Revenue contracted by 49.8% year-over-year in 2026Q1, while gross margins remained suppressed at a thin 1.8%, reflecting significant challenges in achieving economies of scale.
| Sales/Revenue | 11.37M | 11.03M | 17.01M | 23.92M | 14.1M | 9.95M | 1.17M | 456.86K | 4.81M | 0 |
| Revenue Growth % | -31.69% | -35.16% | -28.86% | 69.59% | 41.8% | 749.91% | 156.13% | -90.51% | - | - |
| Cost of Goods Sold | 11.21M | 10.87M | 16.68M | 23.72M | 13.85M | 9M | 526.34K | 104.24K | 1.97M | 0 |
| COGS % of Revenue | - | 98.54% | 98.04% | 99.18% | 98.18% | 90.5% | 44.98% | 22.82% | 41.01% | - |
| Gross Profit | 163.71K | 161.25K | 334.26K | 194.96K | 255.97K | 944.59K | 643.81K | 352.62K | 2.84M | 0 |
| Gross Margin % | 1.44% | 1.46% | 1.96% | 0.82% | 1.82% | 9.5% | 55.02% | 77.18% | 58.99% | - |
| Gross Profit Growth % | - | -51.76% | 71.45% | -23.83% | -72.9% | 46.72% | 82.58% | -87.58% | - | - |
| Operating Expenses | 3.03M | 2.62M | 2.6M | 2.23M | 5.44M | 10.42M | 1.33M | 1.73M | 337.47K | 1.22K |
| OpEx % of Revenue | - | 23.71% | 15.31% | 9.3% | 38.55% | 104.77% | 113.29% | 379.35% | 7.01% | - |
| Selling, General & Admin | 3.07M | 2.62M | 2.14M | 2.23M | 2.77M | 10.42M | 1.33M | 1.73M | 337.47K | 1.22K |
| SG&A % of Revenue | - | 23.71% | 12.55% | 9.3% | 19.66% | 104.77% | 113.29% | 379.35% | 7.01% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -41.42K | 0 | 468.66K | 0 | 2.66M | -4.05K | 0 | 0 | 0 | 0 |
| Operating Income | -2.86M | -2.45M | -2.27M | -2.03M | -5.18M | -9.48M | -681.88K | -1.38M | 2.5M | -1.22K |
| Operating Margin % | -25.17% | -22.25% | -13.34% | -8.49% | -36.73% | -95.27% | -58.27% | -302.16% | 51.98% | - |
| Operating Income Growth % | - | -8.14% | -11.79% | 60.81% | 45.33% | -1289.55% | 50.6% | -155.18% | 205163.93% | - |
| EBITDA | -2.67M | -2.23M | -2.13M | -1.84M | -5.11M | -9.47M | -606.92K | -1.28M | 2.51M | -2 |
| EBITDA Margin % | -23.5% | -20.19% | -12.5% | -7.71% | -36.22% | -95.21% | -51.87% | -281.19% | 52.18% | - |
| EBITDA Growth % | -36.84% | -4.73% | -15.42% | 63.93% | 46.05% | -1460.15% | 52.76% | -151.15% | 99999900% | - |
| D&A (Non-Cash Add-back) | 189.08K | 226.83K | 142.81K | 187.62K | 71.8K | 6.13K | 74.96K | 95.82K | 9.74K | 1.22K |
| EBIT | -3.55M | -2.45M | -1.8M | -2.03M | -2.52M | -9.48M | -681.88K | -1.38M | 2.5M | -1.22K |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -4.05K | 0 | -7.21K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 4.05K | 0 | 7.21K | 0 | 0 |
| Other Income/Expense | -782.32K | 196.69K | 0 | -2.29M | 3.08M | -526.1K | 36 | -34.84K | 47.78K | 0 |
| Pretax Income | -3.64M | -2.26M | -2.27M | -4.32M | -2.1M | -10M | -681.85K | -1.42M | 2.55M | -1.22K |
| Pretax Margin % | -32.05% | -20.47% | -13.34% | -18.07% | -14.88% | -100.56% | -58.27% | -309.79% | 52.97% | - |
| Income Tax | 246.23K | 251.97K | 124.07K | 22.7K | -23.81K | 139.93K | -42.78K | -89.97K | 659.52K | 0 |
| Effective Tax Rate % | -6.76% | -11.16% | -5.47% | -0.53% | 1.13% | -1.4% | 6.27% | 6.36% | 25.87% | 0% |
| Net Income | -3.86M | -2.84M | -2.35M | -4.29M | -4.81M | -9.62M | -632.37K | -1.26M | 1.79M | -1.18K |
| Net Margin % | -33.97% | -25.72% | -13.84% | -17.94% | -34.13% | -96.72% | -54.04% | -275.08% | 37.22% | - |
| Net Income Growth % | -130.29% | -20.5% | 45.11% | 10.87% | 49.96% | -1421.13% | 49.68% | -170.16% | 152555.23% | - |
| Net Income (Continuing) | -3.89M | -2.51M | -2.39M | -4.34M | -2.07M | -10.14M | -639.07K | -1.33M | 1.89M | -1.22K |
| Discontinued Operations | 0 | -370.38K | 0 | 0 | -2.66M | 522.04K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 40.43K | 84.33K | 141.05K | 0 | 0 | 29.07K | 98.68K | -43 |
