Gulf Resource Financials

GURE

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Gulf Resource (GURE) 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 GURE FY2024 2026-04-22

Liquidity is tightening faster than leverage as capital spending keeps outrunning a shrinking operating base.

The non-obvious shift is from solvency comfort to near-term funding strain: FY2024 liabilities were only $25.7M against assets of $169.5M, so this is not a debt-loaded balance sheet. Current assets no longer covered current liabilities because capital spending of $60.5M dwarfed operating cash flow of $675K, meaning liquidity was consumed mainly by self-funded investment during an operating slump rather than by lenders or interest costs.

Revenue collapse created brutal operating deleverage: sales fell from $66.1M in FY2022 to $7.7M in FY2024, turning a previously serviceable cost structure into a heavy burden. SG&A did not fall proportionally, remaining near $5.3M, so overhead is now being spread across a much smaller business and operating losses widen mechanically even before financing matters.

The reported loss overstates the immediate cash drain from operations because FY2024 operating cash flow was still $675K despite net income of -$58.9M. Depreciation of $18.0M kept accounting earnings and cash far apart, which tells you the biggest cash use came from reinvestment and asset upkeep, not from day-to-day working capital alone.

Financial Health Signals

Financial Profile 19/100

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 Gulf Resource'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.

Profitability

Gulf Resource has an operating margin of -277.8%, meaning the company retains $-278 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -39.6% the prior year.

Growth

Gulf Resource's revenue declined 74.5% year-over-year, from $30.0M to $7.7M. This contraction results in a growth score of 0/100.

Leverage

Gulf Resource carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Gulf Resource's current ratio of 0.98 is below the typical benchmark, resulting in a score of 15/100. However, the company holds substantial cash reserves (57% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

While Gulf Resource generated $675K in operating cash flow, capex of $60.5M consumed most of it, leaving -$59.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Gulf Resource generates a -41.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -30.1% the prior year.

Piotroski F-Score Weak

3/9

Gulf Resource passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.01x

For every $1 of reported earnings, Gulf Resource generates $-0.01 in operating cash flow ($675K OCF vs -$58.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-231.6x

Gulf Resource earns $-231.6 in operating income for every $1 of interest expense (-$21.3M vs $92K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.7M

YoY-74.5%

5Y CAGR-6.3%

10Y CAGR-23.6%

Gulf Resource generated $7.7M in revenue in fiscal year 2024. This represents a decrease of 74.5% from the prior year.

EBITDA

-$3.3M

YoY-121.5%

Gulf Resource's EBITDA was -$3.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 121.5% from the prior year.

Net Income

-$58.9M

YoY+4.6%

Gulf Resource reported -$58.9M in net income in fiscal year 2024. This represents an increase of 4.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$59.9M

Gulf Resource generated -$59.9M in free cash flow in fiscal year 2024, representing cash available after capex.

Cash & Debt

$10.1M

YoY-86.1%

5Y CAGR-36.8%

10Y CAGR-23.5%

Gulf Resource held $10.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+0.0%

5Y CAGR+2.4%

10Y CAGR-12.0%

Gulf Resource had 11M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-277.8%

YoY-238.2pp

5Y CAGR-58.0pp

10Y CAGR-298.8pp

Gulf Resource's operating margin was -277.8% in fiscal year 2024, reflecting core business profitability. This is down 238.2 percentage points from the prior year.

Net Margin

-769.3%

YoY-563.6pp

5Y CAGR-525.8pp

10Y CAGR-785.0pp

Gulf Resource's net profit margin was -769.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 563.6 percentage points from the prior year.

Return on Equity

-41.0%

YoY-10.9pp

5Y CAGR-31.2pp

10Y CAGR-46.7pp

Gulf Resource's ROE was -41.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 10.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$60.5M

5Y CAGR-0.0%

10Y CAGR+24.9%

Gulf Resource invested $60.5M in capex in fiscal year 2024, funding long-term assets and infrastructure.

