Rafael Holdings, Inc. (RFL) Income Statement
RFL FY2025 at a glance
Fiscal year ended July 31, 2025 · U.S. dollarsRFL revenue and net income
Where RFL's revenue goes
FY2025Each bar shows an amount and its share of revenue. RFL kept −3,328.2% of revenue as net income.
RFL profit margins
RFL growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +44.0% | +30.8% | −28.5% | −13.7% |
| Gross profit | +2.5% | +6.5% | −36.8% | −18.8% |
| 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.
RFL quarterly EPS vs estimates
Next report: October 28, 2026.
RFL income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $917,000 | $637,000 | $279,000 | $410,000 | $802,000 | $4.9M | $4.9M | $4.4M | $5.6M | $5.6M |
| Cost of revenue | $422,000 | $154,000 | $78,000 | $72,000 | $70,000 | $0 | $0 | $0 | $0 | $0 |
| Gross profit | $495,000 | $483,000 | $279,000 | $410,000 | $802,000 | $4.9M | $4.9M | $4.4M | $5.6M | $5.6M |
| Research & development | $12.8M | $94.0M | $6.3M | $8.7M | $4.9M | $2.4M | $1.0M | $995,000 | $0 | $0 |
| Sales, general & admin | $13.8M | $8.9M | $8.9M | $17.0M | $20.4M | $9.1M | $8.8M | $5.5M | $3.7M | $2.8M |
| Total operating expenses | $26.6M | $103.1M | $15.3M | $60.9M | $29.0M | $13.4M | $11.6M | $8.2M | $5.4M | $4.4M |
| Operating income | −$26.1M | −$102.6M | −$15.0M | −$60.5M | −$21.2M | −$8.5M | −$6.7M | −$3.8M | $221,000 | $1.2M |
| Interest income | $4.3M | $2.4M | $3.3M | $201,000 | $4.7M | $1.7M | $1.8M | $202,000 | $96,000 | $33,000 |
| Interest expense | $658,000 | $248,000 | $0 | $6,000 | $12,000 | $84,000 | $661,000 | $0 | $0 | $20,000 |
| Income before taxes | −$33.2M | −$67.7M | −$8.9M | −$140.5M | −$23.0M | −$6.9M | −$4.9M | −$3.6M | $204,000 | $1.2M |
| Income taxes | −$2.6M | −$2.7M | −$255,000 | −$15.3M | $18,000 | $29,000 | −$19,000 | $8.4M | $66,000 | $449,000 |
| Net income | −$30.5M | −$34.4M | −$1.9M | −$124.7M | −$24.5M | −$10.4M | −$4.9M | −$11.6M | $138,000 | $710,000 |
| EBITDA | −$32.2M | −$66.8M | −$8.7M | −$139.9M | −$23.3M | −$5.0M | −$3.2M | −$1.9M | $1.9M | $2.8M |
| EPS (diluted) | −$1.04 | −$1.43 | −$0.08 | −$7.13 | −$1.45 | −$0.66 | −$0.35 | −$0.78 | $0.01 | $0.06 |
| Gross margin | 54.0% | 75.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −2,847.2% | −16,111.0% | −5,391.8% | −14,750.5% | −2,643.3% | −172.4% | −135.8% | −87.9% | 3.9% | 21.3% |
| Net margin | −3,328.2% | −5,401.9% | −672.4% | −30,404.4% | −3,060.3% | −212.1% | −99.9% | −266.5% | 2.5% | 12.7% |
| Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $179,000 | $211,000 | $240,000 | $350,000 | $362,000 | $77,000 | $128,000 | $165,000 | $336,000 | $68,000 | $68,000 | $68,000 |
| Cost of revenue | $8,000 | $67,000 | $9,000 | $69,000 | $40,000 | $38,000 | $37,000 | $69,000 | $85,000 | $38,000 | $17,000 | $18,000 |
| Gross profit | $171,000 | $144,000 | $231,000 | $281,000 | $322,000 | $39,000 | $91,000 | $96,000 | $251,000 | $68,000 | $68,000 | $68,000 |
| Research & development | $4.9M | $4.5M | $7.5M | $7.5M | $3.0M | $947,000 | $1.3M | $1.5M | $91.4M | $612,000 | $489,000 | $1.3M |
| Sales, general & admin | $2.1M | $2.3M | $2.8M | $5.5M | $3.2M | $2.6M | $2.5M | $2.3M | $1.9M | $2.6M | $2.0M | $1.4M |
| Total operating expenses | $7.0M | $6.8M | $10.4M | $13.0M | $6.2M | $6.7M | $3.9M | $4.0M | $93.4M | $3.2M | $2.5M | $2.7M |
