GB Sciences Financials

GBLX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE March

This page shows GB Sciences (GBLX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GBLX FY2024 2026-04-22

GB Sciences now looks like a liability-funded balance sheet sitting on a rapidly shrinking asset base rather than a self-funding operating business.

From FY2022 to FY2024, total assets fell from $2.55M to $103K, erasing most of the balance-sheet cushion. Meanwhile total liabilities reached $5.42M and the current ratio dropped to 0.02x, so the company appears increasingly funded by obligations that have far less asset backing behind them.

In FY2022 and FY2023, operating cash outflow of -$1.87M and -$1.53M broadly matched the operating loss pattern, so the deficit was not mainly a noncash accounting effect. That matters because the reported losses were backed by real cash consumption, not mostly softened by timing or accounting adjustments.

Cash and equivalents fell from $110K in FY2023 to $12K in FY2024. With share count up to 406.1M from 325.0M since FY2022, the added equity base did not translate into stronger liquidity; cash kept shrinking instead of accumulating, which is the pattern of financing day-to-day obligations rather than building capacity.

Financial Health Signals

Financial Profile 17/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of GB Sciences's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

GB Sciences carries a low D/E ratio of -1.02, meaning only $-1.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

GB Sciences's current ratio of 0.02 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Key Financial Metrics

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Earnings & Revenue

Revenue

GB Sciences generated $0 in revenue in fiscal year 2024.

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$12K

YoY-89.1%

5Y CAGR-42.0%

10Y CAGR-28.4%

GB Sciences held $12K in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

406M

YoY+6.3%

5Y CAGR+11.5%

GB Sciences had 406M shares outstanding in fiscal year 2024. This represents an increase of 6.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$262K

YoY-46.7%

5Y CAGR-10.6%

GB Sciences invested $262K in research and development in fiscal year 2024. This represents a decrease of 46.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

GBLX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$0	$0	$0	$0-100.0%	$3.1M-9.7%	$3.5M
Cost of Revenue	$0	$0	$0	$0-100.0%	$4.0M+23.3%	$3.2M
Gross Profit	$0	$0	$0	$0+100.0%	-$881K-522.9%	$208K
R&D Expenses	$262K-46.7%	$490K-40.3%	$821K+133.1%	$352K-77.2%	$1.5M+236.4%	$459K
SG&A Expenses	N/A	$1.7M-10.5%	$1.9M-6.6%	$2.0M-65.1%	$5.7M-57.2%	$13.4M
Operating Income	N/A	-$1.7M+10.5%	-$1.9M+6.6%	-$2.0M+65.1%	-$5.7M+56.5%	-$13.2M
Interest Expense	$219K+22.6%	$179K-62.4%	$475K-63.1%	$1.3M+15.9%	$1.1M-77.6%	$4.9M
Income Tax	$0	$0	$0	$0-100.0%	$87K-83.5%	$526K
Net Income	N/A	N/A	-$531K+85.7%	-$3.7M+69.9%	-$12.4M+47.7%	-$23.7M
EPS (Diluted)	N/A	$0.010.0%	$0.01	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$97K	$0	$0	N/A	$0	$0	$0	N/A
Cost of Revenue	$0	$0	$0	N/A	$0	$0	$0	N/A
Gross Profit	$97K	$0	$0	N/A	$0	$0	$0	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$164K+3.8%	$158K-37.9%	$254K	N/A	$234K-57.6%	$551K+108.0%	$265K	N/A
Operating Income	-$67K+57.8%	-$158K+37.9%	-$254K	N/A	-$234K+57.6%	-$551K-108.0%	-$265K	N/A
Interest Expense	$34K+3.1%	$33K+6.0%	$31K	N/A	$38K-10.5%	$43K+4.7%	$41K	N/A
Income Tax	$0	$0	$0	N/A	$0	$0	$0	N/A
Net Income	-$100K+47.3%	-$191K+33.2%	-$285K	N/A	-$187K+56.9%	-$434K-59.0%	-$273K	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GBLX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$103K-70.6%	$352K-86.2%	$2.5M-76.4%	$10.8M-24.7%	$14.4M-52.2%	$30.0M
Current Assets	$103K-66.6%	$310K-5.6%	$328K-90.7%	$3.5M-49.4%	$7.0M+101.9%	$3.5M
Cash & Equivalents	$12K-89.1%	$110K-53.0%	$234K-70.5%	$793K+32860.9%	$2K-98.7%	$182K
Inventory	N/A	N/A	N/A	$0-100.0%	$1.4M-5.7%	$1.5M
Accounts Receivable	N/A	N/A	N/A	N/A	$118K-75.8%	$488K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.4M+13.8%	$4.8M+9.9%	$4.3M-64.7%	$12.3M-15.0%	$14.4M+12.2%	$12.9M
Current Liabilities	$5.1M+7.1%	$4.8M+20.9%	$3.9M-54.2%	$8.6M-21.0%	$10.9M+62.2%	$6.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$161K
Total Equity	-$5.3M-20.6%	-$4.4M-147.2%	-$1.8M-21.0%	-$1.5M-1565.6%	-$88K-100.5%	$17.2M
Retained Earnings	-$110.1M-1.3%	-$108.7M-3.9%	-$104.6M-0.7%	-$103.9M-6.7%	-$97.4M-14.9%	-$84.7M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$94K+0.7%	$94K+2.5%	$91K-11.6%	$103K-29.7%	$147K-37.2%	$234K+2.2%	$229K-34.9%	$352K
Current Assets	$94K+0.7%	$94K+2.5%	$91K-11.6%	$103K-29.7%	$147K-37.2%	$234K+2.2%	$229K-25.9%	$310K
Cash & Equivalents	$3K+30.0%	$2K	$0-100.0%	$12K-31.3%	$17K-83.3%	$105K+253.0%	$30K-73.1%	$110K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.0M+1.7%	$5.9M+3.4%	$5.7M+4.9%	$5.4M+8.5%	$5.0M+1.4%	$4.9M+0.4%	$4.9M+3.2%	$4.8M
Current Liabilities	$5.4M-0.4%	$5.4M+1.5%	$5.4M+5.2%	$5.1M+3.6%	$4.9M+1.4%	$4.9M-0.7%	$4.9M+2.6%	$4.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$5.9M-1.7%	-$5.8M-3.4%	-$5.6M-5.2%	-$5.3M-9.6%	-$4.8M-3.3%	-$4.7M-0.3%	-$4.7M-6.2%	-$4.4M
Retained Earnings	-$110.6M-0.1%	-$110.5M-0.2%	-$110.4M-0.3%	-$110.1M-0.4%	-$109.6M-0.2%	-$109.4M-0.4%	-$109.0M-0.3%	-$108.7M

