Despite achieving a 24% revenue increase in 2026Q1, the company continues to struggle with negative operating leverage, evidenced by an operating margin of -16.4%.
| 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 |
|---|
| Sales/Revenue | 12.05M | 11.43M | 9.9M | 9.93M | 11.92M | 10.02M | 11.44M | 17.14M | 17.12M | 23.32M | 7.74M | 616.85K | 0 | 0 | 251.38K |
| Revenue Growth % | 21.91% | 15.39% | -0.28% | -16.67% | 18.9% | -12.42% | -33.23% | 0.12% | -26.59% | 201.4% | 1154.16% | - | - | -100% | - |
| Cost of Goods Sold | 4.37M | 5.84M | 3.29M | 3.27M | 4.69M | 4.24M | 3.24M | 4.37M | 4.8M | 11.69M | 4.43M | 1.82M | 0 | 0 | 48.45K |
| COGS % of Revenue | - | 51.07% | 33.19% | 32.93% | 39.32% | 42.28% | 28.33% | 25.49% | 28.07% | 50.12% | 57.33% | 295.67% | - | - | 19.28% |
| Gross Profit | 7.68M | 5.59M | 6.62M | 6.66M | 7.23M | 5.79M | 8.2M | 12.77M | 12.31M | 11.63M | 3.3M | -1.21M | 0 | 0 | 202.92K |
| Gross Margin % | 63.75% | 48.93% | 66.81% | 67.07% | 60.68% | 57.72% | 71.67% | 74.51% | 71.93% | 49.88% | 42.67% | -195.67% | - | - | 80.72% |
| Gross Profit Growth % | - | -15.51% | -0.66% | -7.9% | 24.99% | -29.46% | -35.78% | 3.7% | 5.86% | 252.32% | 373.53% | - | - | -100% | - |
| Operating Expenses | 12.79M | 13.49M | 14.29M | 21.99M | 14.14M | 13.33M | 8.79M | 10.19M | 11.73M | 15.27M | 10.01M | 9.72M | 5.25M | 1.44M | 396.89K |
| OpEx % of Revenue | - | 118.06% | 144.28% | 221.44% | 118.64% | 133.03% | 76.79% | 59.47% | 68.5% | 65.49% | 129.41% | 1575.3% | - | - | 157.89% |
| Selling, General & Admin | 11.14M | 12.7M | 10.46M | 10.96M | 10.24M | 6.14M | 7.68M | 8.98M | 10.96M | 13.6M | 9.12M | 6.99M | 3.83M | 916.49K | 282.62K |
| SG&A % of Revenue | - | 111.17% | 105.65% | 110.33% | 85.92% | 61.25% | 67.1% | 52.41% | 64.05% | 58.34% | 117.93% | 1132.98% | - | - | 112.43% |
| Research & Development | 585.32K | 617.37K | 558.62K | 982.68K | 1.24M | 932.6K | 1.11M | 1.21M | 761.72K | 1.67M | 888.19K | 2.73M | 1.42M | 518.61K | 114.27K |
| R&D % of Revenue | - | 5.4% | 5.64% | 9.9% | 10.42% | 9.31% | 9.69% | 7.05% | 4.45% | 7.15% | 11.48% | 442.33% | - | - | 45.46% |
| Other Operating Expenses | 1.06M | 169.99K | 3.27M | 10.05M | 2.66M | 6.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.11M | -7.9M | -7.67M | -15.33M | -6.91M | -7.55M | -586.08K | 2.58M | 587.49K | -3.64M | -6.71M | -10.92M | -5.25M | -1.44M | -193.97K |
| Operating Margin % | -42.4% | -69.14% | -77.47% | -154.37% | -57.96% | -75.31% | -5.12% | 15.04% | 3.43% | -15.61% | -86.73% | -1770.97% | - | - | -77.16% |
| Operating Income Growth % | - | -2.98% | 49.96% | -121.94% | 8.49% | -1187.79% | -122.74% | 338.78% | 116.14% | 45.77% | 38.58% | -108.22% | -265.58% | -639.86% | - |
| EBITDA | -2.94M | -5.86M | -6.06M | -14.38M | -6.08M | -6.76M | 241.58K | 3.41M | 1.49M | -2.72M | -6.13M | -10.74M | -5.23M | -1.43M | -193.87K |
| EBITDA Margin % | -24.42% | -51.28% | -61.2% | -144.86% | -51.01% | -67.42% | 2.11% | 19.92% | 8.72% | -11.65% | -79.25% | -1741.27% | - | - | -77.12% |
| EBITDA Growth % | 54.5% | 3.32% | 57.87% | -136.64% | 10.04% | -2896.72% | -92.92% | 128.61% | 154.95% | 55.68% | 42.92% | -105.22% | -264.86% | -639.94% | - |
