The company remains entirely pre-revenue, with SG&A expenses of $16.9 million in 2026Q1 significantly outpacing R&D investment and contributing to persistent net losses.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'07 | Sep'05 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 4.36M | 0 | 121.94K | 1.8M | 4.3M | 4.87M | 6.02M | 6.29M | 7.98M | 8.57M | 7.92M | 9.14M | 2.54M | 0 | 0 |
| Revenue Growth % | - | - | - | -100% | - | -100% | -93.24% | -58.06% | -11.72% | -19.08% | -4.25% | -21.2% | -6.88% | 8.19% | -13.27% | 259.32% | - | - | - |
| Cost of Goods Sold | 38.2K | 0 | 270.17K | 313.02K | 321K | 200.81K | 312.71K | 1.46M | 3.54M | 4M | 5.1M | 5.63M | 7.11M | 7.12M | 6.41M | 7.95M | 2.1M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | 7.36% | - | 256.45% | 81.13% | 82.31% | 82.16% | 84.67% | 89.46% | 89.09% | 83.09% | 80.83% | 87.07% | 82.41% | - | - |
| Gross Profit | -38.2K | 0 | -270.17K | -313.02K | 4.04M | -200.81K | -190.77K | 340.53K | 761.23K | 869.72K | 923.39K | 663.23K | 870.81K | 1.45M | 1.52M | 1.18M | 447.14K | 0 | 0 |
| Gross Margin % | - | - | - | - | 92.64% | - | -156.45% | 18.87% | 17.69% | 17.84% | 15.33% | 10.54% | 10.91% | 16.91% | 19.17% | 12.93% | 17.59% | - | - |
| Gross Profit Growth % | - | 100% | 13.69% | -107.75% | 2111.43% | -5.26% | -156.02% | -55.27% | -12.47% | -5.81% | 39.23% | -23.84% | -39.94% | -4.55% | 28.58% | 164.19% | - | - | - |
| Operating Expenses | 44.01M | 18.05M | 14.95M | 13.71M | 16.61M | 10.25M | 6.64M | 5.35M | 3.02M | 3.13M | 3.62M | 2.99M | 3.43M | 5.34M | 3.74M | 3.44M | 1.47M | 1.57M | 853.96K |
| OpEx % of Revenue | - | - | - | - | 381.03% | - | 5441.37% | 296.6% | 70.15% | 64.2% | 60.04% | 47.58% | 42.99% | 62.34% | 47.21% | 37.66% | 57.74% | - | - |
| Selling, General & Admin | 43.01M | 16.29M | 8.92M | 6.28M | 11.53M | 6.28M | 4.6M | 4.1M | 2.45M | 3.05M | 3.29M | 2.63M | 2.76M | 4.17M | 3.56M | 3.31M | 1.38M | 1.02M | 644.76K |
| SG&A % of Revenue | - | - | - | - | 264.5% | - | 3773.55% | 226.91% | 56.9% | 62.58% | 54.63% | 41.82% | 34.59% | 48.7% | 44.98% | 36.19% | 54.16% | - | - |
| Research & Development | 998.19K | 1.75M | 6.04M | 7.43M | 5.08M | 3.97M | 2.03M | 1.26M | 570.51K | 79.41K | 325.8K | 362.66K | 670.74K | 1.17M | 176.94K | 133.94K | 90.9K | 550.01K | 153.58K |
| R&D % of Revenue | - | - | - | - | 116.53% | - | 1667.82% | 69.69% | 13.26% | 1.63% | 5.41% | 5.76% | 8.4% | 13.64% | 2.23% | 1.47% | 3.57% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55.62K |
| Operating Income | -44.04M | -18.05M | -15.22M | -14.02M | -12.57M | -10.45M | -6.83M | -5.01M | -2.26M | -2.26M | -2.69M | -2.33M | -2.56M | -3.89M | -2.22M | -2.26M | -1.02M | -1.57M | -853.96K |
| Operating Margin % | - | - | - | - | -288.39% | - | -5597.82% | -277.74% | -52.47% | -46.36% | -44.71% | -37.04% | -32.08% | -45.43% | -28.04% | -24.73% | -40.15% | - | - |
| Operating Income Growth % | - | -18.54% | -8.55% | -11.53% | -20.37% | -53.04% | -36.16% | -122.04% | 0.09% | 16.09% | -15.59% | 9.03% | 34.23% | -75.27% | 1.66% | -121.33% | 34.79% | -83.32% | - |
| EBITDA | -43.89M | -17.9M | -14.95M | -13.71M | -12.25M | -10.25M | -6.58M | -4.75M | -2.13M | -2.18M | -2.51M | -1.98M | -2.14M | -3.49M | -1.87M | -1.87M | -931.28K | -1.57M | -856.12K |
| EBITDA Margin % | - | - | - | - | -281.03% | - | -5398.55% | -263.37% | -49.38% | -44.69% | -41.74% | -31.42% | -26.84% | -40.69% | -23.54% | -20.52% | -36.63% | - | - |
