Revenue growth remains in a contractionary phase with a 16.7% year-over-year decline and an operating margin that deteriorated to -86.7% in 2025Q4.
| Metric | 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 |
|---|
| Sales/Revenue | 38.36M | 42.94M | 47.32M | 53.49M | 55.26M | 42.28M | 49.23M | 29.56M | 43.08M | 47.67M | 58.83M | 65.49M | 61.22M | 50.52M |
| Revenue Growth % | -10.67% | -9.25% | -11.54% | -3.21% | 30.7% | -14.11% | 66.54% | -31.39% | -9.61% | -18.98% | -10.17% | 6.98% | 21.18% | - |
| Cost of Goods Sold | 31.22M | 34M | 37.14M | 43.4M | 44.83M | 37.81M | 43.25M | 21.53M | 32.41M | 34.12M | 41.95M | 44.85M | 44.06M | 36.52M |
| COGS % of Revenue | 81.38% | 79.17% | 78.5% | 81.13% | 81.12% | 89.41% | 87.86% | 72.84% | 75.21% | 71.59% | 71.3% | 68.49% | 71.98% | 72.28% |
| Gross Profit | 7.14M | 8.94M | 10.17M | 10.09M | 10.43M | 4.48M | 5.98M | 8.03M | 10.68M | 13.54M | 16.88M | 20.64M | 17.16M | 14M |
| Gross Margin % | 18.62% | 20.83% | 21.5% | 18.87% | 18.88% | 10.59% | 12.14% | 27.16% | 24.79% | 28.41% | 28.7% | 31.51% | 28.02% | 27.72% |
| Gross Profit Growth % | -20.14% | -12.1% | 0.81% | -3.25% | 133.03% | -25.11% | -25.55% | -24.81% | -21.16% | -19.77% | -18.21% | 20.31% | 22.52% | - |
| Operating Expenses | 19.35M | 4.96M | 8.34M | 4.18M | 18.95M | 2.82M | 5.3M | 5.68M | 6.07M | 7.25M | 6.67M | 3.47M | 4.58M | 2.22M |
| OpEx % of Revenue | 50.44% | 11.55% | 17.63% | 7.81% | 34.28% | 6.68% | 10.77% | 19.21% | 14.09% | 15.21% | 11.33% | 5.29% | 7.49% | 4.39% |
| Selling, General & Admin | 19.27M | 4.92M | 7.87M | 5.29M | 10.89M | 1.93M | 4.98M | 5.29M | 5.44M | 6.77M | 5.58M | 2.72M | 4.43M | 2.04M |
| SG&A % of Revenue | 50.23% | 11.46% | 16.63% | 9.89% | 19.71% | 4.57% | 10.11% | 17.9% | 12.63% | 14.2% | 9.49% | 4.15% | 7.24% | 4.04% |
| Research & Development | 78.57K | 38.8K | 471.19K | 227.83K | 8.05M | 890.32K | 327.26K | 386.63K | 627.58K | 479.35K | 1.08M | 745.64K | 731.72K | 174.35K |
| R&D % of Revenue | 0.2% | 0.09% | 1% | 0.43% | 14.57% | 2.11% | 0.66% | 1.31% | 1.46% | 1.01% | 1.84% | 1.14% | 1.2% | 0.35% |
| Other Operating Expenses | 0 | 0 | 0 | -1.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -12.2M | 3.98M | 1.83M | 5.93M | -8.51M | -10.34M | 731.64K | 2.35M | 4.61M | 6.3M | 10.21M | 17.17M | 11.99M | 11.79M |
| Operating Margin % | -31.82% | 9.28% | 3.87% | 11.09% | -15.41% | -24.47% | 1.49% | 7.95% | 10.69% | 13.21% | 17.36% | 26.22% | 19.59% | 23.33% |
| Operating Income Growth % | -406.33% | 117.48% | -69.13% | 169.69% | 17.69% | -1513.94% | -68.87% | -48.99% | -26.81% | -38.37% | -40.52% | 43.18% | 1.76% | - |
| EBITDA | 5.29M | 5.61M | 2.28M | 6.63M | -7.55M | -9.47M | 1.64M | 3.42M | 5.39M | 6.87M | 11.66M | 18.68M | 13.02M | 12.29M |
| EBITDA Margin % | 13.79% | 13.07% | 4.82% | 12.4% | -13.67% | -22.39% | 3.32% | 11.57% | 12.5% | 14.41% | 19.81% | 28.52% | 21.27% | 24.33% |
| EBITDA Growth % | -5.69% | 146.17% | -65.64% | 187.83% | 20.21% | -678.75% | -52.19% | -36.47% | -21.59% | -41.06% | -37.61% | 43.45% | 5.93% | - |
| D&A (Non-Cash Add-back) | 17.5M | 1.63M | 447.25K | 700.34K | 961.57K | 877.92K | 904.13K | 1.07M | 778.6K | 573.91K | 1.44M | 1.51M | 1.03M | 505.38K |
| EBIT | -33.22M | 914.66K | 7.8M | 6.33M | -7.52M | -10.33M | -8.85M | 2.65M | 5.03M | 8.76M | 11.72M | 18.12M | 12.77M | 12.51M |