| D&A (Non-Cash Add-back) | 2.17M | 2.04M | 1.61M | 944.6K | 828.14K | 791.02K | 827.66K | 835.91K | 905.75K | 921.48K | 579.24K | 183.2K | 12.47K | 585 | 99 |
| EBIT | -6.92M | -7.9M | -7.67M | -7.51M | -6.91M | -3.03M | -586.08K | 319.02K | 587.49K | -691.56K | -9.28M | -11.82M | -5.25M | -1.44M | -193.97K |
| Net Interest Income | 448.67K | 397.66K | 160.66K | 221.87K | 119.48K | -1.42M | -2.25M | -3.02M | -2.97M | -7.7M | -3.28M | -1.25M | -29.51K | 0 | -247 |
| Interest Income | 448.67K | 397.66K | 160.66K | 221.87K | 119.48K | 0 | 0 | 0 | 0 | 0 | 23 | 727 | 1.24K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 1.42M | 2.25M | 3.02M | 2.97M | 7.74M | 3.28M | 1.25M | 30.74K | 35.46K | 247 |
| Other Income/Expense | -1.61M | 446.72K | -1.32M | 468.01K | 119.48K | -3.96M | -2.25M | -5.28M | -1.88M | -6.24M | -5.85M | -2.15M | -1.83M | -109.44K | -247 |
| Pretax Income | -6.71M | -7.45M | -8.99M | -14.86M | -6.79M | -11.5M | -2.84M | -2.7M | -1.29M | -9.88M | -12.56M | -13.07M | -7.08M | -1.54M | -194.22K |
| Pretax Margin % | -55.72% | -65.23% | -90.83% | -149.66% | -56.95% | -114.78% | -24.82% | -15.76% | -7.56% | -42.36% | -162.31% | -2119.23% | - | - | -77.26% |
| Income Tax | 164.85K | 14.85K | 9.95K | -309.85K | 137.96K | 204.27K | 24.89K | -332.57K | 34.32K | -1.61M | 196.03K | 4.31K | 843 | 0 | 0 |
| Effective Tax Rate % | -2.46% | -0.2% | -0.11% | 2.09% | -2.03% | -1.78% | -0.88% | 12.31% | -2.65% | 16.33% | -1.56% | -0.03% | -0.01% | 0% | 0% |
| Net Income | -6.88M | -7.47M | -9M | -14.55M | -6.92M | -11.71M | -2.86M | -11.79M | -7.09M | -8.26M | -12.75M | -13.08M | -7.08M | -1.54M | -194.22K |
| Net Margin % | -57.09% | -65.36% | -90.93% | -146.54% | -58.11% | -116.82% | -25.04% | -68.79% | -41.42% | -35.45% | -164.84% | -2119.93% | - | - | -77.26% |
| Net Income Growth % | 27.22% | 17.06% | 38.12% | -110.12% | 40.85% | -308.65% | 75.7% | -66.28% | 14.22% | 35.19% | 2.48% | -84.79% | -358.17% | -695.27% | - |
| Net Income (Continuing) | -6.88M | -7.47M | -9M | -14.55M | -6.92M | -11.71M | -2.86M | -2.37M | -1.33M | -8.55M | -12.75M | -13.08M | -7.08M | -1.54M | -194.22K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.42M | 0 | 284.26K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.51 | -13.06 | -14.65 | -11.66 | -14.47 | -37.12 | -17.58 | -16.49 | -57.73 | -129.02 | -413.24 | -964.73 | -619.45 | -144.30 | -19.23 |
| EPS Growth % | 50.64% | 10.85% | -25.64% | 19.42% | 61.02% | -111.15% | -6.61% | 71.44% | 55.25% | 68.78% | 57.17% | -55.74% | -329.28% | -650.39% | - |
| EPS (Basic) | - | -13.06 | -14.65 | -11.66 | -14.47 | -37.12 | -17.58 | -16.49 | -57.73 | -129.02 | -413.24 | -964.73 | -619.45 | -144.30 | -19.23 |
| Diluted Shares Outstanding | 549.77K | 594.95K | 634.97K | 1.35M | 478.7K | 315.39K | 162.95K | 143.59K | 122.81K | 64.06K | 30.86K | 13.55K | 11.42K | 10.7K | 10.1K |
| Basic Shares Outstanding | 549.77K | 594.95K | 634.97K | 1.35M | 478.7K | 315.39K | 162.95K | 143.59K | 122.81K | 64.06K | 30.86K | 13.55K | 11.42K | 10.7K | 10.1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
