Revenue growth has collapsed from triple-digit gains in 2023Q4 to a 100% contraction in 2026Q1, while gross margins remain highly unstable, frequently dipping into negative territory.
| 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 |
|---|
| Sales/Revenue | -2.48M | 0 | 31.99M | 16.07M | 428.13K | 88.44K | 0 | 466.6K | 0 | 1M | 1.05M | 15.1M | 21.1M | 9.28M | 6.02M | 1.92M |
| Revenue Growth % | -110.74% | -100% | 99.07% | 3653.73% | 384.09% | - | -100% | - | -100% | -4.71% | -93.05% | -28.42% | 127.48% | 54.03% | 214.05% | - |
| Cost of Goods Sold | 12.52M | 33.1K | 19.02M | 11.19M | 308.29K | 81.31K | 3.64K | 872 | 9.47K | 10.85K | 1.48M | 5.34M | 2.71M | 2.16M | 1.34M | 742.21K |
| COGS % of Revenue | - | - | 59.44% | 69.62% | 72.01% | 91.94% | - | 0.19% | - | 1.08% | 140.74% | 35.36% | 12.82% | 23.3% | 22.29% | 38.7% |
| Gross Profit | -15M | -33.1K | 12.98M | 4.88M | 119.84K | 7.13K | -3.64K | 465.72K | -9.47K | 989.15K | -427.53K | 9.76M | 18.4M | 7.12M | 4.68M | 1.18M |
| Gross Margin % | 605.54% | - | 40.56% | 30.38% | 27.99% | 8.06% | - | 99.81% | - | 98.92% | -40.74% | 64.64% | 87.18% | 76.7% | 77.71% | 61.3% |
| Gross Profit Growth % | - | -100.26% | 165.8% | 3973.44% | 1581.01% | 295.74% | -100.78% | 5016.84% | -100.96% | 331.36% | -104.38% | -46.93% | 158.56% | 52.02% | 298.16% | - |
| Operating Expenses | -9.1M | 6.57M | 14.53M | 6.1M | 11.01M | 7.12M | 3.01M | 3.06M | 2.58M | 2.45M | 2.53M | 12.35M | 14.51M | 6.04M | 6M | 2.78M |
| OpEx % of Revenue | - | - | 45.42% | 37.97% | 2570.55% | 8045.06% | - | 656.29% | - | 245.25% | 240.83% | 81.77% | 68.74% | 65.09% | 99.67% | 145.21% |
| Selling, General & Admin | 2.52M | 6.57M | 5.09M | 5.93M | 5.53M | 5.38M | 3.01M | 1.67M | 2.57M | 2.44M | 2.51M | 3.02M | 2.89M | 2.3M | 3.53M | 1.85M |
| SG&A % of Revenue | - | - | 15.9% | 36.92% | 1292.55% | 6086.13% | - | 357% | - | 244.16% | 239.47% | 20.02% | 13.7% | 24.79% | 58.62% | 96.5% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 33.27K | 0 | 9.44M | 168.27K | 5.47M | 1.73M | 0 | 1.4M | 0 | 10.85K | 14.27K | 9.33M | 11.61M | 3.74M | 2.47M | 934.18K |
| Operating Income | -5.9M | -6.61M | -1.56M | -1.22M | -10.89M | -7.11M | -3.01M | -2.6M | -2.58M | -1.45M | -1.48M | -68.81M | 12.2M | 916.94K | -1.32M | -4M |
| Operating Margin % | 238.27% | - | -4.86% | -7.6% | -2542.56% | -8037% | - | -556.47% | - | -145.25% | -140.83% | -455.54% | 57.79% | 9.88% | -21.96% | -208.68% |
| Operating Income Growth % | - | -324.45% | -27.49% | 88.79% | -53.15% | -136.19% | -15.9% | -0.65% | -77.6% | 1.72% | 97.85% | -664.21% | 1230.01% | 169.33% | 66.95% | - |
| EBITDA | -5.33M | -6.45M | 442.81K | -761.34K | -10.59M | -6.9M | -3.01M | -2.6M | -2.57M | -1.44M | -1.46M | -59.51M | 21.58M | 4.65M | 1.15M | -3.07M |
| EBITDA Margin % | 215.3% | - | 1.38% | -4.74% | -2472.59% | -7801.31% | - | -556.29% | - | -144.16% | -139.47% | -394% | 102.28% | 50.08% | 19.02% | -160% |
| EBITDA Growth % | -213.29% | -1556.34% | 158.16% | 92.81% | -53.43% | -129.54% | -15.8% | -0.99% | -78.28% | 1.51% | 97.54% | -375.72% | 364.57% | 305.7% | 137.32% | - |
