Lichen International Financials
Lichen International (LICN) reported $24.5M in revenue for fiscal year 2025, down 40.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
External financing is now carrying a once-high-margin business whose cost structure no longer fits its revenue base.
Cash stayed near$27M through FY2025, but that stability masks a funding shift: operations moved from generating cash in FY2022 to consuming-$17.8M in FY2025. The reason liquidity still looks easy is that financing inflows repeatedly replaced internally generated cash, so the company is currently being funded more by raised capital than by its own earnings engine.
Because gross margin held above
The balance sheet remains unusually unburdened by liabilities: FY2025 ended with only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lichen International'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.
Lichen International has an operating margin of -73.7%, meaning the company loses $74 on every $100 of revenue. This results in a profitability score of 12/100. This is down from -11.0% the prior year.
Lichen International's revenue declined 40.9% year-over-year, from $41.5M to $24.5M. This contraction results in a growth score of 5/100.
Lichen International carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.73, Lichen International holds $7.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 95/100.
Lichen International's operations used $17.8M of cash, and capex of $0 added to the outflow, for a free cash flow shortfall of $17.8M. This results in a cash flow score of 10/100.
Lichen International posts a -31.1% return on equity (ROE), meaning it loses $31 for every $100 of shareholders' equity. This results in a returns score of 19/100. This is down from -8.4% the prior year.
Lichen International scores 2.84, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($20.4M) relative to total liabilities ($5.0M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lichen International passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Lichen International reported a net loss of $22.0M while operations used $17.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Lichen International generated $24.5M in revenue in fiscal year 2025. This represents a decrease of 40.9% from the prior year.
Lichen International's EBITDA was -$14.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 681.4% from the prior year.
Lichen International reported -$22.0M in net income in fiscal year 2025. This represents a decrease of 257.7% from the prior year.
Lichen International earned -$4.11 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Lichen International recorded an outflow of $17.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 218.3% from the prior year.
Lichen International held $26.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Lichen International's gross margin was 37.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 24.6 percentage points from the prior year.
Lichen International's operating margin was -73.7% in fiscal year 2025, reflecting core business profitability. This is down 62.7 percentage points from the prior year.
Lichen International's net profit margin was -89.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 74.8 percentage points from the prior year.
Lichen International's ROE was -31.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.7 percentage points from the prior year.
Capital Allocation
Lichen International reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
LICN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $24.5M-40.9% | $41.5M+4.3% | $39.8M+17.6% | $33.8M-1.4% | $34.3M+11.8% | $30.7M |
| Cost of Revenue | $15.4M-2.7% | $15.8M+2.4% | $15.4M+13.4% | $13.6M-1.5% | $13.8M+16.8% | $11.8M |
| Gross Profit | $9.1M-64.4% | $25.7M+5.6% | $24.3M+20.4% | $20.2M-1.4% | $20.5M+8.7% | $18.8M |
| SG&A Expenses | $12.9M-27.0% | $17.7M+98.0% | $8.9M+20.2% | $7.4M+3.7% | $7.2M-15.3% | $8.5M |
| Operating Income | -$18.1M-297.0% | -$4.6M-137.1% | $12.3M+15.1% | $10.6M-5.8% | $11.3M+28.6% | $8.8M |
| Income Tax | $0-100.0% | $1.9M-40.1% | $3.3M+11.1% | $2.9M-4.2% | $3.1M+17.9% | $2.6M |
| Net Income | -$22.0M-257.7% | -$6.1M-173.6% | $8.3M+6.7% | $7.8M-7.6% | $8.5M+32.1% | $6.4M |
| EPS (Diluted) | -$4.11 | -$34.79-154.4% | $63.96-8.0% | $69.50 | $0.38+35.7% | $0.28 |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
LICN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $75.6M-5.3% | $79.8M+21.8% | $65.5M+40.9% | $46.5M+8.3% | $42.9M | N/A |
| Current Assets | $36.2M+6.3% | $34.0M-15.3% | $40.1M+47.2% | $27.3M+14.1% | $23.9M | N/A |
| Cash & Equivalents | $26.9M+0.8% | $26.7M+3.3% | $25.9M+14.4% | $22.6M+34.2% | $16.8M+94.4% | $8.7M |
| Inventory | $0-100.0% | $67K-23.0% | $87K-31.5% | $127K-15.3% | $150K | N/A |
| Accounts Receivable | $2.0M-44.6% | $3.6M-20.4% | $4.5M+25.9% | $3.5M-10.1% | $3.9M | N/A |