GURE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$7.7M-74.5%	$30.0M-54.5%	$66.1M+20.1%	$55.0M+95.1%	$28.2M+166.2%	$10.6M
Cost of Revenue	N/A	$28.1M-2.0%	$28.7M+5.7%	$27.1M+39.7%	$19.4M+257.5%	$5.4M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.3M+24.3%	$4.2M-29.6%	$6.0M-36.7%	$9.5M-7.0%	$10.2M-22.9%	$13.3M
Operating Income	-$21.3M-79.0%	-$11.9M-172.1%	$16.5M+216.3%	$5.2M+153.8%	-$9.7M+58.4%	-$23.3M
Interest Expense	$92K-12.6%	$105K-13.3%	$121K-11.5%	$137K+0.5%	$136K-6.2%	$145K
Income Tax	$1.6M-53.4%	$3.5M-46.3%	$6.6M+4.6%	$6.3M+668.2%	-$1.1M-139.5%	$2.8M
Net Income	-$58.9M+4.6%	-$61.8M-714.3%	$10.1M+1187.8%	-$925K+89.0%	-$8.4M+67.4%	-$25.8M
EPS (Diluted)	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
Revenue	$9.0M+8.4%	$8.3M+420.0%	$1.6M-7.2%	$1.7M-22.9%	$2.2M-5.9%	$2.4M+82.3%	$1.3M-81.0%	$6.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$5.1M+141.2%	$2.1M-72.2%	$7.6M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$786K-21.0%	$995K-28.4%	$1.4M-51.4%	$2.9M+185.4%	$1.0M+45.3%	$690K-3.8%	$717K-63.7%	$2.0M
Operating Income	-$334K+55.5%	-$751K+83.7%	-$4.6M+26.7%	-$6.3M-37.2%	-$4.6M+11.0%	-$5.1M+2.3%	-$5.3M+33.1%	-$7.9M
Interest Expense	$18K-16.1%	$22K-0.2%	$22K+3.1%	$21K-0.6%	$21K-14.6%	$25K-0.1%	$25K+3.9%	$24K
Income Tax	N/A	N/A	$0-100.0%	$5.2M+573.9%	-$1.1M+8.6%	-$1.2M+4.9%	-$1.3M-128.8%	$4.4M
Net Income	-$35.7M-4509.1%	-$774K+83.3%	-$4.6M+74.8%	-$18.4M-425.4%	-$3.5M+89.4%	-$33.1M-729.1%	-$4.0M+93.2%	-$58.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GURE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$169.5M-25.2%	$226.7M-22.5%	$292.4M-5.6%	$309.9M+5.4%	$294.0M+5.3%	$279.3M
Current Assets	$17.5M-79.7%	$86.1M-27.9%	$119.4M+3.5%	$115.4M+7.6%	$107.3M+0.1%	$107.2M
Cash & Equivalents	$10.1M-86.1%	$72.2M-33.3%	$108.2M+13.0%	$95.8M+1.6%	$94.2M-6.1%	$100.3M
Inventory	$315K-45.4%	$577K-63.9%	$1.6M+131.3%	$691K+64.7%	$420K-39.2%	$690K
Accounts Receivable	$565K-88.4%	$4.9M-9.3%	$5.4M-63.1%	$14.5M+122.7%	$6.5M+33.7%	$4.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$25.7M+20.2%	$21.4M+2.9%	$20.8M-10.4%	$23.2M+36.5%	$17.0M+5.4%	$16.1M
Current Liabilities	$17.7M+40.9%	$12.6M+6.9%	$11.8M-15.2%	$13.9M+95.6%	$7.1M+12.6%	$6.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$143.7M-30.0%	$205.2M-24.4%	$271.6M-5.2%	$286.6M+3.5%	$277.0M+5.3%	$263.1M
Retained Earnings	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
Total Assets	$131.9M-19.9%	$164.6M-0.7%	$165.7M-2.2%	$169.5M-12.6%	$193.9M0.0%	$193.9M-12.6%	$221.8M-2.1%	$226.7M
Current Assets	$15.7M-22.7%	$20.3M+15.0%	$17.6M+1.1%	$17.5M-17.9%	$21.3M+2.2%	$20.8M-75.6%	$85.1M-1.1%	$86.1M
Cash & Equivalents	$5.8M-24.8%	$7.7M-9.2%	$8.5M-15.4%	$10.1M-10.3%	$11.2M+8.4%	$10.4M-85.3%	$70.8M-2.0%	$72.2M
Inventory	$483K-6.3%	$515K+13.2%	$455K+44.3%	$315K-26.3%	$428K+3.4%	$414K-34.8%	$634K+9.9%	$577K
Accounts Receivable	$3.4M+8.6%	$3.2M+49.0%	$2.1M+274.5%	$565K-52.4%	$1.2M-31.6%	$1.7M-67.0%	$5.3M+8.1%	$4.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$24.4M+9.1%	$22.4M-3.1%	$23.1M-10.1%	$25.7M-5.9%	$27.4M+1.3%	$27.0M+28.8%	$21.0M-2.1%	$21.4M
Current Liabilities	$17.1M+15.7%	$14.8M-3.1%	$15.3M-14.0%	$17.7M-7.7%	$19.2M+1.0%	$19.0M+55.1%	$12.3M-2.6%	$12.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$107.5M-24.4%	$142.2M-0.3%	$142.6M-0.8%	$143.7M-13.7%	$166.5M-0.2%	$166.9M-16.9%	$200.9M-2.1%	$205.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GURE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$675K+102.1%	-$32.8M-164.0%	$51.1M+119.4%	$23.3M+150.5%	$9.3M+160.8%	-$15.3M
Capital Expenditures	$60.5M	N/A	$37.6M+24.8%	$30.1M+38.6%	$21.7M-64.2%	$60.6M
Free Cash Flow	-$59.9M	N/A	$13.6M+300.4%	-$6.8M+45.4%	-$12.4M+83.6%	-$75.9M
Investing Cash Flow	-$60.6M	N/A	-$37.6M-24.8%	-$30.1M-38.6%	-$21.7M+64.2%	-$60.6M
Financing Cash Flow	-$249K+6.9%	-$268K-1.1%	-$265K+8.9%	-$291K-9.7%	-$265K+3.8%	-$276K
Dividends Paid	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

