The company exhibits significant operational volatility, evidenced by a 30.0% gross margin in 2024Q4 that failed to prevent recurring operating losses, including a $1.7 million SG&A expense in 2026Q1.
Hadron Energy, Inc. (HDRN) annual income statement — 2-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 |
|---|
| Sales/Revenue | 0 | 0 | 0 |
| Revenue Growth % | - | - | - |
| Cost of Goods Sold | 5K | 0 | 0 |
| COGS % of Revenue | - | - | - |
| Gross Profit | -5K | 0 | 0 |
| Gross Margin % | - | - | - |
| Gross Profit Growth % | - | - | - |
| Operating Expenses | 2.07T | 32.45M | 628.76K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 2.07T | 31.9M | 628.76K |
| SG&A % of Revenue | - | - | - |
| Research & Development | 1.15M | 550.97K | 0 |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | -326 | 6.41K | 0 |
| Operating Income | -15.3M | -32.45M | -628.76K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -5061.43% | - |
| EBITDA | -15.26M | -32.39M | -628.76K |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | -24678.04% | -5052.01% | - |
| D&A (Non-Cash Add-back) | 40.41K | 59.24K | 0 |
| EBIT | -15.3M | -32.45M | -628.76K |
| Net Interest Income | 6.07M | 0 | 3.19M |
| Interest Income | 6.08M | 0 | 3.19M |
| Interest Expense | 15.22K | 0 | 0 |
| Other Income/Expense | 34.06M | -39.32M | 3.01M |
| Pretax Income | 18.76M | -71.77M | 2.38M |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 18.76M | -71.77M | 2.38M |
| Net Margin % | - | - | - |
| Net Income Growth % | 794.43% | -3117.9% | - |
| Net Income (Continuing) | 18.76M | -71.77M | 2.38M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.32 | -1.57 | 0.10 |
| EPS Growth % | 134.59% | -1670% | - |
| EPS (Basic) | - | -1.57 | 0.10 |
| Diluted Shares Outstanding | 58.9M | 45.68M | 22.79M |
| Basic Shares Outstanding | 56.97M | 45.68M | 22.79M |
| Dividend Payout Ratio | - | - | - |
Quick answers to the most common questions about buying HDRN stock.
For fiscal year 2025, Hadron Energy, Inc. (HDRN) reported total revenue of $0.0M.
Hadron Energy, Inc. (HDRN) reported a net loss of $71.8M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Operational Revenue Classification Ambiguity
Metrics are mathematically derived from official filings.
Anomalous Revenue Growth Patterns Observed
As reported in recent financial filings, GIG recorded $120.4 million in revenue during 2024Q4, a figure that stands in stark contrast to the zero-revenue profile typical of its shell company classification, suggesting either a significant business combination or a material reporting discrepancy requiring immediate investor scrutiny.
The sudden appearance of nine-figure revenue in a vehicle historically characterized by inactivity suggests a fundamental shift in the company's operational status. Investors should monitor whether this revenue represents a sustainable business line or a one-time accounting event, as the lack of consistent growth history complicates any attempt to forecast future performance.
Margin Profile Suggests Operational Inefficiency
Based on the provided income statement data, the company reported a 30.0% gross margin in 2024Q4, which appears insufficient to cover underlying operating expenses, resulting in a negative operating margin that highlights the challenges of integrating new business activities within a shell company framework.
The 30% gross margin level is notably thin for a firm attempting to position itself as a technology-focused operator. This margin profile suggests that the cost of goods sold is consuming a significant portion of top-line revenue, leaving little room for the overhead required to scale operations effectively.
Operating Leverage Remains Severely Constrained
According to the quarterly income statement, GIG's operating expenses have consistently outpaced gross profit generation, with SG&A costs reaching $1.7 million in 2026Q1, indicating that the firm has yet to achieve the necessary scale to leverage its fixed cost base into positive operating income.
The persistent negative operating income, despite the revenue spike in late 2024, implies that the company's cost structure is currently misaligned with its revenue-generating capabilities. Without a clear path to reducing SG&A relative to gross profit, the firm may continue to rely on non-operating income to maintain net profitability.
Net Income Masked by Non-Operating Items
As indicated by the financial statements, GIG has maintained positive net income in several periods despite recurring operating losses, suggesting that interest income or other non-operating gains are currently masking the underlying weakness in the company's core operational performance and expense management.
The reliance on non-operating items to achieve a positive bottom line warrants caution, as these sources of income are often transitory and do not reflect the long-term viability of the business. Investors should distinguish between sustainable operational earnings and the current reliance on interest-bearing cash balances.
Structural Risks of Shell Classification
Based on the reported figures, the fundamental contradiction between the shell company industry label and the $127.67 million in TTM revenue creates significant valuation uncertainty, as the market may be mispricing the entity by failing to account for the potential risks of a failed business integration.
Short-term volatility in EPS, which swung from $0.05 to -$0.01 in recent quarters, highlights the instability of the current financial model. The market appears to be struggling to reconcile the company's identity as a SPAC with its recent operational revenue, which may lead to a significant re-rating if the revenue proves to be non-recurring.