| Goodwill | $791K-82.2% | $4.5M | $0 | N/A | N/A | N/A |
| Total Liabilities | $5.0M+17.5% | $4.3M+3.6% | $4.1M-23.8% | $5.4M-11.4% | $6.1M | N/A |
| Current Liabilities | $4.7M+9.6% | $4.3M+4.4% | $4.1M-21.8% | $5.2M-14.4% | $6.1M | N/A |
| Total Equity | $70.5M-3.6% | $73.2M+19.2% | $61.4M+49.4% | $41.1M+11.6% | $36.8M+33.2% | $27.6M |
| Retained Earnings | $20.1M-52.2% | $42.1M-12.7% | $48.2M+18.1% | $40.8M+23.7% | $33.0M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
LICN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.8M-220.3% | -$5.6M-1100.4% | $557K-94.8% | $10.8M+47.4% | $7.3M-12.5% | $8.3M |
| Capital Expenditures | $0-100.0% | $36K-98.9% | $3.2M+64.3% | $1.9M+6864.3% | $28K | N/A |
| Free Cash Flow | -$17.8M-218.3% | -$5.6M-111.9% | -$2.6M-130.0% | $8.8M+21.2% | $7.3M | N/A |
| Investing Cash Flow | -$5.5M+44.6% | -$9.9M-0.2% | -$9.9M-247.1% | -$2.8M-606.6% | $561K+148.4% | -$1.2M |
| Financing Cash Flow | $23.6M+80.4% | $13.1M-7.2% | $14.1M+4411.3% | -$327K | N/A | -$4.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LICN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 37.3%-24.6pp | 61.9%+0.7pp | 61.2%+1.4pp | 59.7%0.0pp | 59.7%-1.7pp | 61.4% |
| Operating Margin | -73.7%-62.7pp | -11.0%-41.8pp | 30.8%-0.7pp | 31.5%-1.4pp | 32.9%+4.3pp | 28.6% |
| Net Margin | -89.6%-74.8pp | -14.8%-35.8pp | 21.0%-2.2pp | 23.1%-1.5pp | 24.7%+3.8pp | 20.9% |
| Return on Equity | -31.1%-22.7pp | -8.4%-22.0pp | 13.6%-5.4pp | 19.0%-3.9pp | 23.0%-0.2pp | 23.2% |
| Return on Assets | -29.1%-21.4pp | -7.7%-20.4pp | 12.7%-4.1pp | 16.8%-2.9pp | 19.7% | N/A |
| Current Ratio | 7.73-0.2x | 7.96-1.8x | 9.81+4.6x | 5.21+1.3x | 3.91 | N/A |
| Debt-to-Equity | 0.070.0x | 0.060.0x | 0.07-0.1x | 0.130.0x | 0.17 | N/A |
| FCF Margin | -72.8%-59.3pp | -13.5%-6.9pp | -6.7%-32.7pp | 26.1%+4.9pp | 21.2% | N/A |
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Where Lichen International Ranks
Frequently Asked Questions
What is Lichen International's annual revenue?
Lichen International (LICN) reported $24.5M in total revenue for fiscal year 2025. This represents a -40.9% 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 Lichen International's revenue growing?
Lichen International (LICN) revenue declined by 40.9% year-over-year, from $41.5M to $24.5M in fiscal year 2025.
Is Lichen International profitable?
No, Lichen International (LICN) reported a net income of -$22.0M in fiscal year 2025, with a net profit margin of -89.6%.
What is Lichen International's EBITDA?
Lichen International (LICN) had EBITDA of -$14.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lichen International's gross margin?
Lichen International (LICN) had a gross margin of 37.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lichen International's operating margin?
Lichen International (LICN) had an operating margin of -73.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Lichen International's net profit margin?
Lichen International (LICN) had a net profit margin of -89.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Lichen International's return on equity (ROE)?
Lichen International (LICN) has a return on equity of -31.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lichen International's free cash flow?
Lichen International (LICN) recorded an outflow of $17.8M in free cash flow during fiscal year 2025. This represents a -218.3% 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 Lichen International's operating cash flow?
Lichen International (LICN) recorded an outflow of $17.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lichen International's total assets?
Lichen International (LICN) had $75.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lichen International's capital expenditures?
Lichen International (LICN) reported no capital expenditure during fiscal year 2025.
What is Lichen International's current ratio?
Lichen International (LICN) had a current ratio of 7.73 as of fiscal year 2025, which is generally considered healthy.
What is Lichen International's debt-to-equity ratio?
Lichen International (LICN) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lichen International's return on assets (ROA)?
Lichen International (LICN) had a return on assets of -29.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lichen International's Altman Z-Score?
Lichen International (LICN) has an Altman Z-Score of 2.84, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lichen International's Piotroski F-Score?
Lichen International (LICN) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Lichen International's earnings high quality?
Lichen International (LICN) reported a net loss of $22.0M while operations used $17.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Lichen International?
Lichen International (LICN) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.