| D&A (Non-Cash Add-back) | 568.82K | 156.82K | 2M | 459.35K | 299.55K | 208.45K | 3.64K | 872 | 9.47K | 10.85K | 14.27K | 9.29M | 9.39M | 3.73M | 2.47M | 933.67K |
| EBIT | -5.96M | -6.66M | -2.11M | -1.22M | -10.85M | -6.87M | -4.93M | 12.88M | 0 | -136.71K | 40.14M | -68.79M | 12.2M | 1.28M | 9.83M | -4.06M |
| Net Interest Income | -247.68K | -159.95K | -1.33M | -1.84M | -1.28M | -5.91K | -377.49K | 51 | 0 | 346.63K | 0 | 0 | -5.28M | -2.38M | -1.19M | -100.24K |
| Interest Income | -26.71K | 0 | 138.79K | 0 | 0 | 0 | 8.68K | 51 | 2.47M | 355.34K | 0 | 0 | 972 | 408 | 1.87K | 1.72K |
| Interest Expense | 220.97K | 159.95K | 1.46M | 1.84M | 1.28M | 5.91K | 386.16K | 0 | 0 | 8.71K | 0 | 8.14M | 5.29M | 2.38M | 1.19M | 101.96K |
| Other Income/Expense | -280.59K | -217.56K | -2.02M | -1.84M | -1.24M | 233.77K | -2.31M | 15.48M | 2.14M | 1.31M | 41.62M | -8.12M | -5.28M | -2.02M | 9.95M | -161.21K |
| Pretax Income | -6.18M | -6.82M | -3.58M | -3.06M | -12.13M | -6.87M | -5.32M | 12.88M | 2.1M | -145.43K | 40.14M | -76.93M | 6.91M | -1.1M | 8.63M | -4.16M |
| Pretax Margin % | 249.59% | - | -11.19% | -19.04% | -2832.55% | -7772.68% | - | 2761.3% | - | -14.54% | 3825.16% | -509.31% | 32.75% | -11.87% | 143.33% | -217.09% |
| Income Tax | 0 | 0 | 123.58K | 0 | 0 | 0 | 0 | 0 | 575.87K | 67.04K | 0 | -6.59M | 2.56M | -698.85K | 3.72M | -1.68M |
| Effective Tax Rate % | 0% | 0% | -3.45% | 0% | 0% | 0% | 0% | 0% | 27.41% | -46.1% | 0% | 8.57% | 37.03% | 63.44% | 43.1% | 40.38% |
| Net Income | -40.56M | -40.64M | -3.7M | -3.06M | -12.13M | -6.87M | -5.32M | 4.13M | -344.01K | -392.53K | 29.95M | -70.34M | 4.35M | -402.66K | 4.91M | -2.48M |
| Net Margin % | 1637.48% | - | -11.57% | -19.04% | -2832.55% | -7772.68% | - | 885.24% | - | -39.25% | 2853.47% | -465.67% | 20.62% | -4.34% | 81.55% | -129.44% |
| Net Income Growth % | -497.88% | -997.76% | -20.97% | 74.76% | -76.42% | -29.19% | -228.82% | 1300.68% | 12.36% | -101.31% | 142.57% | -1716.24% | 1180.79% | -108.2% | 297.86% | - |
| Net Income (Continuing) | -6.18M | -6.82M | -3.7M | -3.06M | -12.13M | -6.87M | -5.32M | 12.88M | -344.01K | -212.47K | 40.14M | -70.34M | 4.35M | -402.66K | 4.91M | -2.48M |
| Discontinued Operations | -558.53K | -33.82M | 0 | 0 | 0 | 0 | 0 | -7.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 140.74M | 138.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.02 | -51.60 | -6.00 | -8.85 | -37.65 | -24.15 | -45.45 | 276.75 | -3.15 | -0.12 | 4.50 | -10.65 | 0.66 | -0.06 | 0.73 | -0.42 |
| EPS Growth % | -380.4% | -760% | 32.2% | 76.49% | -55.9% | 46.86% | -116.42% | 8885.71% | -2592.31% | -102.6% | 142.25% | -1724.71% | 1165.85% | -108.44% | 272.95% | - |
| EPS (Basic) | - | -51.60 | -6.00 | -8.85 | -37.65 | -24.15 | -45.45 | 276.90 | -3.15 | -0.12 | 4.50 | -10.65 | 0.66 | -0.06 | 0.73 | -0.42 |
| Diluted Shares Outstanding | 20.12M | 789.2K | 615.88K | 344.56K | 322.36K | 284.15K | 125.8K | 106.77K | 106.69K | 3.35M | 6.59M | 6.59M | 6.75M | 6.59M | 6.6M | 5.89M |
