Revenue performance remains highly unstable, swinging from a 54.9% growth rate in 2025Q1 to a 22.3% contraction by 2025Q3, while gross margins collapsed to negative 1.2% in the most recent quarter.
| Metric | TTM | 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 | Dec'95 |
|---|
| Sales/Revenue | 46.97M | 71.24M | 0 | 0 | 19.5M | 17.48M | 21.53M | 33.24M | 26.43M | 24.91M | 28.21M | 26.3M | 27.75M | 20.17M | 17.23M | 30.01M | 28.77M | 31.41M | 24.43M | 21.89M | 19.6M | 20.99M | 26.14M | 24.82M | 19.93M | 12.83M | 9.3M | 8.7M | 13.3M | 14.7M | 15.5M |
| Revenue Growth % | 49.38% | - | - | -100% | 11.56% | -18.79% | -35.23% | 25.75% | 6.09% | -11.69% | 7.25% | -5.22% | 37.58% | 17.07% | -42.57% | 4.3% | -8.39% | 28.55% | 11.59% | 11.72% | -6.64% | -19.69% | 5.31% | 24.52% | 55.36% | 37.96% | 6.9% | -34.59% | -9.52% | -5.16% | -4.91% |
| Cost of Goods Sold | 38.33M | 52.68M | 0 | 0 | 16.27M | 14.63M | 17.19M | 20.68M | 18.03M | 17.77M | 15.54M | 14.52M | 15.01M | 12.87M | 12.41M | 14.84M | 13.43M | 14.52M | 10.89M | 10.05M | 12.52M | 13.06M | 15.17M | 12.19M | 10.62M | 5.33M | 3.9M | 4.3M | 6.2M | 6.6M | 6.6M |
| COGS % of Revenue | - | 73.95% | - | - | 83.44% | 83.66% | 79.86% | 62.21% | 68.21% | 71.31% | 55.08% | 55.21% | 54.08% | 63.8% | 72.04% | 49.44% | 46.68% | 46.24% | 44.57% | 45.92% | 63.88% | 62.22% | 58.05% | 49.1% | 53.26% | 41.52% | 41.94% | 49.43% | 46.62% | 44.9% | 42.58% |
| Gross Profit | 8.64M | 18.56M | 0 | 0 | 3.23M | 2.86M | 4.33M | 12.56M | 8.4M | 7.15M | 12.67M | 11.78M | 12.75M | 7.3M | 4.82M | 15.17M | 15.34M | 16.88M | 13.54M | 11.84M | 7.08M | 7.93M | 10.96M | 12.63M | 9.32M | 7.5M | 5.4M | 4.4M | 7.1M | 8.1M | 8.9M |
| Gross Margin % | 18.39% | 26.05% | - | - | 16.56% | 16.34% | 20.14% | 37.79% | 31.79% | 28.68% | 44.92% | 44.79% | 45.92% | 36.2% | 27.96% | 50.56% | 53.32% | 53.76% | 55.43% | 54.08% | 36.12% | 37.78% | 41.95% | 50.9% | 46.74% | 58.48% | 58.06% | 50.57% | 53.38% | 55.1% | 57.42% |
| Gross Profit Growth % | - | - | - | -100% | 13.1% | -34.12% | -65.49% | 49.52% | 17.56% | -43.6% | 7.55% | -7.56% | 74.55% | 51.56% | -68.24% | -1.11% | -9.14% | 24.68% | 14.37% | 67.26% | -10.73% | -27.68% | -13.22% | 35.63% | 24.16% | 38.95% | 22.73% | -38.03% | -12.35% | -8.99% | -11% |
| Operating Expenses | 11.65M | 10.73M | 3.52M | 2.44M | 8.02M | 7.7M | 10.44M | 10.73M | 9.31M | 9.06M | 10.21M | 11.31M | 10.35M | 9.59M | -76.81M | 14.27M | 11.6M | 17.18M | 13.46M | 9.53M | 10.4M | 12.8M | 15.28M | 12.22M | 9.2M | 8.31M | 6.7M | 7.2M | 10.3M | 9.1M | 10.4M |
| OpEx % of Revenue | - | 15.06% | - | - | 41.13% | 44.02% | 48.5% | 32.28% | 35.22% | 36.36% | 36.18% | 43.01% | 37.29% | 47.52% | -445.74% | 47.54% | 40.31% | 54.71% | 55.1% | 43.51% | 53.05% | 60.96% | 58.46% | 49.25% | 46.14% | 64.79% | 72.04% | 82.76% | 77.44% | 61.9% | 67.1% |
| Selling, General & Admin | 5.51M | 10.68M | 3.52M | 2.44M | 8.02M | 7.89M | 8.43M | 10.73M | 9.31M | 9.06M | 10.21M | 11.31M | 10.35M | 9.31M | 12.95M | 14.27M | 12.98M | 17.18M | 13.46M | 9.53M | 10.4M | 11.84M | 13.15M | 12.22M | 9.2M | 8.14M | 6.5M | 6.5M | 9.1M | 8.1M | 9.2M |
| SG&A % of Revenue | - | 14.99% | - | - | 41.13% | 45.13% | 39.14% | 32.28% | 35.22% | 36.36% | 36.18% | 43.01% | 37.29% | 46.13% | 75.13% | 47.54% | 45.13% | 54.71% | 55.1% | 43.51% | 53.05% | 56.39% | 50.3% | 49.25% | 46.14% | 63.47% | 69.89% | 74.71% | 68.42% | 55.1% | 59.35% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | 500K | 500K | 500K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.6% | 3.76% | 3.4% | 3.23% |
