Revenue has contracted significantly to $1.9M in 2026Q3 from a $4.0M peak in 2025Q3, while gross margins have deteriorated to 10.9% over the same period.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 6.31M | 10.79M | 9.07M | 7.18M | 8.21M | 7.45M | 6.29M | 8.98M | 15.02M | 21.25M | 45.75M | 76.32M | 77.83M | 128.4M | 163.25M | 200.84M | 206.96M | 200.6M | 223.23M | 284.4M | 233.84M | 320.7M | 263.77M | 347.78M | 318.45M | 377.41M | 204.96M | 158.7M | 162.7M | 178.7M |
| Revenue Growth % | -41.49% | 18.91% | 26.38% | -12.54% | 10.22% | 18.31% | -29.94% | -40.21% | -29.31% | -53.55% | -40.06% | -1.93% | -39.38% | -21.35% | -18.72% | -2.96% | 3.17% | -10.14% | -21.51% | 21.62% | -27.08% | 21.58% | -24.16% | 9.21% | -15.62% | 84.14% | 29.15% | -2.46% | -8.95% | -27.27% |
| Cost of Goods Sold | 6.22M | 9.88M | 7.51M | 5.08M | 6.24M | 5.75M | 6.75M | 8.76M | 13.92M | 16.28M | 38.82M | 62.09M | 63.01M | 108.63M | 142.27M | 172.92M | 175.46M | 182.35M | 201.05M | 248.06M | 204.01M | 268.17M | 220.71M | 275.24M | 258.68M | 310.42M | 181.32M | 141.3M | 145M | 174.4M |
| COGS % of Revenue | 98.51% | 91.65% | 82.76% | 70.73% | 76.01% | 77.22% | 107.34% | 97.53% | 92.67% | 76.59% | 84.85% | 81.35% | 80.96% | 84.61% | 87.15% | 86.1% | 84.78% | 90.9% | 90.06% | 87.22% | 87.24% | 83.62% | 83.67% | 79.14% | 81.23% | 82.25% | 88.47% | 89.04% | 89.12% | 97.59% |
| Gross Profit | 94K | 901K | 1.56M | 2.1M | 1.97M | 1.7M | -462K | 222K | 1.1M | 4.97M | 6.93M | 14.23M | 14.82M | 19.77M | 20.98M | 27.92M | 31.5M | 18.25M | 22.18M | 36.33M | 29.83M | 52.53M | 43.07M | 72.55M | 59.77M | 66.99M | 23.64M | 17.4M | 17.7M | 4.3M |
| Gross Margin % | 1.49% | 8.35% | 17.24% | 29.27% | 23.99% | 22.78% | -7.34% | 2.47% | 7.33% | 23.41% | 15.15% | 18.65% | 19.04% | 15.39% | 12.85% | 13.9% | 15.22% | 9.1% | 9.94% | 12.78% | 12.76% | 16.38% | 16.33% | 20.86% | 18.77% | 17.75% | 11.53% | 10.96% | 10.88% | 2.41% |
| Gross Profit Growth % | -89.57% | -42.39% | -25.56% | 6.7% | 16.1% | 467.1% | -308.11% | -79.84% | -77.86% | -28.25% | -51.3% | -3.93% | -25.03% | -5.8% | -24.86% | -11.34% | 72.59% | -17.73% | -38.94% | 21.79% | -43.21% | 21.98% | -40.64% | 21.37% | -10.78% | 183.43% | 35.84% | -1.69% | 311.63% | -67.18% |
| Operating Expenses | 4.96M | 6.52M | 4.96M | 4.2M | 5.41M | 5.91M | 4.16M | 3.87M | 4.98M | 5.3M | 8.34M | 9.49M | 11.3M | 9.11M | 9.12M | 9.02M | 17.73M | 22.65M | 29.51M | -35.85M | 25.62M | 41.68M | 42.55M | 53.01M | 49.46M | 53.5M | 18.3M | 14.1M | 17.3M | 21.7M |
| OpEx % of Revenue | 78.67% | 60.42% | 54.72% | 58.48% | 65.92% | 79.33% | 66.17% | 43.09% | 33.17% | 24.94% | 18.22% | 12.43% | 14.52% | 7.1% | 5.58% | 4.49% | 8.57% | 11.29% | 13.22% | -12.6% | 10.95% | 13% | 16.13% | 15.24% | 15.53% | 14.17% | 8.93% | 8.88% | 10.63% | 12.14% |
| Selling, General & Admin | 4.96M | 6.52M | 4.96M | 4.2M | 5.41M | 5.91M | 4.16M | 3.84M | 4.92M | 5.1M | 7.97M | 8.83M | 10.43M | 7.76M | 7.76M | 7.38M | 14.6M | 16.89M | 29.51M | 28.95M | 25.62M | 41.68M | 42.55M | 53.01M | 49.46M | 53.5M | 17M | 12.9M | 15.5M | 18.8M |
| SG&A % of Revenue | 78.67% | 60.42% | 54.72% | 58.48% | 65.92% | 79.33% | 66.17% | 42.79% | 32.77% | 24% | 17.42% | 11.57% | 13.41% | 6.04% | 4.76% | 3.68% | 7.05% | 8.42% | 13.22% | 10.18% | 10.95% | 13% | 16.13% | 15.24% | 15.53% | 14.17% | 8.29% | 8.13% | 9.53% | 10.52% |
