FIRY Firy Inc.

Overview and Growth

Fiscal 2025 results for Firy Inc. combined $104.50M of revenue with net loss of $70.41M and an operating cash outflow of $68.93M. At $104.50M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 12.5% above fiscal 2024 revenue of $92.86M, marking a year-over-year increase. Diluted earnings per share were -$4.51, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $293.45M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.36x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $91.45M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 87.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $63.92M after the reported operating expense base. Relative to revenue, the operating deficit measured 61.2%, showing the shortfall after operating costs. The company ended the period with a net loss of $70.41M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 67.4% after all recognized items. The pretax result was a loss of $70.30M, establishing the deficit before tax effects. Pretax margin was -67.3%, reflecting a pre-tax loss equal to 67.3% of revenue. Income tax expense totaled $108.00K, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 63.0% of period-end equity, showing the deficit relative to book capital. The net loss equaled 24.0% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $293.45M asset base was financed through $181.63M of liabilities and $111.82M of equity. The near-term balance sheet paired $216.48M of current assets with $180.71M of current liabilities at the reporting date. The current ratio was 1.2x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $194.51M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 107.6% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $127.59M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 1.14x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 43.5%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 61.9%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 66.3%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 21.6% lower than fiscal 2024 assets of $374.27M, measuring the company’s own balance-sheet change. Against $173.04M of equity in fiscal 2024, the current book-equity balance moved 35.4% and ended lower. The reported cash balance changed 28.5% from $271.92M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $68.93M, rather than cash generation from operations. Capital spending of $1.40M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $70.33M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -67.3%, reflecting a cash deficit equal to 67.3% of revenue after capital spending. The free-cash-flow deficit equaled 24.0% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.