| Other Operating Expenses | 2.7M | 48K | 0 | 0 | 0 | -195K | 2.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -89.76M | 0 | -1.39M | 0 | 0 | 0 | 0 | 960K | 2.13M | 0 | 0 | 169.33K | 200K | 300K | 700K | 500K | 700K |
| Operating Income | -3.01M | 7.83M | -3.52M | -2.44M | -4.79M | -4.84M | -6.11M | 1.83M | -908K | -2.08M | 2.46M | 467K | 2.4M | -2.28M | 81.63M | 905K | 3.75M | -299K | 81K | 2.31M | -3.32M | -4.87M | -4.32M | 411K | 119K | -808.98K | -1.3M | -2.8M | -3.2M | -1M | -1.5M |
| Operating Margin % | -6.42% | 11% | - | - | -24.57% | -27.68% | -28.36% | 5.51% | -3.44% | -8.33% | 8.73% | 1.78% | 8.64% | -11.32% | 473.7% | 3.02% | 13.02% | -0.95% | 0.33% | 10.57% | -16.93% | -23.18% | -16.51% | 1.66% | 0.6% | -6.31% | -13.98% | -32.18% | -24.06% | -6.8% | -9.68% |
| Operating Income Growth % | - | 322.62% | -44.1% | 49.03% | 0.99% | 20.75% | -433.3% | 301.76% | 56.26% | -184.25% | 427.62% | -80.52% | 204.95% | -102.8% | 8920.11% | -75.83% | 1352.51% | -469.14% | -96.5% | 169.76% | 31.85% | -12.77% | -1150.12% | 245.38% | 114.71% | 37.77% | 53.57% | 12.5% | -220% | 33.33% | -66.67% |
| EBITDA | 256K | 11.2M | -3.51M | -2.38M | -4.73M | -4.36M | -4.46M | 3M | 440K | -626K | 3.62M | 1.64M | 3.46M | -1.14M | 82.33M | 1.24M | 4.15M | 71K | 347K | 2.52M | -3.08M | -4.57M | -4.02M | 599K | 298K | -639.65K | -1.1M | -2.5M | -2.5M | -500K | -800K |
| EBITDA Margin % | 0.55% | 15.72% | - | - | -24.26% | -24.95% | -20.71% | 9.02% | 1.66% | -2.51% | 12.83% | 6.25% | 12.45% | -5.63% | 477.72% | 4.15% | 14.42% | 0.23% | 1.42% | 11.51% | -15.71% | -21.77% | -15.39% | 2.41% | 1.49% | -4.99% | -11.83% | -28.74% | -18.8% | -3.4% | -5.16% |
| EBITDA Growth % | 114.88% | 418.91% | -47.38% | 49.63% | -8.46% | 2.18% | -248.68% | 581.59% | 170.29% | -117.29% | 120.19% | -52.42% | 404.14% | -101.38% | 6517.85% | -70.02% | 5745.07% | -79.54% | -86.24% | 181.9% | 32.66% | -13.62% | -771.62% | 101.01% | 146.59% | 41.85% | 56% | 0% | -400% | 37.5% | -166.67% |
| D&A (Non-Cash Add-back) | 3.27M | 3.37M | 7K | 59K | 60K | 477K | 1.65M | 1.17M | 1.35M | 1.45M | 1.16M | 1.18M | 1.06M | 1.15M | 694K | 339K | 405K | 370K | 266K | 207K | 239K | 296K | 293K | 188K | 179K | 169.33K | 200K | 300K | 700K | 500K | 700K |
| EBIT | -3.12M | 7.88M | -3.52M | -2.44M | -3.46M | -4.77M | -4.09M | 1.88M | -908K | -2.1M | 2.46M | 467K | 2.4M | -2.28M | -8.13M | 944K | 3.87M | -62K | 81K | 2.31M | -3.32M | -4.87M | -4.32M | 411K | 119K | -808.98K | -1.3M | -2.8M | -3.2M | -1M | -1.5M |
| Net Interest Income | -3.71M | -2.97M | 518K | 0 | -36K | -32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 63K | 17K | 87K | 177K | 0 | 123K | 71K | 0 | 73K | 0 | 0 | 85.61K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 518K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 63K | 39K | 127K | 234K | 0 | 123K | 71K | 0 | 73K | 0 | 0 | 85.61K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.71M | 2.97M | 0 | 0 | 36K | 32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 40K | 57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.76M | -3.34M | 518K | 154K | 1.3M | 33K | 105K | 51K | -1K | -24K | 76K | 42K | 28K | 27K | 63K | 17K | 86K | 180K | 153K | -2.31M | 3.32M | 4.87M | 4.32M | -411K | 1.83K | 808.98K | 1.3M | 2.8M | 3.2M | 1M | 1.5M |
