Revenue growth has turned negative with a 16.7% decline in 2025Q4, while structural margin compression is evident in the 30.1% gross margin and -20.4% operating margin.
| Sales/Revenue | 45.02M | 48.49M | 35.84M | 20.01M |
| Revenue Growth % | -7.16% | 35.31% | 79.1% | - |
| Cost of Goods Sold | 31.04M | 30.76M | 23.19M | 12.27M |
| COGS % of Revenue | 68.95% | 63.42% | 64.7% | 61.31% |
| Gross Profit | 13.98M | 17.74M | 12.65M | 7.74M |
| Gross Margin % | 31.05% | 36.58% | 35.3% | 38.69% |
| Gross Profit Growth % | -21.19% | 40.21% | 63.43% | - |
| Operating Expenses | 24.35M | 94.08M | 20.05M | 11.16M |
| OpEx % of Revenue | 54.09% | 194.01% | 55.94% | 55.76% |
| Selling, General & Admin | 21.23M | 62M | 16.42M | 8.65M |
| SG&A % of Revenue | 47.15% | 127.86% | 45.82% | 43.22% |
| Research & Development | 3.12M | 3.05M | 3.33M | 2.51M |
| R&D % of Revenue | 6.94% | 6.29% | 9.28% | 12.54% |
| Other Operating Expenses | 0 | 29.03M | 298.42K | 0 |
| Operating Income | -10.37M | -76.34M | -7.4M | -3.42M |
| Operating Margin % | -23.04% | -157.43% | -20.64% | -17.07% |
| Operating Income Growth % | 86.41% | -932.29% | -116.46% | - |
| EBITDA | -7.08M | -73.1M | -4.56M | -1.93M |
| EBITDA Margin % | -15.73% | -150.75% | -12.72% | -9.62% |
| EBITDA Growth % | 90.31% | -1503.13% | -136.88% | - |
| D&A (Non-Cash Add-back) | 3.29M | 3.24M | 2.84M | 1.49M |
| EBIT | -10.37M | -77.16M | -1.51M | -11.51M |
| Net Interest Income | -909.07K | -8.15M | -279.62K | -126.03K |
| Interest Income | 18.56K | 21.77K | 19.34K | 10.99K |
| Interest Expense | 927.62K | 8.17M | 298.96K | 137.03K |
| Other Income/Expense | -39.22M | -8.94M | 5.59M | -8.23M |
| Pretax Income | -49.6M | -85.28M | -1.81M | -11.64M |
| Pretax Margin % | -110.16% | -175.87% | -5.04% | -58.18% |
| Income Tax | -5.04M | -307.25K | -591.08K | -247.18K |
| Effective Tax Rate % | 10.16% | 0.36% | 32.71% | 2.12% |
| Net Income | -44.55M | -85M | -804.98K | -11.01M |
| Net Margin % | -98.96% | -175.29% | -2.25% | -55.04% |
| Net Income Growth % | 47.59% | -10459.89% | 92.69% | - |
| Net Income (Continuing) | -44.56M | -84.98M | -1.22M | -11.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | -1.17K | 4.62K | -252.71K | 1.17M |
| EPS (Diluted) | -25.91 | -69.20 | -0.65 | -8.80 |
| EPS Growth % | 62.56% | -10612.07% | 92.66% | - |
| EPS (Basic) | -25.91 | -69.20 | -0.65 | -8.80 |
| Diluted Shares Outstanding | 1.72M | 1.23M | 1.25M | 1.25M |
| Basic Shares Outstanding | 1.72M | 1.23M | 1.25M | 1.25M |
| Dividend Payout Ratio | - | - | - | - |
Imminent liquidity and solvency risk
As indicated by the most recent quarterly data, TNMG experienced a 16.7% revenue decline in 2025Q4, signaling a significant deceleration in top-line performance that reflects broader cyclical weakness within the Japanese and Taiwanese digital advertising markets and potential challenges in maintaining client retention across its media portfolio.
The consistent revenue volatility suggests that the company's reliance on project-based integrated marketing is highly sensitive to corporate budget cycles. Investors should monitor whether this contraction is a temporary cyclical trough or a structural loss of market share to more agile, data-native competitors.
Based on reported financial statements, TNMG's gross margin has compressed to 30.1% in 2025Q4, highlighting the high cost of content production and the difficulty of achieving operating leverage within a business model that remains heavily dependent on labor-intensive editorial and marketing services.
The inability to expand gross margins despite the integration of multiple media brands suggests that the company lacks significant pricing power. This structural limitation forces the firm to absorb rising talent costs, which further exacerbates the pressure on its already negative operating margins.
According to recent income statement filings, TNMG's operating margin of -20.4% in 2025Q4 demonstrates a persistent failure to scale revenue faster than its fixed cost base, which appears to be bloated by the administrative and operational requirements of its dual-market organizational structure.
The persistent operating losses indicate that the company's current revenue scale is insufficient to cover its fixed overhead. Without a significant pivot toward higher-margin, automated data products, the firm may continue to struggle with operational inefficiencies that prevent a path to sustainable profitability.
As evidenced by the extreme net margin of -173.1% in 2025Q4, the company's bottom-line performance is severely distorted by non-operating items and potential merger-related impairments, which obscure the underlying cash-generating capability of the core media and technology business segments.
The massive disparity between operating losses and net losses warrants further investigation into potential non-cash write-downs or accounting adjustments related to the TNL and Mediagene merger. Investors should be wary of these recurring bottom-line shocks, as they suggest a lack of earnings visibility and stability.
Based on the reported $1.9M cash position relative to its ongoing operational losses, TNMG faces a critical liquidity risk that may necessitate dilutive financing, casting doubt on the sustainability of its current business model and its ability to fund future AI-driven technology initiatives.
While the company positions itself as a data-infrastructure play, the current financial reality suggests a distressed entity struggling to maintain its runway. The market may be underestimating the risk of a liquidity crunch, which could force management to sacrifice long-term strategic goals for immediate survival.
Quick answers to the most common questions about buying TNMG stock.
For fiscal year 2025, TNL Mediagene (TNMG) reported total revenue of $45.0M. This represents a 125.0% increase compared to $20.0M in 2022.
TNL Mediagene (TNMG) reported a net loss of $44.6M for the fiscal year ending 2025.
TNL Mediagene (TNMG) reported an operating income of $-10.4M, resulting in an operating profit margin of -23.0%. This margin reflects the operational efficiency of the business before interest and taxes.
TNL Mediagene (TNMG) generated $14.0M in gross profit for the year, representing a gross profit margin of 31.1%. This demonstrates the company's core pricing power and production efficiency.