Despite achieving 48.1% year-over-year revenue growth in 2026Q4, the company continues to struggle with structural profitability, maintaining a gross margin profile of approximately 39.2% that fails to cover rising operating expenses.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 |
|---|
| Sales/Revenue | 19.53M | 14.29M | 12.73M | 13.27M | 12.63M | 18.63M | 17.93M | 18.97M | 16.66M | 12.82M | 9.37M | 13.85M | 13.67M | 15.45M | 12.74M | 9.75M | 7.36M | 5.39M | 3.83M | 4.54M | 2.58M | 1.36M |
| Revenue Growth % | 36.68% | 12.19% | -4.05% | 5.1% | -32.21% | 3.91% | -5.49% | 13.88% | 29.89% | 36.89% | -32.37% | 1.36% | -11.55% | 21.25% | 30.65% | 32.46% | 36.67% | 40.5% | -15.58% | 75.81% | 90.56% | - |
| Cost of Goods Sold | 12.11M | 8.82M | 7.99M | 8.79M | 8.63M | 12.07M | 9.81M | 10.09M | 9.35M | 7.16M | 6.72M | 6.57M | 5.27M | 4.71M | 4.03M | 3.61M | 3.49M | 2.59M | 2.75M | 3M | 4.9M | 3.52M |
| COGS % of Revenue | 62.03% | 61.75% | 62.74% | 66.27% | 68.38% | 64.79% | 54.7% | 53.19% | 56.12% | 55.81% | 71.74% | 47.39% | 38.56% | 30.48% | 31.62% | 37.04% | 47.34% | 48% | 71.73% | 66.01% | 189.71% | 259.73% |
| Gross Profit | 7.42M | 5.46M | 4.75M | 4.48M | 3.99M | 6.56M | 8.12M | 8.88M | 7.31M | 5.67M | 2.65M | 7.29M | 8.4M | 10.74M | 8.71M | 6.14M | 3.88M | 2.8M | 1.08M | 1.54M | -2.32M | -2.17M |
| Gross Margin % | 37.97% | 38.25% | 37.26% | 33.73% | 31.62% | 35.21% | 45.3% | 46.81% | 43.88% | 44.19% | 28.26% | 52.61% | 61.44% | 69.53% | 68.38% | 62.96% | 52.66% | 52% | 28.27% | 33.99% | -89.71% | -159.73% |
| Gross Profit Growth % | 35.68% | 15.17% | 5.99% | 12.12% | -39.12% | -19.24% | -8.54% | 21.48% | 28.97% | 114.05% | -63.67% | -13.21% | -21.84% | 23.28% | 41.9% | 58.35% | 38.4% | 158.49% | -29.79% | 166.61% | -7.02% | - |
| Operating Expenses | 9.88M | 9.18M | 9.45M | 9.05M | 9.88M | 10.01M | 15.51M | 20.14M | 21.5M | 18.64M | 17.36M | 13.95M | 14.45M | 14.12M | 15.18M | 13.65M | 11.89M | 20.11M | 23.51M | 21.03M | 18.53M | 14.15M |
| OpEx % of Revenue | 50.57% | 64.21% | 74.17% | 68.17% | 78.24% | 53.72% | 86.52% | 106.16% | 129.06% | 145.36% | 185.31% | 100.67% | 105.71% | 91.36% | 119.12% | 139.9% | 161.52% | 373.22% | 613.01% | 462.87% | 717.22% | 1043.22% |
| Selling, General & Admin | 7.61M | 7.36M | 7.58M | 8.84M | 9.76M | 9.45M | 14.17M | 18.62M | 19.92M | 17.07M | 15.56M | 12.41M | 11.56M | 11.89M | 13.2M | 11.6M | 9.9M | 13.86M | 13.73M | 16.52M | 15.93M | 12.49M |
| SG&A % of Revenue | 38.94% | 51.52% | 59.48% | 66.61% | 77.25% | 50.74% | 79.06% | 98.16% | 119.61% | 133.07% | 166.04% | 89.61% | 84.58% | 76.97% | 103.58% | 118.93% | 134.41% | 257.18% | 358.04% | 363.64% | 616.6% | 921.24% |
| Research & Development | 2.27M | 1.81M | 1.87M | 207K | 125K | 555K | 1.34M | 1.52M | 1.57M | 1.58M | 1.81M | 1.53M | 2.89M | 2.22M | 1.98M | 2.05M | 2M | 6.25M | 9.78M | 4.51M | 2.6M | 1.65M |
| R&D % of Revenue | 11.63% | 12.7% | 14.69% | 1.56% | 0.99% | 2.98% | 7.47% | 8% | 9.45% | 12.29% | 19.28% | 11.07% | 21.12% | 14.39% | 15.54% | 20.98% | 27.1% | 116.04% | 254.97% | 99.23% | 100.62% | 121.98% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.46M | -3.71M | -4.7M | -4.57M | -5.89M | -3.45M | -7.39M | -11.26M | -14.19M | -12.97M | -14.71M | -6.66M | -6.05M | -3.37M | -6.47M | -7.5M | -8.02M | -17.31M | -22.43M | -19.48M | -20.85M | -16.31M |
| Operating Margin % | -12.6% | -25.97% | -36.91% | -34.43% | -46.62% | -18.51% | -41.22% | -59.35% | -85.18% | -101.16% | -157.05% | -48.07% | -44.27% | -21.84% | -50.75% | -76.94% | -108.85% | -321.21% | -584.75% | -428.88% | -806.93% | -1202.95% |
| Operating Income Growth % | 33.67% | 21.08% | -2.87% | 22.37% | -70.69% | 53.33% | 34.36% | 20.66% | -9.36% | 11.83% | -120.96% | -10.05% | -79.34% | 47.83% | 13.83% | 6.37% | 53.68% | 22.82% | -15.09% | 6.56% | -27.83% | - |
| EBITDA | -2.32M | -3.57M | -4.53M | -4.45M | -5.7M | -3.22M | -7.08M | -10.8M | -13.7M | -12.73M | -14.47M | -6.41M | -5.77M | -3.11M | -6.14M | -7.11M | -7.58M | -16.54M | -21.68M | -18.81M | -20.2M | -15.88M |
