Revenue has effectively collapsed to $31,600 in 2026Q1, resulting in a persistent operating margin of -35.8% that highlights a fundamental disconnect between fixed costs and commercial output.
| 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 |
|---|
| Sales/Revenue | 1.34M | 319.71K | 8.01M | 8.68M | 11.24M | 13.6M | 11.3M | 15.09M | 606.71K | 1.29M | 786.66K | 292K | 0 | 0 | 312K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -81.26% | -96.01% | -7.74% | -22.79% | -17.35% | 20.36% | -25.12% | 2387.02% | -52.86% | 63.62% | 169.4% | - | - | -100% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 697.11K | 112.93K | 2.95M | 3.13M | 4.44M | 5.25M | 5.04M | 5.78M | 164.3K | 936.39K | 431.48K | 125K | 0 | 0 | 232K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 35.32% | 36.83% | 36.07% | 39.48% | 38.62% | 44.58% | 38.33% | 27.08% | 72.75% | 54.85% | 42.81% | - | - | 74.36% | - | - | - | - | - | - | - |
| Gross Profit | 647.66K | 206.79K | 5.06M | 5.55M | 6.8M | 8.35M | 6.26M | 9.3M | 442.41K | 350.77K | 355.18K | 167K | 0 | 0 | 80K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 48.16% | 64.68% | 63.17% | 63.93% | 60.52% | 61.38% | 55.42% | 61.67% | 72.92% | 27.25% | 45.15% | 57.19% | - | - | 25.64% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -95.91% | -8.85% | -18.44% | -18.52% | 33.31% | -32.7% | 2003.25% | 26.13% | -1.24% | 112.68% | - | - | -100% | - | - | - | - | - | - | - | - |
| Operating Expenses | 6.05M | 2.95M | 12.79M | 20.19M | 33.88M | 66.23M | 18.72M | 33.77M | 24.98M | 31.76M | 23.15M | 28.03M | 25.59M | 24.73M | 22.63M | 25.26M | 16.18M | 24.21M | 36.27M | 28.03M | 18.12M | 11.15M |
| OpEx % of Revenue | - | 923.9% | 159.69% | 232.62% | 301.42% | 486.99% | 165.67% | 223.78% | 4117.91% | 2467.35% | 2942.92% | 9600.68% | - | - | 7252.88% | - | - | - | - | - | - | - |
| Selling, General & Admin | 4.49M | 2.37M | 9.92M | 17.87M | 31.34M | 33.21M | 15.22M | 22.07M | 19.26M | 25.98M | 17.98M | 19.89M | 14.56M | 13.66M | 11.96M | 8.58M | 7.68M | 8.63M | 8.6M | 6.97M | 3.76M | 2.32M |
| SG&A % of Revenue | - | 739.9% | 123.93% | 205.95% | 278.85% | 244.21% | 134.71% | 146.27% | 3174.83% | 2018.68% | 2285.81% | 6812.33% | - | - | 3833.65% | - | - | - | - | - | - | - |
| Research & Development | 1.56M | 588.26K | 1.8M | 2.31M | 2.54M | 2.37M | 3.5M | 3.12M | 5.72M | 5.78M | 5.17M | 8.14M | 11.03M | 11.07M | 10.67M | 16.67M | 8.5M | 15.58M | 27.67M | 21.05M | 14.36M | 8.83M |
| R&D % of Revenue | - | 184% | 22.52% | 26.68% | 22.57% | 17.42% | 30.96% | 20.68% | 943.14% | 448.67% | 657.12% | 2788.36% | - | - | 3419.23% | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 1.06M | 0 | 0 | 30.65M | 0 | 8.57M | -10.64K | -652 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.4M | -2.75M | -7.73M | -14.64M | -27.08M | -57.88M | -12.46M | -24.46M | -38.55M | -31.41M | -22.8M | -27.87M | -25.59M | -24.73M | -22.55M | -25.26M | -16.18M | -24.21M | -36.27M | -28.03M | -18.12M | -11.15M |
| Operating Margin % | -401.91% | -859.22% | -96.53% | -168.69% | -240.91% | -425.6% | -110.25% | -162.11% | -6353.28% | -2440.1% | -2897.77% | -9543.49% | - | - | -7227.24% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 64.45% | 47.21% | 45.94% | 53.22% | -364.65% | 49.07% | 36.54% | -22.73% | -37.78% | 18.2% | -8.89% | -3.47% | -9.69% | 10.72% | -56.13% | 33.19% | 33.25% | -29.42% | -54.65% | -62.49% | - |
| EBITDA | -5.39M | -2.74M | -7.71M | -14.48M | -24.93M | -55.91M | -10.79M | -22.75M | -37.96M | -31.08M | -22.6M | -27.68M | -25.4M | -24.56M | -22.32M | -24.95M | -15.8M | -23.79M | -35.76M | -27.03M | -18.03M | -11.01M |
| EBITDA Margin % | -401.01% | -855.47% | -96.25% | -166.92% | -221.75% | -411.11% | -95.5% | -150.81% | -6257.51% | -2414.46% | -2873.37% | -9478.9% | - | - | -7154.49% | - | - | - | - | - | - | - |
