Revenue performance remains highly intermittent, with the company recording revenue in only one of the last ten reported quarters, while fixed SG&A costs of $8.1K in 2023Q1 continue to drag on net asset value.
| Metric | TTM | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Apr'06 | Apr'05 | Apr'04 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 | Apr'95 | Apr'94 | Apr'93 | Apr'92 |
|---|
| Sales/Revenue | 2.8M | 0 | 0 | 0 | 1.82M | 4.95M | 5.03M | 4.99M | 5.52M | 5.55M | 4.83M | 3.09M | 2.92M | 1.63M | 2.04M | 2.09M | 2.61M | 2.45M | 2.33M | 2.2M | 2.2M | 2.1M | 2.6M | 1.7M | 1.6M | 2.6M | 1.5M |
| Revenue Growth % | - | - | - | -100% | -63.12% | -1.61% | 0.82% | -9.62% | -0.56% | 14.83% | 56.34% | 5.96% | 79.35% | -20.21% | -2.3% | -19.98% | 6.62% | 5.11% | 5.77% | 0% | 4.76% | -19.23% | 52.94% | 6.25% | -38.46% | 73.33% | - |
| Cost of Goods Sold | 11.05K | 0 | 0 | 0 | 1.6M | 2.61M | 2.52M | 2.31M | 2.35M | 2.22M | 1.94M | 1.23M | 896.34K | 447.06K | 733.54K | 513.41K | 594.01K | 658.57K | 753K | 700K | 1.2M | 1.4M | 1.3M | 1.1M | 1.1M | 1.8M | 1M |
| COGS % of Revenue | - | - | - | - | 87.56% | 52.66% | 50% | 46.26% | 42.52% | 39.97% | 40.19% | 39.62% | 30.72% | 27.48% | 35.98% | 24.6% | 22.78% | 26.92% | 32.36% | 31.82% | 54.55% | 66.67% | 50% | 64.71% | 68.75% | 69.23% | 66.67% |
| Gross Profit | 2.79M | 0 | 0 | 0 | 501.06K | 2.34M | 2.52M | 2.68M | 3.17M | 3.33M | 2.89M | 1.87M | 2.02M | 1.18M | 1.31M | 1.57M | 2.01M | 1.79M | 1.57M | 1.5M | 1M | 700K | 1.3M | 600K | 500K | 800K | 500K |
| Gross Margin % | 99.61% | - | - | - | 27.46% | 47.34% | 50% | 53.74% | 57.46% | 60.03% | 59.81% | 60.35% | 69.29% | 72.53% | 64.05% | 75.37% | 77.22% | 73.34% | 67.64% | 68.18% | 45.45% | 33.33% | 50% | 35.29% | 31.25% | 30.77% | 33.33% |
| Gross Profit Growth % | - | - | - | -100% | -78.61% | -6.84% | -6.19% | -15.48% | -4.8% | 15.25% | 54.94% | -7.72% | 71.36% | -9.65% | -16.97% | -21.9% | 12.26% | 13.98% | 4.93% | 50% | 42.86% | -46.15% | 116.67% | 20% | -37.5% | 60% | - |
| Operating Expenses | 2.39M | -5K | -5K | -6K | 4.22M | 5.36M | 15.14M | 158.9K | 3.17M | 3.17M | 4.82M | 2.91M | 3.98M | 2.64M | 2.09M | 1.89M | 2.02M | 1.76M | 1.99M | 1.5M | 1.4M | 1.3M | 1.1M | 900K | 1M | 600K | 500K |
| OpEx % of Revenue | - | - | - | - | 231.3% | 108.28% | 300.98% | 3.18% | 57.46% | 57.18% | 99.75% | 94.11% | 136.29% | 162.51% | 102.35% | 90.51% | 77.51% | 72.16% | 85.56% | 68.18% | 63.64% | 61.9% | 42.31% | 52.94% | 62.5% | 23.08% | 33.33% |
| Selling, General & Admin | 2.39M | -3K | -4K | -5K | 4.22K | 4.39M | 15.19M | 7.58M | 1.89M | 2.26M | 4.13M | 2.55M | 3.33M | 2.33M | 1.75M | 1.59M | 1.42M | 1.19M | 1.5M | 1M | 1.3M | 1.2M | 900K | 700K | 800K | 500K | 500K |
