Revenue plummeted 56.8% in 2025Q4, while the company reported a deeply negative gross margin of -51.7%, indicating an inability to cover direct production costs.
| Sales/Revenue | 46.42M | 65M | 45.05M | 38.13M | 7.41M | 23.18M | 17.93M | 13.54M | 2.29M |
| Revenue Growth % | -28.59% | 44.28% | 18.16% | 414.57% | -68.04% | 29.32% | 32.4% | 491.96% | - |
| Cost of Goods Sold | 52.26M | 70.8M | 57.45M | 39.48M | 3.89M | 2.98M | 2.11M | 1.14M | 780.34K |
| COGS % of Revenue | 112.6% | 108.92% | 127.53% | 103.54% | 52.46% | 12.86% | 11.77% | 8.44% | 34.12% |
| Gross Profit | -5.85M | -5.8M | -12.4M | -1.35M | 3.52M | 20.2M | 15.82M | 12.4M | 1.51M |
| Gross Margin % | -12.6% | -8.92% | -27.53% | -3.54% | 47.54% | 87.14% | 88.23% | 91.56% | 65.88% |
| Gross Profit Growth % | -0.86% | 53.26% | -818.5% | -138.33% | -82.56% | 27.73% | 27.58% | 722.69% | - |
| Operating Expenses | 10.18M | 10.8M | 18.13M | 17.46M | 10.93M | 5.47M | 5.04M | 3.73M | 2.33M |
| OpEx % of Revenue | 21.93% | 16.61% | 40.24% | 45.79% | 147.55% | 23.62% | 28.14% | 27.54% | 102% |
| Selling, General & Admin | 8.22M | 8.29M | 13.78M | 13.75M | 8.78M | 4.8M | 4.25M | 3.03M | 2.08M |
| SG&A % of Revenue | 17.72% | 12.76% | 30.59% | 36.08% | 118.51% | 20.72% | 23.7% | 22.39% | 90.84% |
| Research & Development | 1.96M | 2.51M | 1.19M | 1.05M | 2.15M | 671.31K | 795.54K | 665.38K | 255.42K |
| R&D % of Revenue | 4.21% | 3.86% | 2.65% | 2.76% | 29.04% | 2.9% | 4.44% | 4.91% | 11.17% |
| Other Operating Expenses | 0 | 0 | 3.15M | 2.65M | 0 | 0 | 0 | 0 | 1.08K |
| Operating Income | -16.03M | -16.6M | -27.38M | -18.81M | -7.41M | 14.73M | 10.77M | 8.7M | -826.19K |
| Operating Margin % | -34.53% | -25.53% | -60.77% | -49.33% | -100.01% | 63.53% | 60.09% | 64.25% | -36.12% |
| Operating Income Growth % | 3.43% | 39.38% | -45.56% | -153.83% | -150.32% | 36.7% | 23.83% | 1152.92% | - |
| EBITDA | -9.64M | -10.88M | -23.09M | -16.53M | -6.33M | 15.95M | 11.27M | 8.72M | -816.97K |
| EBITDA Margin % | -20.78% | -16.74% | -51.25% | -43.37% | -85.45% | 68.81% | 62.86% | 64.41% | -35.72% |
| EBITDA Growth % | 11.34% | 52.88% | -39.63% | -161.15% | -139.69% | 41.55% | 29.23% | 1167.36% | - |
| D&A (Non-Cash Add-back) | 6.38M | 5.72M | 4.29M | 2.28M | 1.08M | 1.22M | 496.17K | 20.88K | 9.21K |
| EBIT | -22.09M | -15.96M | -30.76M | -22.29M | -8.95M | 14.73M | 10.77M | 8.81M | -826.19K |
| Net Interest Income | -4.57M | -2.02M | -2.16M | -27.13K | 173.17K | 214.46K | 212.28K | 142.61K | 79.99K |
| Interest Income | 0 | 0 | 0 | 0 | 173.17K | 214.46K | 212.28K | 142.61K | 79.99K |
| Interest Expense | 4.57M | 2.02M | 2.16M | 27.13K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -10.63M | -1.38M | -5.54M | -3.51M | -1.54M | 286.21K | 197.56K | 111.8K | 7.01K |
| Pretax Income | -26.66M | -17.98M | -32.92M | -22.32M | -8.95M | 15.01M | 10.97M | 8.81M | -819.18K |
| Pretax Margin % | -57.44% | -27.66% | -73.08% | -58.53% | -120.81% | 64.76% | 61.2% | 65.08% | -35.82% |
| Income Tax | -387 | 5.56K | -226 | 808.97K | -236.58K | 3.05M | 1.59M | 1.16M | -149.45K |
| Effective Tax Rate % | 0% | -0.03% | 0% | -3.63% | 2.64% | 20.35% | 14.49% | 13.15% | 18.24% |
| Net Income | -16.64M | -11.78M | -24.23M | -22.64M | -8.4M | 12.09M | 9.75M | 7.48M | -674.68K |
| Net Margin % | -35.84% | -18.12% | -53.79% | -59.37% | -113.42% | 52.14% | 54.37% | 55.23% | -29.5% |
| Net Income Growth % | -41.26% | 51.4% | -7.05% | -169.38% | -169.52% | 24.02% | 30.35% | 1208.24% | - |
| Net Income (Continuing) | -26.66M | -17.98M | -32.92M | -23.12M | -8.71M | 11.96M | 9.38M | 7.65M | -669.73K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 28M | 37.56M | 42.69M | 44.68M | 3.12M | 111.15K | 203.01K | 331.28K | 43.73K |