| EBITDA Growth % | 29.99% | 64.51% | 46.8% | 41.89% | 55.42% | -418.17% | 52.58% | 40.06% | -22.16% | -37.49% | 18.33% | -8.95% | -3.44% | -10.02% | 10.54% | -57.92% | 33.57% | 33.47% | -32.27% | -49.97% | -63.74% | - |
| D&A (Non-Cash Add-back) | 12.1K | 11.98K | 22K | 154K | 2.15M | 1.97M | 1.67M | 1.71M | 581K | 330K | 192K | 188.61K | 188.9K | 174.63K | 226.99K | 303.97K | 375.76K | 424.35K | 513.06K | 992.37K | 95.85K | 143.23K |
| EBIT | -5.4M | -2.75M | -6.67M | -11.34M | -46.48M | -62.59M | -19.76M | -74.65M | -37.15M | -32.78M | -19.99M | -27.87M | -25.59M | -24.73M | -22.56M | -24.56M | -16.09M | -27.82M | -33.61M | -26.83M | -17.41M | -10.96M |
| Net Interest Income | -20.39K | -146.64K | 14K | 26K | -113K | -832K | -2.05M | -451K | -12K | -2.81K | -4.1M | -937.36K | -526.89K | -926.65K | -891.96K | -710.62K | -1.25M | -4.02M | -1.58M | -92.27K | 425.75K | -71.27K |
| Interest Income | 18K | 0 | 14K | 26K | 0 | 0 | 0 | 0 | 0 | 1.07K | 5.84K | 1.82K | 3.33K | 5.72K | 9.88K | 12.24K | 5.6K | 79.36K | 1.1M | 1.56M | 1.14M | 109.88K |
| Interest Expense | 38.39K | 146.64K | 0 | 0 | 113K | 832K | 2.05M | 451K | 12K | 3.87K | 4.1M | 939.18K | 530.22K | 932.36K | 901.84K | 722.86K | 1.26M | 4.1M | 2.68M | 1.65M | 710.11K | 181.15K |
| Other Income/Expense | -8.08M | -7.73M | 637K | 3.3M | -19.52M | -5.54M | -9.35M | -50.64M | -167.73K | -1.37M | -565.22K | 2.37M | -535.73K | -1.05M | -911.14K | -30.12K | -1.17M | -7.72M | -21.86K | -456.88K | 5.59K | 8.36K |
| Pretax Income | -13.48M | -10.48M | -7.09M | -11.34M | -46.59M | -63.42M | -21.81M | -75.1M | -38.71M | -36.13M | -23.36M | -25.5M | -26.13M | -25.78M | -23.46M | -25.29M | -17.35M | -31.93M | -36.29M | -28.48M | -18.12M | -11.14M |
| Pretax Margin % | -1002.59% | -3277.21% | -88.57% | -130.62% | -414.54% | -466.32% | -193.03% | -497.71% | -6380.93% | -2807.17% | -2969.62% | -8732.53% | - | - | -7519.23% | - | - | - | - | - | - | - |
| Income Tax | 8K | 0 | 39K | 52K | -380K | -274K | -181K | -893K | -3.45M | -2.31M | 0 | -2.56M | 347.1K | 872.37K | -226.99K | 740.74K | 0 | 0 | 1.6M | 549.15K | -431.34K | 62.91K |
| Effective Tax Rate % | -0.06% | 0% | -0.55% | -0.46% | 0.82% | 0.43% | 0.83% | 1.19% | 8.9% | 6.41% | 0% | 10.03% | -1.33% | -3.38% | 0.97% | -2.93% | 0% | 0% | -4.42% | -1.93% | 2.38% | -0.56% |
| Net Income | -13.25M | -10.26M | -7.13M | -11.39M | -46.21M | -63.15M | -21.63M | -74.21M | -81.15M | -33.82M | -23.36M | -25.5M | -26.13M | -25.78M | -23.46M | -26M | -17.35M | -31.93M | -37.87M | -28.58M | -17.69M | -11.22M |
| Net Margin % | -985.46% | -3209.75% | -89.06% | -131.22% | -411.16% | -464.31% | -191.43% | -491.8% | -13375.68% | -2627.34% | -2969.62% | -8732.53% | - | - | -7519.23% | - | - | - | - | - | - | - |
| Net Income Growth % | -282.68% | -43.93% | 37.38% | 75.36% | 26.81% | -191.94% | 70.85% | 8.56% | -139.97% | -44.76% | 8.39% | 2.41% | -1.35% | -9.89% | 9.76% | -49.87% | 45.67% | 15.7% | -32.54% | -61.53% | -57.74% | - |
| Net Income (Continuing) | -13.49M | -10.48M | -7.13M | -11.39M | -46.21M | -63.15M | -21.63M | -74.21M | -35.27M | -30.46M | -23.36M | -25.5M | -26.13M | -25.78M | -23.46M | -26M | -17.35M | -31.93M | -37.87M | -28.58M | -17.69M | -11.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.3M | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.24 | -4.75 | -345.74 | -2771.94 | -157897.00 | -419004.00 | -503023.26 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | 0.00 | -1720.86 | -2495.74 | -5975.16 | -18614.52 | -6523.84 | -33892.88 | -99144.62 | -83587.86 |
| EPS Growth % | 82.38% | 98.63% | 87.53% | 98.24% | 62.32% | 16.7% | 54.02% | 74.38% | 5.6% | 57.11% | -420.74% | -57.3% | - | 100% | 31.05% | 58.23% | 67.9% | -185.33% | 80.75% | 65.81% | -18.61% | - |
| EPS (Basic) | - | -4.75 | -345.74 | -2771.94 | -157897.00 | -419004.00 | -503023.26 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | 0.00 | -1720.86 | -2495.74 | -5975.16 | -18614.52 | -6523.84 | -33892.88 | -99144.62 | -83587.86 |