| 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 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 60K | 199K | 367K | 661K | 864K | 1.35M | 1.35M | 1.64M | 3.13M | 5.76M | 0 | -64.8M | 0 | 0 | 0 | 0 | 0 | 0 | 1.31M | 1.2M | 1.8M | 2.9M |
| Operating Income | -4.87M | -5.62M | -3.4M | -2.1M | -3.44M | -4.21M | -4.63M | -3.65M | -3.88M | -326K | -1.41M | 4.75M | 3.3M | 9.32M | 11.87M | 18.91M | 13.77M | -4.4M | -7.32M | 71.99M | 4.17M | 11.3M | -1.03M | 19.54M | 10.31M | 13.49M | 5.33M | 3.3M | 400K | -17.4M |
| Operating Margin % | -77.18% | -52.06% | -37.48% | -29.2% | -41.92% | -56.55% | -73.51% | -40.61% | -25.84% | -1.53% | -3.07% | 6.22% | 4.24% | 7.26% | 7.27% | 9.41% | 6.65% | -2.19% | -3.28% | 25.31% | 1.78% | 3.52% | -0.39% | 5.62% | 3.24% | 3.58% | 2.6% | 2.08% | 0.25% | -9.74% |
| Operating Income Growth % | 13.27% | -65.2% | -62.17% | 39.07% | 18.29% | 8.99% | -26.81% | 6.03% | -1090.8% | 76.8% | -129.61% | 43.79% | -64.61% | -21.41% | -37.24% | 37.34% | 412.77% | 39.9% | -110.17% | 1626.82% | -63.12% | 1195.25% | -105.28% | 89.42% | -23.56% | 152.96% | 61.64% | 725% | 102.3% | -72.28% |
| EBITDA | -4.79M | -5.54M | -3.37M | -2.1M | -3.23M | -3.98M | -4.59M | -3.64M | -3.87M | -310K | -1.36M | 4.82M | 3.39M | 9.43M | 12.14M | 19.41M | 14.61M | -3.63M | -6.5M | 72.84M | 5.25M | 14.59M | 2.34M | 22.68M | 13.91M | 16.22M | 6.64M | 4.5M | 2.2M | -14.5M |
| EBITDA Margin % | -75.88% | -51.33% | -37.19% | -29.19% | -39.31% | -53.42% | -72.95% | -40.56% | -25.79% | -1.46% | -2.97% | 6.32% | 4.35% | 7.35% | 7.44% | 9.66% | 7.06% | -1.81% | -2.91% | 25.61% | 2.24% | 4.55% | 0.89% | 6.52% | 4.37% | 4.3% | 3.24% | 2.84% | 1.35% | -8.11% |
| EBITDA Growth % | 13.51% | -64.13% | -61% | 35.06% | 18.88% | 13.37% | -26.02% | 5.96% | -1149.68% | 77.16% | -128.15% | 42.27% | -64.08% | -22.32% | -37.44% | 32.82% | 502.95% | 44.22% | -108.92% | 1288.77% | -64.04% | 522.58% | -89.67% | 62.98% | -14.22% | 144.31% | 47.56% | 104.55% | 115.17% | -126.56% |
| D&A (Non-Cash Add-back) | 82K | 79K | 26K | 1K | 214K | 233K | 35K | 5K | 8K | 16K | 48K | 75K | 88K | 106K | 276K | 502K | 846K | 775K | 823K | 850K | 1.08M | 3.28M | 3.38M | 3.14M | 3.6M | 2.73M | 1.31M | 1.2M | 1.8M | 2.9M |
| EBIT | -4.87M | -4.72M | 861K | -1.35M | -3.62M | -3.97M | -3.85M | -2.79M | -3.39M | -63K | -1.23M | 4.96M | -146K | 9.68M | 13.13M | 21.87M | 14.05M | -4.02M | -7.01M | 7.38M | 4.22M | 8.99M | 4.65M | 19.54M | 10.31M | 13.49M | 6.64M | 4.56M | 400K | -17.4M |
| Net Interest Income | 570K | 887K | 1.16M | 702K | 57K | 151K | 776K | 859K | 492K | 261K | 178K | 215K | 548K | 340K | 70K | 32K | -24K | 245K | 303K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 585K | 896K | 1.16M | 712K | 68K | 158K | 776K | 859K | 496K | 263K | 178K | 215K | 554K | 355K | 70K | 192K | 289K | 502K | 826K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15K | 9K | 5K | 10K | 11K | 7K | 0 | 0 | 4K | 2K | 0 | 0 | 6K | 15K | 0 | 160K | 313K | 257K | 523K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 570K | 887K | 4.25M | 736K | -186K | 234K | 776K | 859K | 492K | 261K | 178K | 215K | -3.45M | 340K | 1.25M | 2.8M | -24K | 128K | -447K | -894K | -785K | -3.21M | -883K | -1.78M | 1.43M | -1.78M | -2.29M | -2.78M | -1.5M | -6.4M |
| Pretax Income | -4.3M | -4.73M | 856K | -1.36M | -3.63M | -3.98M | -3.85M | -2.79M | -3.39M | -65K | -1.23M | 4.96M | -152K | 9.66M | 13.11M | 21.71M | 13.74M | -4.27M | -7.65M | 7.14M | 3.38M | 8.84M | -1.58M | 17.76M | 11.75M | 11.71M | 3.04M | 500K | -1.1M | -23.8M |
