Revenue has entered a terminal decline with a 19.0% year-over-year drop, while gross margins have compressed to 16.2% as of 2025Q2.
UTStarcom Holdings Corp. (UTSI) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 8.9M | 8.98M | 10.88M | 15.75M | 14.03M | 15.92M | 24.31M | 65.82M | 115.94M | 98.29M | 80.18M | 117.1M | 129.42M | 164.44M | 186.73M | 320.58M | 291.54M | 386.34M | 1.64B | 2.47B | 2.46B | 2.93B | 2.7B | 1.96B | 981.81M | 626.84M | 368.65M | 187.5M |
| Revenue Growth % | -31.12% | -17.47% | -30.95% | 12.32% | -11.91% | -34.51% | -63.07% | -43.23% | 17.96% | 22.58% | -31.53% | -9.52% | -21.3% | -11.94% | -41.75% | 9.96% | -24.54% | -76.45% | -33.5% | 0.33% | -16.06% | 8.35% | 37.63% | 100.07% | 56.63% | 70.04% | 96.61% | - |
| Cost of Goods Sold | 7.78M | 7.93M | 7.97M | 11.36M | 11.35M | 17.01M | 20.78M | 41.47M | 83.68M | 65.14M | 55.1M | 89.23M | 107.29M | 124.22M | 118.57M | 206.24M | 221.3M | 321.37M | 1.38B | 2.15B | 2.07B | 2.47B | 2.1B | 1.33B | 636.33M | 402.29M | 235.87M | 110M |
| COGS % of Revenue | - | 88.29% | 73.29% | 72.13% | 80.93% | 106.83% | 85.48% | 63% | 72.17% | 66.28% | 68.72% | 76.2% | 82.9% | 75.54% | 63.5% | 64.33% | 75.91% | 83.18% | 84.08% | 86.97% | 84.31% | 84.17% | 77.75% | 67.61% | 64.81% | 64.18% | 63.98% | 58.67% |
| Gross Profit | 1.12M | 1.05M | 2.91M | 4.39M | 2.67M | -1.09M | 3.53M | 24.36M | 32.27M | 33.15M | 25.08M | 27.87M | 22.13M | 40.22M | 68.16M | 114.33M | 70.24M | 64.98M | 261.24M | 321.45M | 385.74M | 463.62M | 601.6M | 636.17M | 345.47M | 224.55M | 132.78M | 77.5M |
| Gross Margin % | 12.56% | 11.71% | 26.71% | 27.87% | 19.07% | -6.83% | 14.52% | 37% | 27.83% | 33.72% | 31.28% | 23.8% | 17.1% | 24.46% | 36.5% | 35.67% | 24.09% | 16.82% | 15.93% | 13.03% | 15.69% | 15.83% | 22.25% | 32.39% | 35.19% | 35.82% | 36.02% | 41.33% |
| Gross Profit Growth % | - | -63.83% | -33.8% | 64.11% | 346.09% | -130.8% | -85.51% | -24.52% | -2.65% | 32.15% | -9.99% | 25.94% | -44.98% | -40.99% | -40.39% | 62.78% | 8.09% | -75.13% | -18.73% | -16.67% | -16.8% | -22.94% | -5.43% | 84.14% | 53.85% | 69.11% | 71.33% | - |
| Operating Expenses | 10.15M | 9.61M | 10.24M | 11.2M | 7.17M | 4.14M | 26.77M | 30.19M | 27.62M | 26.63M | 25.88M | 32.86M | 36.2M | 52.15M | 81.1M | 90.67M | 127.94M | 203.88M | 424.4M | 519.02M | 523.9M | 863.37M | 550.3M | 350.75M | 198.84M | 143.1M | 99M | 56.9M |
| OpEx % of Revenue | - | 107.02% | 94.11% | 71.09% | 51.1% | 26.02% | 110.13% | 45.87% | 23.82% | 27.09% | 32.28% | 28.06% | 27.97% | 31.71% | 43.43% | 28.28% | 43.89% | 52.77% | 25.87% | 21.04% | 21.31% | 29.47% | 20.35% | 17.86% | 20.25% | 22.83% | 26.86% | 30.35% |
| Selling, General & Admin | 5.14M | 4.96M | 5.15M | 5.32M | 2.4M | -2.74M | 18.69M | 15.73M | 14.88M | 16.78M | 17.38M | 21.52M | 24.52M | 37.63M | 52.46M | 63.86M | 95.24M | 140.74M | 257.56M | 319.14M | 334.45M | 372.29M | 315.7M | 187.13M | 110.26M | 75.76M | 48.05M | 30.9M |
