Revenue volatility remains a primary concern, with quarterly growth fluctuating significantly and gross margins frequently falling below the 20% threshold, as seen in the 11.9% margin reported in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Jan'09 | Jan'08 |
|---|
| Sales/Revenue | 5.3M | 5.28M | 6.02M | 6.5M | 4.47M | 1.92M | 1.48M | 3.75M | 3.07M | 2.19M | 3.35M | 3.61M | 2.82M | 940.01K | 659.76K | 505.67K | 0 |
| Revenue Growth % | -25.87% | -12.3% | -7.31% | 45.39% | 132.95% | 29.25% | -60.43% | 22.07% | 40.53% | -34.65% | -7.32% | 28.02% | 199.89% | 42.48% | 30.47% | - | - |
| Cost of Goods Sold | 3.82M | 4.01M | 4.72M | 5.43M | 3.5M | 1.09M | 991.56K | 2.87M | 2.39M | 1.61M | 2.73M | 3.23M | 2.15M | 587.75K | 505.53K | 490.6K | 0 |
| COGS % of Revenue | - | 75.89% | 78.38% | 83.56% | 78.45% | 56.62% | 66.82% | 76.5% | 77.8% | 73.74% | 81.58% | 89.5% | 76.41% | 62.53% | 76.62% | 97.02% | - |
| Gross Profit | 1.48M | 1.27M | 1.3M | 1.07M | 963.5K | 832.25K | 492.68K | 881.41K | 681.57K | 573.53K | 615.87K | 378.5K | 664.51K | 352.26K | 154.23K | 15.07K | 0 |
| Gross Margin % | 27.92% | 24.11% | 21.62% | 16.44% | 21.56% | 43.39% | 33.2% | 23.5% | 22.19% | 26.24% | 18.41% | 10.49% | 23.57% | 37.47% | 23.38% | 2.98% | - |
| Gross Profit Growth % | - | -2.24% | 21.96% | 10.8% | 15.77% | 68.93% | -44.1% | 29.32% | 18.84% | -6.87% | 62.71% | -43.04% | 88.64% | 128.4% | 923.61% | - | - |
| Operating Expenses | 4.44M | 4.5M | 5.37M | 5.11M | 4.29M | 3.56M | 1.72M | 1.75M | 4.02M | 5.53M | 6.58M | 4.22M | 4.09M | 2.29M | 1.9M | 51.57K | 43.49K |
| OpEx % of Revenue | - | 85.22% | 89.22% | 78.64% | 96.08% | 185.51% | 115.97% | 46.75% | 130.83% | 253.11% | 196.56% | 117.01% | 145.23% | 243.08% | 287.83% | 10.2% | - |
| Selling, General & Admin | 278.38K | 4.33M | 5.01M | 4.31M | 4.29M | 3.56M | 1.72M | 1.75M | 4.02M | 5.53M | 6.58M | 4.22M | 4.09M | 2.29M | 0 | 40.27K | 43.49K |
| SG&A % of Revenue | - | 81.98% | 83.19% | 66.37% | 96.08% | 185.51% | 115.97% | 46.75% | 130.83% | 253.11% | 196.56% | 117.01% | 145.23% | 243.08% | - | 7.96% | - |
| Research & Development | 167.8K | 170.8K | 363.35K | 797.11K | 0 | 0 | 0 | 0 | 264.77K | 304.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.23% | 6.03% | 12.27% | - | - | - | - | 8.62% | 13.91% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -350 | 0 | 0 | 0 | 0 | 0 | 0 | -304K | 0 | 0 | 0 | 0 | 1.9M | 0 | 0 |
| Operating Income | -2.96M | -3.23M | -4.07M | -4.04M | -3.33M | -2.73M | -1.23M | -871.61K | -3.34M | -4.96M | -6.8M | -3.85M | -4.38M | -1.93M | -1.75M | -36.5K | -43.49K |
| Operating Margin % | -55.8% | -61.11% | -67.6% | -62.21% | -74.51% | -142.08% | -82.82% | -23.24% | -108.63% | -226.9% | -203.29% | -106.54% | -155.55% | -205.53% | -264.49% | -7.22% | - |
| Operating Income Growth % | - | 20.72% | -0.72% | -21.38% | -22.17% | -121.72% | -41% | 73.88% | 32.72% | 27.06% | -76.85% | 12.31% | -126.97% | -10.72% | -4680.69% | 16.08% | - |
| EBITDA | -2.94M | -3.21M | -4.04M | -4.02M | -3.31M | -2.71M | -1.2M | -847.1K | -3.15M | -4.73M | -6.58M | -3.63M | -4.13M | -1.85M | -1.66M | 12.56K | -36.42K |
| EBITDA Margin % | -55.48% | -60.7% | -67.07% | -61.9% | -74.11% | -141.29% | -81.09% | -22.59% | -102.39% | -216.58% | -196.65% | -100.49% | -146.48% | -196.72% | -252.28% | 2.48% | - |
| EBITDA Growth % | 22.8% | 20.63% | -0.42% | -21.44% | -22.19% | -125.21% | -42.05% | 73.07% | 33.56% | 28.03% | -81.38% | 12.17% | -123.31% | -11.1% | -13349.9% | 134.49% | - |