| Pretax Margin % | -68.15% | -43.84% | 9.44% | -18.95% | -44.19% | -53.41% | -61.18% | -31.05% | -22.57% | -0.31% | -2.68% | 6.5% | -0.2% | 7.53% | 8.03% | 10.81% | 6.64% | -2.13% | -3.43% | 2.51% | 1.45% | 2.76% | -0.6% | 5.11% | 3.69% | 3.1% | 1.48% | 0.32% | -0.68% | -13.32% |
| Income Tax | 0 | 3K | 90K | 0 | 0 | 0 | 457K | -352K | 3.46M | 172K | -259K | 3.07M | -1.47M | 3.67M | 2.48M | 5.79M | 2.37M | -90K | 1.43M | 3.68M | -328K | 2.98M | 2.15M | -9.29M | -7.66M | -944K | -577K | 200K | 300K | 200K |
| Effective Tax Rate % | 0% | -0.06% | 10.51% | 0% | 0% | 0% | -11.87% | 12.62% | -102.09% | -264.62% | 21.11% | 61.83% | 966.45% | 37.93% | 18.89% | 26.68% | 17.25% | 2.11% | -18.65% | 51.55% | -9.69% | 33.75% | -135.65% | -52.31% | -65.22% | -8.06% | -18.96% | 40% | -27.27% | -0.84% |
| Net Income | -4.3M | -4.73M | 766K | -1.36M | -3.63M | -3.98M | -4.31M | -2.44M | -6.85M | -237K | -968K | 1.89M | 1.32M | 6M | 10.63M | 15.92M | 11.31M | -4.82M | -9.02M | 3.46M | 16.63M | 5.91M | -1.07M | 21.5M | 19.41M | 12.65M | 3.62M | 300K | -1.4M | -24M |
| Net Margin % | -68.15% | -43.87% | 8.45% | -18.95% | -44.19% | -53.41% | -68.44% | -27.13% | -45.61% | -1.12% | -2.12% | 2.48% | 1.69% | 4.67% | 6.51% | 7.93% | 5.47% | -2.4% | -4.04% | 1.22% | 7.11% | 1.84% | -0.41% | 6.18% | 6.09% | 3.35% | 1.77% | 0.19% | -0.86% | -13.43% |
| Net Income Growth % | 9.11% | -717.62% | 156.32% | 62.49% | 8.8% | 7.69% | -76.73% | 64.43% | -2790.72% | 75.52% | -151.14% | 43.74% | -78.05% | -43.59% | -33.2% | 40.68% | 334.9% | 46.6% | -360.87% | -79.21% | 181.63% | 649.81% | -105% | 10.78% | 53.38% | 249.53% | 1106.67% | 121.43% | 94.17% | -79.1% |
| Net Income (Continuing) | -4.3M | -4.73M | 766K | -1.36M | -3.63M | -3.98M | -4.31M | -2.44M | -6.85M | -237K | -968K | 1.89M | 1.32M | 6M | 10.63M | 15.92M | 11.37M | -4.18M | -9.08M | 3.46M | 3.71M | 5.11M | 60K | 27.05M | 19.41M | 12.65M | 3.62M | 289K | -1.4M | -24M |
| Discontinued Operations | 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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133K | 0 | 0 | 16.7M | 15.79M | 16.58M | 17.33M | 20.29M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20 | -0.22 | 0.04 | -0.06 | -0.17 | -0.19 | -0.20 | -0.11 | -0.27 | -0.01 | -0.04 | 0.07 | 0.05 | 0.22 | 0.39 | 0.59 | 0.42 | -0.18 | -0.33 | 0.13 | 0.61 | 0.22 | -0.04 | 0.75 | 0.52 | 0.33 | 0.07 | -0.01 | -0.03 | -0.60 |
| EPS Growth % | 9.09% | -704.4% | 156.35% | 62% | 10.53% | 5% | -81.82% | 59.26% | - | 75.63% | -151% | 40% | -77.27% | -43.59% | -33.9% | 40.48% | 333.33% | 45.45% | -353.85% | -78.69% | 177.27% | 658.38% | -105.25% | 44.23% | 57.58% | 371.43% | 800% | 67.74% | 94.83% | -71.43% |
| EPS (Basic) | -0.20 | -0.22 | 0.04 | -0.06 | -0.17 | -0.19 | -0.20 | -0.11 | -0.27 | -0.01 | -0.04 | 0.07 | 0.05 | 0.22 | 0.39 | 0.59 | 0.42 | -0.18 | -0.33 | 0.13 | 0.61 | 0.22 | -0.04 | 0.78 | 0.62 | 0.36 | 0.07 | -0.01 | -0.03 | -0.60 |
| Diluted Shares Outstanding | 21.04M | 21.04M | 21.04M | 21.04M | 21.04M | 21.04M | 21.04M | 21.93M | 25.28M | 27.11M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.17M | 27.26M | 27.23M | 28.64M | 40.48M | 38.57M | 53.51M | 49.98M | 45.17M | 40.29M |
