Revenue volatility remains extreme, highlighted by a 74.8% year-over-year decline in 2024Q4 and a structural gross margin nadir of -149.9% in 2023Q4.
| Metric | TTM | 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 | Nov'04 | Nov'03 | Nov'97 | Nov'96 |
|---|
| Sales/Revenue | 20.72M | 7.66M | 30.04M | 66.09M | 55.03M | 28.21M | 10.6M | 2.59M | 107.52M | 149.28M | 162.32M | 113.66M | 118.39M | 101.7M | 164.98M | 158.34M | 110.28M | 87.49M | 54.25M | 17.83M | 1.02M | 751.96K | 1.1M | 5.6M | 5.1M |
| Revenue Growth % | 61.85% | -74.5% | -54.54% | 20.11% | 95.1% | 166.19% | 308.35% | -97.59% | -27.97% | -8.04% | 42.81% | -4% | 16.41% | -38.36% | 4.2% | 43.58% | 26.05% | 61.27% | 204.34% | 1641.62% | 36.11% | -31.35% | -80.44% | 9.8% | - |
| Cost of Goods Sold | 29.47M | 23.63M | 37.63M | 40.67M | 37.85M | 19.42M | 5.43M | 1.31M | 63.16M | 94.79M | 109.04M | 81.74M | 84.21M | 73.44M | 89.54M | 80.25M | 61.4M | 52.3M | 32.11M | 20.5M | 9.1M | 367.76K | 494.5K | 3.8M | 4.2M |
| COGS % of Revenue | - | 308.41% | 125.27% | 61.54% | 68.78% | 68.83% | 51.25% | 50.49% | 58.74% | 63.5% | 67.17% | 71.91% | 71.13% | 72.21% | 54.27% | 50.69% | 55.68% | 59.78% | 59.19% | 115.03% | 888.67% | 48.91% | 45.15% | 67.86% | 82.35% |
| Gross Profit | -8.74M | -15.97M | -7.59M | 25.42M | 17.18M | 8.79M | 5.17M | 1.28M | 44.37M | 54.49M | 53.28M | 31.92M | 34.18M | 28.26M | 75.44M | 78.08M | 48.87M | 35.19M | 22.14M | 11.23M | 5.25M | 384.2K | 600.85K | 1.8M | 900K |
| Gross Margin % | -42.2% | -208.41% | -25.27% | 38.46% | 31.22% | 31.17% | 48.75% | 49.51% | 41.26% | 36.5% | 32.83% | 28.09% | 28.87% | 27.79% | 45.73% | 49.31% | 44.32% | 40.22% | 40.81% | 63.01% | 512.86% | 51.09% | 54.85% | 32.14% | 17.65% |
| Gross Profit Growth % | - | -110.34% | -129.86% | 47.98% | 95.4% | 70.18% | 302.15% | -97.1% | -18.58% | 2.27% | 66.91% | -6.61% | 20.95% | -62.54% | -3.38% | 59.76% | 38.9% | 58.92% | 97.11% | 113.99% | 1266.22% | -36.06% | -66.62% | 100% | - |
| Operating Expenses | 2.66M | 5.32M | 4.3M | 8.94M | 11.97M | 18.48M | 28.46M | 84.84M | 33.19M | 6.77M | 8.12M | 8.1M | 5.74M | 7.78M | 31.14M | 8.98M | 6.63M | 4.61M | 2.12M | 5.79M | 304.45K | 433.76K | 477.46K | 3.6M | 2.9M |
| OpEx % of Revenue | - | 69.41% | 14.31% | 13.53% | 21.75% | 65.5% | 268.58% | 3269.33% | 30.87% | 4.53% | 5% | 7.13% | 4.85% | 7.65% | 18.88% | 5.67% | 6.02% | 5.27% | 3.9% | 32.48% | 29.75% | 57.68% | 43.59% | 64.29% | 56.86% |
| Selling, General & Admin | 6.05M | 5.32M | 4.3M | 6.09M | 9.59M | 10.28M | 13.29M | 11.33M | 8.82M | 5.78M | 7.04M | 7.27M | 8.66M | 6.87M | 17.96M | 7.01M | 6.13M | 4.09M | 1.85M | 5.79M | 304.45K | 421.57K | 442.69K | 2.7M | 1.9M |
| SG&A % of Revenue | - | 69.41% | 14.31% | 9.22% | 17.42% | 36.45% | 125.37% | 436.81% | 8.2% | 3.87% | 4.34% | 6.39% | 7.31% | 6.76% | 10.89% | 4.43% | 5.56% | 4.68% | 3.41% | 32.48% | 29.75% | 56.06% | 40.42% | 48.21% | 37.25% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195.19K | 261.93K | 230.59K | 134.29K | 140.44K | 164.59K | 7.43M | 2.2M | 500.41K | 514.78K | 268.17K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.18% | 0.18% | 0.14% | 0.12% | 0.12% | 0.16% | 4.51% | 1.39% | 0.45% | 0.59% | 0.49% | - | - | - | - | - | - |
| Other Operating Expenses | 566.03K | 0 | 0 | 2.85M | 2.38M | 8.19M | 15.18M | 73.5M | 24.18M | 726.2K | 841.75K | 703.57K | -3.06M | 737.99K | 12.78M | -223.72K | 0 | 0 | 0 | 0 | 0 | 12.19K | 34.77K | 900K | 1M |
