The company's top-line performance remains under pressure, evidenced by a 24% year-over-year revenue contraction to $11.2M in 2025Q4 alongside a negative operating margin of -28.9%.
| Sales/Revenue | 25.33M | 38.53M | 45.6M | 66.23M | 64.57M | 60.41M |
| Revenue Growth % | -34.25% | -15.5% | -31.15% | 2.58% | 6.88% | - |
| Cost of Goods Sold | 20.83M | 30.23M | 36.53M | 49.96M | 47.21M | 43.44M |
| COGS % of Revenue | 82.21% | 78.45% | 80.12% | 75.43% | 73.12% | 71.91% |
| Gross Profit | 4.51M | 8.3M | 9.06M | 16.27M | 17.35M | 16.97M |
| Gross Margin % | 17.79% | 21.55% | 19.88% | 24.57% | 26.88% | 28.09% |
| Gross Profit Growth % | -45.74% | -8.38% | -44.29% | -6.24% | 2.26% | - |
| Operating Expenses | 10.52M | 15.23M | 10.15M | 10.74M | 12.25M | 11.54M |
| OpEx % of Revenue | 41.53% | 39.53% | 22.25% | 16.21% | 18.98% | 19.1% |
| Selling, General & Admin | 10.28M | 14.75M | 9.64M | 10.74M | 12.25M | 11.54M |
| SG&A % of Revenue | 40.57% | 38.28% | 21.14% | 16.21% | 18.98% | 19.1% |
| Research & Development | 241.93K | 261.84K | 241.24K | 305K | 0 | 0 |
| R&D % of Revenue | 0.95% | 0.68% | 0.53% | 0.46% | - | - |
| Other Operating Expenses | 0 | 221.54K | 266.8K | -305K | 0 | 0 |
| Operating Income | -6.01M | -6.93M | -1.08M | 5.54M | 5.1M | 5.43M |
| Operating Margin % | -23.74% | -17.98% | -2.37% | 8.36% | 7.9% | 8.99% |
| Operating Income Growth % | 13.18% | -540.08% | -119.55% | 8.54% | -6.08% | - |
| EBITDA | -5.03M | -5.53M | 619.98K | 7.47M | 7.23M | 7.52M |
| EBITDA Margin % | -19.87% | -14.35% | 1.36% | 11.28% | 11.21% | 12.45% |
| EBITDA Growth % | 8.94% | -991.82% | -91.7% | 3.27% | -3.8% | - |
| D&A (Non-Cash Add-back) | 980.2K | 1.4M | 1.7M | 1.94M | 2.13M | 2.09M |
| EBIT | -5.67M | -7.6M | 252.94K | 5.4M | 4.91M | 5.65M |
| Net Interest Income | 316.55K | -909.77K | -684.36K | -425.79K | -444.75K | -544.5K |
| Interest Income | 670.96K | 49.16K | 0 | 0 | 0 | 0 |
| Interest Expense | 354.41K | 958.93K | 684.36K | 425.79K | 444.75K | 544.5K |
| Other Income/Expense | -7.43K | -1.64M | 650.94K | -561.05K | -634.34K | -327.05K |
| Pretax Income | -6.02M | -8.56M | -431.41K | 4.97M | 4.47M | 5.1M |
| Pretax Margin % | -23.77% | -22.22% | -0.95% | 7.51% | 6.92% | 8.45% |
| Income Tax | 293.09K | 206.94K | -77.3K | 897.16K | 800.08K | 1.1M |
| Effective Tax Rate % | -4.87% | -2.42% | 17.92% | 18.04% | 17.92% | 21.62% |
| Net Income | -6.32M | -8.77M | -354.11K | 4.08M | 3.67M | 4M |
| Net Margin % | -24.93% | -22.76% | -0.78% | 6.16% | 5.68% | 6.62% |
| Net Income Growth % | 27.99% | -2376.64% | -108.68% | 11.23% | -8.35% | - |
| Net Income (Continuing) | -6.32M | -8.77M | -354.11K | 4.08M | 3.67M | 4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.56 | -0.78 | -0.03 | 0.36 | 0.33 | 0.16 |
| EPS Growth % | 28.21% | -2167.44% | -109.56% | 9.09% | 106.25% | - |
| EPS (Basic) | -0.56 | -0.78 | -0.03 | 0.36 | 0.33 | 0.16 |
| Diluted Shares Outstanding | 11.25M | 11.25M | 10.3M | 11.25M | 11.25M | 25M |
| Basic Shares Outstanding | 11.25M | 11.25M | 10.3M | 11.25M | 11.25M | 25M |
| Dividend Payout Ratio | - | - | - | 217.37% | - | - |
Severe revenue concentration risk
As indicated by the most recent quarterly filings, MGIH has experienced a sustained top-line decline, with revenue falling to $11.2M in 2025Q4, representing a 24% year-over-year contraction that underscores the company's struggle to maintain volume within its core packaging and supply chain segments.
The consistent downward trajectory in revenue suggests that the company's reliance on a narrow set of multinational OEM clients in the smartphone and footwear sectors has become a significant liability. This decline appears to be more than cyclical, potentially reflecting a structural loss of market share or a fundamental shift in the procurement strategies of its primary customers.
According to historical financial data, gross margins have fluctuated significantly, reaching a low of 14.4% in 2024Q4 before recovering slightly to 16.4% in 2025Q4, illustrating the company's limited pricing power against volatile raw material costs and intense regional competition.
The inability to maintain gross margins above the 20% threshold suggests that MGIH lacks the necessary scale or product differentiation to pass through input cost fluctuations to its clients. This margin profile indicates that the company is likely operating in a highly commoditized environment where price remains the primary competitive lever.
Based on reported income statements, the company has entered a period of negative operating leverage, where SG&A expenses of $5.1M in 2025Q4 significantly outweigh the $1.8M gross profit, resulting in an operating margin of -28.9% that highlights severe fixed-cost inefficiencies.
The failure to scale SG&A downward in proportion to the collapsing revenue base suggests that the company's current manufacturing footprint, particularly its newer facilities, is significantly underutilized. Investors should monitor whether management can successfully rationalize these fixed costs, as the current structure appears unsustainable without a meaningful recovery in production volumes.
While the company's income statement reflects a deteriorating operational reality, the balance sheet maintains a cash position of $10.7M, which, as noted in recent filings, provides a substantial buffer that may lead some market participants to value the firm as a cash shell rather than a manufacturer.
The disconnect between the company's deep operating losses and its relatively high cash-to-revenue ratio warrants caution, as it may mask the severity of the underlying business decline. Analysts should consider whether this cash is being preserved for a strategic pivot or if it is merely delaying an inevitable restructuring of the company's core manufacturing operations.
Quick answers to the most common questions about buying MGIH stock.
For fiscal year 2025, Millennium Group International Holdings Limited (MGIH) reported total revenue of $25.3M. This represents a 58.1% decline compared to $60.4M in 2020.
Millennium Group International Holdings Limited (MGIH) reported a net loss of $6.3M for the fiscal year ending 2025.
Millennium Group International Holdings Limited (MGIH) reported an operating income of $-6.0M, resulting in an operating profit margin of -23.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Millennium Group International Holdings Limited (MGIH) generated $4.5M in gross profit for the year, representing a gross profit margin of 17.8%. This demonstrates the company's core pricing power and production efficiency.