| D&A (Non-Cash Add-back) | 11.58K | 21.58K | 31.8K | 19.75K | 17.8K | 15.02K | 25.7K | 24.51K | 191.51K | 225.53K | 221.9K | 218.23K | 255.69K | 82.84K | 80.55K | 49.06K | 7.08K |
| EBIT | -2.91M | -3.13M | -3.92M | -4.12M | -3.29M | -2.73M | -1.2M | -785.88K | -3.38M | -5.16M | -6.79M | -3.85M | -4.38M | -1.93M | -1.75M | -36.5K | -43.49K |
| Net Interest Income | 42.69K | 25.43K | 87.55K | 124.63K | 4.07K | -273K | -398K | -119K | -377K | -463K | -81.49K | -78.95K | -30.57K | -15.88K | -32.89K | 0 | 0 |
| Interest Income | 79.01K | 61.94K | 113.73K | 131.88K | 57.4K | 354 | 914 | 758 | 20.44K | 15.84K | 2.13K | 806 | 996 | 1.04K | 1.18K | 0 | 0 |
| Interest Expense | 36.32K | 36.51K | 26.18K | 7.25K | 53.32K | 273.65K | 398.76K | 120.22K | 397.14K | 478.58K | 83.63K | 79.76K | 31.56K | 16.92K | 34.07K | 0 | 7.08K |
| Other Income/Expense | 50.25K | 59.27K | 121.39K | -83.48K | -13.05K | -273K | -374K | -34.49K | -435K | -682K | -71.23K | -79.48K | -30.57K | -15.88K | -32.89K | 36.5K | -7.08K |
| Pretax Income | -2.91M | -3.17M | -3.95M | -4.12M | -3.34M | -3M | -1.6M | -906.1K | -3.77M | -5.64M | -6.87M | -3.92M | -4.42M | -1.95M | -1.78M | 0 | -50.57K |
| Pretax Margin % | -54.85% | -59.99% | -65.58% | -63.49% | -74.8% | -156.36% | -107.95% | -24.16% | -122.79% | -258.05% | -205.41% | -108.73% | -156.65% | -207.23% | -269.49% | - | - |
| Income Tax | 30.48K | 30.48K | 32.38K | 18.31K | 2.95K | 0 | 0 | 8.01K | 12.57K | 15.83K | -69.34K | -82.5K | 47.03K | -1.04K | 0 | 36.5K | 0 |
| Effective Tax Rate % | -1.05% | -0.96% | -0.82% | -0.44% | -0.09% | 0% | 0% | -0.88% | -0.33% | -0.28% | 1.01% | 2.1% | -1.06% | 0.05% | 0% | - | 0% |
| Net Income | -2.94M | -3.2M | -3.98M | -4.14M | -3.35M | -3M | -1.6M | -914.11K | -3.79M | -5.66M | -6.8M | -3.84M | -4.46M | -1.95M | -1.78M | -36.5K | -50.57K |
| Net Margin % | -55.43% | -60.57% | -66.12% | -63.77% | -74.87% | -156.36% | -107.95% | -24.38% | -123.21% | -258.78% | -203.35% | -106.46% | -158.32% | -207.23% | -269.49% | -7.22% | - |
| Net Income Growth % | 22.12% | 19.67% | 3.9% | -23.85% | -11.54% | -87.2% | -75.25% | 75.85% | 33.09% | 16.83% | -77.04% | 13.91% | -129.11% | -9.56% | -4771.1% | 27.82% | - |
| Net Income (Continuing) | -2.94M | -3.2M | -3.98M | -4.14M | -3.35M | -3M | -1.6M | -914.11K | -3.79M | -5.66M | -6.8M | -3.84M | -4.46M | -1.95M | -1.78M | -36.5K | -50.57K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.96 | -1.05 | -1.81 | -2.07 | -2.08 | -2.72 | -1.92 | -1.15 | -8.79 | -13.26 | -16.38 | -1.60 | -2.25 | -1.12 | -1.15 | -0.16 | -0.14 |
| EPS Growth % | 34.72% | 41.99% | 12.56% | 0.48% | 23.53% | -41.67% | -66.96% | 86.92% | 33.71% | 19.05% | -923.75% | 28.89% | -100.89% | 2.61% | -618.75% | -14.29% | - |
| EPS (Basic) | - | -1.05 | -1.81 | -2.07 | -2.08 | -2.72 | -1.92 | -1.15 | -8.79 | -13.26 | -16.38 | -1.61 | -2.25 | -1.12 | -1.15 | -0.16 | -0.14 |
| Diluted Shares Outstanding | 3.05M | 3.05M | 2.2M | 2M | 1.61M | 1.12M | 808.11K | 792.09K | 430.76K | 426.71K | 415.18K | 2.38M | 1.98M | 1.75M | 1.55M | 418.13K | 373.25K |
| Basic Shares Outstanding | 3.05M | 3.05M | 2.2M | 2M | 1.61M | 1.12M | 808.11K | 792.09K | 430.76K | 426.71K | 415.18K | 2.38M | 1.98M | 1.75M | 1.55M | 418.13K | 373.25K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Negative Operating Margins
