Revenue growth reached 192.6% in 2025Q4, yet structural profitability remains fragile with gross margins oscillating between a high of 50.6% and a recent low of 11.7%.
| 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 | 19.87M | 9.42M | 13.1M | 31.15M | 17.15M | 369.08K | 783.63K | 1.72M | 448.91K | 150.21K | 362.89K | 231.93K | 189.87K | 241.94K |
| Revenue Growth % | 111.06% | -28.14% | -57.93% | 81.58% | 4547.98% | -52.9% | -54.47% | 283.37% | 198.86% | -58.61% | 56.47% | 22.15% | -21.52% | - |
| Cost of Goods Sold | 16.09M | 9.08M | 12.04M | 26.55M | 14.9M | 269.94K | 620.08K | 667.66K | 154.12K | 88K | 125.12K | 72.26K | 44.73K | 116.83K |
| COGS % of Revenue | 80.95% | 96.43% | 91.91% | 85.22% | 86.85% | 73.14% | 79.13% | 38.8% | 34.33% | 58.59% | 34.48% | 31.15% | 23.56% | 48.29% |
| Gross Profit | 3.79M | 336.28K | 1.06M | 4.6M | 2.26M | 99.14K | 163.54K | 1.05M | 294.79K | 62.2K | 237.77K | 159.67K | 145.14K | 125.12K |
| Gross Margin % | 19.05% | 3.57% | 8.09% | 14.78% | 13.15% | 26.86% | 20.87% | 61.2% | 65.67% | 41.41% | 65.52% | 68.84% | 76.44% | 51.71% |
| Gross Profit Growth % | 1025.59% | -68.28% | -76.97% | 104.11% | 2174.82% | -39.38% | -84.47% | 257.31% | 373.92% | -73.84% | 48.91% | 10.01% | 16% | - |
| Operating Expenses | 4.55M | 4.31M | 3.7M | 2.93M | 1.78M | 2.78M | 2M | 1.24M | 1.62M | 2.46M | 3.48M | 2.94M | 1.91M | 33.39M |
| OpEx % of Revenue | 22.88% | 45.74% | 28.25% | 9.41% | 10.36% | 754.32% | 254.71% | 71.87% | 361.71% | 1637.97% | 957.83% | 1267.99% | 1003.74% | 13799.55% |
| Selling, General & Admin | 4.11M | 4.03M | 3.27M | 2.85M | 1.64M | 967.09K | 1.07M | 1.04M | 1.52M | 1.66M | 1.3M | 1.5M | 1.92M | 5.28M |
| SG&A % of Revenue | 20.67% | 42.82% | 24.95% | 9.15% | 9.54% | 262.03% | 136.05% | 60.36% | 337.67% | 1103.42% | 358.91% | 648.37% | 1009.34% | 2182.68% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 439.21K | 274.93K | 433.57K | 80.93K | 140.57K | 1.82M | 929.87K | 198.1K | 107.88K | 802.92K | 2.17M | 1.44M | -10.63K | 28.11M |
| Operating Income | -762.02K | -3.97M | -2.64M | 1.67M | 477.5K | -1.11M | -1.25M | -246.82K | -1.34M | -1.87M | -1.7M | -1.57M | -1.78M | -6.19M |
| Operating Margin % | -3.83% | -42.17% | -20.16% | 5.36% | 2.78% | -301.21% | -159.12% | -14.34% | -297.62% | -1244.5% | -469.61% | -678.54% | -940.09% | -2557.86% |
| Operating Income Growth % | 80.81% | -50.31% | -258.14% | 249.91% | 142.95% | 10.84% | -405.18% | 81.53% | 28.53% | -9.69% | -8.29% | 11.83% | 71.16% | - |
| EBITDA | -449.85K | -3.85M | -2.51M | 1.71M | 496.38K | -865.75K | -898.28K | 16.74K | -1.22M | -1.59M | -1.06M | -1.34M | -1.77M | -6.15M |
| EBITDA Margin % | -2.26% | -40.87% | -19.19% | 5.5% | 2.89% | -234.57% | -114.63% | 0.97% | -271.66% | -1061.67% | -293.08% | -579.35% | -932.74% | -2541.35% |
| EBITDA Growth % | 88.31% | -53.06% | -246.77% | 245.11% | 157.34% | 3.62% | -5465.11% | 101.37% | 23.53% | -49.94% | 20.85% | 24.13% | 71.2% | - |
| D&A (Non-Cash Add-back) | 312.16K | 123.07K | 127.93K | 42.28K | 18.89K | 245.96K | 348.62K | 263.56K | 116.58K | 274.62K | 640.61K | 230.06K | 13.95K | 39.93K |
| EBIT | -876.66K | -4.1M | -2.72M | 1.7M | 486.43K | -1.11M | -1.25M | 0 | -1.34M | -1.87M | -1.7M | -1.57M | -1.78M | -6.19M |
| Net Interest Income | -664.58K | -319.24K | -405.59K | -308.98K | -138.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.46K | 63.12K | 444 | 31.42K | 11.13K | 12.7K | 142.91K | 74 | 122.07K | 6.52K | 17.35K | 4.69K | 18.18K | 6.38K |
| Interest Expense | 668.03K | 382.36K | 406.03K | 308.98K | 138.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -782.67K | -510.29K | -488.47K | -275.71K | -129.27K | -1.59M | -728.44K | 63.28K | -114.95K | -522.28K | -1.52M | -1.2M | 42.46K | -27.07M |
| Pretax Income | -1.54M | -4.48M | -3.13M | 1.4M | 348.22K | -2.7M | -1.98M | -183.54K | -1.45M | -2.39M | -3.22M | -2.78M | -1.74M | -33.26M |
| Pretax Margin % | -7.77% | -47.59% | -23.89% | 4.48% | 2.03% | -730.9% | -252.08% | -10.66% | -323.23% | -1592.21% | -887.53% | -1197.12% | -917.72% | -13745.2% |
| Income Tax | -388.38K | -1.14M | -1.12M | 366.51K | 81K | 0 | 0 | 0 | 0 | 0 | 15.94K | 1.39K | 6.71K | 127.59K |
| Effective Tax Rate % | 25.14% | 25.54% | 35.67% | 26.27% | 23.26% | 0% | 0% | 0% | 0% | 0% | -0.49% | -0.05% | -0.39% | -0.38% |
| Net Income | -1.16M | -3.34M | -2.01M | 1.03M | 267.22K | -2.85M | -2.16M | -358.04K | -1.55M | -2.39M | -3.24M | -2.78M | -1.74M | -33.38M |
| Net Margin % | -5.82% | -35.44% | -15.37% | 3.3% | 1.56% | -772.88% | -275.16% | -20.8% | -345.48% | -1592.21% | -891.92% | -1197.72% | -914.19% | -13797.94% |
