The company's top-line performance has deteriorated sharply, with a 30.0% year-over-year revenue contraction leading to a net loss of $13.7 million in 2024Q4.
Lucas GC Limited Ordinary Shares (LGCL) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 1.95B | 1.01B | 1.06B | 1.47B | 766.57M | 652.25M | 230.21M | 48.09M | 39.93M | 8.77M |
| Revenue Growth % | -2.79% | -4.66% | -27.85% | 92.28% | 17.53% | 183.33% | 378.73% | 20.43% | 355.19% | - |
| Cost of Goods Sold | 1.29B | 671.43M | 706.01M | 1.06B | 551.37M | 473.15M | 172.39M | 30.28M | 24.95M | 3.45M |
| COGS % of Revenue | - | 66.22% | 66.39% | 71.6% | 71.93% | 72.54% | 74.89% | 62.97% | 62.49% | 39.33% |
| Gross Profit | 661.95M | 342.45M | 357.4M | 418.55M | 215.2M | 179.09M | 57.81M | 17.8M | 14.98M | 5.32M |
| Gross Margin % | 33.9% | 33.78% | 33.61% | 28.4% | 28.07% | 27.46% | 25.11% | 37.03% | 37.51% | 60.67% |
| Gross Profit Growth % | - | -4.18% | -14.61% | 94.5% | 20.16% | 209.77% | 224.72% | 18.86% | 181.46% | - |
| Operating Expenses | 603.7M | 323.3M | 329.39M | 350.84M | 183.57M | 141.98M | 54.92M | 10.98M | 10.77M | 4.14M |
| OpEx % of Revenue | - | 31.89% | 30.98% | 23.8% | 23.95% | 21.77% | 23.86% | 22.84% | 26.98% | 47.24% |
| Selling, General & Admin | 283.84M | 152.65M | 160.78M | 193.29M | 103.71M | 71.73M | 34.56M | 10.76M | 10.59M | 3.94M |
| SG&A % of Revenue | - | 15.06% | 15.12% | 13.11% | 13.53% | 11% | 15.01% | 22.38% | 26.52% | 44.94% |
| Research & Development | 319.86M | 170.65M | 168.62M | 157.54M | 79.87M | 70.25M | 20.36M | 4.82M | 2.24M | 0 |
| R&D % of Revenue | - | 16.83% | 15.86% | 10.69% | 10.42% | 10.77% | 8.85% | 10.02% | 5.6% | - |
| Other Operating Expenses | 7 | 0 | 0 | 0 | 0 | 0 | 0 | -4.6M | -2.05M | 202.13K |
| Operating Income | 58.25M | 19.15M | 28.01M | 67.72M | 31.62M | 37.11M | 2.89M | 6.82M | 4.21M | 1.18M |
| Operating Margin % | 2.98% | 1.89% | 2.63% | 4.59% | 4.13% | 5.69% | 1.26% | 14.18% | 10.54% | 13.42% |
| Operating Income Growth % | - | -31.65% | -58.63% | 114.14% | -14.79% | 1184.22% | -57.63% | 62.13% | 257.31% | - |
| EBITDA | 76.94M | 32.34M | 36.86M | 72.02M | 34.97M | 38.64M | 3.23M | 6.89M | 4.26M | 1.2M |
| EBITDA Margin % | 3.94% | 3.19% | 3.47% | 4.89% | 4.56% | 5.92% | 1.4% | 14.34% | 10.66% | 13.67% |
| EBITDA Growth % | -42.55% | -12.27% | -48.83% | 105.97% | -9.5% | 1097.77% | -53.21% | 61.92% | 255.03% | - |
| D&A (Non-Cash Add-back) | 18.69M | 13.19M | 8.85M | 4.31M | 3.35M | 1.53M | 336K | 73.87K | 51.09K | 21.93K |
| EBIT | 58.25M | 19.15M | 28.01M | 67.72M | 31.62M | 37.11M | 2.89M | 6.87M | 4.19M | 1.18M |
| Net Interest Income | -4.63M | -1.8M | -1.62M | -893K | 63K | -68K | 54K | 12.1K | 25.8K | 127 |
| Interest Income | 0 | 0 | 0 | 0 | 63K | 0 | 54K | 0 | 0 | 0 |
| Interest Expense | 4.63M | 1.8M | 1.62M | 893K | 0 | 68K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -7.71M | -6.98M | 1.91M | 2.58M | 4.19M | 2.45M | 1.03M | -14.33K | -54.16K | 3 |
| Pretax Income | 50.54M | 12.16M | 29.92M | 70.3M | 35.82M | 39.56M | 3.92M | 6.81M | 4.15M | 1.18M |
| Pretax Margin % | 2.59% | 1.2% | 2.81% | 4.77% | 4.67% | 6.07% | 1.7% | 14.15% | 10.4% | 13.42% |
| Income Tax | 1.97M | 2.57M | -10.17M | -7.88M | -595K | -243K | -714K | 53.52K | 998.14K | 313.93K |
| Effective Tax Rate % | 3.89% | 21.17% | -33.98% | -11.21% | -1.66% | -0.61% | -18.23% | 0.79% | 24.04% | 26.66% |
| Net Income | 48.21M | 9.52M | 39.79M | 77.67M | 36.14M | 39.51M | 4.6M | 6.76M | 3.15M | 863.5K |
| Net Margin % | 2.47% | 0.94% | 3.74% | 5.27% | 4.71% | 6.06% | 2% | 14.05% | 7.9% | 9.84% |
| Net Income Growth % | -57.64% | -76.09% | -48.77% | 114.9% | -8.52% | 759.64% | -31.99% | 114.22% | 265.34% | - |
| Net Income (Continuing) | 48.57M | 9.59M | 40.09M | 78.18M | 36.41M | 39.8M | 4.63M | 6.75M | 3.15M | 863.5K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.97M | 2.82M | 2.75M | 2.45M | 1.94M | 312K | 2.75K | 25.1K | 0 | 0 |
| EPS (Diluted) | 176.37 | 490.00 | 2550.00 | 4950.00 | 2128.75 | 2363.75 | -2350.00 | 5800.00 | 2700.00 | 750.00 |
