Revenue remains highly volatile and milestone-dependent, evidenced by the $1.7M recorded in 2026Q1, while operating losses consistently exceed $8M per quarter due to heavy R&D investment.
| Sales/Revenue | 3.17M | 1.63M | 1.03M | 0 | 0 | 2.72M | 462K | 979K |
| Revenue Growth % | 164.08% | 58.85% | - | - | -100% | 488.1% | -52.81% | - |
| Cost of Goods Sold | 161K | 900K | 0 | 822K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 55.11% | - | - | - | - | - | - |
| Gross Profit | 3.01M | 733K | 1.03M | -822K | 0 | 2.72M | 462K | 979K |
| Gross Margin % | 94.92% | 44.89% | 100% | - | - | 100% | 100% | 100% |
| Gross Profit Growth % | - | -28.7% | 225.06% | - | -100% | 488.1% | -52.81% | - |
| Operating Expenses | 37.64M | 39.04M | 54.34M | 65.28M | 63.45M | 54.32M | 17.01M | 28.04M |
| OpEx % of Revenue | - | 2390.88% | 5286.19% | - | - | 1999.12% | 3680.95% | 2864.56% |
| Selling, General & Admin | 19.01M | 19.74M | 23.95M | 26.48M | 26.84M | 27.83M | 4.96M | 3.46M |
| SG&A % of Revenue | - | 1208.7% | 2329.38% | - | - | 1024.44% | 1074.03% | 353.93% |
| Research & Development | 18.8M | 20.2M | 26.68M | 39.62M | 36.61M | 26.48M | 12.04M | 24.58M |
| R&D % of Revenue | - | 1237.29% | 2595.53% | - | - | 974.68% | 2606.93% | 2510.62% |
| Other Operating Expenses | -161K | -900K | 3.71M | -822K | 0 | 0 | 0 | 0 |
| Operating Income | -34.64M | -38.31M | -53.31M | -66.1M | -63.45M | -51.6M | -16.54M | -27.07M |
| Operating Margin % | -1092.96% | -2345.99% | -5186.19% | - | - | -1899.12% | -3580.95% | -2764.56% |
| Operating Income Growth % | - | 28.14% | 19.34% | -4.17% | -22.97% | -211.89% | 38.87% | - |
| EBITDA | -33.83M | -37.41M | -52.29M | -65.28M | -62.9M | -51.1M | -15.96M | -26.5M |
| EBITDA Margin % | -1067.4% | -2290.88% | -5086.19% | - | - | -1880.82% | -3453.46% | -2706.95% |
| EBITDA Growth % | 32.7% | 28.45% | 19.9% | -3.77% | -23.09% | -220.29% | 39.79% | - |
| D&A (Non-Cash Add-back) | 810K | 900K | 1.03M | 822K | 548K | 497K | 589K | 564K |
| EBIT | -34.6M | -38.31M | -51.55M | -66.1M | -62.2M | -52.58M | -16.54M | -26.58M |
| Net Interest Income | -1.01M | -2.06M | -3.27M | -1.78M | 177K | -377K | -61K | 413K |
| Interest Income | 1.02M | 827K | 1.76M | 3.3M | 1.25M | 89K | 63K | 423K |
| Interest Expense | 2.04M | 2.89M | 5.03M | 5.08M | 1.07M | 466K | 124K | 10K |
| Other Income/Expense | -1.59M | -2.64M | 23.3M | -1.78M | 177K | -1.45M | -124K | 478K |
| Pretax Income | -36.23M | -40.95M | -30.02M | -67.88M | -63.27M | -53.05M | -16.67M | -26.59M |
| Pretax Margin % | -1143.17% | -2507.65% | -2920.04% | - | - | -1952.41% | -3607.79% | -2715.73% |
| Income Tax | 0 | 0 | 26.57M | 0 | 70K | 41K | 35K | 0 |
| Effective Tax Rate % | 0% | 0% | -88.5% | 0% | -0.11% | -0.08% | -0.21% | 0% |
| Net Income | -29.44M | -29.67M | -30.02M | -33.97M | -30.59M | -8.33M | -16.7M | -26.6M |
| Net Margin % | -929.06% | -1817.09% | -2920.04% | - | - | -306.63% | -3615.37% | -2716.75% |
| Net Income Growth % | 1.2% | 1.15% | 11.63% | -11.06% | -267.16% | 50.12% | 37.2% | - |
| Net Income (Continuing) | -36.23M | -40.95M | -56.58M | -67.88M | -63.34M | -53.09M | -16.7M | -26.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.14M | 8.5M | 1.5M | 12.58M | 37.15M | 74.16M | 0 | 0 |
| EPS (Diluted) | -0.16 | -0.45 | -1.05 | -1.33 | -1.28 | -0.42 | -0.85 | -1.35 |
| EPS Growth % | 58.68% | 57.14% | 21.05% | -3.91% | -204.76% | 50.59% | 37.04% | - |
| EPS (Basic) | - | -0.45 | -1.05 | -1.33 | -1.28 | -0.42 | -0.85 | -1.35 |