| Basic Shares Outstanding | 20.12M | 789.2K | 615.88K | 344.56K | 322.36K | 284.15K | 125.8K | 106.71K | 106.69K | 3.35M | 6.59M | 6.59M | 6.59M | 6.59M | 6.56M | 5.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational scale and volatility
As reported in recent financial filings, Sow Good's revenue trajectory has shifted from triple-digit growth in late 2023 to a contraction of 100% in 2026Q1, reflecting the company's complex pivot away from legacy oil and gas operations toward a specialized freeze-dried food manufacturing model.
The extreme variance in top-line performance suggests that the company is still in the early stages of establishing a stable revenue base. Investors should monitor whether the recent volatility is merely a byproduct of the corporate restructuring or if it indicates fundamental challenges in scaling the retail distribution of its freeze-dried snack portfolio.
Based on the company's reported figures, gross margins have fluctuated wildly, swinging from a peak of 57.6% in 2024Q2 to negative territory in multiple subsequent quarters, highlighting the inherent difficulty in managing input costs and production efficiency during this aggressive manufacturing capacity expansion phase.
The inconsistency in gross margins suggests that the company has yet to achieve the necessary economies of scale to offset the high fixed costs of its Irving facility. This instability implies that the current pricing power may be insufficient to absorb fluctuations in raw material costs or energy-intensive sublimation processes.
According to the provided income statement data, operating income has frequently turned negative, with a significant deficit of $12.6 million in 2025Q3, indicating that SG&A expenses are currently scaling at a rate that far outpaces the company's ability to generate consistent gross profit.
The lack of positive operating leverage suggests that the company's overhead structure is currently too heavy for its current revenue volume. This warrants further investigation into whether management can successfully optimize facility throughput to achieve the operating efficiency required for long-term sustainability.
As indicated by the persistent net losses and negative EPS trends, the company's financial performance appears to be under significant pressure, raising questions about the long-term viability of its current capital-intensive strategy in the competitive better-for-you snack food market segment.
Short-term observers may focus on the potential for continued cash burn and the risk of overcapacity if the novelty of freeze-dried candy wanes. The reliance on a single manufacturing site creates a single-point-of-failure risk that could exacerbate margin compression if production uptime is not maintained at high levels.
Quick answers to the most common questions about buying SOWG stock.
For fiscal year 2025, Sow Good Inc. (SOWG) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.9M in 2011.
Sow Good Inc. (SOWG) reported a net loss of $40.6M for the fiscal year ending 2025.