GBLX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	N/A	-$1.5M+18.2%	-$1.9M+14.6%	-$2.2M+51.2%	-$4.5M+54.5%	-$9.9M
Capital Expenditures	N/A	N/A	N/A	N/A	$202K-86.6%	$1.5M
Free Cash Flow	N/A	N/A	N/A	N/A	-$4.7M+58.8%	-$11.4M
Investing Cash Flow	$320K+1111.1%	-$32K-102.2%	$1.5M-68.8%	$4.7M+964.1%	-$539K+95.1%	-$11.0M
Financing Cash Flow	N/A	$1.4M+389.3%	-$496K+66.4%	-$1.5M-129.6%	$5.0M-71.5%	$17.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$2.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$124K-15.4%	-$108K-389.7%	-$22K+91.3%	-$252K-22.9%	-$205K+50.2%	-$413K-291.8%	-$105K+52.1%	-$220K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$0	N/A	N/A	$0-100.0%	$85K	N/A	N/A	$0
Financing Cash Flow	$125K+13.6%	$110K+1000.0%	$10K-96.0%	$247K+641.0%	$33K-86.8%	$252K+909.8%	$25K-55.2%	$56K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GBLX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	-28.2%-34.3pp	6.0%
Operating Margin	N/A	N/A	N/A	N/A	-184.0%+197.9pp	-381.8%
Net Margin	N/A	N/A	N/A	N/A	-396.5%+288.2pp	-684.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	-137.9%
Return on Assets	N/A	N/A	-20.8%+13.7pp	-34.5%+51.7pp	-86.2%-7.4pp	-78.8%
Current Ratio	0.02-0.0	0.07-0.0	0.08-0.3	0.41-0.2	0.64+0.1	0.52
Debt-to-Equity	-1.02+0.1	-1.08+1.4	-2.43+5.9	-8.33+154.9	-163.19-163.2	0.01
FCF Margin	N/A	N/A	N/A	N/A	-150.0%+179.0pp	-329.1%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	100.0%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-68.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-103.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-106.2%+97.0pp	-203.2%+108.5pp	-311.7%	N/A	-127.3%+58.1pp	-185.4%-66.3pp	-119.2%	N/A
Current Ratio	0.020.0	0.020.0	0.020.0	0.020.0	0.03-0.0	0.050.0	0.05-0.0	0.07
Debt-to-Equity	-1.020.0	-1.020.0	-1.020.0	-1.02+0.0	-1.03+0.0	-1.050.0	-1.05+0.0	-1.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$5.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.02), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is GB Sciences's annual revenue?

GB Sciences (GBLX) reported $0 in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

What are GB Sciences's total assets?

GB Sciences (GBLX) had $103K in total assets as of fiscal year 2024, including both current and long-term assets.

How much does GB Sciences spend on research and development?

GB Sciences (GBLX) invested $262K in research and development during fiscal year 2024.

How many shares does GB Sciences have outstanding?

GB Sciences (GBLX) had 406M shares outstanding as of fiscal year 2024.

What is GB Sciences's current ratio?

GB Sciences (GBLX) had a current ratio of 0.02 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is GB Sciences's debt-to-equity ratio?

GB Sciences (GBLX) had a debt-to-equity ratio of -1.02 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

Why is GB Sciences's debt-to-equity ratio negative or unusual?

GB Sciences (GBLX) has negative shareholder equity of -$5.3M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

How financially healthy is GB Sciences?

GB Sciences (GBLX) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.