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$6.7M+1300.4%	-$559K+64.6%	-$1.6M-263.1%	$969K+86.7%	$519K+0.1%	$518K+139.0%	-$1.3M+96.9%	-$42.6M
Capital Expenditures	N/A	N/A	N/A	$0	$0	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	$969K+86.7%	$519K	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	-$25K	$0	N/A	N/A	N/A
Financing Cash Flow	$0	N/A	N/A	$15K	$0	N/A	N/A	$0
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

GURE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-277.8%-238.2pp	-39.6%-64.5pp	24.9%+15.5pp	9.5%+43.8pp	-34.3%+185.5pp	-219.8%
Net Margin	-769.3%-563.6pp	-205.7%-220.9pp	15.2%+16.9pp	-1.7%+28.2pp	-29.8%+213.6pp	-243.5%
Return on Equity	-41.0%-10.9pp	-30.1%-33.8pp	3.7%+4.0pp	-0.3%+2.7pp	-3.0%+6.8pp	-9.8%
Return on Assets	-34.8%-7.5pp	-27.3%-30.7pp	3.4%+3.7pp	-0.3%+2.6pp	-2.9%+6.4pp	-9.2%
Current Ratio	0.98-5.9	6.84-3.3	10.14+1.8	8.31-6.8	15.11-1.9	17.00
Debt-to-Equity	0.18+0.1	0.10+0.0	0.080.0	0.08+0.0	0.060.0	0.06
FCF Margin	-781.2%	N/A	20.6%+32.9pp	-12.3%+31.7pp	-44.0%+672.5pp	-716.5%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3.7%+5.3pp	-9.0%+278.3pp	-287.3%+76.3pp	-363.7%-159.3pp	-204.3%+11.6pp	-216.0%+187.2pp	-403.2%-288.5pp	-114.7%
Net Margin	-394.3%-385.1pp	-9.3%+279.3pp	-288.5%+773.3pp	-1061.8%-906.0pp	-155.8%+1233.0pp	-1388.8%-1083.4pp	-305.4%+550.1pp	-855.6%
Return on Equity	-33.2%-32.6pp	-0.5%+2.7pp	-3.3%+9.5pp	-12.8%-10.7pp	-2.1%+17.7pp	-19.8%-17.8pp	-2.0%+26.6pp	-28.6%
Return on Assets	-27.0%-26.6pp	-0.5%+2.3pp	-2.8%+8.0pp	-10.8%-9.0pp	-1.8%+15.3pp	-17.1%-15.3pp	-1.8%+24.1pp	-25.9%
Current Ratio	0.92-0.5	1.37+0.2	1.16+0.2	0.98-0.1	1.11+0.0	1.09-5.8	6.94+0.1	6.84
Debt-to-Equity	0.23+0.1	0.160.0	0.16-0.0	0.18+0.0	0.160.0	0.16+0.1	0.100.0	0.10
FCF Margin	N/A	N/A	N/A	56.0%+32.9pp	23.1%	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Gulf Resource's annual revenue?

Gulf Resource (GURE) reported $7.7M in total revenue for fiscal year 2024. This represents a -74.5% 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 Gulf Resource's revenue growing?

Gulf Resource (GURE) revenue declined by 74.5% year-over-year, from $30.0M to $7.7M in fiscal year 2024.

Is Gulf Resource profitable?

No, Gulf Resource (GURE) reported a net income of -$58.9M in fiscal year 2024, with a net profit margin of -769.3%.

What is Gulf Resource's EBITDA?

Gulf Resource (GURE) had EBITDA of -$3.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Gulf Resource's operating margin?

Gulf Resource (GURE) had an operating margin of -277.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Gulf Resource's net profit margin?

Gulf Resource (GURE) had a net profit margin of -769.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Gulf Resource's return on equity (ROE)?

Gulf Resource (GURE) has a return on equity of -41.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Gulf Resource's free cash flow?

Gulf Resource (GURE) generated -$59.9M in free cash flow during fiscal year 2024. 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 Gulf Resource's operating cash flow?

Gulf Resource (GURE) generated $675K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Gulf Resource's total assets?

Gulf Resource (GURE) had $169.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Gulf Resource's capital expenditures?

Gulf Resource (GURE) invested $60.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Gulf Resource have outstanding?

Gulf Resource (GURE) had 11M shares outstanding as of fiscal year 2024.

What is Gulf Resource's current ratio?

Gulf Resource (GURE) had a current ratio of 0.98 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Gulf Resource's debt-to-equity ratio?

Gulf Resource (GURE) had a debt-to-equity ratio of 0.18 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gulf Resource's return on assets (ROA)?

Gulf Resource (GURE) had a return on assets of -34.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Gulf Resource's Piotroski F-Score?

Gulf Resource (GURE) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Gulf Resource's earnings high quality?

Gulf Resource (GURE) has an earnings quality ratio of -0.01x, considered mixed quality. 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.

Can Gulf Resource cover its interest payments?

Gulf Resource (GURE) has an interest coverage ratio of -231.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Gulf Resource?

Gulf Resource (GURE) scores 19 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.