| EBITDA Growth % | -271.05% | -19.68% | -9.06% | -11.9% | -19.6% | -55.63% | -38.48% | -123.69% | 2.45% | 13.36% | -27.2% | 7.76% | 38.57% | -87% | 0.48% | -101.29% | 40.51% | -82.86% | - |
| D&A (Non-Cash Add-back) | 153.85K | 150.59K | 270.17K | 313.02K | 321K | 200.81K | 242.99K | 259.35K | 132.62K | 81.28K | 178.76K | 353.23K | 418.27K | 405.79K | 356.35K | 384.92K | 89.6K | 0 | 0 |
| EBIT | -70.8M | -19.46M | -15.22M | -14.02M | -12.57M | -10.45M | -6.83M | -5.01M | -2.26M | -2.26M | -2.69M | -2.33M | -2.56M | -3.89M | -2.22M | -2.26M | -1.02M | -1.57M | -856.12K |
| Net Interest Income | -201.36K | -2.77M | -1.36M | -262.48K | -8.02M | -14.91M | -6.09M | -2.95M | -1.2M | -376.97K | -323.93K | -170.16K | -104.81K | -173.25K | -463.74K | -212.57K | -143.67K | -69.47K | -12.52K |
| Interest Income | 99.54K | 66.28K | 155.25K | 127.14K | 15.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 300.9K | 2.83M | 1.51M | 389.63K | 8.02M | 14.91M | 6.09M | 2.95M | 1.2M | 376.97K | 323.93K | 170.16K | 104.81K | 173.25K | 463.74K | 212.57K | 143.67K | 69.47K | 12.52K |
| Other Income/Expense | -45.5M | -4.25M | -1.36M | -1.27M | -7.5M | -14.91M | -6.74M | -2.6M | -999.86K | -1.64M | 946.67K | -271.5K | 1.54M | -2.74M | -533.08K | -145.11K | -134.01K | -69.47K | -14.68K |
| Pretax Income | -89.54M | -22.3M | -16.58M | -15.29M | -20.07M | -25.36M | -13.56M | -7.61M | -3.26M | -3.9M | -1.75M | -2.6M | -1.02M | -6.63M | -2.76M | -2.4M | -1.15M | -1.63M | -868.64K |
| Pretax Margin % | - | - | - | - | -460.34% | - | -11122.48% | -421.74% | -75.7% | -80.04% | -28.99% | -41.35% | -12.81% | -77.39% | -34.77% | -26.32% | -45.42% | - | - |
| Income Tax | -22.65M | -172.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.59K | -5.51K | -29.77K | -29.32K | 9.08K | -8.09K | 0 | 0 |
| Effective Tax Rate % | 25.3% | 0.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.14% | 0.54% | 0.45% | 1.06% | -0.38% | 0.7% | 0% | 0% |
| Net Income | -66.89M | -22.12M | -16.58M | -15.29M | -20.07M | -25.36M | -13.56M | -7.61M | -3.26M | -3.9M | -1.75M | -2.63M | -1.02M | -6.62M | -2.73M | -2.41M | -1.15M | -1.63M | -868.64K |
| Net Margin % | - | - | - | - | -460.34% | - | -11122.48% | -421.74% | -75.7% | -80.04% | -28.99% | -41.82% | -12.74% | -77.24% | -34.48% | -26.38% | -45.19% | - | - |
| Net Income Growth % | -318.53% | -33.42% | -8.45% | 23.83% | 20.86% | -86.99% | -78.17% | -133.68% | 16.5% | -123.37% | 33.62% | -158.63% | 84.64% | -142.39% | -13.37% | -109.74% | 29.73% | -88.22% | - |
| Net Income (Continuing) | -66.89M | -22.12M | -16.58M | -15.29M | -20.07M | -25.36M | -13.56M | -7.61M | -3.26M | -3.9M | -1.75M | -2.63M | -1.02M | -6.6M | -2.73M | -2.4M | -1.15M | -1.63M | -868.64K |
| Discontinued Operations | 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 | 49.07K | 31.81K | 43.83K | 48.58K | 0 | 0 |
| EPS (Diluted) | -0.17 | -0.39 | -7.85 | -16.49 | -19.89 | -34.54 | -24.90 | -16.87 | -15.10 | -40.40 | -48.80 | -93.20 | -36.69 | -300.00 | -240.00 | -360.00 | -240.00 | -600.00 | -300.00 |
| EPS Growth % | 95.31% | 95.03% | 52.4% | 17.09% | 42.41% | -38.71% | -47.6% | -11.72% | 62.62% | 17.21% | 47.64% | -154.02% | 87.77% | -25% | 33.33% | -50% | 60% | -100% | - |