| SG&A % of Revenue | - | 55.29% | 47.36% | 33.76% | 17.15% | -17.23% | 76.88% | 23.89% | 12.83% | 17.07% | 21.68% | 18.37% | 18.94% | 22.88% | 28.09% | 19.92% | 32.67% | 36.43% | 15.7% | 12.94% | 13.6% | 12.71% | 11.68% | 9.53% | 11.23% | 12.09% | 13.04% | 16.48% |
| Research & Development | 5M | 4.64M | 5.08M | 5.88M | 4.76M | 6.89M | 8.08M | 14.46M | 12.75M | 9.85M | 8.5M | 11.34M | 11.69M | 14.52M | 28.13M | 30.12M | 38.04M | 63.24M | 143.29M | 168.28M | 182.87M | 247.13M | 219.04M | 155.25M | 86.18M | 59.81M | 41.45M | 17.4M |
| R&D % of Revenue | - | 51.73% | 46.75% | 37.33% | 33.95% | 43.25% | 33.25% | 21.98% | 10.99% | 10.02% | 10.6% | 9.69% | 9.03% | 8.83% | 15.07% | 9.4% | 13.05% | 16.37% | 8.73% | 6.82% | 7.44% | 8.44% | 8.1% | 7.9% | 8.78% | 9.54% | 11.24% | 9.28% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.31M | -5.34M | -100K | -3.67M | 31.6M | 6.58M | 243.95M | 15.55M | 8.37M | 2.4M | 7.53M | 9.49M | 8.6M |
| Operating Income | -9.03M | -8.56M | -7.33M | -6.81M | -4.39M | -5.32M | -23.24M | -5.83M | 4.65M | 6.52M | -800K | -4.99M | -14.07M | -13.23M | -31.35M | 21.25M | -73.72M | -218.69M | -176.22M | -212.04M | -138.16M | -430.08M | 49.9M | 274.73M | 145.96M | 76.73M | 33.78M | 20.6M |
| Operating Margin % | -101.46% | -95.31% | -67.39% | -43.22% | -31.28% | -33.41% | -95.61% | -8.86% | 4.01% | 6.63% | -1% | -4.26% | -10.87% | -8.05% | -16.79% | 6.63% | -25.29% | -56.6% | -10.74% | -8.6% | -5.62% | -14.68% | 1.85% | 13.99% | 14.87% | 12.24% | 9.16% | 10.99% |
| Operating Income Growth % | - | -16.72% | -7.67% | -55.21% | 17.52% | 77.12% | -298.34% | -225.56% | -28.68% | 914.5% | 83.96% | 64.55% | -6.35% | 57.79% | -247.54% | 128.82% | 66.29% | -24.1% | 16.9% | -53.48% | 67.88% | -961.86% | -81.84% | 88.22% | 90.23% | 127.14% | 63.98% | - |
| EBITDA | -8.79M | -7.28M | -7.06M | -6.58M | -4.18M | -4.95M | -22.67M | -5.19M | 5.35M | 7.14M | 408K | -2.79M | -11.42M | -9.51M | -27.4M | 24.33M | -73.52M | -205.55M | -172.1M | -154.65M | -70.12M | -331.53M | 128.44M | 321.28M | 168.4M | 95.26M | 43.27M | 29.2M |
| EBITDA Margin % | -98.74% | -81.12% | -64.86% | -41.76% | -29.81% | -31.07% | -93.26% | -7.89% | 4.61% | 7.27% | 0.51% | -2.38% | -8.82% | -5.78% | -14.67% | 7.59% | -25.22% | -53.2% | -10.49% | -6.27% | -2.85% | -11.32% | 4.75% | 16.36% | 17.15% | 15.2% | 11.74% | 15.57% |
| EBITDA Growth % | -32.44% | -3.22% | -7.25% | -57.35% | 15.48% | 78.18% | -336.74% | -197.05% | -25.13% | 1650.98% | 114.64% | 75.59% | -20.06% | 65.29% | -212.62% | 133.1% | 64.23% | -19.43% | -11.28% | -120.55% | 78.85% | -358.13% | -60.02% | 90.79% | 76.77% | 120.13% | 48.2% | - |