| Pretax Income | -4.78M | 4.5M | -3M | -2.29M | -3.49M | -4.81M | -6M | 1.88M | -909K | -2.1M | 2.54M | 509K | 2.42M | -2.26M | 81.69M | 922K | 3.83M | -119K | 234K | 0 | 0 | 0 | 0 | 0 | 120.83K | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -10.17% | 6.31% | - | - | -17.9% | -27.49% | -27.88% | 5.67% | -3.44% | -8.43% | 9% | 1.93% | 8.74% | -11.19% | 474.06% | 3.07% | 13.32% | -0.38% | 0.96% | - | - | - | - | - | 0.61% | - | - | - | - | - | - |
| Income Tax | 11K | 626K | 20K | 6K | 42K | -191K | -424K | 484K | -270K | -814K | 1.01M | 298K | 1.05M | -633K | 30.61M | -5.67M | 115K | 2.14M | -2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.23% | 13.92% | -0.67% | -0.26% | -1.2% | 3.97% | 7.07% | 25.7% | 29.7% | 38.76% | 39.61% | 58.55% | 43.13% | 28.05% | 37.46% | -615.4% | 3% | -1796.64% | -901.28% | - | - | - | - | - | 0% | - | - | - | - | - | - |
| Net Income | -4.3M | 2.99M | 2.41M | 10.05M | -3.53M | -4.62M | -5.58M | 1.4M | -639K | -1.29M | 1.53M | 211K | 1.38M | -1.62M | 51.09M | 6.6M | 3.72M | -2.26M | 2.34M | 2.4M | -3.31M | -4.86M | -4.25M | 333K | 121K | -823.57K | -1.4M | -3.4M | -3.4M | -1M | -1.5M |
| Net Margin % | -9.15% | 4.2% | - | - | -18.12% | -26.4% | -25.91% | 4.21% | -2.42% | -5.16% | 5.44% | 0.8% | 4.97% | -8.05% | 296.46% | 21.98% | 12.92% | -7.19% | 9.59% | 10.94% | -16.88% | -23.14% | -16.27% | 1.34% | 0.61% | -6.42% | -15.05% | -39.08% | -25.56% | -6.8% | -9.68% |
| Net Income Growth % | -28.03% | 23.94% | -75.97% | 384.27% | 23.42% | 17.25% | -498.64% | 318.94% | 50.31% | -183.83% | 627.01% | -84.7% | 184.91% | -103.18% | 674.55% | 77.5% | 264.64% | -196.33% | -2.21% | 172.43% | 31.91% | -14.25% | -1376.88% | 175.21% | 114.69% | 41.17% | 58.82% | 0% | -240% | 33.33% | -66.67% |
| Net Income (Continuing) | -4.79M | 3.87M | -3.02M | -2.29M | -3.53M | -4.62M | -5.58M | 1.4M | -639K | -1.29M | 1.53M | 211K | 1.38M | -1.62M | 51.09M | 6.6M | 3.72M | -2.26M | 2.34M | 2.4M | -3.31M | -4.86M | -4.25M | 333K | 121K | -823.57K | -1.4M | -3.4M | -3.4M | -1M | -1.5M |
| Discontinued Operations | 55K | 66K | 5.43M | 12.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.19M | 2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.43 | -3.24 | -0.31 | 5.61 | -2.01 | -2.48 | -3.27 | 0.82 | -0.38 | -0.77 | 0.91 | 0.14 | 0.70 | -0.84 | 23.03 | 2.73 | 1.61 | -1.05 | 0.98 | 1.05 | -1.54 | -2.66 | -2.45 | 0.21 | 0.07 | -0.56 | -1.12 | -3.08 | -3.50 | -1.30 | -1.89 |
| EPS Growth % | -27.23% | -945.16% | -105.53% | 379.1% | 18.95% | 24.16% | -498.78% | 315.79% | 50.65% | -184.62% | 550% | -80% | 183.33% | -103.65% | 743.59% | 69.57% | 253.33% | -207.14% | -6.67% | 168.18% | 42.11% | -8.57% | -1266.67% | 200% | 112.5% | 50% | 63.64% | 12% | -169.23% | 31.22% | -58.82% |
| EPS (Basic) | - | -3.24 | -0.31 | 5.61 | -2.01 | -2.48 | -3.27 | 0.83 | -0.38 | -0.77 | 0.91 | 0.14 | 0.70 | -0.84 | 23.45 | 2.94 | 1.75 | -1.05 | 1.05 | 1.12 | -1.54 | -2.66 | -2.45 | 0.21 | 0.07 | -0.56 | -1.12 | -3.08 | -3.50 | -1.26 | -1.89 |
| Diluted Shares Outstanding | 1.77M | 1.77M | 1.78M | 1.79M | 1.76M | 1.73M | 1.71M | 1.72M | 1.67M | 1.66M | 1.75M | 1.51M | 1.92M | 1.94M | 2.22M | 2.42M | 2.26M | 2.21M | 2.31M | 2.22M | 2.14M | 1.81M | 1.75M | 1.69M | 1.66M | 1.41M | 1.26M | 1.1M | 971.43K | 793.65K | 793.65K |