| EPS (Diluted) | -0.26 | -0.20 | -0.18 | -0.44 | -0.60 | -1.58 | -0.08 | -0.15 | 0.27 | -0.00 |
| EPS Growth % | -113.13% | -11.11% | 59.09% | 26.67% | 62.03% | -1836.27% | 45.6% | -155.56% | - | - |
| EPS (Basic) | - | -0.20 | -0.18 | -0.44 | -0.60 | -1.58 | -0.08 | -0.15 | 0.27 | -0.00 |
| Diluted Shares Outstanding | 14.72M | 14.31M | 13.25M | 9.81M | 7.88M | 6.11M | 7.83M | 8.24M | 6.67M | 6.67M |
| Basic Shares Outstanding | 14.72M | 14.31M | 13.25M | 9.81M | 7.88M | 6.11M | 7.83M | 8.24M | 6.67M | 6.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As indicated by the most recent quarterly data, Nocera experienced a significant 49.8% year-over-year revenue decline, underscoring the inherent instability of its project-based business model which remains highly susceptible to the cyclical capital expenditure patterns of the Taiwanese aquaculture market and regional economic shifts.
The sharp contraction in top-line performance suggests that the company lacks a recurring revenue base to buffer against the lumpy nature of its equipment and construction contracts. Investors should monitor whether this downward trend reflects a structural loss of market share or merely the timing of project completions.
Based on reported financial statements, Nocera's gross margin has consistently hovered near 1.46%, a figure that highlights the firm's inability to exert pricing power or achieve meaningful economies of scale within the highly competitive and cost-sensitive landscape of specialized aquaculture infrastructure manufacturing.
Such thin margins leave virtually no room for operational error, suggesting that the company may be functioning as a low-value pass-through entity rather than a technology provider. This profile implies that any minor increase in input costs could easily push the firm into a gross loss position.
According to the income statement analysis, Nocera's operating margin of -22.25% demonstrates that the company's fixed administrative overhead significantly outweighs its gross profit generation, indicating a failure to achieve the necessary scale to cover its core operating expenses in the current market environment.
The persistent inability to scale operating income relative to gross profit suggests that the current cost structure is fundamentally misaligned with the company's revenue-generating capacity. Without a significant pivot toward higher-margin service offerings, the firm appears trapped in a cycle of recurring operating losses.
While the company maintains a cash balance of $7.9M, the consistent net losses reported in recent filings suggest that this liquidity is being rapidly depleted, raising serious questions about the long-term viability of the current operational strategy without a fundamental shift in the cost structure.
Short-sellers would likely focus on the disconnect between the company's ag-tech branding and its distressed industrial engineering financial reality. The lack of R&D investment, as evidenced by the zero-dollar spend in recent quarters, further suggests that the firm may struggle to innovate its way out of its current margin crisis.
Quick answers to the most common questions about buying NCRA stock.
For fiscal year 2025, Nocera, Inc. (NCRA) reported total revenue of $11.0M.
Nocera, Inc. (NCRA) reported a net loss of $2.8M for the fiscal year ending 2025.
Nocera, Inc. (NCRA) reported an operating income of $-2.5M, resulting in an operating profit margin of -22.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Nocera, Inc. (NCRA) generated $0.2M 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.