| EPS (Diluted) | -0.62 | -0.45 | -0.95 | -0.91 | -0.36 | 0.52 | 0.58 | 0.45 | -0.03 |
| EPS Growth % | -37.78% | 52.63% | -4.4% | -152.78% | -169.23% | -10.34% | 28.89% | 1667.94% | - |
| EPS (Basic) | -0.62 | -0.45 | -1.08 | -0.91 | -0.36 | 0.52 | 0.42 | 0.45 | -0.03 |
| Diluted Shares Outstanding | 26.99M | 26.57M | 25.62M | 24.82M | 23.64M | 23.24M | 16.8M | 16.8M | 23.52M |
| Basic Shares Outstanding | 26.99M | 26.57M | 25.62M | 24.82M | 23.64M | 23.24M | 16.8M | 16.8M | 23.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Operational insolvency and liquidity
As reported in recent financial statements, EPOW experienced a severe 56.8% revenue decline in 2025Q4, signaling that the company's transition into the graphite anode market has failed to generate the necessary top-line momentum to offset the erosion of its legacy consulting business model.
The consistent volatility in quarterly revenue suggests that the company lacks a stable customer base or predictable procurement cycles in its new industrial segment. This downward trajectory implies that the strategic pivot has not yet achieved market fit, leaving the firm highly exposed to further revenue degradation.
According to the latest quarterly data, EPOW reported a gross margin of -51.7%, which highlights a fundamental inability to cover direct production costs and suggests that the company is currently manufacturing its industrial products at a significant loss per unit sold.
The persistent negative gross margin indicates that the company lacks the economies of scale required to compete with established graphite anode producers. This structural weakness suggests that without a drastic improvement in capacity utilization or a reduction in raw material costs, the current business model remains fundamentally unviable.
Based on the provided income statement data, EPOW's operating margin plummeted to -83.3% in 2025Q4, demonstrating that the company's fixed overhead costs are far too high relative to its current revenue base, preventing any meaningful path toward operational break-even.
The inability to scale operating income alongside revenue suggests that the company's administrative and manufacturing overhead is disproportionately large for its current output. Investors should monitor whether the company can rationalize its cost structure before its cash reserves are fully exhausted by these persistent operating losses.
Financial filings indicate that EPOW's net margin of -83.4% in 2025Q4, combined with a history of inconsistent profitability, suggests that the company is currently in a distressed state that may necessitate dilutive financing to sustain its ongoing industrial operations and administrative requirements.
The combination of negative gross margins and high operating losses creates a precarious situation where the company is effectively burning cash to maintain its market presence. This warrants further investigation into whether the company possesses the liquidity to survive the current industrial downturn without significant capital restructuring.
Quick answers to the most common questions about buying EPOW stock.
For fiscal year 2025, E-Power Inc. Class A (EPOW) reported total revenue of $46.4M. This represents a 1929.4% increase compared to $2.3M in 2017.
E-Power Inc. Class A (EPOW) reported a net loss of $16.6M for the fiscal year ending 2025.
E-Power Inc. Class A (EPOW) reported an operating income of $-16.0M, resulting in an operating profit margin of -34.5%. This margin reflects the operational efficiency of the business before interest and taxes.
E-Power Inc. Class A (EPOW) generated $-5.8M in gross profit for the year, representing a gross profit margin of -12.6%. This demonstrates the company's core pricing power and production efficiency.