Revenue growth remains elusive with a 5.4% year-over-year decline in 2025Q2, while gross margins exhibit extreme sensitivity to product mix, fluctuating between 24.8% and 63.3% over the last ten quarters.
| 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 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 27.72M | 27.9M | 27.64M | 26.57M | 17.65M | 12.27M | 11.77M | 16.48M | 21.88M | 33.26M | 20.33M | 29.51M | 29.7M | 8.82M | 8.94M | 7.92M | 7.39M | 9.3M | 20.65M | 12.96M | 8.79M | 8.46M | 7.34M | 7.24M |
| Revenue Growth % | 3.26% | 0.94% | 4.01% | 50.55% | 43.87% | 4.22% | -28.56% | -24.71% | -34.22% | 63.64% | -31.11% | -0.65% | 236.69% | -1.32% | 12.85% | 7.21% | -20.58% | -54.95% | 59.35% | 47.37% | 3.94% | 15.22% | 1.38% | - |
| Cost of Goods Sold | 12.96M | 12.5M | 14.25M | 16.35M | 11.26M | 6.06M | 6.19M | 10.13M | 13.74M | 20.35M | 17.46M | 11.84M | 7.3M | 1.9M | 1.62M | 3.31M | 2.06M | 3.37M | 8.45M | 5.6M | 3.49M | 4.58M | 3.73M | 3.1M |
| COGS % of Revenue | - | 44.82% | 51.57% | 61.52% | 63.81% | 49.43% | 52.58% | 61.47% | 62.8% | 61.18% | 85.9% | 40.11% | 24.58% | 21.49% | 18.11% | 41.73% | 27.84% | 36.17% | 40.92% | 43.21% | 39.73% | 54.12% | 50.79% | 42.82% |
| Gross Profit | 14.76M | 15.39M | 13.38M | 10.22M | 6.39M | 6.2M | 5.58M | 6.35M | 8.14M | 12.91M | 2.87M | 17.67M | 22.4M | 6.93M | 7.32M | 4.62M | 5.33M | 5.94M | 12.2M | 7.36M | 5.3M | 3.88M | 3.61M | 4.14M |
| Gross Margin % | 53.24% | 55.18% | 48.43% | 38.48% | 36.19% | 50.57% | 47.42% | 38.53% | 37.2% | 38.82% | 14.1% | 59.89% | 75.42% | 78.51% | 81.89% | 58.27% | 72.16% | 63.83% | 59.08% | 56.79% | 60.27% | 45.88% | 49.21% | 57.18% |
| Gross Profit Growth % | - | 15.01% | 30.92% | 60.03% | 2.97% | 11.16% | -12.08% | -22.01% | -36.97% | 350.4% | -83.78% | -21.11% | 223.45% | -5.4% | 58.6% | -13.43% | -10.22% | -51.32% | 65.75% | 38.86% | 36.55% | 7.42% | -12.75% | - |
| Operating Expenses | 13.17M | 15.71M | 14.16M | 13.58M | 12.39M | 12.94M | 9.39M | 14.72M | 17.81M | 21.41M | 15.47M | 14.13M | 14.39M | 5.41M | 5.5M | 4.56M | 6.38M | 7.81M | 17.8M | 13.98M | -710K | 7.28M | 5.25M | 5.77M |
| OpEx % of Revenue | - | 56.33% | 51.24% | 51.12% | 70.22% | 105.49% | 79.77% | 89.37% | 81.41% | 64.35% | 76.08% | 47.9% | 48.46% | 61.35% | 61.54% | 57.59% | 86.34% | 83.91% | 86.2% | 107.89% | -8.07% | 86.06% | 71.42% | 79.69% |
| Selling, General & Admin | 9.21M | 9.11M | 8.74M | 7.66M | 7.84M | 5.8M | 5.79M | 8.91M | 10.75M | 14.21M | 17.25M | 10.56M | 9.81M | 4.34M | 3.92M | 4.24M | 6.39M | 6.91M | 15.23M | 12.23M | 8.36M | 5.97M | 4.4M | 4.86M |
| SG&A % of Revenue | - | 32.66% | 31.64% | 28.83% | 44.44% | 47.31% | 49.24% | 54.11% | 49.14% | 42.72% | 84.84% | 35.78% | 33.02% | 49.21% | 43.81% | 53.48% | 86.48% | 74.26% | 73.75% | 94.38% | 95.01% | 70.56% | 59.91% | 67.02% |
| Research & Development | 3.5M | 3.93M | 3.42M | 3.11M | 3.41M | 2.76M | 2.39M | 3.97M | 4.79M | 7.24M | 6.72M | 2.38M | 3.36M | 564K | 313K | 462K | 386K | 898K | 2.57M | 1.72M | 1.36M | 1.18M | 845K | 918K |
