Revenue has plummeted to $0 as of 2026Q1, yet the company continues to report positive net income, suggesting earnings are driven by non-operating accounting adjustments rather than core business performance.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.09M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 4.09M | -103K | 6.3M | 10.07M | 6.6M | 4.95M | 5.37M | 6.57M | 4.88M | 4.24M | 4.49M | 4.32M | 4.68M | 7.04M | 5.12M | 4.41M | 4.24M | 55K | -71K | 586K | 2.03M | 1.42M | 5.91M | 7.81M | 5.3M | 7.11M | 8.76M | 15.97M | 9M | 12.49M | 6.4M |
| Gross Margin % | 100% | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 98.61% | 98.94% | 98.78% | 98.71% | 99.15% | 98.79% | 22.36% | -22.9% | 44.09% | 100% | 100% | 100% | 100% | 100% | 53.94% | 100% | 100% | 60.81% | 100% | 71.11% |
| Gross Profit Growth % | - | -101.64% | -37.45% | 52.53% | 33.29% | -7.82% | -18.27% | 34.71% | 15.18% | -5.72% | 4.15% | -7.78% | -33.56% | 37.65% | 16.04% | 3.99% | 7609.09% | 177.46% | -112.12% | -71.19% | 42.84% | -75.88% | -24.43% | 47.49% | -25.51% | -18.82% | -45.13% | 77.42% | -27.93% | 95.11% | 8.47% |
| Operating Expenses | 3.13M | 280K | 6.71M | 11.53M | 8.23M | 6.53M | 6.96M | 8.16M | 6.69M | 5.58M | 5.79M | 5.73M | 6.2M | 9.39M | 6.51M | 5.8M | 5.63M | 1.33M | 1.55M | 2.02M | 2.75M | 2.45M | 5.17M | 4.56M | 5.25M | 7.92M | 4.65M | 6.77M | 1.14M | 13.18M | 7.05M |
| OpEx % of Revenue | - | - | 106.54% | 114.5% | 124.63% | 131.86% | 129.57% | 124.16% | 137.09% | 131.81% | 128.75% | 131.01% | 131.04% | 131.69% | 125.64% | 130.36% | 131.29% | 539.02% | 501.29% | 151.99% | 135.05% | 172.05% | 87.6% | 58.36% | 99.06% | 60.04% | 53.1% | 42.38% | 7.68% | 105.51% | 78.37% |
| Selling, General & Admin | 315K | 280K | 412K | 1.46M | 1.63M | 1.58M | 1.59M | 1.59M | 1.18M | 1.1M | 1.03M | 1.17M | 1.26M | 1.56M | 1.15M | 1.3M | 1.34M | 1.29M | 1.49M | 1.79M | 472K | 642K | 563K | 779K | 1.04M | 739K | 1.55M | 747K | 800K | 973K | 1.32M |
| SG&A % of Revenue | - | - | 6.54% | 14.5% | 24.63% | 31.86% | 29.57% | 24.16% | 24.16% | 25.91% | 23.03% | 26.74% | 26.75% | 21.94% | 22.17% | 29.14% | 31.29% | 522.76% | 481.94% | 134.69% | 23.21% | 45.08% | 9.53% | 9.97% | 19.57% | 5.6% | 17.68% | 4.68% | 5.41% | 7.79% | 14.62% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 952K | -383K | -412K | -1.46M | -1.63M | -1.58M | -1.59M | -1.59M | -1.81M | -1.35M | -1.29M | -1.42M | -1.52M | -2.35M | -1.4M | -1.39M | -1.4M | -1.27M | -1.63M | -1.43M | -713K | -1.03M | 732K | 3.25M | 50K | -805K | 4.11M | 9.2M | 7.86M | -688K | -653K |
| Operating Margin % | 23.29% | - | -6.54% | -14.5% | -24.63% | -31.86% | -29.57% | -24.16% | -37.09% | -31.81% | -28.75% | -32.4% | -32.1% | -32.91% | -26.93% | -31.21% | -32.5% | -516.67% | -524.19% | -107.9% | -35.05% | -72.05% | 12.4% | 41.64% | 0.94% | -6.11% | 46.9% | 57.62% | 53.14% | -5.51% | -7.26% |