| Basic Shares Outstanding | 1.77M | 1.77M | 1.78M | 1.79M | 1.76M | 1.73M | 1.71M | 1.68M | 1.67M | 1.66M | 1.72M | 1.51M | 1.9M | 1.94M | 2.18M | 2.23M | 2.16M | 2.21M | 2.2M | 2.16M | 2.14M | 1.81M | 1.75M | 1.55M | 1.5M | 1.41M | 1.26M | 1.1M | 971.43K | 793.65K | 793.65K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 1% | - | - | - | - | - | - | 61.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Pivot execution and liquidity
As reported in recent financial statements, LDWY's revenue trajectory remains highly erratic, swinging from a 54.9% growth rate in 2025Q1 to a 22.3% contraction by 2025Q3, reflecting the inherent instability of a business model currently caught between legacy advertising services and an unproven lending marketplace.
The extreme quarter-over-quarter revenue fluctuations suggest that the company lacks a stable, recurring revenue base. Investors should monitor whether the recent decline in top-line performance is a byproduct of shedding legacy contracts or a failure to gain traction in the new lending segment.
Based on the company's latest filings, gross margins have demonstrated significant instability, collapsing from a peak of 31.3% in 2025Q1 to a negative 1.2% in 2025Q3, which highlights the difficulty of maintaining profitability during a fundamental shift in the underlying business model.
The inability to maintain positive gross margins suggests that the cost of service delivery is currently outpacing the revenue generated by the firm's evolving operations. This margin compression warrants further investigation into whether the company's cost structure is fundamentally misaligned with its current revenue scale.
According to the provided income statement data, LDWY has failed to demonstrate positive operating leverage, with operating margins swinging from 11.5% in 2025Q1 to a deeply negative 59.1% in 2025Q3, indicating that overhead costs are not scaling efficiently with the company's top-line performance.
The lack of consistent operating leverage implies that the company's fixed cost base remains a significant burden during periods of revenue contraction. Without a clear path to scaling the lending marketplace, the current operating structure appears to be a drag on shareholder value.
As indicated by the most recent quarterly data, the company's transition to a lending marketplace has yet to produce a stable profit, with net losses reaching $2.9M in 2025Q3, raising concerns about the viability of the new strategy versus the legacy advertising business.
Short-sellers may focus on the rapid depletion of resources and the lack of a proven unit economic model in the lending segment. The company's reliance on a pivot to finance, while its legacy advertising business faces secular headwinds, suggests that the current valuation may be disconnected from operational realities.
Quick answers to the most common questions about buying LDWY stock.
For fiscal year 2024, Lendway, Inc. (LDWY) reported total revenue of $71.2M. This represents a 359.6% increase compared to $15.5M in 1995.
Lendway, Inc. (LDWY) is profitable, generating $3.0M in net income for the fiscal year ending 2024 with a net profit margin of 4.2%.
Lendway, Inc. (LDWY) reported an operating income of $7.8M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lendway, Inc. (LDWY) generated $18.6M in gross profit for the year, representing a gross profit margin of 26.1%. This demonstrates the company's core pricing power and production efficiency.