Revenue has entered a persistent contraction phase, culminating in a 2025Q4 operating loss of $124.3 million against a gross margin of only 17.5%.
| Sales/Revenue | 1.24B | 1.36B | 1.46B | 1.94B | 1.67B | 1.22B | 0 | 0 |
| Revenue Growth % | -8.93% | -6.73% | -24.68% | 16.36% | 36.43% | - | - | - |
| Cost of Goods Sold | 1.01B | 1.12B | 1.27B | 1.66B | 1.36B | 960M | 0 | 0 |
| COGS % of Revenue | 81.7% | 82% | 86.84% | 85.5% | 81.76% | 78.54% | - | - |
| Gross Profit | 227.15M | 245.43M | 192.3M | 281.34M | 304.14M | 262.26M | 0 | 0 |
| Gross Margin % | 18.3% | 18% | 13.16% | 14.5% | 18.24% | 21.46% | - | - |
| Gross Profit Growth % | -7.45% | 27.63% | -31.65% | -7.5% | 15.97% | - | - | - |
| Operating Expenses | 306.03M | 204.69M | 169.54M | 132.53M | 138.34M | 67.54M | 6.46M | 0 |
| OpEx % of Revenue | 24.65% | 15.01% | 11.6% | 6.83% | 8.3% | 5.53% | - | - |
| Selling, General & Admin | 222.61M | 114.24M | 94.59M | 65.44M | 68.37M | 35.76M | 6.46M | 0 |
| SG&A % of Revenue | 17.93% | 8.38% | 6.47% | 3.37% | 4.1% | 2.93% | - | - |
| Research & Development | 83.42M | 90.45M | 74.95M | 67.09M | 69.97M | 31.78M | 0 | 0 |
| R&D % of Revenue | 6.72% | 6.64% | 5.13% | 3.46% | 4.2% | 2.6% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -78.88M | 40.73M | 22.75M | 148.8M | 165.8M | 194.73M | -6.46M | 0 |
| Operating Margin % | -6.35% | 2.99% | 1.56% | 7.67% | 9.94% | 15.93% | - | - |
| Operating Income Growth % | -293.65% | 79.02% | -84.71% | -10.25% | -14.86% | 3116.53% | - | - |
| EBITDA | -64.64M | 56.14M | 37.97M | 163.16M | 170.63M | 197.03M | -5.77M | 772.72K |
| EBITDA Margin % | -5.21% | 4.12% | 2.6% | 8.41% | 10.23% | 16.12% | - | - |
| EBITDA Growth % | -215.14% | 47.86% | -76.73% | -4.38% | -13.4% | 3512.18% | -847.27% | - |
| D&A (Non-Cash Add-back) | 14.24M | 15.41M | 15.22M | 14.35M | 4.83M | 2.3M | 681K | 1.19M |
| EBIT | -675.32M | 39.29M | -26.44M | 211.9M | 175.44M | 183.52M | 1.04M | -418.28K |
| Net Interest Income | 1.71M | 3.21M | 2.74M | 2.51M | 3.96M | 2.96M | 1M | 1.44M |
| Interest Income | 1.71M | 3.21M | 2.74M | 2.51M | 3.96M | 2.96M | 1M | 1.44M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -596.44M | -1.45M | -49.19M | 63.09M | 9.64M | -11.21M | 7.5M | -418.26K |
| Pretax Income | -675.32M | 39.29M | -26.44M | 211.9M | 175.44M | 183.52M | 1.04M | -418.26K |
| Pretax Margin % | -54.39% | 2.88% | -1.81% | 10.92% | 10.52% | 15.01% | - | - |
| Income Tax | -80.37M | 12.6M | 8.46M | 17.95M | 5.6M | 7.41M | 0 | 0 |
| Effective Tax Rate % | 11.9% | 32.06% | -31.99% | 8.47% | 3.19% | 4.04% | 0% | 0% |
| Net Income | -587.05M | 39.69M | -30.72M | 192.07M | 169.84M | 176.11M | 1.04M | -418.26K |
| Net Margin % | -47.28% | 2.91% | -2.1% | 9.9% | 10.18% | 14.41% | - | - |
| Net Income Growth % | -1579.05% | 229.22% | -115.99% | 13.09% | -3.56% | 16780.32% | 349.43% | - |
| Net Income (Continuing) | -594.96M | 26.69M | -34.9M | 193.95M | 169.84M | 176.11M | 1.04M | -418.26K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -21.95M | -13.78M | -835.92K | 1.88M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -14.06 | 0.95 | -0.76 | 4.89 | 5.51 | 6.56 | 0.14 | -0.06 |
| EPS Growth % | -1572.74% | 226.3% | -115.46% | -11.25% | -16.01% | 4476.53% | 354.26% | - |
| EPS (Basic) | -14.06 | 0.96 | -0.76 | 4.89 | 5.51 | 7.56 | 0.14 | -0.06 |
| Diluted Shares Outstanding | 41.78M | 41.56M | 40.65M | 39.26M | 30.84M | 26.83M | 7.27M | 7.46M |
| Basic Shares Outstanding | 41.78M | 41.37M | 40.65M | 39.26M | 30.84M | 23.29M | 7.27M | 7.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | 10025.12% | - |
Regulatory and competitive erosion
As indicated by the most recent quarterly data, Scienjoy's revenue has experienced a persistent decline, with the 2025Q4 figure of $299.3 million representing a continued contraction compared to historical peaks, suggesting that the company is struggling to maintain its competitive relevance within the Chinese live-streaming market.
