Rani Therapeutics Holdings, Inc. (RANI) Income Statement
RANI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRANI revenue and net income
Where RANI's revenue goes
2025Each bar shows an amount and its share of revenue. RANI kept −1,817.1% of revenue as net income.
RANI profit margins
RANI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +58.9% | — | +28.7% | — |
| Gross profit | −28.7% | — | +9.7% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RANI quarterly EPS vs estimates
Rani Therapeutics beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.05).
RANI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $1.0M | $0 | $0 | $2.7M | $462,000 | $979,000 |
| Cost of revenue | $900,000 | $0 | $822,000 | $1.3M | $0 | $0 | $0 |
| Gross profit | $733,000 | $1.0M | −$822,000 | −$1.3M | $2.7M | $462,000 | $979,000 |
| Research & development | $20.2M | $26.7M | $39.6M | $36.6M | $26.5M | $12.0M | $24.6M |
| Sales, general & admin | $19.7M | $23.9M | $26.5M | $26.8M | $27.8M | $5.0M | $3.5M |
| Total operating expenses | $39.0M | $54.3M | $65.3M | $63.5M | $54.3M | $17.0M | $28.0M |
| Operating income | −$38.3M | −$53.3M | −$66.1M | −$63.5M | −$51.6M | −$16.5M | −$27.1M |
| Interest income | $827,000 | $1.8M | $3.4M | $1.2M | $89,000 | $63,000 | $423,000 |
| Interest expense | $2.9M | $5.0M | $5.1M | $1.1M | $466,000 | $124,000 | $10,000 |
| Income before taxes | −$41.0M | −$30.0M | −$67.9M | −$63.3M | −$53.0M | −$16.7M | −$26.6M |
| Income taxes | — | $26.6M | −$33.9M | $70,000 | $41,000 | $35,000 | $10,000 |
| Net income | −$29.7M | −$30.0M | −$34.0M | −$30.6M | −$8.3M | −$16.7M | −$26.6M |
| EBITDA | −$37.2M | −$50.5M | −$62.0M | −$61.7M | −$52.1M | −$16.0M | −$26.0M |
| EPS (diluted) | −$0.59 | −$1.06 | −$1.33 | −$1.28 | −$1.03 | −$0.12 | −$0.11 |
| Gross margin | 44.9% | 100.0% | — | — | 100.0% | 100.0% | 100.0% |
| Operating margin | −2,346.0% | −5,186.2% | — | — | −1,899.1% | −3,581.0% | −2,764.6% |
| Net margin | −1,817.1% | −2,920.0% | — | — | −306.6% | −3,615.4% | −2,716.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $1.7M | $1.5M | $0 | $0 | $172,000 | $1.0M | $0 | $0 | $0 | $2.8M | $0 |
| Cost of revenue | $0 | $161,000 | $186,000 | $223,000 | $240,000 | $0 | $266,000 | $259,000 | $255,000 | $248,000 | $227,000 | $478,000 |
| Gross profit | $1.7M | $1.5M | $1.5M | −$223,000 | −$240,000 | $172,000 | $1.0M | −$259,000 | −$255,000 | −$248,000 | $2.5M | −$478,000 |
| Research & development | $5.0M | $5.2M | $4.9M | $3.2M | $5.5M | $6.6M | $6.8M | $6.2M | $6.1M | $7.6M | $7.6M | $11.2M |
| Sales, general & admin | $5.5M | $4.9M | $5.1M | $4.0M | $5.0M | $5.6M | $5.5M | $5.6M | $6.4M | $6.4M | $6.1M | $6.6M |
| Total operating expenses | $10.5M | $9.9M | $10.0M | $7.3M | $10.5M | $12.2M | $16.0M | $11.8M | $12.5M | $13.8M | $13.4M | $17.9M |
| Operating income | −$8.8M | −$8.3M | −$8.5M | −$7.3M | −$10.5M | −$12.0M | −$15.0M | −$11.8M | −$12.5M | −$14.0M | −$13.4M | −$17.9M |
| Interest income | $415,000 | $412,000 | $384,000 | $68,000 | $158,000 | $218,000 | $360,000 | $414,000 | $439,000 | $549,000 | $675,000 | $839,000 |
| Interest expense | $8,000 | $88,000 | $347,000 | $725,000 | $877,000 | $943,000 | $1.1M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Income before taxes | −$8.4M | −$8.0M | −$9.1M | −$7.9M | −$11.2M | −$12.7M | −$15.7M | −$12.7M | −$13.4M | −$14.8M | −$14.1M | −$18.3M |
| Income taxes | — | — | — | — | — | — | — | — | −$6.6M | −$7.3M | −$7.0M | −$9.1M |
| Net income | −$7.4M | −$7.0M | −$10.3M | −$5.4M | −$6.7M | −$7.3M | −$8.9M | −$6.8M | −$6.8M | −$7.5M | −$7.1M | −$9.2M |
| EBITDA | −$8.7M | −$7.8M | −$8.5M | −$7.0M | −$10.1M | −$11.5M | −$14.3M | −$11.1M | −$11.8M | −$13.2M | −$12.5M | −$16.8M |
| EPS (diluted) | −$0.04 | −$0.04 | −$0.07 | −$0.12 | −$0.18 | −$0.22 | −$0.27 | −$0.24 | −$0.26 | −$0.29 | −$0.27 | −$0.36 |
| Gross margin | 100.0% | 90.6% | 100.0% | — | — | 100.0% | 100.0% | — | — | — | 91.7% | — |
| Operating margin | −516.9% | −488.2% | −584.2% | — | — | −6,984.3% | −1,455.1% | — | — | — | −488.5% | — |
| Net margin | −432.7% | −411.8% | −705.3% | — | — | −4,223.3% | −870.3% | — | — | — | −258.1% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RANI's financial statements (latest annual report filed March 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RANI financial results
In fiscal year 2025 (ended December 31, 2025), Rani Therapeutics reported revenue of $1.6 million, up 58.9% from the year before. It had a net loss of $29.7 million, a net profit margin of −1,817.1%. Diluted earnings per share came to −$0.59. Over five years revenue grew at an average rate of 28.7% a year.
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RANI income statement FAQ
What is Rani Therapeutics's annual revenue?
Rani Therapeutics reported total revenue of $1.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 58.9% from $1.0 million the previous year.
Is Rani Therapeutics profitable?
No. Rani Therapeutics reported a net loss of $29.7 million in fiscal 2025, a net profit margin of −1,817.1%; its operating margin was −2,346.0%.
What is Rani Therapeutics's gross margin?
Rani Therapeutics's gross margin was 44.9% in fiscal 2025: for every $100 of revenue, Rani Therapeutics kept $45 after the direct cost of its products and services.
How much does Rani Therapeutics spend on research and development?
Rani Therapeutics spent $20.2 million on research and development in fiscal 2025, 1,237.3% of revenue.
How fast is Rani Therapeutics growing?
Revenue grew 28.7% a year on average over the last five fiscal years, from $0.5 million to $1.6 million.
What are Rani Therapeutics's earnings per share?
Rani Therapeutics earned $-0.59 per diluted share in fiscal 2025, compared with $-1.06 a year earlier.
When will Rani Therapeutics report its next earnings?
Rani Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Rani Therapeutics's fiscal year end?
Rani Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 26, 2026.