| Operating Income | -11.4M | -21.28M | -11.89M | 16.48M | 5.21M | -9.68M | -23.29M | -83.55M | 11.17M | 47.72M | 45.16M | 23.82M | 28.44M | 20.48M | 44.3M | 69.1M | 42.24M | 30.58M | 20.02M | 5.44M | 4.94M | -49.56K | 123.39K | -1.9M | -2M |
| Operating Margin % | -55.02% | -277.82% | -39.58% | 24.94% | 9.47% | -34.33% | -219.83% | -3219.82% | 10.39% | 31.97% | 27.82% | 20.96% | 24.02% | 20.14% | 26.85% | 43.64% | 38.3% | 34.95% | 36.91% | 30.54% | 483.11% | -6.59% | 11.27% | -33.93% | -39.22% |
| Operating Income Growth % | - | -78.99% | -172.14% | 216.29% | 153.81% | 58.43% | 72.12% | -847.9% | -76.59% | 5.67% | 89.62% | -16.26% | 38.85% | -53.76% | -35.89% | 63.58% | 38.15% | 52.7% | 267.89% | 10.09% | 10076.48% | -140.17% | 106.49% | 5% | - |
| EBITDA | 4.9M | -2.31M | 16.23M | 43.38M | 25.89M | 6.3M | -9.23M | -65.35M | 32.35M | 73.38M | 75.03M | 52.14M | 56.56M | 44.3M | 62.42M | 80.19M | 49.44M | 35.45M | 22.07M | 5.73M | 5.05M | -112.37K | 83.16K | -1.11M | -980K |
| EBITDA Margin % | 23.64% | -30.1% | 54.03% | 65.63% | 47.05% | 22.35% | -87.14% | -2518.27% | 30.09% | 49.16% | 46.23% | 45.87% | 47.78% | 43.56% | 37.84% | 50.65% | 44.83% | 40.52% | 40.68% | 32.13% | 493.72% | -14.94% | 7.59% | -19.82% | -19.22% |
| EBITDA Growth % | 7.69% | -114.21% | -62.58% | 67.55% | 310.66% | 168.28% | 85.87% | -302% | -55.91% | -2.21% | 43.91% | -7.82% | 27.7% | -29.04% | -22.16% | 62.2% | 39.46% | 60.62% | 285.4% | 13.33% | 4596.96% | -235.12% | 107.49% | -13.27% | - |
| D&A (Non-Cash Add-back) | 16.3M | 18.98M | 28.12M | 26.9M | 20.68M | 15.99M | 14.06M | 18.21M | 21.18M | 25.65M | 29.87M | 28.32M | 28.12M | 23.81M | 18.12M | 11.1M | 7.2M | 4.87M | 2.05M | 283.45K | 108.61K | -62.81K | -40.23K | 790K | 1.02M |
| EBIT | -54.11M | -57.2M | -58.15M | 16.77M | 5.51M | -9.39M | -22.85M | -82.89M | 11.73M | 48.21M | 45.63M | 24.3M | 28.78M | 20.8M | 44.57M | 69.34M | 41.79M | 30.67M | 20.02M | 5.44M | 4.94M | -49.56K | 123.39K | -1.9M | 0 |
| Net Interest Income | -74.26K | -11.64K | 144.92K | 164.74K | 157.99K | 154.88K | 301.32K | 500.69K | 391.84K | 312.7K | 275.24K | 279.59K | 131.55K | 102.1K | 57.17K | 241.94K | 63.73K | 34.02K | 54.97K | 5.99K | 6.98K | 11.47K | 11.11K | 0 | 0 |
| Interest Income | 8.39K | 80.26K | 250.13K | 286.14K | 295.17K | 291.31K | 446.77K | 661.11K | 556.16K | 487.62K | 469.27K | 482.88K | 339.8K | 312.81K | 269.61K | 242.99K | 80.81K | 94.13K | 54.97K | 5.99K | 6.98K | 11.47K | 11.11K | 0 | 0 |
| Interest Expense | 82.65K | 91.9K | 105.21K | 121.4K | 137.18K | 136.43K | 145.44K | 160.42K | 164.32K | 174.92K | 194.04K | 203.3K | 208.25K | 210.71K | 212.44K | 1.05K | 17.08K | 60.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -42.79M | -36M | -46.37M | 164.74K | 162.63K | 154.88K | 301.32K | 500.69K | 391.84K | 312.7K | 275.24K | 279.59K | 131.55K | -940.04K | -5.69M | 241.94K | -465.02K | 30.25K | 6.72K | 3.97M | 4.77M | 67.6K | -23.43K | 0 | 0 |
| Pretax Income | -54.19M | -57.29M | -58.26M | 16.65M | 5.37M | -9.53M | -22.99M | -83.05M | 11.56M | 48.04M | 45.44M | 24.1M | 28.58M | 20.59M | 44.36M | 69.34M | 41.78M | 30.61M | 20.03M | 1.73M | -33.4K | 18.04K | 99.97K | -1.9M | -2M |
| Pretax Margin % | -261.52% | -747.78% | -193.91% | 25.19% | 9.76% | -33.78% | -216.99% | -3200.53% | 10.75% | 32.18% | 27.99% | 21.2% | 24.14% | 20.24% | 26.89% | 43.79% | 37.88% | 34.98% | 36.93% | 9.73% | -3.26% | 2.4% | 9.13% | -33.93% | -39.22% |