| Net Interest Income | 421.1K | 1.6M | 1.81M | 1.01M | -622.66K | -249.39K | -390.2K | -569.45K | -532.4K | -470.08K | -327.89K | -385.21K | -666.99K | -116.14K |
| Interest Income | 700.66K | 1.89M | 2.23M | 1.61M | 117.73K | 50.73K | 53.06K | 56.89K | 18.75K | 571 | 82.71K | 162.38K | 200.3K | 84.35K |
| Interest Expense | 279.56K | 290.37K | 421.08K | 602.04K | 740.4K | 300.13K | 443.26K | 626.34K | 551.54K | 470.66K | 412.36K | 547.58K | 867.29K | 200.5K |
| Other Income/Expense | -21.3M | -3.36M | 5.61M | 1.25M | 251.34K | -288.92K | -386.53K | -322.38K | -96.3K | -318.46K | 1.09M | 397.63K | 72.78K | 519.89K |
| Pretax Income | -33.5M | 624.3K | 7.38M | 7.18M | -8.26M | -10.63M | -9.3M | 2.03M | 4.51M | 5.97M | 11.3M | 17.57M | 11.91M | 12.31M |
| Pretax Margin % | -87.34% | 1.45% | 15.6% | 13.42% | -14.95% | -25.15% | -18.88% | 6.86% | 10.47% | 12.54% | 19.22% | 26.83% | 19.45% | 24.36% |
| Income Tax | -2.52M | 3.11M | 2.36M | 3.14M | 2.43M | -611.65K | 363.66K | 1.03M | 1.53M | 1.37M | 2.38M | 2.85M | 1.82M | 1.89M |
| Effective Tax Rate % | 7.53% | 498.33% | 32.03% | 43.76% | -29.4% | 5.75% | -3.91% | 50.85% | 33.87% | 22.88% | 21.03% | 16.25% | 15.29% | 15.39% |
| Net Income | -31.02M | -3.24M | 5.58M | 3.02M | -8.36M | -6.52M | -9.66M | 1.98M | 3.77M | 4.3M | 8.44M | 13.98M | 9.58M | 9.89M |
| Net Margin % | -80.88% | -7.55% | 11.8% | 5.65% | -15.12% | -15.42% | -19.62% | 6.69% | 8.74% | 9.02% | 14.34% | 21.35% | 15.65% | 19.58% |
| Net Income Growth % | -856.98% | -158.07% | 84.8% | 136.15% | -28.18% | 32.5% | -588.64% | -47.53% | -12.38% | -49.05% | -39.64% | 45.92% | -3.15% | - |
| Net Income (Continuing) | -30.98M | -2.49M | 6.9M | 4.04M | -10.69M | -10.02M | -9.66M | 996.63K | 2.95M | 6.97M | 8.93M | 14.72M | 10.09M | 10.41M |
| Discontinued Operations | -61.43K | -1.08M | -1.88M | -1.45M | 0 | 0 | -299.41K | 83.37K | 65.55K | 0 | 1.89M | 0 | 0 | 0 |
| Minority Interest | 0 | -3.03M | -2.71M | -2.15M | -1.72M | 638.85K | 4.35M | 7.92M | 8.8M | 0 | 3.44M | 3.16M | 2.43M | 1.88M |
| EPS (Diluted) | -13.47 | -7.66 | 107.93 | 3.00 | -61.86 | -52.93 | -80.35 | 16.50 | 36.00 | 21.60 | 117.60 | 155.34 | 45.99 | 109.92 |
| EPS Growth % | -75.85% | -107.1% | 3497.67% | 104.85% | -16.87% | 34.13% | -586.97% | -54.17% | 66.67% | -81.63% | -24.3% | 237.77% | -58.16% | - |
| EPS (Basic) | -13.47 | -7.66 | 107.93 | 3.03 | -61.86 | -52.93 | -80.35 | 16.50 | 36.00 | 21.60 | 117.60 | 155.34 | 45.99 | 109.92 |
| Diluted Shares Outstanding | 2.3M | 423.17K | 2.77M | 1.01M | 172.86K | 123.19K | 120.22K | 119.77K | 108.22K | 95.91K | 88.5K | 90K | 208.33K | 90K |
| Basic Shares Outstanding | 2.3M | 423.21K | 2.77M | 996.93K | 172.86K | 123.19K | 120.22K | 119.77K | 108.22K | 95.91K | 88.5K | 90K | 208.33K | 90K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Structural operating losses
As indicated by the most recent quarterly filings, Tantech Holdings experienced a 16.7% year-over-year revenue decline, reflecting a broader pattern of top-line erosion that suggests the company is struggling to maintain market share across its legacy charcoal and specialty electric vehicle segments in China.
The consistent downward trajectory in revenue suggests that the company's pivot toward specialty EV manufacturing has failed to offset the softening demand for its core bamboo-based consumer products. Investors should monitor whether this contraction is a result of deliberate product rationalization or a fundamental loss of competitive positioning in the domestic market.