| Operating income | −$6.9M | −$6.7M | −$10.1M | −$12.8M | −$5.9M | −$6.6M | −$3.8M | −$3.8M | −$93.2M | −$3.1M | −$2.5M | −$2.6M |
| Interest income | $286,000 | $337,000 | $399,000 | $299,000 | $472,000 | $489,000 | $568,000 | $606,000 | $502,000 | $693,000 | $582,000 | $4.1M |
| Interest expense | $6,000 | $161,000 | $160,000 | $168,000 | $165,000 | $163,000 | $162,000 | $163,000 | $85,000 | $0 | $0 | $2.5M |
| Income before taxes | −$2.9M | −$6.3M | −$9.8M | −$12.2M | −$6.5M | −$5.3M | −$9.2M | −$4.9M | −$64.9M | $5.9M | −$3.8M | $1.3M |
| Income taxes | $6,000 | $48,000 | $10,000 | −$174,000 | −$2.4M | $20,000 | $12,000 | — | −$2.6M | $63,000 | $6,000 | $4,000 |
| Net income | −$4.2M | −$6.4M | −$9.8M | −$12.1M | −$4.8M | −$4.6M | −$9.0M | −$4.5M | −$32.4M | $6.0M | −$3.6M | $1.2M |
| EBITDA | −$2.8M | −$6.6M | −$9.6M | −$12.0M | −$6.2M | −$5.1M | −$9.0M | — | −$64.7M | $6.1M | −$3.5M | $1.5M |
| EPS (diluted) | −$0.08 | −$0.13 | −$0.19 | −$0.28 | −$0.19 | −$0.19 | −$0.37 | −$0.19 | −$1.34 | $0.26 | −$0.15 | $0.05 |
| Gross margin | 95.5% | 68.2% | 96.2% | 80.3% | 89.0% | 50.6% | 71.1% | 58.2% | 74.7% | 100.0% | 100.0% | 100.0% |
| Operating margin | −3,838.0% | −3,154.0% | −4,225.4% | −3,646.6% | −1,633.4% | −8,622.1% | −3,003.1% | −2,330.3% | −27,726.5% | −4,622.1% | −3,644.1% | −3,839.7% |
| Net margin | −2,360.9% | −3,041.2% | −4,090.0% | −3,455.4% | −1,320.2% | −6,027.3% | −7,035.9% | −2,707.9% | −9,628.3% | 8,892.6% | −5,350.0% | 1,792.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RFL's financial statements (latest annual report filed October 29, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RFL financial results
In fiscal year 2025 (ended July 31, 2025), Rafael reported revenue of $0.9 million, up 44.0% from the year before. It had a net loss of $30.5 million, a net profit margin of −3,328.2%. Diluted earnings per share came to −$1.04. Over five years revenue grew at an average rate of −28.5% a year.
See the RFL stock overview for the latest quote and news, or the RFL chart for price history and technical indicators.
RFL income statement FAQ
What is Rafael's annual revenue?
Rafael reported total revenue of $0.9 million for fiscal year 2025, which ended on July 31, 2025. That was up 44.0% from $0.6 million the previous year.
Is Rafael profitable?
No. Rafael reported a net loss of $30.5 million in fiscal 2025, a net profit margin of −3,328.2%; its operating margin was −2,847.2%.
What is Rafael's gross margin?
Rafael's gross margin was 54.0% in fiscal 2025: for every $100 of revenue, Rafael kept $54 after the direct cost of its products and services.
How much does Rafael spend on research and development?
Rafael spent $12.8 million on research and development in fiscal 2025, 1,398.4% of revenue.
How fast is Rafael growing?
Revenue grew −28.5% a year on average over the last five fiscal years, from $4.9 million to $0.9 million.
What are Rafael's earnings per share?
Rafael earned $-1.04 per diluted share in fiscal 2025, compared with $-1.43 a year earlier.
When will Rafael report its next earnings?
Rafael is expected to report results for the quarter ending July 31, 2026 on October 28, 2026 before the market opens.
When does Rafael's fiscal year end?
Rafael's fiscal year ends in July. The latest annual report covers the year ended July 31, 2025 and was filed on October 29, 2025.