Revenue contraction has accelerated significantly, with the company reporting a 78.7% year-over-year decline in 2025Q3 alongside a collapse in gross margins to 8.1%.
Stablecoin Development Corp. (SDEV) annual income statement — 21-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 65.12M | 0 | 0 | 10.46M | 14.4M | 10.2M | 9.93M | 6.6M | 12.51M | 18.23M | 11.9M | 4.38M | 1.05M | 3.48M | 6.95M | 11.02M | 9.75M | 15.68M | 6.72M | 5.91M | 1.53M | 0 |
| Revenue Growth % | 12398.27% | - | -100% | -27.42% | 41.16% | 2.72% | 50.54% | -47.24% | -31.39% | 53.23% | - | 315.65% | -69.69% | -49.95% | -36.95% | 12.97% | -37.81% | 133.32% | 13.68% | 285.71% | - | - |
| Cost of Goods Sold | -432K | 140K | 341K | 4.37M | 6.62M | 3.69M | 3.97M | 1.74M | 1.5M | 2.78M | 2.46M | 1.26M | 486K | 162K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | 41.81% | 45.98% | 36.15% | 39.96% | 26.34% | 12.02% | 15.27% | 20.71% | 28.78% | 46.11% | 4.66% | 0.12% | - | - | - | - | - | - | - |
| Gross Profit | 65.55M | -140K | -341K | 6.08M | 7.78M | 6.51M | 5.96M | 4.86M | 11.01M | 15.45M | 9.43M | 3.12M | 568K | 3.31M | 6.94M | 11.02M | 9.75M | 15.68M | 6.72M | 5.91M | 1.53M | 0 |
| Gross Margin % | 100.66% | - | - | 58.19% | 54.02% | 63.85% | 60.04% | 73.66% | 87.98% | 84.73% | 79.29% | 71.22% | 53.89% | 95.34% | 99.88% | 100% | 100% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | 58.94% | -105.6% | -21.81% | 19.43% | 9.24% | 22.69% | -55.83% | -28.75% | 63.74% | - | 449.3% | -82.87% | -52.23% | -37.03% | 12.97% | -37.81% | 133.32% | 13.68% | 285.71% | - | - |
| Operating Expenses | 15.01M | 7.45M | 7.04M | 10.19M | 15.46M | 15.38M | 12.39M | 14.1M | 18.88M | 22.76M | 20.58M | 24.13M | 17.45M | 18.8M | 15.26M | 15.34M | 14.27M | 12.94M | 15.23M | 11.79M | 7.06M | 3.57M |
| OpEx % of Revenue | - | - | - | 97.43% | 107.34% | 150.7% | 124.71% | 213.68% | 150.91% | 124.83% | 172.96% | 550.88% | 1655.22% | 540.72% | 219.61% | 139.21% | 146.3% | 82.53% | 226.58% | 199.37% | 460.47% | - |
| Selling, General & Admin | 15.01M | 7.45M | 7.04M | 10.15M | 15.29M | 15.33M | 12.1M | 13.92M | 18.62M | 22.35M | 18.97M | 18.53M | 7.99M | 6.34M | 5.98M | 5.43M | 5.65M | 5.61M | 5.64M | 4.37M | 2.97M | 1.62M |
| SG&A % of Revenue | - | - | - | 97.1% | 106.13% | 150.26% | 121.84% | 210.9% | 148.84% | 122.58% | 159.49% | 422.94% | 757.97% | 182.34% | 86.09% | 49.27% | 57.97% | 35.75% | 83.84% | 73.87% | 193.87% | - |
| Research & Development | 0 | 0 | 42K | 34K | 174K | 44K | 285K | 184K | 259K | 410K | 1.6M | 6.04M | 9.51M | 12.46M | 9.28M | 9.91M | 8.62M | 7.34M | 9.6M | 7.42M | 4.09M | 1.95M |
| R&D % of Revenue | - | - | - | 0.33% | 1.21% | 0.43% | 2.87% | 2.79% | 2.07% | 2.25% | 13.47% | 137.98% | 902.37% | 358.38% | 133.51% | 89.94% | 88.33% | 46.78% | 142.74% | 125.5% | 266.6% | - |
| Other Operating Expenses | 0 | 0 | -42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -96K | 22K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 50.54M | -7.58M | -7.38M | -4.1M | -7.68M | -8.86M | -6.42M | -9.24M | -7.87M | -7.31M | -11.14M | -21.01M | -16.88M | -15.49M | -8.31M | -4.32M | -4.52M | 2.74M | -8.51M | -5.88M | -5.53M | -3.57M |
| Operating Margin % | 77.62% | - | - | -39.23% | -53.32% | -86.85% | -64.68% | -140.02% | -62.93% | -40.1% | -93.67% | -479.66% | -1601.33% | -445.38% | -119.61% | -39.21% | -46.3% | 17.47% | -126.58% | -99.37% | -360.47% | - |
| Operating Income Growth % | - | -2.79% | -79.89% | 46.59% | 13.34% | -37.93% | 30.47% | -17.39% | -7.66% | 34.4% | - | -24.51% | -8.99% | -86.38% | -92.29% | 4.32% | -264.82% | 132.2% | -44.81% | -6.33% | -54.83% | - |
| EBITDA | 50.55M | -7.45M | -7.04M | -3.75M | -7.2M | -8.74M | -6.37M | -9.18M | -7.61M | -7.22M | -11.03M | -20.85M | -16.65M | -15.17M | -7.97M | -3.9M | -4.09M | 3.11M | -8.21M | -5.69M | -5.45M | -3.52M |