As evidenced by the quarterly financial data, Iveda Solutions has struggled to maintain a consistent top-line trajectory, with revenue fluctuating significantly and showing a recent contraction, which suggests that the company's reliance on lumpy, project-based municipal contracts prevents the establishment of a predictable, linear growth profile.
The erratic revenue performance across the last ten quarters highlights a fundamental challenge in transitioning from sporadic hardware-heavy deployments to a stable software-as-a-service model. Investors should monitor whether the company can secure recurring revenue streams that are less sensitive to the cyclical nature of government procurement cycles.
Based on reported figures, the company's gross margin has frequently dipped below 20%, indicating that the cost of goods sold is heavily burdened by hardware-related expenses rather than high-margin software licensing, which limits the firm's ability to achieve the profitability levels typical of pure-play AI technology providers.
The inability to consistently expand gross margins suggests that the Cerebro platform may not yet possess the pricing power required to offset the costs of third-party hardware integration. This margin profile warrants further investigation into whether the current business model can ever achieve the economies of scale necessary for long-term viability.
According to the income statement analysis, operating expenses continue to outpace gross profit generation, resulting in persistent operating losses that suggest the company has yet to achieve the necessary operating leverage to scale its infrastructure without incurring significant, ongoing losses that erode shareholder value over time.
The deep negative operating margins indicate that the company's fixed cost base, particularly regarding personnel and R&D, is disproportionate to its current revenue scale. Without a significant inflection in revenue growth, the company appears to be trapped in a cycle of high overhead that prevents the realization of operational efficiency.
Financial statements reveal a concerning trend where the company's reliance on low-margin hardware sales, combined with a lack of consistent profitability, suggests that the current business model may be fundamentally unsustainable without frequent capital infusions or a radical shift toward higher-margin, recurring software-based revenue streams.
Short-sellers would likely focus on the persistent cash burn and the company's inability to convert its AI-focused narrative into tangible, scalable operating income. The disconnect between the company's technological positioning and its industrial-scale financial performance suggests that the market may be overestimating the potential for near-term profitability.
Quick answers to the most common questions about buying IVDA stock.
For fiscal year 2025, Iveda Solutions, Inc. (IVDA) reported total revenue of $5.3M.
Iveda Solutions, Inc. (IVDA) reported a net loss of $3.2M for the fiscal year ending 2025.
Iveda Solutions, Inc. (IVDA) reported an operating income of $-3.2M, resulting in an operating profit margin of -61.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Iveda Solutions, Inc. (IVDA) generated $1.3M in gross profit for the year, representing a gross profit margin of 24.1%. This demonstrates the company's core pricing power and production efficiency.