Revenue growth is accelerating, driven by non-interest income which accounted for 89.1% of total revenue in 2026Q2, but profitability remains weak with net income swinging to -$7.8M in 2026Q2 and a net interest margin of 0.0%.
Unusual Machines, Inc. (UMAC) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Net Interest Income | 718.99M | 1.83M | -115.83K | 0 | 148 | 3 |
| NII Growth % | 1791711.26% | 1680.2% | - | -100% | 4833.33% | - |
| Net Interest Margin % | 0.18% | 1% | -0.72% | 0% | 0% | 0% |
| Interest Income | 718.99M | 1.83M | 1.15K | 0 | 148 | 3 |
| Interest Expense | 1.17K | 519 | 116.98K | 0 | 0 | 0 |
| Loan Loss Provision | 20.84M | 7.43M | 3.9M | 0 | 0 | 0 |
| Non-Interest Income | -687.14M | 9.37M | 5.56M | 0 | -148 | 4.99K |
| Non-Interest Income % | -2157.41% | 83.66% | 102.13% | - | - | 99.94% |
| Total Net Revenue | 31.85M | 11.2M | 5.45M | 0 | 0 | 4.99K |
| Revenue Growth % | 316.63% | 105.54% | - | - | -100% | - |
| Non-Interest Expense | 40.79M | 28.92M | 18.54M | 2.38M | 1.17M | 166.87K |
| Efficiency Ratio | 128.08% | 258.22% | 340.25% | - | - | 3344.72% |
| Operating Income | -29.79M | -25.15M | -16.99M | -2.38M | -1.17M | -161.88K |
| Operating Margin % | -93.52% | -224.6% | -311.87% | - | - | -3244.72% |
| Operating Income Growth % | - | -48.02% | -612.9% | -103.38% | -623.95% | - |
| Pretax Income | -6.5M | -19.23M | -31.99M | -2.38M | -1.17M | -161.88K |
| Pretax Margin % | -20.41% | -171.72% | -587.22% | - | - | -3244.66% |
| Income Tax | -36.25K | -36.25K | -13.36K | 0 | 0 | 0 |
| Effective Tax Rate % | 0.56% | 0.19% | 0.04% | 0% | 0% | 0% |
| Net Income | -6.46M | -19.19M | -31.98M | -2.38M | -1.17M | -161.88K |
| Net Margin % | -20.29% | -171.39% | -586.98% | - | - | -3244.66% |
| Net Income Growth % | 83.63% | 39.98% | -1241.77% | -103.41% | -623.87% | - |
| Net Income (Continuing) | -6.46M | -19.19M | -31.98M | -2.38M | -1.17M | -161.88K |
| EPS (Diluted) | -0.13 | -0.74 | -3.84 | -0.31 | -0.17 | -0.02 |
| EPS Growth % | 93.64% | 80.73% | -1138.71% | -82.35% | -679.82% | - |
| EPS (Basic) | - | -0.74 | -3.84 | -0.31 | -0.17 | -0.02 |
| Diluted Shares Outstanding | 48.61M | 26.02M | 8.33M | 7.62M | 7.43M | 7.43M |
Quick answers to the most common questions about buying UMAC stock.
For fiscal year 2025, Unusual Machines, Inc. (UMAC) reported total revenue of $11.2M. This represents a 224367.8% increase compared to $0.0M in 2021.
Unusual Machines, Inc. (UMAC) reported a net loss of $19.2M for the fiscal year ending 2025.
Unusual Machines, Inc. (UMAC) reported an operating income of $-25.2M, resulting in an operating profit margin of -224.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Unusual Machines, Inc. (UMAC) generated $3.8M in gross profit for the year, representing a gross profit margin of 33.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on non-interest income
Metrics are mathematically derived from official filings.
NII Emerges from Negative Territory
Net interest income turned positive in 2025Q2, reaching $1.8M by 2026Q2, a sharp reversal from negative readings in 2024, according to quarterly filings.
The transition from negative NII in 2024 to positive figures in 2025 suggests the company may be deploying interest-earning assets more effectively, though the absolute amounts remain small relative to total revenue. The 7.1% sequential growth in 2026Q2 indicates a stabilizing trajectory, but the sustainability depends on the scale of the balance sheet, which appears limited given the negligible NIM.
NIM Remains Negligible
Net interest margin hovered near zero, peaking at 6.3% in 2025Q3 but falling to 0.0% by 2026Q2, as reported in financial statements.
The erratic NIM, swinging from -0.2% to 6.3%, suggests that interest income is not a reliable earnings driver. The 2025Q3 spike likely reflects a one-time event, as subsequent quarters reverted to near-zero levels. This implies the company's core operations are not generating meaningful interest income, and investors should focus on fee-based revenue for profitability.
Efficiency Ratio Distorted by Revenue Mix
Efficiency ratio swung wildly from 2.3% to 184.3% across quarters, reflecting volatile revenue and expense recognition, based on reported figures.
The extreme volatility in the efficiency ratio, such as 2.3% in 2025Q4 versus 121.6% in 2026Q1, indicates that non-interest expenses are not scaling with revenue. This may be due to lumpy operating costs or one-time items. The 81.5% ratio in 2026Q2 suggests improving cost discipline, but the lack of consistent operating leverage warrants caution.
Provisions Outpace Revenue
Provision expenses consistently exceeded net interest income, reaching $10.9M in 2026Q2 against $1.8M NII, as per quarterly data.
The provision line, which appears to represent loan loss reserves or similar credit costs, is disproportionately large relative to the bank's interest income. This suggests either aggressive provisioning or a high-risk loan portfolio. The $10.9M provision in 2026Q2 drove operating income to -$7.8M, indicating that credit costs are a primary drag on profitability.
Fee Income Dominates Revenue
Non-interest income accounted for 89.1% of total revenue in 2026Q2, up from 100% in earlier quarters, according to financial statements.
The overwhelming reliance on fee income, which includes items like transaction fees or service charges, makes the bank's earnings highly sensitive to fee-generating activities. The 2025Q3 negative fee income of -$713.4M is an anomaly that likely reflects a one-time adjustment, but it underscores the volatility in this revenue stream. Investors should monitor the sustainability of fee income, as it is the primary driver of the top line.
Earnings Quality Under Scrutiny
Despite revenue growth, net income swung from -$27.1M in 2024Q4 to $10.3M in 2026Q1, raising questions about earnings stability, as reported.
The erratic net income, including a $10.3M profit in 2026Q1 followed by a -$7.8M loss in 2026Q2, suggests that earnings are not driven by core operations but by volatile items such as fair value changes or one-time gains. The negative operating income in most quarters indicates that the company is not yet profitable on an operating basis. This warrants a deep dive into the components of non-interest income and other adjustments to assess the quality of reported earnings.