As reported in recent financial filings, LogicMark achieved a 24% revenue increase in 2026Q1, yet this follows a period of inconsistent performance where quarterly growth fluctuated between -7.3% and 36.3%, highlighting the inherent instability of relying on institutional procurement cycles for its primary hardware sales.
The revenue trajectory appears heavily dependent on the timing of large-scale orders, which complicates the ability to forecast sustainable organic growth. Investors should monitor whether the recent uptick represents a durable shift in demand or merely the lumpy realization of government-contracted shipments.
Based on the company's reported figures, LogicMark maintains a relatively robust gross margin profile, peaking at 69.6% in 2026Q1, which suggests that the core hardware business retains significant pricing power despite the broader operational challenges currently facing the firm's bottom line.
The ability to sustain gross margins near 60-70% indicates that the manufacturing and assembly process is not the primary source of the company's financial distress. However, this efficiency is currently overshadowed by an inability to translate these margins into positive operating income due to excessive overhead.
According to the income statement data, LogicMark continues to struggle with negative operating leverage, as SG&A expenses consistently exceed gross profit, resulting in an operating margin of -16.4% in 2026Q1 even during periods of double-digit revenue expansion.
The persistent disconnect between revenue growth and operating profitability suggests that the company's current cost structure is not yet optimized for its scale. This implies that management must either achieve a significant step-change in revenue volume or aggressively rationalize operating expenses to reach break-even.
As evidenced by the provided quarterly data, SG&A expenses remain the primary driver of the company's ongoing losses, frequently consuming nearly all gross profit generated and leaving little room for R&D investment or long-term strategic initiatives without further capital dilution.
The high fixed-cost base appears to be a structural impediment to profitability, as the company spends heavily on marketing and administrative functions to support its pivot. Investors should scrutinize whether these expenditures are yielding a measurable increase in customer acquisition or if they represent inefficient capital allocation.
Quick answers to the most common questions about buying LGMK stock.
For fiscal year 2025, LogicMark, Inc. (LGMK) reported total revenue of $11.4M. This represents a 4445.2% increase compared to $0.3M in 2012.
LogicMark, Inc. (LGMK) reported a net loss of $7.5M for the fiscal year ending 2025.
LogicMark, Inc. (LGMK) reported an operating income of $-7.9M, resulting in an operating profit margin of -69.1%. This margin reflects the operational efficiency of the business before interest and taxes.
LogicMark, Inc. (LGMK) generated $5.6M in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.