| EPS Growth % | -52.83% | -80.78% | -48.48% | 132.53% | -9.94% | 200.59% | -140.52% | 114.81% | 260% | - |
| EPS (Basic) | - | 490.00 | 2550.00 | 4950.00 | 2128.75 | 2363.75 | -2326.25 | 5800.00 | 2700.00 | 750.00 |
| Diluted Shares Outstanding | 273.37K | 19.28K | 15.61K | 15.61K | 15.91K | 15.91K | 15.91K | 1.17K | 1.17K | 1.15K |
| Basic Shares Outstanding | 273.37K | 19.28K | 15.61K | 15.61K | 15.91K | 15.91K | 15.91K | 1.17K | 1.17K | 1.15K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LGCL stock.
For fiscal year 2025, Lucas GC Limited Ordinary Shares (LGCL) reported total revenue of $1.01B. This represents a 11457.4% increase compared to $8.8M in 2015.
Lucas GC Limited Ordinary Shares (LGCL) is profitable, generating $9.5M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Lucas GC Limited Ordinary Shares (LGCL) reported an operating income of $19.1M, resulting in an operating profit margin of 1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Lucas GC Limited Ordinary Shares (LGCL) generated $342.5M in gross profit for the year, representing a gross profit margin of 33.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and margin compression
Revenue Contraction Signals Market Headwinds
According to the most recent quarterly data, LGCL experienced a sharp 30.0% year-over-year revenue decline, marking a significant departure from the rapid growth observed in 2023 and suggesting that the company's project-based model is highly sensitive to the current cooling of the Chinese corporate hiring environment.
The transition from triple-digit growth in 2023 to a double-digit contraction in 2024 indicates that the company's reliance on transactional recruitment and outsourcing services lacks the defensive characteristics of a recurring revenue model. Investors should monitor whether this decline reflects a structural loss of market share or merely a cyclical pause in enterprise demand.
Structural Margin Fragility Remains Evident
As reported in financial statements, the company's gross margin has stabilized near 33.7%, yet this figure masks a lack of operating leverage, as the firm's inability to scale effectively resulted in a negative 5.5% operating margin during the most recent quarter, highlighting significant underlying cost pressures.
The persistent gap between gross and operating margins suggests that the company's decentralized agent-centric model requires substantial administrative and overhead support that does not scale linearly with revenue. This cost structure appears to leave the firm with minimal buffer to absorb fluctuations in service demand or increases in agent commission expenses.
Operating Expenses Outpacing Revenue Generation
Based on the latest income statement, R&D and SG&A expenses have remained elevated at $88.0 million and $91.5 million respectively, which, when combined with declining top-line performance, has pushed the company into a net loss position of $13.7 million for the final quarter of 2024.
The lack of expense discipline during a period of revenue contraction suggests that management may be struggling to right-size the cost base to match current activity levels. This misalignment between fixed operational costs and variable revenue streams warrants further investigation into the sustainability of the current service delivery model.
Platform Scalability and Competitive Risks
While the company markets itself as a technology-driven platform, the recent financial data indicates that the business model functions more like a traditional labor intermediary, with high variable costs that may prevent the realization of the operating leverage typically expected from software-as-a-service enterprises.
Short-term investors should focus on the risk that the agent-centric sourcing model is easily replicated by larger, better-capitalized competitors, which could force LGCL to increase commission payouts and further compress already thin margins. The absence of stock-based compensation is a positive, but it does not offset the fundamental challenge of achieving profitable scale in a fragmented market.