Revenue growth remains inconsistent, fluctuating between 22% and 53% over the last two years, while gross margins have eroded significantly from 59% in 2023Q1 to 22.4% in 2025Q2.
| Sales/Revenue | 321.23M | 392.69M | 290.3M | 203.55M | 487.94M | 358.65M | 216.09M | 75.62M |
| Revenue Growth % | 37.1% | 35.27% | 42.62% | -58.28% | 36.05% | 65.97% | 185.77% | - |
| Cost of Goods Sold | 243.47M | 310.79M | 224.85M | 129.3M | 264.68M | 108.62M | 82.4M | 1.96M |
| COGS % of Revenue | - | 79.14% | 77.46% | 63.52% | 54.24% | 30.29% | 38.13% | 2.59% |
| Gross Profit | 77.76M | 81.9M | 65.45M | 74.25M | 223.26M | 250.03M | 133.69M | 73.66M |
| Gross Margin % | 24.21% | 20.86% | 22.54% | 36.48% | 45.76% | 69.71% | 61.87% | 97.41% |
| Gross Profit Growth % | - | 25.13% | -11.86% | -66.74% | -10.71% | 87.01% | 81.5% | - |
| Operating Expenses | 81.15M | 79.36M | 203.6M | 151.19M | 361.6M | 171.18M | 101.45M | 63.91M |
| OpEx % of Revenue | - | 20.21% | 70.14% | 74.28% | 74.11% | 47.73% | 46.95% | 84.52% |
| Selling, General & Admin | 23.64M | 21.93M | 26.78M | 72.05M | 31.76M | 25.32M | 15.01M | 6.07M |
| SG&A % of Revenue | - | 5.59% | 9.22% | 35.4% | 6.51% | 7.06% | 6.95% | 8.03% |
| Research & Development | 57.51M | 55.41M | 174.39M | 78.66M | 331.27M | 145.35M | 86.05M | 57.84M |
| R&D % of Revenue | - | 14.11% | 60.07% | 38.64% | 67.89% | 40.53% | 39.82% | 76.49% |
| Other Operating Expenses | -1.21K | 2.02M | 2.43M | 484.75K | -1.44M | 515.35K | 394.15K | 0 |
| Operating Income | -3.39M | 2.53M | -138.16M | -76.94M | -138.34M | 78.85M | 32.24M | 9.75M |
| Operating Margin % | -1.05% | 0.65% | -47.59% | -37.8% | -28.35% | 21.98% | 14.92% | 12.89% |
| Operating Income Growth % | - | 101.83% | -79.58% | 44.39% | -275.45% | 144.55% | 230.81% | - |
| EBITDA | -2.89M | 4.17M | -136.2M | -69.7M | -129.9M | 85.52M | 34.78M | 10.54M |
| EBITDA Margin % | -0.9% | 1.06% | -46.92% | -34.24% | -26.62% | 23.85% | 16.1% | 13.94% |
| EBITDA Growth % | 98.36% | 103.06% | -95.42% | 46.35% | -251.89% | 145.88% | 229.91% | - |
| D&A (Non-Cash Add-back) | 500.44K | 1.64M | 1.95M | 7.24M | 8.43M | 6.67M | 2.54M | 796.45K |
| EBIT | -3.39M | 2.53M | -138.22M | -77.31M | -142.75M | 78.85M | 32.24M | 9.75M |
| Net Interest Income | 297.66M | 43.17M | 23.25M | 3.36M | 1.67M | 626.8K | -312.4K | -570.09K |
| Interest Income | 297.66M | 43.17M | 23.25M | 3.36M | 1.67M | 626.8K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 312.4K | 570.09K |
| Other Income/Expense | 299.02M | -51.34M | 76.46M | -8.79M | 1.05M | 1.6M | -99.42K | 510.42K |
| Pretax Income | 295.64M | -48.81M | -61.69M | -85.73M | -137.29M | 80.45M | 32.14M | 10.26M |
| Pretax Margin % | 92.03% | -12.43% | -21.25% | -42.12% | -28.14% | 22.43% | 14.87% | 13.56% |
| Income Tax | 10.92K | 0 | 2.54M | -4.14M | -826.14K | -794.8K | 312.22K | 0 |
| Effective Tax Rate % | 0% | 0% | -4.11% | 4.83% | 0.6% | -0.99% | 0.97% | 0% |
| Net Income | 295.27M | -51.28M | -63.32M | -81.38M | -136.75M | 81.24M | 31.83M | 10.26M |
| Net Margin % | 91.92% | -13.06% | -21.81% | -39.98% | -28.03% | 22.65% | 14.73% | 13.56% |
| Net Income Growth % | 270.25% | 19.02% | 22.19% | 40.49% | -268.32% | 155.24% | 210.33% | - |
| Net Income (Continuing) | 295.63M | -48.81M | -64.23M | -81.59M | -136.46M | 81.24M | 31.83M | 10.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -573.35K | 5.18M | -823.25K | 86.2K | 291.92K | -66 | 0 | 0 |
| EPS (Diluted) | 54.90 | -3.92 | -43.47 | -750.97 | -1362.63 | 123.10 | 48.23 | 15.54 |
| EPS Growth % | 154.18% | 90.98% | 94.21% | 44.89% | -1206.93% | 155.24% | 210.36% | - |
| EPS (Basic) | - | -3.92 | -43.47 | -750.97 | -1362.63 | 123.10 | 48.23 | 15.54 |
| Diluted Shares Outstanding | 5.38M | 13.18M | 1.46M | 1.08M | 1M | 6.6M | 6.6M | 6.6M |
| Basic Shares Outstanding | 5.38M | 13.18M | 1.46M | 1.08M | 1M | 6.6M | 6.6M | 6.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High operating margin volatility
