17.82M | -1.84M | -913.66K | -818 |
| Pretax Margin % | -17688.59% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -16.41M | -17.82M | -1.84M | -913.66K | -818 |
| Net Margin % | -17688.59% | - | - | - | - |
| Net Income Growth % | 7.88% | -867.23% | -101.6% | -111594.38% | - |
| Net Income (Continuing) | -16.41M | -17.82M | -1.84M | -913.66K | -818 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.49 | -7.49 | -0.80 | -22.20 | 0.00 |
| EPS Growth % | 13.35% | -836.25% | 96.4% | - | - |
| EPS (Basic) | -6.49 | -7.49 | -0.80 | -21.93 | 0.00 |
| Diluted Shares Outstanding | 2.53M | 2.38M | 2.3M | 41.67K | 0 |
| Basic Shares Outstanding | 2.53M | 2.38M | 2.3M | 41.16K | 0 |
| Dividend Payout Ratio | - | - | - | - | - |
Imminent liquidity and solvency crisis
As indicated by the most recent quarterly filings, Graphjet Technology generated only $43.5K in revenue during 2025Q4, underscoring a pre-commercial status that lacks the consistent, scalable top-line growth required to validate its proprietary thermochemical conversion technology within the competitive industrial materials market.
The intermittent nature of revenue generation suggests that the company has yet to secure binding offtake agreements with battery manufacturers. Investors should interpret these figures as pilot-scale testing fees rather than evidence of a sustainable commercial business model.
According to the 2025Q4 income statement, the company reported a gross margin of -169.1%, reflecting a cost structure where direct production expenses significantly exceed the market value of the output, a trend that has persisted throughout the company's recent reporting history.
This deeply negative margin profile implies that the thermochemical conversion of palm kernel shells is currently inefficient at the pilot scale. Without a transition to continuous industrial manufacturing, the company appears unable to achieve the unit economics necessary to compete with established synthetic graphite producers.
Based on financial disclosures for 2025Q4, the company reported a net income of $6.4M despite an operating loss of $418.2K, a discrepancy largely driven by $19.2M in stock-based compensation and other non-operating adjustments that obscure the underlying operational performance.
The reliance on non-cash accounting adjustments to present a positive net income figure warrants extreme caution from investors. This suggests that the reported profitability is purely technical and does not reflect the actual cash-generating capability of the core business.
As reported in recent quarterly statements, the company continues to incur significant SG&A expenses, such as the $344.7K recorded in 2025Q4, which, when combined with negative gross margins, accelerates the depletion of the company's limited cash reserves.
The lack of expense discipline relative to the company's negligible revenue suggests that management is prioritizing administrative and public-entity costs over operational scaling. This cost structure appears unsustainable without immediate and potentially dilutive external financing to maintain going-concern status.
While the company promotes a proprietary feedstock advantage, the reality of a $7,354 cash balance against persistent operating losses suggests that the firm faces a severe liquidity crisis that may prevent it from ever reaching commercial-scale production.
Short-sellers would likely focus on the disconnect between the company's technological claims and its inability to generate meaningful cash flow. The risk of a total loss of capital appears high, as the company's current financial trajectory suggests it may run out of resources before proving its technology at scale.
Quick answers to the most common questions about buying GTI stock.
For fiscal year 2025, Graphjet Technology (GTI) reported total revenue of $0.1M.
Graphjet Technology (GTI) reported a net loss of $16.4M for the fiscal year ending 2025.
Graphjet Technology (GTI) reported an operating income of $-22.5M, resulting in an operating profit margin of -24275.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Graphjet Technology (GTI) generated $-0.1M in gross profit for the year, representing a gross profit margin of -108.0%. This demonstrates the company's core pricing power and production efficiency.