Reported revenue is absent across the ten-quarter period while operating losses widened to $6.4M in 2026Q4, driven by SG&A of $5.1M that dwarfs R&D of $883.6K, so margin trends cannot be meaningfully established.
Regencell Bioscience Holdings Limited (RGC) annual income statement — 8-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 404.54K | 392.74K | 745.59K | 769.69K | 604.4K | 26.46K | 9.52K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -404.54K | -392.74K | -745.59K | -769.69K | -604.4K | -26.46K | -9.52K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | -3% | 47.32% | 3.13% | -27.35% | -2184.54% | -178.02% | - | - |
| Operating Expenses | 11.32M | 3.38M | 3.99M | 6.27M | 7.62M | 1.38M | 812.37K | 390.99K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.02M | 2.43M | 2.92M | 4.69M | 5.11M | 943.04K | 426.14K | 162.77K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 1.3M | 948.29K | 1.07M | 1.58M | 2.51M | 438.32K | 386.23K | 228.22K |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.72M | -3.77M | -4.74M | -6.27M | -7.62M | -1.38M | -812.37K | -390.99K |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | -210.99% | 20.41% | 24.5% | 17.64% | -451.47% | -70.04% | -107.77% | - |
| EBITDA | -11.32M | -3.38M | -3.99M | -5.5M | -7.01M | -1.35M | -802.86K | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -235.18% | 15.38% | 27.49% | 21.52% | -417.63% | -68.76% | - | - |
| D&A (Non-Cash Add-back) | 404.54K | 392.74K | 745.59K | 769.69K | 604.4K | 26.46K | 9.52K | 390.99K |
| EBIT | -11.72M | -3.58M | -4.36M | -6.06M | -7.62M | -1.38M | -812.37K | -390.99K |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 22.52K | 185.77K | 373.5K | 211.34K | 23.21K | 34.62K | 0 | 0 |
| Pretax Income | -11.7M | -3.58M | -4.36M | -6.06M | -7.59M | -1.35M | -812.37K | -390.99K |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -391 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.1% |
| Net Income | -11.7M | -3.58M | -4.3M | -5.87M | -7.42M | -1.35M | -812.37K | -390.99K |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -226.49% | 16.68% | 26.73% | 20.9% | -451.16% | -65.78% | -107.77% | - |
| Net Income (Continuing) | -11.7M | -3.58M | -4.36M | -6.06M | -7.59M | -1.35M | -812.37K | -390.99K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -40.9K | 15.39K | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.01 | -0.01 | -0.01 | -0.02 | -0.00 | -0.00 | -0.00 |
| EPS Growth % | - | - | 26.89% | 20.67% | - | - | - | - |
| EPS (Basic) | -0.02 | -0.01 | -0.01 | -0.01 | -0.02 | -0.00 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 494.6M | 494.49M | 494.49M | 494.49M | 494.49M | 480.4M | 480.4M | 480.4M |
| Basic Shares Outstanding | 494.6M | 494.49M | 494.49M | 494.49M | 494.49M | 480.4M | 480.4M | 480.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RGC stock.
For fiscal year 2026, Regencell Bioscience Holdings Limited (RGC) reported total revenue of $0.0M.
Regencell Bioscience Holdings Limited (RGC) reported a net loss of $11.7M for the fiscal year ending 2026.
Key Metrics
Top Statement Risk
Persistent operating losses and sparse revenue
Revenue Absent, Growth Untestable
Based on the reported quarterly income statement, RGC shows no consistently disclosed revenue line across the ten quarters, so a reliable growth trajectory cannot be established from this data.
Most periods carry no revenue figure, and the single revenue entry in 2022Q4 appears inconsistent with surrounding quarters, suggesting a data reporting issue rather than a meaningful growth signal. Without a durable revenue base, growth rate analysis is not meaningful and investors should monitor future filings for the emergence of recurring sales. Any growth conclusion would warrant further investigation before being relied upon.
Operating Losses Widen Despite Flat Base
Operating losses have ranged from roughly $1.2K to $6.4M across the period, with the most recent quarter showing SG&A of $5.1M against zero disclosed revenue, which implies a structurally negative operating model.
Because gross profit is absent or negative in most periods, operating leverage cannot be assessed in the usual sense, and the cost base appears to be driven by SG&A rather than scaling against sales. The sharp increase in SG&A in 2026Q4 relative to prior quarters may indicate expanded overhead activity, which investors should monitor. The pattern suggests the company is not yet covering its operating cost base from reported operations.
SG&A Dominates an Unscaled Cost Base
Reported SG&A rose to $5.1M in 2026Q4 from $1.4M in 2025Q4, while R&D stayed comparatively modest at $883.6K, indicating overhead rather than research is the primary cost driver in the latest period.
The jump in SG&A without corresponding revenue implies that overhead expansion is not yet matched by commercial output, which warrants scrutiny of what drove the increase. R&D spending appears intermittent across quarters, making it difficult to infer a sustained development cadence from the reported figures. Investors should monitor whether elevated SG&A persists or reflects one-time items.
Net Losses Track Operating Losses Closely
Net income closely tracks operating income across quarters, with the 2026Q4 net loss of $6.4M matching the operating loss, and stock-based compensation appearing at zero in that period, so reported losses do not appear distorted by large non-operating items.
The near equivalence of operating and net results suggests limited non-operating income or expense effects in the reported figures. Stock-based compensation is largely absent or minimal in the latest quarters, which reduces the concern that equity pay is masking the true cash cost of operations, though historical SBC spikes in 2022 and 2023 should not be ignored. EPS remains close to zero in most periods, which reflects the scale of losses against the share count.
Losses Without a Visible Path to Profit
The strongest bear argument is that the income statement shows persistent losses, minimal revenue, and rising overhead, with no gross profit trend to suggest a near-term path to operating breakeven based on reported figures.
Short-sellers would likely focus on the absence of consistent revenue and the escalation of SG&A as evidence that the business model has not been validated commercially. The periodic gross profit entries are negative or absent, which weakens any argument that unit economics are improving. Any bullish thesis would need to rest on factors outside the reported income statement, which warrants further investigation.