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Garden Stage Ltd. Financials

GSIW
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2025 Currency USD FYE March

This page shows Garden Stage Ltd. (GSIW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 40 / 100
Financial Profile 40/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth
100

Garden Stage Ltd.'s revenue surged 288.1% year-over-year to $5.5M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage
74

Garden Stage Ltd. carries a low D/E ratio of 1.37, meaning only $1.37 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
26

Garden Stage Ltd.'s current ratio of 1.51 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 26/100, which could limit financial flexibility.

Cash Flow
0

While Garden Stage Ltd. generated -$1.1M in operating cash flow, capex of $218K consumed most of it, leaving -$1.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Garden Stage Ltd. generates a -64.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -49.4% the prior year.

Piotroski F-Score Neutral
4/9

Garden Stage Ltd. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality
0.27x

For every $1 of reported earnings, Garden Stage Ltd. generates $0.27 in operating cash flow (-$1.1M OCF vs -$4.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$5.5M
YoY+288.1%

Garden Stage Ltd. generated $5.5M in revenue in fiscal year 2025. This represents an increase of 288.1% from the prior year.

EBITDA
N/A
Net Income
-$4.3M
YoY+5.9%

Garden Stage Ltd. reported -$4.3M in net income in fiscal year 2025. This represents an increase of 5.9% from the prior year.

EPS (Diluted)
$0.28
YoY-17.6%

Garden Stage Ltd. earned $0.28 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 17.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$1.4M
YoY+80.7%

Garden Stage Ltd. generated -$1.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 80.7% from the prior year.

Cash & Debt
$7.9M
YoY-11.8%

Garden Stage Ltd. held $7.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
16M
YoY+0.0%

Garden Stage Ltd. had 16M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
-79.0%
YoY+246.9pp

Garden Stage Ltd.'s net profit margin was -79.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 246.9 percentage points from the prior year.

Return on Equity
-64.4%
YoY-15.0pp

Garden Stage Ltd.'s ROE was -64.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 15.0 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$218K
YoY+14971.5%

Garden Stage Ltd. invested $218K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 14971.5% from the prior year.

GSIW Income Statement

Metric Q4'25 Q2'25 Q4'24 Q4'23
Revenue N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A
Net Income N/A N/A N/A N/A
EPS (Diluted) N/A N/A N/A N/A

GSIW Balance Sheet

Metric Q4'25 Q2'25 Q4'24 Q4'23
Total Assets $15.9M+1.8% $15.6M-5.9% $16.6M+26.3% $13.1M
Current Assets $13.8M+12.4% $12.3M0.0% $12.3M-2.0% $12.5M
Cash & Equivalents $7.9M-1.1% $8.0M-10.8% $8.9M+41.5% $6.3M
Inventory N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A
Total Liabilities $9.2M+5.6% $8.7M+19.4% $7.3M-34.7% $11.2M
Current Liabilities $9.1M+6.4% $8.6M+20.7% $7.1M-36.5% $11.2M
Long-Term Debt N/A N/A N/A N/A
Total Equity $6.7M-2.9% $6.9M-25.7% $9.3M+376.9% $1.9M
Retained Earnings -$9.0M-13.1% -$7.9M-70.1% -$4.7M-5773.3% -$79K

GSIW Cash Flow Statement

Metric Q4'25 Q2'25 Q4'24 Q4'23
Operating Cash Flow N/A N/A N/A N/A
Capital Expenditures N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A
Financing Cash Flow N/A N/A N/A N/A
Dividends Paid N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A

GSIW Financial Ratios

Metric Q4'25 Q2'25 Q4'24 Q4'23
Gross Margin N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A
Return on Equity N/A N/A N/A N/A
Return on Assets N/A N/A N/A N/A
Current Ratio 1.51+0.1 1.43-0.3 1.73+0.6 1.12
Debt-to-Equity 1.37+0.1 1.26+0.5 0.79-5.0 5.74
FCF Margin N/A N/A N/A N/A

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Frequently Asked Questions

Garden Stage Ltd. (GSIW) reported $5.5M in total revenue for fiscal year 2025. This represents a 288.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Garden Stage Ltd. (GSIW) revenue grew by 288.1% year-over-year, from $1.4M to $5.5M in fiscal year 2025.

No, Garden Stage Ltd. (GSIW) reported a net income of -$4.3M in fiscal year 2025, with a net profit margin of -79.0%.

Garden Stage Ltd. (GSIW) reported diluted earnings per share of $0.28 for fiscal year 2025. This represents a -17.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Garden Stage Ltd. (GSIW) had a net profit margin of -79.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Garden Stage Ltd. (GSIW) has a return on equity of -64.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Garden Stage Ltd. (GSIW) generated -$1.4M in free cash flow during fiscal year 2025. This represents a 80.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Garden Stage Ltd. (GSIW) generated -$1.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Garden Stage Ltd. (GSIW) had $15.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Garden Stage Ltd. (GSIW) invested $218K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Garden Stage Ltd. (GSIW) had 16M shares outstanding as of fiscal year 2025.

Garden Stage Ltd. (GSIW) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.

Garden Stage Ltd. (GSIW) had a debt-to-equity ratio of 1.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Garden Stage Ltd. (GSIW) had a return on assets of -27.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Garden Stage Ltd. (GSIW) had $7.9M in cash against an annual operating cash burn of $1.1M. This gives an estimated cash runway of approximately 82 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Garden Stage Ltd. (GSIW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Garden Stage Ltd. (GSIW) has an earnings quality ratio of 0.27x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Garden Stage Ltd. (GSIW) scores 40 out of 100 on our Financial Profile, indicating moderate 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.

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