| Basic Shares Outstanding | 21.04M | 21.04M | 21.04M | 21.04M | 21.04M | 21.04M | 21.04M | 21.93M | 25.28M | 27.11M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.13M | 27.09M | 27.08M | 26.99M | 27.23M | 27.72M | 31.3M | 35.07M | 47.63M | 49.98M | 45.17M | 40.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 263.75% | - | - | - | - | - | - | - | - | 0.1% | 0.72% | 133.33% | - | - |
Insufficient scale for overhead
As indicated by the most recent quarterly data, MSN's revenue has experienced a sharp contraction, with the 2026Q3 figure of $1.9M representing a significant decline from the $4.0M peak observed in 2025Q3, signaling a potential loss of critical retail shelf space and market relevance.
The volatility in quarterly revenue suggests that the company's reliance on transactional product sales is highly susceptible to seasonal fluctuations and shifting retailer inventory strategies. Investors should monitor whether this downward trend reflects a permanent erosion of the brand's distribution footprint or merely temporary supply chain disruptions.
Based on reported financial statements, MSN's gross margin has deteriorated significantly, falling from a peak of 18.2% in 2024Q3 to a mere 10.9% in 2026Q3, which highlights the company's inability to pass through rising procurement costs to price-sensitive consumers in the value electronics segment.
This margin compression appears to be a direct consequence of the company's high-variable-cost import model, which lacks the scale to negotiate favorable terms with suppliers. The current margin profile suggests that the business is operating in a commoditized environment where pricing power is virtually non-existent.
According to historical income statement data, MSN's operating margin has remained consistently negative, reaching a low of -137.8% in 2025Q4, which demonstrates that the current revenue base is fundamentally insufficient to cover the company's fixed SG&A expenses and corporate overhead requirements.
The persistent inability to scale operating income relative to gross profit suggests that the company's cost structure is misaligned with its current market opportunity. Without a radical reduction in fixed costs or a pivot toward a higher-margin licensing model, the company may continue to face significant operational losses.
While the company maintains a clean balance sheet with minimal debt, the persistent cash burn, as evidenced by the negative net income across nearly all recent quarters, suggests that the market may be overvaluing MSN as a going concern rather than a potential brand liquidation play.
Short-sellers would likely focus on the company's limited cash runway and the lack of a clear path to profitability within the current business model. The primary risk remains that the company's cash reserves will be exhausted before management can successfully pivot to a more sustainable, asset-light licensing strategy.
Quick answers to the most common questions about buying MSN stock.
For fiscal year 2026, Emerson Radio Corp. (MSN) reported total revenue of $6.3M. This represents a 96.5% decline compared to $178.7M in 1997.
Emerson Radio Corp. (MSN) reported a net loss of $4.3M for the fiscal year ending 2026.
Emerson Radio Corp. (MSN) reported an operating income of $-4.9M, resulting in an operating profit margin of -77.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Emerson Radio Corp. (MSN) generated $0.1M in gross profit for the year, representing a gross profit margin of 1.5%. This demonstrates the company's core pricing power and production efficiency.