| SG&A % of Revenue | - | - | - | - | 0.23% | 88.68% | 301.97% | 151.83% | 34.28% | 40.73% | 85.48% | 82.5% | 114.19% | 143.21% | 86.03% | 76.02% | 54.62% | 48.81% | 64.63% | 45.45% | 59.09% | 57.14% | 34.62% | 41.18% | 50% | 19.23% | 33.33% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -33.4K | 5K | 5K | 6K | -2.31M | -3.03M | -15.73M | -5.79M | 404.35K | 157.9K | -1.93M | -1.04M | -1.96M | -1.46M | -781K | -315K | -7.47K | 94.54K | -417K | -7K | -400K | -600K | 200K | -300K | -500K | 200K | -600K |
| Operating Margin % | -1.19% | - | - | - | -126.74% | -61.26% | -312.66% | -116.14% | 7.33% | 2.84% | -39.95% | -33.76% | -67.03% | -89.98% | -38.3% | -15.09% | -0.29% | 3.87% | -17.92% | -0.32% | -18.18% | -28.57% | 7.69% | -17.65% | -31.25% | 7.69% | -40% |
| Operating Income Growth % | - | 0% | -16.67% | 100.26% | 23.71% | 80.72% | -171.44% | -1532.9% | 156.09% | 108.18% | -84.96% | 46.63% | -33.61% | -87.45% | -147.94% | -4115.74% | -107.9% | 122.67% | -5857.14% | 98.25% | 33.33% | -400% | 166.67% | 40% | -350% | 133.33% | - |
| EBITDA | 176.21K | 166.14K | 57.52K | 28.82K | -2.05M | -2.06M | -14.73M | -4.61M | 1.32M | 1M | -1.22M | -662.76K | -1.79M | -1.36M | -665.39K | -195.06K | 112.86K | 204.21K | -309K | 93K | -300K | -500K | 400K | -100K | -300K | 300K | -600K |
| EBITDA Margin % | 6.3% | - | - | - | -112.54% | -41.67% | -292.78% | -92.34% | 23.82% | 18.08% | -25.31% | -21.43% | -61.39% | -83.47% | -32.63% | -9.35% | 4.33% | 8.35% | -13.28% | 4.23% | -13.64% | -23.81% | 15.38% | -5.88% | -18.75% | 11.54% | -40% |
| EBITDA Growth % | 103.59% | 188.86% | 99.6% | 101.4% | 0.4% | 86% | -219.67% | -450.33% | 31.05% | 182.03% | -84.57% | 63% | -31.9% | -104.11% | -241.13% | -272.83% | -44.73% | 166.09% | -432.26% | 131% | 40% | -225% | 500% | 66.67% | -200% | 150% | - |
| D&A (Non-Cash Add-back) | 209.61K | 161.14K | 52.52K | 22.82K | 259.2K | 969.57K | 1M | 1.19M | 910.68K | 845.6K | 707.75K | 381.24K | 164.59K | 105.86K | 115.61K | 119.94K | 120.33K | 109.67K | 108K | 100K | 100K | 100K | 200K | 200K | 200K | 100K | 0 |
| EBIT | 0 | 0 | 0 | 0 | -2.9M | -2.92M | -15.49M | 161.66M | 72.74K | 159.29K | -1.66M | -488K | -1.79M | -1.46M | -781K | -315K | -7.47K | 28.59K | -417K | -7K | -400K | -600K | 200K | -300K | -500K | 200K | 0 |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -639K | 231.21K | 66.46M | -1.2M | -1.13M | -836K | 90.09K | -162K | 1.08M | 67.64K | 72.87K | -12.55K | -25.37K | -26K | -100K | -100K | -100K | -100K | 0 | 0 | -100K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 766.35K | 110.31K | 236.95K | 67.43M | 1.7K | 1.4K | 107.32K | 556.06K | 1.04M | 1.08M | 102.85K | 111.72K | 48.97K | 40.59K | 45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 0 | 0 | 0 | 0 | -2.82M | -4.28M | -15.5M | 160.7M | -1.13M | -972K | -2.61M | -954K | -1.96M | 21.47M | -229K | -204K | 20.18K | 1.07M | -14K | 300K | -500K | -600K | 300K | -800K | -600K | 100K | 500K |
| Pretax Margin % | 0% | - | - | - | -154.74% | -86.46% | -308.11% | 3221.03% | -20.38% | -17.51% | -53.93% | -30.85% | -67.03% | 1319.42% | -11.23% | -9.77% | 0.77% | 43.91% | -0.6% | 13.64% | -22.73% | -28.57% | 11.54% | -47.06% | -37.5% | 3.85% | 33.33% |