| EBITDA Margin % | -11.89% | -25% | -35.53% | -33.49% | -45.15% | -17.3% | -39.48% | -56.96% | -82.24% | -99.23% | -154.45% | -46.24% | -42.19% | -20.1% | -48.19% | -72.89% | -102.97% | -306.96% | -565.45% | -414.09% | -781.73% | -1170.94% |
| EBITDA Growth % | 34.99% | 21.06% | -1.8% | 22.03% | -76.94% | 54.48% | 34.49% | 21.13% | -7.65% | 12.05% | -125.88% | -11.08% | -85.67% | 49.42% | 13.63% | 6.24% | 54.15% | 23.73% | -15.27% | 6.87% | -27.22% | - |
| D&A (Non-Cash Add-back) | 139K | 138K | 176K | 125K | 186K | 227K | 312K | 453K | 490K | 248K | 244K | 253K | 284K | 268K | 326K | 395K | 433K | 768K | 740K | 672K | 651K | 434K |
| EBIT | -2.46M | -2.91M | -5.03M | -5.18M | -5.41M | -3.45M | -3.53M | -11.31M | -14.24M | -12.93M | -14.72M | -8.2M | 4.79M | -4.32M | -6.4M | -7.5M | -8.02M | -17.31M | -22.43M | -19.48M | -20.85M | -16.31M |
| Net Interest Income | 0 | 0 | 0 | 16K | -10K | 4K | 34K | 157K | 218K | 19K | -1K | -2K | -1.06M | -1.1M | -927K | -403K | -7K | -285K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 16K | 0 | 16K | 50K | 190K | 258K | 22K | 2K | 1K | 1K | 7K | 4K | 3K | 2K | 152K | 630K | 312K | 282K | 8K |
| Interest Expense | 0 | 0 | 0 | 0 | 10K | 12K | 16K | 33K | 40K | 3K | 3K | 3K | 1.06M | 1.11M | 931K | 406K | 9K | 437K | 1.02M | 956K | 172K | 372K |
| Other Income/Expense | -958K | 803K | -330K | -614K | 469K | -453K | 3.85M | -82K | -89K | 37K | -10K | -1.54M | 9.79M | -2.06M | -862K | 7.5M | 8.02M | 17.31M | 22.43M | 19.48M | 20.85M | 16.31M |
| Pretax Income | -3.42M | -2.91M | -5.03M | -5.18M | -5.42M | -3.9M | -3.54M | -11.34M | -14.28M | -12.94M | -14.72M | -8.2M | 3.73M | -5.43M | -7.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -17.51% | -20.35% | -39.51% | -39.06% | -42.9% | -20.95% | -19.77% | -59.78% | -85.71% | -100.87% | -157.16% | -59.21% | 27.33% | -35.15% | -57.51% | - | - | - | - | - | - | - |
| Income Tax | -244K | 550K | -196K | -33K | -332K | 713K | 29K | 458K | 50K | -4.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 7.14% | -18.92% | 3.9% | 0.64% | 6.13% | -18.27% | -0.82% | -4.04% | -0.35% | 32.99% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - |
| Net Income | -3.17M | -3.46M | -4.83M | -5.15M | -5.09M | -3.95M | -3.31M | -11.8M | -14.33M | 9.27M | -10.16M | -8.2M | 3.73M | -5.43M | -7.33M | -7.95M | -8.23M | -17.66M | -20.34M | -19.78M | -23.1M | -16.53M |
| Net Margin % | -16.26% | -24.2% | -37.97% | -38.81% | -40.28% | -21.2% | -18.45% | -62.19% | -86.01% | 72.31% | -108.46% | -59.21% | 27.33% | -35.15% | -57.51% | -81.48% | -111.79% | -327.69% | -530.35% | -435.46% | -893.92% | -1219.03% |
| Net Income Growth % | 8.16% | 28.5% | 6.13% | -1.28% | -28.76% | -19.41% | 71.96% | 17.66% | -254.5% | 191.26% | -23.88% | -319.63% | 168.77% | 25.9% | 7.79% | 3.45% | 53.38% | 13.19% | -2.81% | 14.36% | -39.74% | - |
| Net Income (Continuing) | -3.17M | -3.46M | -4.83M | -5.15M | -5.09M | -4.62M | -3.57M | -11.8M | -14.33M | -8.67M | -14.72M | -8.2M | 3.73M | -5.43M | -7.33M | -7.95M | -8.23M | -17.66M | -20.34M | -19.78M | -21.12M | -16.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 665K | 265K | 0 | 0 | 17.94M | 4.56M | 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) | -1.89 | -2.79 | -5.32 | -15.18 | -19.17 | -23.65 | -22.40 | -127.68 | -284.66 | -221.70 | -117.81 | -130.06 | 117.39 | -585.02 | -393.82 | -468.66 | -509.82 | -1434.28 | -5040.00 | -11686.50 | -8766.22 | -6507.87 |
| EPS Growth % | 32.26% | 47.56% | 64.95% | 20.81% | 18.94% | -5.58% | 82.46% | 55.15% | -28.4% | -88.18% | 9.42% | -210.79% | 120.07% | -48.55% | 15.97% | 8.07% | 64.45% | 71.54% | 56.87% | -33.31% | -34.7% | - |
| EPS (Basic) | -1.89 | -2.79 | -5.32 | -15.18 | -19.17 | -23.65 | -22.40 | -127.68 | -284.66 | -221.70 | -117.86 | -130.37 | 117.71 | -585.02 | -393.82 | -470.27 | -520.68 | -1434.28 | -5040.00 | -11686.50 | -5827.50 | -4567.50 |