| R&D % of Revenue | - | 14.1% | 12.36% | 11.7% | 19.33% | 22.52% | 20.27% | 24.1% | 21.89% | 21.76% | 33.05% | 8.06% | 11.31% | 6.39% | 3.5% | 5.83% | 5.22% | 9.65% | 12.45% | 13.24% | 15.49% | 13.97% | 11.51% | 12.67% |
| Other Operating Expenses | 460K | 2.67M | 2M | 2.81M | 1.14M | 4.37M | 1.21M | 1.84M | 2.27M | 0 | -110K | 1.2M | 1.23M | 507K | 1.27M | -137K | -396K | 0 | 0 | 34K | -10.43M | 129K | 0 | 0 |
| Operating Income | 1.59M | -322K | -777K | -3.36M | -6M | -6.74M | -3.81M | -8.38M | -9.68M | -6.52M | -12.6M | 3.54M | 8.01M | 1.51M | 2.01M | 54K | -1.05M | -1.87M | -8.84M | -6.62M | 6.01M | -3.9M | -1.63M | -1.63M |
| Operating Margin % | 5.73% | -1.15% | -2.81% | -12.64% | -34.02% | -54.92% | -32.35% | -50.83% | -44.21% | -19.59% | -61.98% | 11.99% | 26.96% | 17.16% | 22.44% | 0.68% | -14.18% | -20.08% | -42.78% | -51.09% | 68.35% | -46.04% | -22.21% | -22.52% |
| Operating Income Growth % | - | 58.56% | 76.87% | 44.06% | 10.87% | -76.92% | 54.53% | 13.44% | -48.48% | 48.28% | -456% | -55.81% | 429% | -24.53% | 3614.81% | 105.15% | 43.9% | 78.86% | -33.43% | -210.16% | 254.29% | -138.87% | 0% | - |
| EBITDA | 5.07M | 3.5M | 2.61M | -379K | -3.31M | -4.51M | -1.09M | -5.25M | -5.98M | -2.61M | -9.58M | 5.21M | 9.62M | 1.56M | 2.04M | 82K | -995K | -1.16M | -8.19M | -6.4M | 6.4M | -3.07M | -1.28M | -1.23M |
| EBITDA Margin % | 18.3% | 12.56% | 9.44% | -1.43% | -18.78% | -36.76% | -9.24% | -31.85% | -27.34% | -7.85% | -47.14% | 17.66% | 32.4% | 17.71% | 22.79% | 1.04% | -13.47% | -12.47% | -39.63% | -49.36% | 72.79% | -36.27% | -17.48% | -17.03% |
| EBITDA Growth % | 114.46% | 34.3% | 788.39% | 88.56% | 26.5% | -314.43% | 79.26% | 12.3% | -129.23% | 72.76% | -283.86% | -45.84% | 516.13% | -23.32% | 2384.15% | 108.24% | 14.22% | 85.83% | -27.95% | -199.92% | 308.6% | -139.02% | -4.05% | - |
| D&A (Non-Cash Add-back) | 3.48M | 3.83M | 3.39M | 2.98M | 2.69M | 2.23M | 2.72M | 3.13M | 3.69M | 3.91M | 3.02M | 1.67M | 1.61M | 48K | 31K | 28K | 53K | 708K | 651K | 225K | 391K | 827K | 347K | 397K |
| EBIT | 4.74M | 4.16M | 2.07M | -1.51M | -5.99M | -6.49M | -4.05M | -9.52M | -9.17M | -6.84M | -11.68M | 1.43M | 8.04M | 1.43M | 4.24M | 2.06M | -1.1M | -1.87M | -3.91M | -6.62M | 6.01M | -3.4M | -1.63M | -1.63M |
| Net Interest Income | 2M | -1.91M | -1.83M | -2.51M | -1.77M | -3.64M | -3.8M | -1.76M | -844K | -211K | -219K | -211K | -165K | -67K | -425K | -1.02M | -621K | -620K | -2.17M | -4.65M | -204K | -25K | -214K | -233K |
| Interest Income | 3.01M | 508K | 0 | 0 | 0 | 0 | 15K | 188K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 106K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.01M | 2.42M | 1.83M | 2.51M | 1.77M | 3.64M | 3.81M | 1.95M | 844K | 211K | 219K | 211K | 165K | 67K | 425K | 1.02M | 678K | 592K | 3.11M | 4.65M | 204K | 25K | 214K | 233K |
| Other Income/Expense | 2.14M | 2.06M | 1.02M | -663K | -1.75M | -3.4M | -4.05M | -3.09M | -335K | -538K | 9.5M | -277K | -133K | -156K | 1.8M | 990K | -678K | -620K | -8.85M | -4.65M | -571K | -680K | -241K | -131K |
| Pretax Income | 3.73M | 1.74M | 243K | -4.02M | -7.76M | -10.13M | -7.86M | -11.46M | -10.01M | -7.05M | -12.9M | 3.26M | 7.88M | 1.36M | 3.81M | 1.04M | -1.73M | -2.49M | -11.95M | -11.27M | 16.07M | -3.95M | -1.87M | -1.76M |