| Income Tax | 5.23M | 1.65M | 3.54M | 6.59M | 6.3M | -1.11M | 2.81M | -13.09M | 9.01M | 11.81M | 11.37M | 6.23M | 7.61M | 5.59M | 13.4M | 18.05M | 11.18M | 8.21M | 7.8M | 572.46K | 430.25K | 0 | 0 | 0 | 100K |
| Effective Tax Rate % | -9.65% | -2.88% | -6.07% | 39.57% | 117.21% | 11.63% | -12.21% | 15.76% | 77.94% | 24.59% | 25.03% | 25.84% | 26.62% | 27.16% | 30.22% | 26.04% | 26.77% | 26.83% | 38.93% | 33% | -1288.16% | 0% | 0% | 0% | -5% |
| Net Income | -59.42M | -58.94M | -61.8M | 10.06M | -924.72K | -8.42M | -25.8M | -69.96M | 2.55M | 36.23M | 34.07M | 17.87M | 20.97M | 15M | 30.95M | 51.28M | 30.59M | 22.4M | 12.23M | 1.16M | -33.4K | 18.04K | 99.97K | -1.9M | -2.2M |
| Net Margin % | -286.76% | -769.29% | -205.68% | 15.22% | -1.68% | -29.85% | -243.48% | -2696.17% | 2.37% | 24.27% | 20.99% | 15.72% | 17.71% | 14.74% | 18.76% | 32.39% | 27.74% | 25.6% | 22.55% | 6.52% | -3.26% | 2.4% | 9.13% | -33.93% | -43.14% |
| Net Income Growth % | 40.2% | 4.63% | -714.3% | 1187.84% | 89.02% | 67.36% | 63.12% | -2842.27% | -92.96% | 6.33% | 90.62% | -14.76% | 39.82% | -51.55% | -39.64% | 67.64% | 36.6% | 83.07% | 952.5% | 3579.86% | -285.2% | -81.96% | 105.26% | 13.64% | - |
| Net Income (Continuing) | -59.42M | -58.94M | -61.8M | 10.06M | -924.72K | -8.42M | -25.8M | -69.96M | 7.95M | 36.23M | 34.07M | 17.87M | 20.97M | 15M | 30.95M | 51.28M | 30.59M | 22.4M | 12.23M | 3.81M | 3.31M | 18.04K | 99.97K | -1.9M | -2.2M |
| 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 |
| 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 |
| EPS (Diluted) | -43.90 | -54.90 | -59.20 | 10.00 | -0.88 | -8.70 | -27.30 | -74.70 | 2.50 | 7.80 | 7.40 | 4.60 | 5.40 | 4.30 | 8.90 | 14.80 | 10.00 | 9.00 | 26.00 | 2.70 | -0.15 | 0.08 | 6.20 | -1266.70 | -2200.00 |
| EPS Growth % | 48.96% | 7.26% | -692% | 1232.5% | 89.85% | 68.13% | 63.45% | -3088% | -67.95% | 5.41% | 60.87% | -14.81% | 25.58% | -51.69% | -39.86% | 48% | 11.11% | -65.38% | 862.96% | 1912.08% | -286.25% | -98.71% | 100.49% | 42.42% | - |
| EPS (Basic) | - | -54.90 | -59.20 | 10.00 | -0.88 | -8.70 | -27.30 | -74.70 | 2.50 | 7.80 | 7.50 | 4.60 | 5.50 | 4.30 | 8.90 | 14.80 | 10.00 | 9.00 | 26.00 | 2.70 | -0.15 | 0.08 | 7.60 | -1266.70 | -2200.00 |
| Diluted Shares Outstanding | 1.35M | 1.07M | 1.04M | 1M | 1.05M | 965.06K | 946.54K | 936.08K | 936.72K | 4.66M | 4.61M | 3.93M | 3.88M | 3.51M | 3.47M | 3.47M | 3.07M | 2.49M | 483.44K | 432.05K | 224.11K | 224.11K | 16.16K | 1.5K | 1K |
| Basic Shares Outstanding | 1.35M | 1.07M | 1.04M | 1M | 1.05M | 965.06K | 946.54K | 936.08K | 935.93K | 4.63M | 4.52M | 3.87M | 3.84M | 3.47M | 3.47M | 3.46M | 3.07M | 2.49M | 483.44K | 432.05K | 222.6K | 222.6K | 13.15K | 1.5K | 1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 38.74% | 212.84% | - | - | - | - | - |
Regulatory-driven operational cessation
According to the company's recent financial disclosures, revenue growth has exhibited extreme volatility, highlighted by a 74.8% year-over-year decline in 2024Q4, which suggests that the firm's top-line performance is dictated more by external production suspensions than by organic market demand or competitive positioning.