| Net Income Growth % | 65.35% | -65.71% | -295.78% | 284.92% | 109.37% | -32.29% | -502.24% | 76.91% | 35.15% | 26.11% | -16.52% | -60.04% | 94.8% | - |
| Net Income (Continuing) | -1.16M | -3.34M | -2.01M | 1.03M | 267.22K | -2.85M | -2.16M | -358.04K | -1.55M | -2.39M | -3.24M | -2.78M | -1.74M | -33.38M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.50 | -1.50 | -1.00 | 0.47 | 0.12 | -2.05 | -2.05 | -0.37 | -1.80 | -2.90 | -3.90 | -3.30 | -2.05 | -53.80 |
| EPS Growth % | 66.67% | -50% | -312.77% | 291.67% | 105.85% | 0% | -454.05% | 79.44% | 37.93% | 25.64% | -18.18% | -60.98% | 96.19% | - |
| EPS (Basic) | -0.50 | -1.50 | -1.00 | 0.47 | 0.12 | -2.05 | -2.05 | -0.37 | -1.80 | -2.90 | -3.90 | -3.30 | -2.05 | -53.80 |
| Diluted Shares Outstanding | 2.2M | 2.2M | 2.06M | 2.2M | 2.2M | 1.39M | 1.06M | 969.86K | 862.07K | 823.55K | 834.55K | 834.72K | 834.81K | 620.79K |
| Basic Shares Outstanding | 2.2M | 2.2M | 2.06M | 2.2M | 2.2M | 1.39M | 1.06M | 969.86K | 862.07K | 823.55K | 834.55K | 834.72K | 834.81K | 620.79K |
| Dividend Payout Ratio | - | - | - | 7% | 93.56% | - | - | - | - | - | - | - | - | - |
Liquidity and Working Capital Constraints
According to the provided quarterly income statements, Turbo Energy experienced a significant revenue surge to $14.3 million in 2025Q4, representing a 192.6% growth rate, though this follows a history of extreme quarterly fluctuations that suggest a highly inconsistent and potentially lumpy sales recognition cycle.
The dramatic acceleration in the most recent quarter appears to be a departure from the previous periods of contraction, which warrants caution regarding the sustainability of this demand. Investors should monitor whether this growth is driven by genuine market expansion or the timing of specific, non-recurring distribution contracts.
As reported in the company's financial filings, gross margins have struggled to maintain consistency, oscillating from a high of 50.6% in 2023Q1 to a low of -22.2% in 2024Q2, ultimately settling at a modest 11.7% in the most recent quarter, reflecting significant pricing and procurement challenges.
The inability to sustain double-digit gross margins suggests that the company lacks meaningful pricing power in the competitive Iberian solar market. This margin profile indicates that Turbo Energy functions more as a low-margin hardware distributor than a high-value technology provider, leaving it exposed to commodity price volatility.
Based on the historical income statement data, operating expenses have frequently exceeded gross profit, with SG&A costs consistently hovering around $1.3 million to $1.7 million, which has prevented the company from achieving meaningful operating leverage despite the recent triple-digit revenue growth observed in the latest period.
The company's inability to scale operating income faster than revenue suggests that its current cost structure is heavily fixed or inefficiently managed. Without a clear path to decoupling SG&A growth from top-line expansion, the firm may continue to struggle with achieving sustained operating profitability.
Data from the income statement indicates that the company's recent profitability is fragile, as net income of $239.6K in 2025Q4 was achieved on thin margins, raising concerns that the business model remains highly sensitive to minor shifts in input costs or competitive pricing pressures.
Short-sellers might focus on the company's history of negative operating margins and the reliance on volatile quarterly revenue spikes to reach breakeven. The lack of a consistent track record of profitability suggests that the current financial performance may not be indicative of long-term operational viability.
Quick answers to the most common questions about buying TURB stock.
For fiscal year 2025, Turbo Energy, S.A. American Depositary Shares (TURB) reported total revenue of $19.9M. This represents a 8114.5% increase compared to $0.2M in 2012.
Turbo Energy, S.A. American Depositary Shares (TURB) reported a net loss of $1.2M for the fiscal year ending 2025.
Turbo Energy, S.A. American Depositary Shares (TURB) reported an operating income of $-0.8M, resulting in an operating profit margin of -3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Turbo Energy, S.A. American Depositary Shares (TURB) generated $3.8M in gross profit for the year, representing a gross profit margin of 19.0%. This demonstrates the company's core pricing power and production efficiency.