| Income Tax | 0 | 0 | 0 | 0 | 85K | -565K | -61.55M | 61.65M | 0 | 109K | -4.13M | -2.5M | -404K | 8.35M | -91.77K | -90.24K | -1.47K | 378.71K | -12K | 100K | -200K | -200K | 200K | -200K | -200K | 100K | 200K |
| Effective Tax Rate % | - | - | - | - | -3.01% | 13.2% | 397.17% | 38.36% | 0% | -11.21% | 158.42% | 261.64% | 20.65% | 38.91% | 40.07% | 44.23% | -7.26% | 35.26% | 85.71% | 33.33% | 40% | 33.33% | 66.67% | 25% | 33.33% | 100% | 40% |
| Net Income | 0 | 0 | 0 | 0 | -2.5M | 147.55K | 46.06M | 99.05M | -1.13M | -1.08M | 1.52M | 1.54M | -1.55M | 13.12M | -138K | -113K | 21.64K | 695.76K | -2K | 200K | -300K | -400K | 100K | -600K | -400K | 500K | 300K |
| Net Margin % | 0% | - | - | - | -137.1% | 2.98% | 915.77% | 1985.33% | -20.38% | -19.47% | 31.51% | 49.87% | -53.19% | 806.08% | -6.77% | -5.41% | 0.83% | 28.44% | -0.09% | 9.09% | -13.64% | -19.05% | 3.85% | -35.29% | -25% | 19.23% | 20% |
| Net Income Growth % | - | - | - | 100% | -1795.66% | -99.68% | -53.49% | 8904.27% | -4.07% | -170.98% | -1.23% | 199.36% | -111.83% | 9603.62% | -22.12% | -622.06% | -96.89% | 34888.15% | -101% | 166.67% | 25% | -500% | 116.67% | -50% | -180% | 66.67% | - |
| Net Income (Continuing) | 0 | 0 | 0 | 0 | -2.91M | -3.71M | 46.05M | 99.05M | -1.13M | -1.08M | 1.52M | 1.54M | -1.55M | 13.12M | -138K | -113K | 21.64K | 695.76K | -2K | 200K | -300K | -400K | 100K | -600K | -400K | 0 | 300K |
| 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 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 15.81M | 18.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | 0.00 | 0.00 | 0.00 | -1.69 | 1.11 | 343.69 | 738.94 | -9.29 | -9.27 | 13.05 | 13.27 | -13.38 | 113.83 | -1.29 | -1.11 | 0.22 | 6.19 | 0.22 | 2.21 | -2.89 | -3.82 | 1.21 | -6.10 | -3.82 | 4.93 | 3.42 |
| EPS Growth % | - | - | - | 100% | -252.25% | -99.68% | -53.49% | 8054.14% | -0.22% | -171.03% | -1.66% | 199.18% | -111.75% | 8924.03% | -16.22% | -604.55% | -96.45% | 2713.64% | -90.05% | 176.47% | 24.35% | -415.7% | 119.84% | -59.69% | -177.48% | 44.15% | - |
| EPS (Basic) | - | 0.00 | 0.00 | 0.00 | -1.69 | 1.11 | 343.69 | 738.94 | -9.29 | -9.27 | 13.05 | 13.27 | -13.41 | 118.03 | -1.29 | -1.11 | 0.22 | 6.31 | 0.22 | 2.21 | -2.89 | -3.97 | 1.21 | -6.10 | -3.82 | 4.93 | 3.42 |
| Diluted Shares Outstanding | 1.48M | 1.48M | 1.48M | 1.48M | 1.48M | 134.03K | 134.03K | 134.03K | 121.2K | 116.62K | 116.62K | 116.62K | 115.7K | 115.17K | 106.71K | 102.5K | 110.78K | 112.02K | 109.87K | 107.07K | 103.84K | 104.68K | 99.19K | 98.34K | 104.68K | 101.48K | 87.75K |
| Basic Shares Outstanding | 1.48M | 1.48M | 1.48M | 1.48M | 1.48M | 148.42K | 134.03K | 134.03K | 121.2K | 116.62K | 116.62K | 116.62K | 115.7K | 111.15K | 106.71K | 102.5K | 110.11K | 111.15K | 109.87K | 106.83K | 103.84K | 100.65K | 99.19K | 98.34K | 104.68K | 101.48K | 87.75K |