| Diluted Shares Outstanding | 180M | 66.14M | 28.48M | 25.5M | 23.82M | 19.53M | 18.74M | 18.74M |
| Basic Shares Outstanding | 180M | 66.14M | 28.48M | 25.5M | 23.82M | 19.53M | 18.74M | 18.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Binary clinical and liquidity risk
As reported in financial statements, RANI's top-line performance remains highly erratic, with revenue appearing only in sporadic quarters such as the $1.7M recorded in 2026Q1, reflecting a business model entirely dependent on non-recurring research milestones rather than consistent, volume-driven commercial product sales or recurring service contracts.
The absence of sustained revenue growth suggests that the company has yet to achieve a repeatable commercialization phase. Investors should monitor whether future milestone payments can provide sufficient runway to bridge the gap toward potential product launch, as current figures indicate a lack of organic growth durability.
Based on reported figures, RANI's cost structure is overwhelmingly dominated by research and development expenditures, which consistently outpace revenue and underscore the company's status as a pre-commercial entity focused on the technical validation of its proprietary robotic capsule platform rather than operational efficiency.
The persistent high level of R&D spending relative to revenue suggests that management is prioritizing platform development over near-term profitability. This cost profile warrants further investigation into the scalability of the manufacturing process, as the current expense structure appears to be fixed and heavy.
According to recent SEC filings, RANI's operating income remains consistently negative, with quarterly losses frequently exceeding $8M, indicating that the company has not yet achieved the necessary scale to leverage its fixed operating expenses against its limited and intermittent revenue streams.
The lack of operating leverage is typical for clinical-stage biotechs, yet the magnitude of the losses relative to the $1.6M TTM revenue suggests a significant disconnect between current spending and commercial output. This trend implies that the company remains highly sensitive to capital market conditions for ongoing operations.
As indicated by the company's financial data, the combination of a $18.6M cash position and a quarterly burn rate that frequently exceeds $7M suggests a precarious liquidity profile that may necessitate dilutive financing or strategic partnerships in the near term to maintain current research activities.
The reliance on external capital to fund ongoing R&D creates a binary risk profile where any delay in clinical milestones could severely impact the company's ability to operate. Investors should monitor the cash-to-burn ratio closely, as the current trajectory appears unsustainable without a significant change in funding or revenue generation.
Quick answers to the most common questions about buying RANI stock.
For fiscal year 2025, Rani Therapeutics Holdings, Inc. (RANI) reported total revenue of $1.6M. This represents a 66.8% increase compared to $1.0M in 2019.
Rani Therapeutics Holdings, Inc. (RANI) reported a net loss of $29.7M for the fiscal year ending 2025.
Rani Therapeutics Holdings, Inc. (RANI) reported an operating income of $-38.3M, resulting in an operating profit margin of -2346.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Rani Therapeutics Holdings, Inc. (RANI) generated $0.7M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.