| EBITDA Margin % | 77.64% | - | - | -35.83% | -49.97% | -85.68% | -64.16% | -139.04% | -60.8% | -39.58% | -92.71% | -475.92% | -1579.32% | -436.35% | -114.7% | -35.36% | -41.92% | 19.85% | -122.06% | -96.28% | -355.64% | - |
| EBITDA Growth % | 788.84% | -5.78% | -87.88% | 47.95% | 17.68% | -37.17% | 30.53% | -20.64% | -5.39% | 34.58% | - | -25.26% | -9.72% | -90.41% | -104.52% | 4.72% | -231.35% | 137.94% | -44.12% | -4.42% | -54.84% | - |
| D&A (Non-Cash Add-back) | 13K | 140K | 341K | 356K | 483K | 119K | 51K | 65K | 266K | 95K | 114K | 164K | 232K | 314K | 341K | 425K | 427K | 373K | 304K | 183K | 74K | 48K |
| EBIT | 50.54M | -7.58M | -7.38M | -4.1M | -7.68M | -8.86M | -6.42M | -9.24M | -7.87M | -7.31M | -11.14M | -21.14M | -16.9M | -15.49M | -8.31M | -4.32M | -4.52M | 2.74M | -8.51M | -5.88M | -5.53M | -3.46M |
| Net Interest Income | -148K | -277K | -904K | -1.69M | 0 | 0 | -275K | -1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 148K | 277K | 904K | 1.69M | 0 | 0 | 275K | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 490.13M | -634.28M | -1.37M | -2.04M | -2.93M | 3.04M | -4.61M | -412K | 1.33M | -89K | -2M | 2.04M | 1.71M | -554K | 1.28M | -762K | 258K | -36K | 397K | 488K | 240K | 106K |
| Pretax Income | 540.67M | -641.86M | -8.75M | -6.14M | -10.61M | -5.82M | -11.03M | -9.65M | -6.54M | -7.4M | -13.15M | -18.97M | -15.19M | -16.04M | -7.03M | -5.08M | -4.26M | 2.7M | -8.11M | -5.39M | -5.29M | -3.46M |
| Pretax Margin % | 830.32% | - | - | -58.78% | -73.65% | -57.08% | -111.07% | -146.26% | -52.29% | -40.59% | -110.52% | -433.03% | -1441.37% | -461.32% | -101.12% | -46.13% | -43.65% | 17.24% | -120.68% | -91.12% | -344.81% | - |
| Income Tax | 5.57M | 0 | 0 | 0 | 0 | 0 | 5K | 6K | 4K | 3K | 2K | 12K | 2K | 2K | 2K | 2K | 50K | 7K | 2K | 12K | 0 | 0 |
| Effective Tax Rate % | 1.03% | 0% | 0% | 0% | 0% | 0% | -0.05% | -0.06% | -0.06% | -0.04% | -0.02% | -0.06% | -0.01% | -0.01% | -0.03% | -0.04% | -1.17% | 0.26% | -0.02% | -0.22% | 0% | 0% |
| Net Income | 535.1M | -641.98M | -7.22M | -6.14M | -10.61M | -5.82M | -11.04M | -9.66M | -6.54M | -7.4M | -13.15M | -18.97M | -15.19M | -16.04M | -7.03M | -5.08M | -4.31M | 2.7M | -8.11M | -5.4M | -5.29M | -3.46M |
| Net Margin % | 821.76% | - | - | -58.78% | -73.65% | -57.08% | -111.12% | -146.36% | -52.33% | -40.61% | -110.54% | -433.07% | -1441.56% | -461.37% | -101.15% | -46.15% | -44.17% | 17.2% | -120.71% | -91.32% | -344.81% | - |
| Net Income Growth % | 6824.9% | -8788% | -17.54% | 42.07% | -82.14% | 47.24% | -14.3% | -47.56% | 11.59% | 43.71% | - | -24.87% | 5.29% | -128.29% | -38.19% | -18.04% | -259.73% | 133.24% | -50.26% | -2.16% | -52.64% | - |
| Net Income (Continuing) | 535.1M | -641.86M | -8.75M | -6.14M | -10.61M | -5.82M | -11.04M | -9.66M | -6.54M | -7.4M | -13.15M | -18.97M | -15.19M | -16.04M | -7.03M | -5.08M | -4.31M | 2.7M | -8.11M | -5.4M | -5.29M | -3.46M |
| Discontinued Operations | -1K | -119K | 1.53M | 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 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.43 | -110.31 | -12.68 | -550.08 | -1767.93 | -920.46 | -1927.66 | -2968.11 | -2820.87 | -2940.00 | -8575.00 | -694.63 | -556.27 | -587.32 | -210.00 | -172.64 | -161.60 | 105.00 | -333.14 | -526.52 | -809.37 | -624.53 |
| EPS Growth % | 68.17% | -769.95% | 97.69% | 68.89% | -92.07% | 52.25% | 35.05% | -5.22% | 4.05% | 65.71% | - | -24.87% | 5.29% | -179.68% | -21.64% | -6.83% | -253.9% | 131.52% | 36.73% | 34.95% | -29.6% | - |
| EPS (Basic) | - | -110.31 | -12.68 | -550.08 | -1767.93 | -920.46 | -1927.66 | -2968.11 | -2369.15 | -2940.00 | -8575.00 | -702.47 | -562.55 | -593.95 | -208.80 | -172.64 | -161.60 | 105.00 | -333.14 | -526.52 | -809.37 | -624.53 |