Based on reported financial data, the company's gross margin has fluctuated significantly, settling at 16.3% in the most recent quarter, which highlights a lack of pricing power and an inability to effectively pass rising raw material costs onto its consumer and municipal customer base.
The inability to sustain gross margins above the 20% threshold suggests that the company's bamboo-to-EV synergy remains largely theoretical rather than a source of operational efficiency. This margin profile indicates that the business is highly susceptible to input cost volatility, which further complicates the path to achieving sustainable profitability.
According to recent income statements, Tantech's operating margin plummeted to -86.7% in the latest period, demonstrating that the company's fixed cost structure is currently far too heavy to be supported by its existing revenue base, leading to significant operating losses that continue to mount.
The divergence between gross profit and operating income suggests that administrative and overhead expenses are not scaling in alignment with revenue, pointing to potential inefficiencies in the EV production pivot. Without a substantial increase in unit throughput, the current operating model appears to be structurally incapable of generating positive returns.
As reported in financial statements, the company's net income has exhibited extreme volatility, with a net margin of -2.3% in the most recent quarter, which warrants further investigation into the impact of non-operating items and potential one-time charges on the bottom line.
The wide swings in net income suggest that reported earnings are heavily influenced by factors outside of core operations, such as government subsidies or asset impairments. Analysts should be cautious in relying on these figures as a proxy for operational health, as they appear to mask the underlying cash-burning nature of the business.
Based on the provided income statement data, the company's persistent net losses and declining revenue suggest that the current business model may be unsustainable, raising significant questions regarding the long-term viability of the EV pivot without a fundamental restructuring of the cost base.
Short-sellers would likely focus on the widening gap between revenue and operating expenses, which indicates that the company is consuming its cash reserves to fund loss-making operations. The lack of a clear path to positive operating cash flow suggests that the company may face future liquidity constraints if the current trend of negative margins continues.
Quick answers to the most common questions about buying TANH stock.
For fiscal year 2025, Tantech Holdings Ltd (TANH) reported total revenue of $38.4M. This represents a 24.1% decline compared to $50.5M in 2012.
Tantech Holdings Ltd (TANH) reported a net loss of $31.0M for the fiscal year ending 2025.
Tantech Holdings Ltd (TANH) reported an operating income of $-12.2M, resulting in an operating profit margin of -31.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Tantech Holdings Ltd (TANH) generated $7.1M in gross profit for the year, representing a gross profit margin of 18.6%. This demonstrates the company's core pricing power and production efficiency.