Short answer
SOLESENCE, INC. (SLSN) filed its fiscal 2024 10-K annual report with the SEC on Mar 31, 2025. It reported revenue of $52M (+40.4% year over year) and net income of $4M.
FY2024 key financial metrics · XBRL
- Revenue
- $52M
- +40.4% YoY
- Net income
- $4M
- +196.5% YoY
- Operating margin
- 9.8%
- +19.3 pp YoY
- Gross margin
- 30.9%
- +9.9 pp YoY
- EPS (diluted)
- $0.07
- +177.8% YoY
- ROE
- 28.3%
- +259.1 pp YoY
- Operating cash flow
- $2M
- +198.3% YoY
Source: XBRL data from the SOLESENCE, INC. (SLSN) FY2024 10-K on SEC EDGAR. USD.
SOLESENCE, INC. FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business shifted to vertically integrated skin health consumer products leveraging proprietary Active Stress Defense™ nano-technology platform
- New emphasis on expanding finished product manufacturing and formulation capabilities for clean, inclusive UV/environmental protection goods
- Strategic shift from ingredient supplier (personal care APIs) to majority consumer products revenue: $44.4M (85%) in 2024, up from $25.2M (68%) in 2023
- Employee base 98 full-time workers plus 125-225 temporary staff to support production scale-up and R&D efforts
- Multiple consecutive industry awards 2022-2025 for innovative formulations and technology recognition, including three Cosmetics & Toiletries Allē awards
Management Discussion & Analysis
- Revenue $52.3M in 2024 vs $37.3M in 2023, up $15.0M or 40.4% YoY, driven by product revenue increase to $51.9M from $36.6M
- Gross profit $16.2M vs $7.8M; gross margin 30.9% vs 21.0%; operating income $5.1M vs loss $3.5M; net income $4.2M vs loss $4.4M
- Best segment: Product revenue $51.9M (+41.6% YoY); Other revenue declined to $0.46M from $0.66M
- Operating cash flow $2.0M positive in 2024 vs ($2.0M) negative in 2023; Capex $4.6M in 2024 vs $1.1M; financing proceeds $8.1M from stock + $6.0M mezzanine preferred stock
- Management sees sufficient liquidity and related-party support to refinance debt maturing post April 2026, no going concern doubt raised
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