The consistent negative revenue growth suggests that the platform's niche-aggregation strategy is failing to offset broader industry headwinds and intensifying competition from larger, more diversified platforms. Investors should monitor whether this downward trajectory reflects a structural loss of user engagement or merely a temporary cyclical cooling in discretionary virtual gifting.
Based on reported financial statements, Scienjoy's gross margin has remained constrained within the 17-19% range, while the net margin collapsed to -47.28% in the most recent period, highlighting a fundamental inability to scale operations profitably despite the company's multi-platform approach to capturing niche user segments.
The persistent gap between gross and net margins suggests that high fixed costs and administrative overhead are disproportionately impacting the bottom line. This lack of operating leverage implies that the current business model may be inherently inefficient, requiring significant structural adjustments to achieve sustainable profitability.
According to the provided income statement data, Scienjoy has failed to demonstrate positive operating leverage, as evidenced by the 2025Q4 operating loss of $124.3 million, which significantly outpaced the modest gross profit of $52.4 million, indicating that overhead costs are not scaling in alignment with revenue.
The inability to maintain positive operating income suggests that the company's cost structure is overly rigid, preventing it from adjusting to the current revenue decline. This lack of efficiency warrants further investigation into whether the company's administrative and R&D expenditures are providing any tangible long-term value to the platform.
Analysis of the cost structure reveals that revenue-sharing fees paid to broadcasters and MCNs remain the primary burden, as evidenced by the consistently low gross margins that leave little room for the company to absorb the significant SG&A expenses reported in recent quarterly filings.
The high variable cost nature of the business model makes it extremely sensitive to any fluctuations in broadcaster retention and user spending. Without a significant reduction in these payout ratios or a pivot toward higher-margin services, the company appears unlikely to achieve the operational scale necessary for long-term viability.
While the company maintains a substantial cash position of $307 million, the persistent net losses and declining revenue suggest that the market may be overestimating the value of the core operating business, which appears to be struggling to maintain its competitive perimeter against larger, more efficient rivals.
Short-sellers would likely focus on the rapid erosion of net margins and the lack of a clear path to profitability as evidence of a terminal decline. The reliance on a discretionary gifting model in a cooling economic environment poses a significant risk that the current cash runway may be depleted faster than anticipated.
Quick answers to the most common questions about buying SJ stock.
For fiscal year 2025, Scienjoy Holding Corporation (SJ) reported total revenue of $1.24B.
Scienjoy Holding Corporation (SJ) reported a net loss of $587.0M for the fiscal year ending 2025.
Scienjoy Holding Corporation (SJ) reported an operating income of $-78.9M, resulting in an operating profit margin of -6.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Scienjoy Holding Corporation (SJ) generated $227.1M in gross profit for the year, representing a gross profit margin of 18.3%. This demonstrates the company's core pricing power and production efficiency.