The erratic revenue trajectory indicates that the business lacks a stable baseline for operations, likely due to the recurring regulatory shutdowns in Shandong. Investors should interpret the recent modest sequential growth as a potential temporary recovery rather than a sustainable trend, given the historical susceptibility to environmental mandates.
As reported in quarterly filings, the company's gross margin reached a nadir of -149.9% in 2023Q4, illustrating that the cost of maintaining idle extraction infrastructure significantly outweighs the revenue generated during periods of limited or halted production activity.
The inability to maintain positive gross margins during production lulls suggests a high fixed-cost burden that is not being adequately absorbed. This structural weakness implies that the company may struggle to achieve profitability unless it can secure consistent, high-volume extraction windows that allow for better cost scaling.
Based on the provided income statement data, the company's operating income has remained consistently negative, with SG&A expenses often exceeding gross profit, which indicates a lack of operational leverage and an inability to scale overhead costs relative to the current depressed revenue levels.
The persistent negative operating margins suggest that the company's administrative and maintenance costs are disproportionately high for its current output. This implies that management faces a difficult challenge in rightsizing the cost structure without further compromising the integrity of its core extraction assets.
Financial statements reveal that net income has been consistently negative, with significant quarterly losses such as the $35.7 million deficit in 2025Q3, suggesting that the reported bottom line is heavily impacted by non-operating charges and the inability to cover core operational expenses.
The wide variance between operating income and net income warrants further investigation into potential asset impairments or non-recurring charges that may be masking the true extent of the company's operational distress. Investors should view the current earnings profile as highly unreliable for forecasting future cash generation.
While some market participants may view the company's cash reserves as a floor for the stock price, the persistent negative margins and regulatory exposure suggest that the firm is currently operating as a distressed asset rather than a viable specialty chemical producer.
The primary risk to the current narrative is that the company's cash-on-hand may be insufficient to cover long-term environmental remediation or the costs associated with restarting idle wells. This implies that the market may be underestimating the potential for further capital erosion if production remains constrained by provincial mandates.
Quick answers to the most common questions about buying GURE stock.
For fiscal year 2024, Gulf Resources, Inc. (GURE) reported total revenue of $7.7M. This represents a 50.2% increase compared to $5.1M in 1996.
Gulf Resources, Inc. (GURE) reported a net loss of $58.9M for the fiscal year ending 2024.
Gulf Resources, Inc. (GURE) reported an operating income of $-21.3M, resulting in an operating profit margin of -277.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Gulf Resources, Inc. (GURE) generated $-16.0M in gross profit for the year, representing a gross profit margin of -208.4%. This demonstrates the company's core pricing power and production efficiency.