| D&A (Non-Cash Add-back) | 241.5K | 1.27M | 275K | 230K | 206K | 372K | 572K | 644K | 702K | 628K | 1.21M | 2.2M | 2.65M | 3.72M | 3.95M | 3.08M | 206K | 13.13M | 4.11M | 57.39M | 68.04M | 98.55M | 78.53M | 46.55M | 22.43M | 18.53M | 9.49M | 8.6M |
| EBIT | -9.03M | -8.56M | -7.33M | -6.81M | -4.39M | -5.32M | -25.45M | -3.93M | 4.49M | 8.29M | 1.71M | -31.24M | -28.56M | -20.23M | -32.95M | 14.95M | -61.9M | -214.29M | -133.3M | -132.79M | -138.16M | -426.38M | 18.29M | 263.04M | 146.63M | 81.45M | 33.78M | 39.11M |
| Net Interest Income | 2.2M | 2.24M | 2.79M | 2.21M | 2.15M | 1.14M | 980K | 1.32M | 1.7M | 1.13M | 816K | 1.61M | 501K | 360K | 2.37M | 2.06M | 1.74M | 1.54M | -2.95M | -18.22M | 3.14M | -9.67M | -744K | -1.09M | 4.27M | 4.66M | 8.88M | 0 |
| Interest Income | 1.88M | 2.24M | 2.79M | 2.21M | 2.15M | 1.14M | 990K | 1.34M | 1.75M | 1.18M | 871K | 1.69M | 589K | 511K | 2.61M | 2.31M | 2.02M | 2.09M | 7.49M | 14.46M | 14.83M | 7.09M | 6.17M | 3.19M | 5.52M | 8.57M | 12.2M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 16K | 47K | 48K | 55K | 76K | 88K | 151K | 240K | 252K | 279K | 552K | 10.44M | 32.68M | 11.69M | 16.76M | 6.92M | 4.28M | 1.25M | 3.91M | 3.31M | 0 |
| Other Income/Expense | 2.39M | 2.23M | 3.65M | 4.23M | 1.45M | 2.79M | -2.21M | 2.19M | 75K | 1.73M | -788K | -26.33M | -14.57M | -7.15M | -21.14M | -4.42M | 11.55M | 3.84M | 32.48M | 46.58M | -15.58M | 38.75M | 14.69M | -22.76M | -10.85M | 1.37M | 8.23M | -21.42M |
| Pretax Income | -6.64M | -6.33M | -3.69M | -2.58M | -2.94M | -2.53M | -25.46M | -3.74M | 4.72M | 8.24M | 108K | -23.82M | -28.65M | -20.38M | -31.95M | 14.7M | -62.17M | -214.84M | -143.74M | -165.47M | -133.93M | -369.47M | 63.57M | 269.69M | 135.12M | 78.1M | 42.01M | 13.7M |
| Pretax Margin % | -74.59% | -70.48% | -33.88% | -16.36% | -20.96% | -15.92% | -104.72% | -5.68% | 4.07% | 8.39% | 0.13% | -20.34% | -22.13% | -12.39% | -17.11% | 4.58% | -21.33% | -55.61% | -8.76% | -6.71% | -5.45% | -12.61% | 2.35% | 13.73% | 13.76% | 12.46% | 11.4% | 7.31% |
| Income Tax | 800.5K | 1.62M | 683K | 1.27M | 2.06M | 3.29M | -1.78M | -153K | -378K | 1.26M | -726K | -4.16M | 1.62M | 2.35M | 2.39M | 2.92M | 3.12M | 10.86M | 7.09M | 32.9M | -15.02M | 117.89M | -9.84M | 67.44M | 27.25M | 19.82M | 14.02M | 600K |
| Effective Tax Rate % | -12.06% | -25.63% | -18.53% | -49.44% | -70.19% | -129.99% | 7% | 4.09% | -8.01% | 15.32% | -672.22% | 17.47% | -5.65% | -11.54% | -7.49% | 19.86% | -5.01% | -5.05% | -4.93% | -19.88% | 11.22% | -31.91% | -15.48% | 25.01% | 20.17% | 25.38% | 33.37% | 4.38% |
| Net Income | -7.44M | -7.95M | -4.37M | -3.85M | -5M | -5.83M | -23.68M | -3.58M | 5.1M | 6.98M | 992K | -19.66M | -30.26M | -22.72M | -33.15M | 13.39M | -65.13M | -225.69M | -150.32M | -195.57M | -117.34M | -487.36M | 73.42M | 202.25M | 107.86M | 56.95M | 27.01M | 11.4M |
