Garden Stage Ltd. Financials
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).
Garden Stage’s SG&A-heavy model turns revenue volatility into losses, while cash burn versus current liabilities dictates financial flexibility.
From FY2024 to FY2025, operating cash burn shrank from$7.1M to$1.1M as revenue rebounded sharply. Yet the FY2025 net loss still sat at$4.3M , implying liquidity improved much faster than reported profitability and that the loss was driven heavily by non-cash or timing effects rather than pure cash outflow.
Selling and administrative expense reached
The balance sheet is not cash-poor today: cash of
Financial Health Signals
Based on FY2025 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 Garden Stage Ltd.'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.
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 83/100.
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.
Garden Stage Ltd.'s current ratio of 1.51 is below the typical benchmark, resulting in a score of 26/100. However, the company holds substantial cash reserves (87% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
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.
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.
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.
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
Earnings & Revenue
Garden Stage Ltd. generated $5.5M in revenue in fiscal year 2025. This represents an increase of 288.1% from the prior year.
Garden Stage Ltd. reported -$4.3M in net income in fiscal year 2025. This represents an increase of 5.9% from the prior year.
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
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.
Garden Stage Ltd. held $7.9M in cash against $0 in long-term debt as of fiscal year 2025.
Garden Stage Ltd. had 16M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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
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 |
Similar Companies
Frequently Asked Questions
What is Garden Stage Ltd.'s annual revenue?
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.
How fast is Garden Stage Ltd.'s revenue growing?
Garden Stage Ltd. (GSIW) revenue grew by 288.1% year-over-year, from $1.4M to $5.5M in fiscal year 2025.
Is Garden Stage Ltd. profitable?
No, Garden Stage Ltd. (GSIW) reported a net income of -$4.3M in fiscal year 2025, with a net profit margin of -79.0%.
What is Garden Stage Ltd.'s net profit margin?
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.
What is Garden Stage Ltd.'s return on equity (ROE)?
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.
What is Garden Stage Ltd.'s free cash flow?
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.
What is Garden Stage Ltd.'s operating cash flow?
Garden Stage Ltd. (GSIW) generated -$1.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Garden Stage Ltd.'s total assets?
Garden Stage Ltd. (GSIW) had $15.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Garden Stage Ltd.'s capital expenditures?
Garden Stage Ltd. (GSIW) invested $218K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Garden Stage Ltd.'s current ratio?
Garden Stage Ltd. (GSIW) had a current ratio of 1.51 as of fiscal year 2025, which is generally considered healthy.
What is Garden Stage Ltd.'s debt-to-equity ratio?
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.
What is Garden Stage Ltd.'s return on assets (ROA)?
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.
What is Garden Stage Ltd.'s cash runway?
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.
What is Garden Stage Ltd.'s Piotroski F-Score?
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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Garden Stage Ltd.'s earnings high quality?
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.
How financially healthy is Garden Stage Ltd.?
Garden Stage Ltd. (GSIW) scores 30 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.