| EPS (Basic) | - | -0.39 | -7.85 | -16.49 | -19.89 | -34.54 | -24.90 | -16.87 | -15.10 | -40.40 | -48.80 | -93.20 | -36.69 | -300.00 | -240.00 | -360.00 | -240.00 | -600.00 | -300.00 |
| Diluted Shares Outstanding | 388.14M | 63.06M | 2.15M | 1.24M | 1.01M | 734.26K | 544.78K | 451.35K | 215.77K | 96.12K | 35.72K | 28.29K | 27.72K | 20.49K | 10.93K | 7.11K | 5.12K | 2.78K | 2.87K |
| Basic Shares Outstanding | 388.14M | 63.06M | 2.15M | 1.24M | 1.01M | 734.26K | 544.78K | 451.35K | 215.77K | 96.12K | 35.72K | 28.29K | 27.72K | 20.49K | 10.93K | 7.11K | 5.12K | 2.78K | 2.68K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Dilution Risk
As indicated by the company's financial statements, USBC remains a pre-revenue entity with no top-line growth, reflecting a long-standing reliance on R&D development rather than commercial sales since its inception, which complicates any assessment of market adoption or the viability of its proprietary Bio-RFID technology platform.
The absence of revenue over the observed ten-quarter period underscores the speculative nature of the firm's business model. Investors should monitor whether the transition to the KnowU wearable form factor can catalyze a shift from research-based activities to actual commercial market entry.
Based on reported figures, the company's cost structure has shifted toward significantly higher SG&A expenses, which reached $16.9 million in 2026Q1, far exceeding the R&D investment levels and suggesting that administrative or regulatory overhead is currently consuming the majority of the firm's available capital resources.
The disproportionate growth in SG&A relative to R&D spending may indicate rising costs associated with maintaining public company status or legal and regulatory compliance. This trend warrants further investigation to determine if these expenses are supporting essential clinical trial infrastructure or merely sustaining corporate operations.
According to recent SEC filings, the company's net income is heavily impacted by non-operating items and significant stock-based compensation, such as the $7.4 billion figure recorded in 2025Q4, which obscures the underlying operational performance and highlights the potential for massive shareholder dilution to fund ongoing losses.
The extreme volatility in reported net income and EPS appears driven by non-cash accounting adjustments rather than operational milestones. Analysts should be wary of these figures, as they likely mask the true cash burn rate required to sustain the company's long-term research and development objectives.
As reported in financial statements, the company's consistent operating losses and reliance on equity-based financing suggest a precarious financial position, where the lack of a clear path to commercialization may force further dilutive capital raises that could severely impair long-term value for existing equity holders.
Short-sellers would likely focus on the widening gap between operating expenses and the absence of a revenue-generating product. The company's history of name changes and pivots suggests that the current strategy may be more focused on maintaining market presence than achieving a sustainable, profitable business model.
Quick answers to the most common questions about buying USBC stock.
For fiscal year 2025, USBC, Inc. (USBC) reported total revenue of $0.0M.
USBC, Inc. (USBC) reported a net loss of $22.1M for the fiscal year ending 2025.