As reported in recent financial filings, HOLO's revenue trajectory remains highly erratic, with quarterly growth rates fluctuating significantly between 22% and 53% over the last two years, suggesting that the company's reliance on project-based holographic solutions lacks the predictability of a recurring revenue model.
The volatility in top-line performance indicates that revenue is likely tied to lumpy, non-recurring implementation cycles rather than sustained market adoption. Investors should monitor whether the company can transition toward a more stable licensing model to reduce its dependence on sporadic hardware deployment contracts.
Based on the provided income statement data, gross margins have experienced a notable decline from 59% in early 2023 to approximately 22% in recent periods, reflecting potential pricing pressure or an unfavorable shift toward lower-margin hardware integration within the company's holographic solutions segment.
This contraction in gross profitability suggests that the company may be sacrificing pricing power to secure market share in the competitive Chinese automotive sector. The inability to maintain higher margins implies that the firm's holographic technology may not yet command the premium status required for sustainable profitability.
According to historical income statements, HOLO has failed to demonstrate meaningful operating leverage, as evidenced by deep operating losses that reached -104% of revenue in 2024Q2, indicating that SG&A and R&D expenses are scaling disproportionately to the company's top-line growth.
The persistent gap between revenue expansion and operating expenses suggests that the current business model is not yet optimized for scale. Without a clear path to controlling these overhead costs, the company may continue to face significant challenges in achieving break-even status despite its aggressive revenue targets.
As indicated by the provided financial statements, the company's net income has swung wildly from deep losses to significant positive figures, a trend that warrants further investigation into the non-operating items or accounting adjustments that may be distorting the true underlying profitability of the business.
The extreme variance in net income, particularly the sudden shift to positive figures in recent quarters, suggests that reported earnings may not reflect core operational performance. Analysts should be cautious of these fluctuations, as they may mask underlying cash burn and the lack of consistent, recurring operational income.
Based on reported figures, the company's reliance on high-cost R&D to drive growth, coupled with a -47.59% operating margin, suggests that short-sellers may focus on the potential for future liquidity constraints if the current burn rate is not matched by a rapid improvement in unit economics.
The disconnect between the company's large cash position and its inability to generate positive operating income raises questions about the efficiency of capital deployment. There is a risk that the current growth strategy is unsustainable if the market for holographic digital twins fails to mature as anticipated.
Quick answers to the most common questions about buying HOLO stock.
For fiscal year 2025, MicroCloud Hologram Inc. (HOLO) reported total revenue of $392.7M. This represents a 419.3% increase compared to $75.6M in 2019.
MicroCloud Hologram Inc. (HOLO) reported a net loss of $51.3M for the fiscal year ending 2025.
MicroCloud Hologram Inc. (HOLO) reported an operating income of $2.5M, resulting in an operating profit margin of 0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MicroCloud Hologram Inc. (HOLO) generated $81.9M in gross profit for the year, representing a gross profit margin of 20.9%. This demonstrates the company's core pricing power and production efficiency.