| Operating Income Growth % | - | 7.04% | 71.78% | 10.21% | -3.04% | 0.69% | -0.06% | 12.27% | -34.27% | -4.33% | 8.89% | 6.59% | 35.29% | -68.05% | -0.58% | 0.5% | -9.76% | 21.78% | -13.32% | -101.12% | 30.51% | -240.16% | -77.5% | 6408% | 106.21% | -119.59% | -55.34% | 16.99% | 1243.02% | -5.36% | 27.44% |
| EBITDA | 5.08M | 5.05M | 5.89M | 8.61M | 4.98M | 3.38M | 3.78M | 4.99M | 3.07M | 2.89M | 3.2M | 2.96M | 3.21M | 10.59M | 3.75M | 3.01M | -1.38M | -1.08M | -1.37M | -641K | 276K | 16K | 2.12M | 5.42M | 1.92M | 2.13M | 6.56M | 12.17M | 10.16M | 1.03M | 608K |
| EBITDA Margin % | 124.25% | - | 93.46% | 85.5% | 75.37% | 68.14% | 70.43% | 75.84% | 62.91% | 68.19% | 71.25% | 67.6% | 67.9% | 148.51% | 72.35% | 67.62% | -32.08% | -441.06% | -441.94% | -48.23% | 13.57% | 1.12% | 35.97% | 69.35% | 36.18% | 16.12% | 74.87% | 76.2% | 68.68% | 8.25% | 6.76% |
| EBITDA Growth % | -10.09% | -14.2% | -31.63% | 73.03% | 47.44% | -10.81% | -24.11% | 62.41% | 6.27% | -9.78% | 8.25% | -7.88% | -69.67% | 182.32% | 24.71% | 318.37% | -26.91% | 20.8% | -113.73% | -332.25% | 1625% | -99.25% | -60.8% | 182.68% | -9.79% | -67.6% | -46.09% | 19.71% | 886.8% | 69.41% | 102.67% |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18K | 186K | 255K | 793K | 989K | 1.04M | 1.39M | 2.17M | 1.87M | 2.93M | 2.45M | 2.97M | 2.3M | 1.72M | 1.26M |
| EBIT | 5.08M | 5.05M | 5.89M | 8.61M | 4.98M | 3.38M | 3.78M | 4.99M | 3.07M | 2.89M | 3.2M | 2.96M | 3.21M | 10.59M | 3.75M | 3.01M | 2.89M | 3.29M | 7.25M | 3.23M | -713K | -1.03M | 732K | -126K | 5.3M | -805K | 4.11M | 9.2M | 7.86M | -688K | -653K |
| Net Interest Income | 2.73M | 5.43M | 6.3M | 10.07M | 6.6M | 4.95M | 5.37M | 6.57M | 4.88M | 4.24M | 4.49M | 3.72M | 4.02M | 5.14M | 3.9M | 3.24M | 3.18M | 2.78M | 950K | 1.08M | 3.4M | 4.13M | 0 | 0 | -4.45M | -5.88M | 0 | 0 | -5.6M | 0 | -2.3M |
| Interest Income | 2.73M | 5.43M | 6.3M | 10.07M | 6.6M | 4.95M | 5.37M | 6.57M | 4.88M | 4.24M | 4.49M | 4.38M | 4.73M | 7.13M | 5.18M | 4.45M | 4.29M | 4.66M | 2.99M | 4.72M | 3.4M | 4.13M | 0 | 0 | 270K | 194K | 0 | 0 | 200K | 0 | 300K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 652K | 706K | 1.99M | 1.28M | 1.21M | 1.12M | 1.88M | 2.04M | 3.64M | 0 | 0 | 0 | 0 | 4.72M | 6.07M | 0 | 0 | 5.8M | 0 | 2.6M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 5.08M | 5.05M | 5.89M | 8.61M | 4.98M | 4.55M | 5.33M | 5.22M | 10.39M | 3.14M | 3.2M | 2.31M | 2.5M | 8.6M | 2.47M | 1.8M | 1.78M | 1.41M | 5.21M | -413K | -702K | 995K | 732K | 109K | 50K | 0 | 4.11M | 9.2M | 0 | -688K | 0 |
| Pretax Margin % | 124.25% | - | 93.46% | 85.5% | 75.37% | 91.94% | 99.27% | 79.45% | 212.97% | 74.09% | 71.25% | 52.7% | 52.97% | 120.59% | 47.58% | 40.39% | 41.43% | 573.17% | 1681.29% | -31.08% | -34.51% | 69.87% | 12.4% | 1.39% | 0.94% | - | 46.9% | 57.62% | - | -5.51% | - |
| Income Tax | 1.07M | 1.06M | 1.24M | 1.61M | 1.04M | 956K | 1.12M | 1.08M | 2.18M | 1.63M | 1.12M | 807K | 946K | 3.06M | 876K | 815K | -52K | 493K | -7.52M | 113K | -350K | -167K | -1.2M | 1.47M | 2.06M | 0 | 8.2M | 7.9M | 0 | -4M | 0 |