| Dividend Payout Ratio | - | - | - | - | - | - | 147.61% | 57.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 66.67% |
Protracted Regulatory Entitlement Delays
As indicated by historical financial filings, Gyrodyne's top-line performance remains highly intermittent, with revenue appearing in only one of the last ten reported quarters, reflecting a business model that has shifted away from recurring operations toward the sporadic, project-based disposition of its remaining real estate assets.
The absence of consistent revenue generation suggests that the company is no longer functioning as a traditional operating entity. Investors should interpret the lack of top-line growth as a direct consequence of the transition to a liquidation-focused strategy rather than a failure of commercial demand.
Based on reported quarterly figures, the company consistently incurs SG&A expenses despite minimal revenue, which suggests that the ongoing costs of maintaining a public listing and pursuing complex zoning entitlements are creating a persistent drag on the net asset value available for eventual shareholder distribution.
The recurring nature of these administrative costs, even in periods without revenue, highlights the structural inefficiency of the current corporate shell. This expense profile warrants close monitoring, as the duration of the entitlement process directly correlates with the erosion of the company's remaining capital base.
According to recent SEC filings, the company's adoption of the liquidation basis of accounting renders traditional metrics like net income and EPS effectively meaningless, as these figures fail to capture the fair value adjustments of the underlying real estate assets held for sale in New York.
Analysts should disregard standard income statement profitability metrics, as they do not reflect the economic reality of the liquidation process. The focus must instead shift toward the net realizable value of the land parcels, as reported in the statement of changes in net assets.
As noted in regulatory disclosures, the company's reliance on successful zoning outcomes in St. James and Cortlandt Manor creates a binary risk profile where any further regulatory delays could significantly impair the terminal value of the assets and extend the period of cash-burning administrative overhead.
The market's valuation of the company appears to hinge on the successful conversion of land use, which remains subject to the unpredictable nature of local New York municipal approvals. Investors should consider that the longer the entitlement process persists, the greater the risk that professional fees will consume a larger portion of the final liquidation proceeds.
Quick answers to the most common questions about buying GYRO stock.
For fiscal year 2018, Gyrodyne, LLC (GYRO) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.5M in 1991.
Gyrodyne, LLC (GYRO) reported a net loss of $0.0M for the fiscal year ending 2018.