| Net Margin % | -83.58% | -88.55% | -40.15% | -24.45% | -35.66% | -36.61% | -97.39% | -5.45% | 4.4% | 7.1% | 1.24% | -16.79% | -23.38% | -13.82% | -17.75% | 4.18% | -22.34% | -58.42% | -9.16% | -7.93% | -4.77% | -16.64% | 2.72% | 10.3% | 10.99% | 9.09% | 7.33% | 6.08% |
| Net Income Growth % | -80.87% | -82.01% | -13.43% | 23.01% | 14.17% | 75.38% | -560.42% | -170.29% | -26.94% | 603.73% | 105.05% | 35.05% | -33.2% | 31.46% | -347.63% | 120.55% | 71.14% | -50.14% | 23.14% | -66.67% | 75.92% | -763.84% | -63.7% | 87.51% | 89.39% | 110.84% | 136.96% | - |
| Net Income (Continuing) | -7.44M | -7.95M | -4.37M | -3.85M | -5M | -5.83M | -23.68M | -3.91M | 4.82M | 6.98M | 132K | -27.16M | -30.26M | -22.73M | -35.58M | 11.78M | -65.29M | -225.7M | -150.82M | -198.36M | -117.34M | -527.87M | 70.84M | 209.86M | 107.86M | 56.95M | 27.99M | 13.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.99M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 814K | 6.4M | 8.01M | 792K | 808K | 3.71M | 6.49M | 8.34M | 5.03M | 560K | 0 | 6.57M | 5.96M | 3.6M |
| EPS (Diluted) | -0.81 | -0.87 | -0.48 | -0.42 | -0.55 | -0.65 | -2.64 | -0.40 | 0.56 | 0.76 | 0.04 | -2.12 | -3.24 | -2.32 | -2.73 | 1.04 | -5.37 | -21.27 | -14.61 | -19.39 | -11.67 | -49.97 | 4.80 | 18.72 | 8.52 | 6.24 | 3.24 | 1.47 |
| EPS Growth % | -80% | -81.25% | -14.29% | 23.64% | 15.38% | 75.38% | -560% | -171.43% | -26.32% | 1800% | 101.89% | 34.57% | -39.66% | 15.02% | -362.5% | 119.37% | 74.75% | -45.59% | 24.65% | -66.15% | 76.65% | -1141.04% | -74.36% | 119.72% | 36.54% | 92.59% | 120.41% | - |
| EPS (Basic) | - | -0.87 | -0.48 | -0.42 | -0.55 | -0.65 | -2.64 | -0.40 | 0.57 | 0.80 | 0.04 | -2.14 | -3.24 | -2.32 | -2.74 | 1.04 | -5.37 | -21.27 | -14.61 | -19.39 | -11.67 | -49.97 | 5.40 | 22.32 | 8.88 | 6.72 | 4.08 | 1.47 |
| Diluted Shares Outstanding | 9.2M | 9.19M | 9.15M | 9.11M | 9.06M | 9.01M | 8.97M | 8.89M | 9.08M | 9.04M | 9.1M | 9.25M | 9.35M | 9.78M | 12.13M | 12.91M | 12.12M | 10.61M | 10.29M | 10.09M | 10.05M | 9.75M | 10.59M | 11.21M | 9.64M | 9.05M | 8.49M | 7.76M |
| Basic Shares Outstanding | 9.2M | 9.19M | 9.15M | 9.11M | 9.06M | 9.01M | 8.97M | 8.89M | 8.91M | 8.87M | 8.95M | 9.18M | 9.34M | 9.78M | 12.11M | 12.87M | 12.12M | 10.61M | 10.29M | 10.09M | 10.05M | 9.75M | 9.42M | 9.4M | 9.2M | 8.45M | 6.64M | 7.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying UTSI stock.
For fiscal year 2025, UTStarcom Holdings Corp. (UTSI) reported total revenue of $9.0M. This represents a 95.2% decline compared to $187.5M in 1999.
UTStarcom Holdings Corp. (UTSI) reported a net loss of $8.0M for the fiscal year ending 2025.
UTStarcom Holdings Corp. (UTSI) reported an operating income of $-8.6M, resulting in an operating profit margin of -95.3%. This margin reflects the operational efficiency of the business before interest and taxes.