| Effective Tax Rate % | 21.01% | 21.01% | 21% | 18.69% | 21% | 20.99% | 21% | 20.64% | 21% | 51.96% | 35.01% | 35% | 37.76% | 35.63% | 35.52% | 45.38% | -2.92% | 34.96% | -144.36% | -27.36% | 49.86% | -16.78% | -163.39% | 1350.46% | 4124% | - | 199.44% | 85.87% | - | 582.12% | - |
| Net Income | 4.01M | 3.99M | 4.65M | 7M | 3.93M | 3.6M | 4.21M | 4.14M | 8.21M | 1.51M | 2.08M | 1.5M | 1.56M | 5.52M | 1.52M | 669K | 1.84M | 920K | 26.71M | -735K | 172K | 1.38M | 5.43M | 1.35M | 2.08M | -3.46M | 16.79M | 1.32M | -679K | 3.32M | -568K |
| Net Margin % | 98.14% | - | 73.84% | 69.52% | 59.54% | 72.64% | 78.43% | 63.05% | 168.24% | 35.59% | 46.31% | 34.26% | 32.97% | 77.4% | 29.35% | 15.04% | 42.82% | 373.98% | 8615.81% | -55.3% | 8.46% | 96.7% | 91.92% | 17.23% | 39.35% | -26.26% | 191.69% | 8.28% | -4.59% | 26.56% | -6.31% |
| Net Income Growth % | -10.11% | -14.21% | -33.57% | 78.1% | 9.26% | -14.62% | 1.66% | -49.51% | 444.43% | -27.53% | 38.83% | -3.85% | -71.75% | 262.79% | 127.35% | -63.6% | 99.78% | -96.56% | 3733.88% | -527.33% | -87.51% | -74.63% | 303.27% | -35.44% | 160.23% | -120.61% | 1170.35% | 294.7% | -120.47% | 683.98% | 36.89% |
| Net Income (Continuing) | 4.01M | 3.99M | 4.65M | 7M | 3.93M | 3.6M | 4.21M | 4.14M | 8.21M | 1.51M | 2.08M | 1.5M | 1.56M | 5.53M | 1.59M | 981K | 1.83M | 917K | 12.74M | -526K | -477K | 1.07M | 1.93M | 2.68M | -2.01M | -1.36M | -4.09M | 1.3M | -679K | 3.32M | -568K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16K | -69K | -312K | 8K | 0 | 13.97M | -209K | 649K | 310K | 3.5M | 0 | 4.1M | -2.1M | 20.88M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | -2K | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 677K | 605K | 513K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.99 | 0.98 | 1.14 | 1.68 | 0.94 | 0.86 | 1.01 | 0.99 | 1.97 | 0.36 | 0.50 | 0.36 | 0.37 | 1.32 | 0.36 | 0.16 | 0.44 | 0.22 | 6.41 | -0.18 | 0.04 | 0.33 | 1.30 | 0.31 | 0.48 | -0.77 | 3.68 | 0.29 | -0.15 | 0.73 | -0.12 |
| EPS Growth % | -9.26% | -14.04% | -32.14% | 78.72% | 9.3% | -14.85% | 2.02% | -49.75% | 447.22% | -28% | 38.89% | -2.7% | -71.97% | 266.67% | 125% | -63.64% | 100% | -96.57% | 3661.11% | -550% | -87.88% | -74.62% | 319.35% | -35.42% | 162.34% | -120.92% | 1168.97% | 293.33% | -120.55% | 708.33% | 36.84% |
| EPS (Basic) | - | 0.98 | 1.14 | 1.68 | 0.94 | 0.86 | 1.01 | 0.99 | 1.97 | 0.36 | 0.50 | 0.36 | 0.37 | 1.32 | 0.36 | 0.16 | 0.44 | 0.22 | 6.41 | -0.18 | 0.04 | 0.33 | 1.30 | 0.31 | 0.48 | -0.77 | 3.68 | 0.29 | -0.15 | 0.73 | -0.12 |
| Diluted Shares Outstanding | 4.07M | 4.07M | 4.08M | 4.16M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.32M | 4.48M | 4.48M | 4.57M | 4.58M | 4.57M | 4.61M | 4.74M |
| Basic Shares Outstanding | 4.07M | 4.07M | 4.08M | 4.16M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.17M | 4.32M | 4.48M | 4.48M | 4.57M | 4.58M | 4.57M | 4.56M | 4.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.08% | 68.68% | - | 17.09% | - |