| Pretax Margin % | 13.44% | 6.23% | 0.88% | -15.14% | -43.95% | -82.6% | -66.8% | -69.57% | -45.75% | -21.21% | -63.47% | 11.05% | 26.52% | 15.39% | 42.63% | 13.18% | -23.36% | -26.74% | -57.86% | -86.98% | 182.74% | -46.69% | -25.49% | -24.32% |
| Income Tax | 0 | -2.01M | -418K | 0 | -299K | 5K | 5K | 43K | 5.73M | -393K | -1.59M | 601K | 1.68M | -5.11M | -1.01M | 25K | 50K | 71K | 137K | 37K | 571K | 551K | 0 | 316K |
| Effective Tax Rate % | 0% | -115.65% | -172.02% | 0% | 3.86% | -0.05% | -0.06% | -0.38% | -57.24% | 5.57% | 12.29% | 18.42% | 21.27% | -376.14% | -26.4% | 2.39% | -2.9% | -2.85% | -1.15% | -0.33% | 3.55% | -13.95% | 0% | -17.93% |
| Net Income | 3.73M | 3.75M | 661K | -4.02M | -7.46M | -10.14M | -7.87M | -11.51M | -15.74M | -6.66M | -11.32M | 2.66M | 6.2M | 6.47M | 4.82M | 1.02M | -1.97M | -5.08M | -12.36M | -11.31M | 5.44M | -3.95M | -1.87M | -2M |
| Net Margin % | 13.44% | 13.44% | 2.39% | -15.14% | -42.25% | -82.64% | -66.84% | -69.83% | -71.93% | -20.02% | -55.67% | 9.02% | 20.88% | 73.29% | 53.88% | 12.86% | -26.59% | -54.65% | -59.84% | -87.27% | 61.85% | -46.69% | -25.49% | -27.54% |
| Net Income Growth % | 143.53% | 467.02% | 116.43% | 46.06% | 26.45% | -28.87% | 31.62% | 26.91% | -136.3% | 41.14% | -525.25% | -57.09% | -4.1% | 34.23% | 372.72% | 151.86% | 61.36% | 58.85% | -9.26% | -307.92% | 237.69% | -111.06% | 6.17% | - |
| Net Income (Continuing) | 3.73M | 3.75M | 661K | -4.02M | -7.46M | -10.14M | -7.87M | -11.51M | -15.74M | -6.66M | -13.99M | 1.02M | 6.2M | 6.47M | 4.82M | 1.02M | -1.78M | -2.56M | -12.09M | -11.31M | 5.44M | -3.95M | -1.87M | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 |
| EPS (Diluted) | 1.07 | 0.75 | 0.38 | -11.90 | -2.02 | -3.87 | -4.52 | -7.12 | -10.33 | -4.46 | -7.47 | 1.80 | 4.50 | 7.00 | 5.53 | 3.70 | -13.52 | -39.21 | -101.56 | -109.46 | 55.68 | -42.47 | -32.08 | -39.21 |
| EPS Growth % | -33.09% | 97.37% | 103.19% | -489.11% | 47.8% | 14.38% | 36.52% | 31.07% | -131.61% | 40.29% | -515% | -60% | -35.71% | 26.58% | 49.46% | 127.37% | 65.52% | 61.39% | 7.22% | -296.59% | 231.1% | -32.39% | 18.18% | - |
| EPS (Basic) | - | 0.82 | 0.38 | -12.00 | -2.02 | -3.87 | -4.52 | -7.12 | -10.33 | -4.50 | -7.52 | 1.80 | 4.60 | 7.10 | 7.65 | 4.70 | -13.52 | -39.21 | -101.56 | -109.46 | 58.23 | -42.47 | -32.08 | -39.21 |
| Diluted Shares Outstanding | 3.48M | 4.96M | 1.73M | 338.1K | 3.69M | 2.62M | 1.74M | 1.61M | 1.52M | 1.49M | 1.51M | 1.52M | 1.37M | 918.25K | 815.63K | 275.54K | 145.36K | 129.69K | 121.68K | 103.34K | 99.12K | 93.03K | 58.36K | 50.88K |
| Basic Shares Outstanding | 3.48M | 4.55M | 1.73M | 335.17K | 3.69M | 2.62M | 1.74M | 1.61M | 1.52M | 1.48M | 1.5M | 1.5M | 1.36M | 910.01K | 646.48K | 214.74K | 145.36K | 129.69K | 121.68K | 103.34K | 93.39K | 93.03K | 58.36K | 50.88K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Lumpy government contract cycles