| Diluted Shares Outstanding | 1.68M | 1.24M | 909K | 339.4K | 265.3K | 199.6K | 147.7K | 92.4K | 50.33K | 46.93K | 86.26K | 63.07K | 31.82K | 11.06K | 18.61K | 16.96K | 16.15K | 12.31K | 4.04K | 1.73K | 2.63K | 2.54K |
| Basic Shares Outstanding | 1.68M | 1.24M | 909K | 339.4K | 265.3K | 199.6K | 147.7K | 92.4K | 50.33K | 46.93K | 86.22K | 62.92K | 31.73K | 11.06K | 18.61K | 16.9K | 15.81K | 12.31K | 4.04K | 1.73K | 2.63K | 2.54K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
According to recent financial filings, SNOA achieved a notable 48.1% year-over-year revenue growth in 2026Q4, suggesting that the company's strategic pivot toward animal health and broader distribution channels is successfully capturing market share despite the inherent lumpiness of international distributor-led sales cycles observed over the last ten quarters.
The recent acceleration in top-line performance indicates that the company is successfully moving beyond its historical stagnation, though the sustainability of this growth remains tied to the performance of third-party partners. Investors should monitor whether this revenue expansion is driven by recurring replenishment demand or if it remains susceptible to the timing of large, non-recurring international shipments.
As reported in quarterly income statements, SNOA maintains a gross margin profile hovering near 38%, which reflects the company's reliance on variable-cost manufacturing and third-party distribution models that limit the pricing power typically enjoyed by higher-margin specialty pharmaceutical firms with proprietary, high-barrier-to-entry product portfolios.
The inability to consistently expand gross margins above the 40% threshold suggests that the company's product mix is heavily weighted toward lower-margin retail and international channels. This margin profile warrants further investigation into whether the company can achieve the necessary economies of scale to offset its high variable cost structure.
Based on the provided income statement data, SNOA's operating expenses continue to outpace gross profit contributions, resulting in persistent operating losses that indicate a lack of meaningful operating leverage despite the recent 36.68% year-over-year revenue growth observed across the most recent reporting periods.
The company's SG&A expenses remain stubbornly high relative to revenue, suggesting that the cost of maintaining market presence and physician awareness is currently prohibitive. Without a significant reduction in fixed overhead or a substantial increase in high-margin prescription capture, the path to operating profitability appears increasingly difficult to navigate.
Financial statements reveal that SNOA holds only $2.399 million in cash and equivalents, a figure that appears insufficient given the company's history of persistent operating losses and the ongoing need for capital to fund marketing and distribution efforts in highly competitive dermatology and veterinary markets.
The current cash burn rate suggests that the company may be forced to seek dilutive financing in the near term, which would further pressure shareholder value. Investors should be wary of the potential for a liquidity crunch if the company fails to secure a strategic partnership or achieve a rapid inflection to positive cash flow.
Quick answers to the most common questions about buying SNOA stock.
For fiscal year 2026, Sonoma Pharmaceuticals, Inc. (SNOA) reported total revenue of $19.5M. This represents a 1340.2% increase compared to $1.4M in 2005.
Sonoma Pharmaceuticals, Inc. (SNOA) reported a net loss of $3.2M for the fiscal year ending 2026.
Sonoma Pharmaceuticals, Inc. (SNOA) reported an operating income of $-2.5M, resulting in an operating profit margin of -12.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Sonoma Pharmaceuticals, Inc. (SNOA) generated $7.4M in gross profit for the year, representing a gross profit margin of 38.0%. This demonstrates the company's core pricing power and production efficiency.