| Diluted Shares Outstanding | 5.92M | 2.16M | 20.62K | 4.11K | 293 | 151 | 43 | 22 | 9 | 8 | 0 | 8 | 8 | 0 | 13.63K | 10.42K | 2.9K | 1.72K | 5.8K | 843 | 178 | 134 |
| Basic Shares Outstanding | 5.92M | 2.16M | 20.62K | 4.11K | 293 | 151 | 43 | 22 | 9 | 8 | 0 | 8 | 8 | 0 | 13.63K | 10.42K | 2.9K | 1.72K | 5.8K | 843 | 178 | 134 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity exhaustion
As reported in recent financial statements, Vyome Holdings experienced a severe 96% year-over-year revenue decline, with quarterly top-line figures plummeting to approximately $31,600, signaling that the company has effectively lost its previous commercial or partnership-driven income streams and is now operating as a pre-revenue clinical entity.
The precipitous drop in revenue suggests that the company's prior income was likely tied to non-recurring milestone payments rather than a sustainable product-led model. This trajectory implies that the firm lacks a core commercial engine, leaving it entirely dependent on external capital to fund its ongoing research initiatives.
According to the company's income statement data, Vyome Holdings maintains a high fixed-cost structure where R&D and SG&A expenses consistently dwarf the minimal revenue, resulting in an operating margin of -35.8% in the most recent quarter despite significant efforts to curtail overall spending levels.
The company's cost structure appears misaligned with its current stage of development, as it continues to incur substantial administrative and research costs without a corresponding revenue base. Investors should monitor whether management can further reduce these baseline expenses, as the current burn rate appears unsustainable given the limited cash reserves.
Based on the provided quarterly figures, Vyome Holdings demonstrates a lack of operating leverage, as the company's inability to scale revenue has resulted in persistent operating losses that have consistently exceeded gross profit throughout the observed ten-quarter period, highlighting a fundamental disconnect between operational scale and profitability.
The absence of positive operating leverage suggests that the company's current business model is not yet optimized for commercial viability. Without a significant pivot or a successful clinical milestone, the firm may continue to struggle with high overhead costs that cannot be absorbed by its current, highly volatile revenue stream.
While the company's MDP platform offers theoretical differentiation in dermatology, the financial data indicates a critical cash runway of approximately $4.98 million, which, when viewed against the backdrop of persistent quarterly operating losses, suggests a high probability of insolvency or the necessity for highly dilutive financing.
Short-term observers may focus on the potential value of the intellectual property, but the income statement reveals a company that is rapidly depleting its remaining capital. The lack of a clear path to commercialization warrants further investigation into whether the firm can survive long enough to realize any value from its clinical pipeline.
Quick answers to the most common questions about buying HIND stock.
For fiscal year 2025, Vyome Holdings, Inc. (HIND) reported total revenue of $0.3M.
Vyome Holdings, Inc. (HIND) reported a net loss of $10.3M for the fiscal year ending 2025.
Vyome Holdings, Inc. (HIND) reported an operating income of $-2.7M, resulting in an operating profit margin of -859.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Vyome Holdings, Inc. (HIND) generated $0.2M in gross profit for the year, representing a gross profit margin of 64.7%. This demonstrates the company's core pricing power and production efficiency.