According to the latest quarterly filings, SuperCom's revenue growth has stalled, with the most recent period showing a 5.4% year-over-year decline to $7.1M, suggesting that new contract wins are struggling to meaningfully outpace the completion of legacy projects within their core electronic monitoring and e-government segments.
The revenue trajectory appears inconsistent, characterized by periodic volatility rather than sustained organic expansion. This lack of clear momentum suggests that the company remains heavily dependent on the timing of lumpy government procurement cycles rather than a predictable, recurring revenue base.
As reported in financial statements, SuperCom's gross margin has fluctuated significantly, ranging from a low of 24.8% in 2023Q1 to a peak of 63.3% in 2025Q1, indicating that the company's product mix between hardware sales and higher-margin software services remains highly unstable and sensitive to contract terms.
The wide variance in gross profitability implies that the company lacks consistent pricing power or a standardized service delivery model. Investors should monitor whether the recent shift toward European government contracts can stabilize these margins at the higher end of the historical range.
Based on reported figures, a persistent disconnect exists between operating income and net income, exemplified by the 2025Q1 period where net income of $4.2M significantly outpaced the $1.2M operating profit, suggesting that headline earnings are frequently bolstered by non-operating gains or tax-related adjustments rather than core performance.
This reliance on non-operating items complicates the assessment of true earnings power and suggests that the company's bottom line may not be representative of its underlying operational health. Analysts should normalize these figures to determine if the business can achieve sustainable profitability without external financial tailwinds.
As evidenced by the historical income statement data, SuperCom has frequently dipped into negative operating margins, such as the -43.6% recorded in 2023Q4, indicating that the company has yet to achieve the necessary economies of scale to cover its fixed R&D and administrative cost structure effectively.
The recurring need for equity-based financing to support operations suggests that the current business model may be structurally challenged by high customer acquisition costs and long sales cycles. Without a clear path to consistent operating leverage, the risk of further shareholder dilution remains a primary concern for long-term investors.
Quick answers to the most common questions about buying SPCB stock.
For fiscal year 2025, SuperCom Ltd. (SPCB) reported total revenue of $27.9M. This represents a 285.1% increase compared to $7.2M in 2003.
SuperCom Ltd. (SPCB) is profitable, generating $3.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
SuperCom Ltd. (SPCB) reported an operating income of $-0.3M, resulting in an operating profit margin of -1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
SuperCom Ltd. (SPCB) generated $15.4M in gross profit for the year, representing a gross profit margin of 55.2%. This demonstrates the company's core pricing power and production efficiency.