| Diluted Shares Outstanding | 220.65M | 5.82M | 679K | 24K | 9.2K | 7.13K | 5.73K | 3.53K | 2.78K | 2.5K | 1.54K | 27.31K | 27.31K | 27.31K | 33.66K | 29.45K | 26.66K | 26.42K | 24.36K | 10.26K | 6.53K | 5.54K |
| Basic Shares Outstanding | 218.63M | 5.82M | 679K | 24K | 9.2K | 7.13K | 5.73K | 3.53K | 2.76K | 2.5K | 1.54K | 27.01K | 27.01K | 27.01K | 33.46K | 29.45K | 26.66K | 25.6K | 24.36K | 10.26K | 6.53K | 5.54K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SDEV stock.
For fiscal year 2025, Stablecoin Development Corp. (SDEV) reported total revenue of $0.0M.
Stablecoin Development Corp. (SDEV) reported a net loss of $642.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Existential liquidity crisis
Metrics are mathematically derived from official filings.
Revenue Contraction Signals Structural Decline
As reported in recent financial filings, NovaBay's revenue has experienced a severe contraction, culminating in a 78.7% year-over-year decline by 2025Q3, which underscores the failure of current commercial initiatives to maintain the brand's market relevance or effectively scale the direct-to-consumer transition for its core Avenova product line.
The consistent downward trend in quarterly revenue suggests that the company's pivot toward an OTC-focused model has not successfully offset the loss of legacy prescription volume. Investors should monitor whether this trajectory reflects a permanent loss of market share or merely a temporary disruption in channel strategy.
Margin Volatility Reflects Operational Instability
Based on the company's historical income statements, gross margins have exhibited extreme volatility, dropping to 8.1% in 2025Q3 from previous levels near 66%, indicating that the firm lacks the pricing power or cost control necessary to maintain profitability in a highly competitive specialty pharmaceutical landscape.
The collapse in gross margin suggests that the cost of goods sold is no longer being effectively managed relative to the shrinking revenue base. This compression implies that the company may be forced to engage in deep discounting to clear inventory, further eroding the value proposition of its proprietary chemical formulations.
Operating Leverage Remains Deeply Negative
According to quarterly data, NovaBay continues to struggle with significant operating inefficiencies, as SG&A expenses consistently dwarf gross profits, resulting in an operating margin that has remained deeply negative throughout the observed period, highlighting a fundamental inability to scale the business model toward a break-even point.
The persistent reliance on high SG&A spending to drive revenue, which has failed to materialize, suggests that the company's operating leverage is non-existent. This structural imbalance indicates that any future growth would likely require a disproportionate increase in marketing spend, further complicating the path to operational sustainability.
Liquidity Constraints Threaten Going Concern
As indicated by the most recent financial disclosures, the company's cash reserves have dwindled to approximately $430,000, a precarious position that suggests an immediate risk of insolvency and necessitates further dilutive financing to support ongoing operations, regardless of the potential underlying brand equity of the Avenova product.
Short-sellers would likely focus on the disconnect between the company's remaining cash and its quarterly cash burn rate, which points toward an imminent liquidity crisis. The lack of a clear path to positive cash flow suggests that the current valuation may be disconnected from the reality of the company's limited runway.