UTStarcom Holdings Corp. (UTSI) generated $1.1M in gross profit for the year, representing a gross profit margin of 11.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue base terminal decline
Persistent Revenue Contraction Trends
As indicated by the most recent quarterly filings, UTSI's revenue has experienced a consistent downward trajectory, with the latest period showing a 19.0% year-over-year decline, reflecting the exhaustion of legacy project-based contracts and a lack of new, high-volume wins in its core telecom infrastructure markets.
The consistent revenue decay suggests that the company's specialized packet transport technology is failing to gain traction in modern 5G deployments. Investors should monitor whether this contraction represents a structural exit from the market or merely a temporary lull in the lumpy telecom CAPEX cycle.
Structural Margin Erosion Under Pressure
Based on reported financial statements, gross margins have compressed significantly to 16.2% in the most recent quarter, down from 30.0% in mid-2024, suggesting that the company lacks the pricing power necessary to offset rising input costs or competitive pressures within its niche telecom equipment segment.
This margin deterioration appears to be a direct consequence of the company's inability to achieve economies of scale at its current revenue level. The inability to maintain gross profitability suggests that the firm may be forced to engage in aggressive price discounting to retain its remaining legacy footprint.
Operating Leverage Remains Fundamentally Broken
According to historical income statement data, UTSI's operating margin has plummeted to -89.6%, demonstrating that the company's fixed cost base, particularly in R&D and administrative overhead, is entirely decoupled from its current revenue-generating capacity, leading to significant and persistent operating losses each quarter.
The failure to scale operating expenses downward in proportion to revenue suggests a rigid cost structure that threatens long-term solvency. This lack of operating leverage implies that the company is currently subsidizing its ongoing operations through its cash reserves rather than through sustainable, profitable business activity.
Distressed Asset Versus Operational Entity
While the company maintains a clean balance sheet with minimal debt, the persistent negative net income of $1.9 million per quarter suggests that the market's valuation may be overly optimistic, potentially ignoring the risk that the business is merely a cash-burning shell with no viable growth path.
Short-sellers would likely focus on the rapid depletion of cash reserves relative to the lack of a clear turnaround strategy. The current valuation appears to rely more on the company's net cash position than on any realistic expectation of future operational profitability or market share expansion.