Total loss of revenue
As indicated by the most recent quarterly financial filings, IOR's revenue has plummeted to zero, representing a total cessation of the company's historical income-generating activities and confirming its transition into a dormant holding vehicle for legacy land assets within the broader Pillar-managed real estate ecosystem.
The abrupt shift to zero revenue suggests that the entity no longer functions as an active mortgage or real estate investment firm. Investors should interpret this as a complete pivot away from operational business models, likely leaving the entity as a shell for potential future asset liquidations.
Based on reported income statements, IOR consistently records positive net income despite generating zero revenue, a phenomenon that suggests earnings are driven entirely by non-operating items or inter-company accounting adjustments rather than sustainable, recurring business performance or core operational profitability.
The persistent gap between operating losses and positive net income warrants extreme caution, as it implies that the company's bottom line is disconnected from its actual business health. This pattern often indicates that reported earnings are artifacts of related-party transactions or asset revaluations rather than genuine cash-generative success.
According to the latest financial data, IOR continues to incur administrative expenses despite the total absence of top-line revenue, highlighting a structural cost burden that appears to be entirely disconnected from any productive commercial activity or revenue-generating capacity within the current corporate framework.
The presence of SG&A expenses in the absence of revenue suggests that the company is burning through its limited cash reserves simply to maintain its public listing and corporate structure. This cost profile is unsustainable without periodic capital injections or asset sales, which remain the only apparent sources of liquidity.
With cash reserves reported at a nominal $6,000, the company's financial position appears critically strained, suggesting that IOR lacks the independent liquidity required to sustain its own operations without ongoing, opaque support from its affiliated entities within the Pillar real estate management group.
The extreme lack of cash reserves indicates that the company is effectively a 'zombie' entity that relies on the strategic interests of its affiliates for survival. Any disruption in the related-party support network could lead to an immediate liquidity crisis, rendering the company unable to meet even basic administrative obligations.
Quick answers to the most common questions about buying IOR stock.
Income Opportunity Realty Investors, Inc. (IOR) is profitable, generating $4.0M in net income for the fiscal year ending 2025.