PHXE Financials

PHXE

FY2025 annual

Revenue $687.2M +144.4% YoY

Net Income $66.1M +366.6% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

PHXE (PHXE) reported $687.2M in revenue for fiscal year 2025, up 144.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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 PHXE FY2025 2026-08-10

Rapid scale-up turned a high-margin revenue base into cash, but expansion still leaned on external financing.

From FY2024 to FY2025, gross and operating margins were nearly unchanged, yet net margin flipped from -8.8% to 9.6%. With operating cash flow reaching $301M, the earnings turn looks driven less by richer unit economics than by much higher volume absorbing overhead, while heavy depreciation kept cash generation ahead of reported profit.

The business now has a strong operating cash engine, but it is also capital-hungry: cash ended FY2025 at $65.8M even after producing $301M from operations. That gap implies investing demands outran internally generated funds rather than day-to-day operations consuming cash, which helps explain why long-term debt rose to $1.24B.

Short-term flexibility tightened as the current ratio fell from 0.7x to 0.4x, meaning near-term obligations grew faster than liquid resources. Even with equity back to $78.2M, that cushion remains thin beside long-dated borrowings of $1.24B, so the balance sheet is still doing a lot of the financing work.

Financial Health Signals

Financial health score not available

PHXE does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

7/8

PHXE passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

4.55x

For every $1 of reported earnings, PHXE generates $4.55 in operating cash flow ($301.1M OCF vs $66.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.09x

PHXE earns $1.09 in operating income for every $1 of interest expense ($175.6M vs $161.2M). 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

$687.2M

YoY+144.4%

PHXE generated $687.2M in revenue in fiscal year 2025. This represents an increase of 144.4% from the prior year.

EBITDA

$353.5M

YoY+123.2%

PHXE's EBITDA was $353.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 123.2% from the prior year.

Net Income

$66.1M

YoY+366.6%

PHXE reported $66.1M in net income in fiscal year 2025. This represents an increase of 366.6% from the prior year.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$65.8M

YoY-45.5%

PHXE held $65.8M in cash against $1.2B in long-term debt as of fiscal year 2025.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

77.4%

YoY+0.2pp

PHXE's gross margin was 77.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.

Operating Margin

25.6%

YoY-0.2pp

PHXE's operating margin was 25.6% in fiscal year 2025, reflecting core business profitability. This is down 0.2 percentage points from the prior year.

Net Margin

9.6%

YoY+18.4pp

PHXE's net profit margin was 9.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 18.4 percentage points from the prior year.

Return on Equity

84.5%

PHXE's ROE was 84.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

PHXE Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PHXE annual income statement

Metric	TTM	FY25	FY24	FY23
Revenue	$1.1B	$687.2M+144.4%	$281.2M+138.1%	$118.1M
Cost of Revenue	$200.6M	$155.2M+142.7%	$63.9M+224.1%	$19.7M
Gross Profit	$911.5M	$532.0M+144.8%	$217.3M+120.9%	$98.4M
SG&A Expenses	$17.3M	$26.0M-10.7%	$29.2M+103.8%	$14.3M
Operating Income	$345.1M	$175.6M+142.5%	$72.4M+126.3%	$32.0M
Interest Expense	$199.2M	$161.2M+78.7%	$90.2M+88.4%	$47.9M
Net Income	$7.7M	$66.1M+366.6%	-$24.8M-53.1%	-$16.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$405.9M+35.9%	$298.7M+36.6%	$218.6M+15.6%	$189.0M+15.4%	$163.8M+41.5%	$115.7M+13.8%	$101.7M+72.2%	$59.0M
Cost of Revenue	$51.6M-8.0%	$56.1M+12.1%	$50.0M+16.6%	$42.9M+22.0%	$35.2M+29.9%	$27.1M+14.7%	$23.6M+35.7%	$17.4M
Gross Profit	$354.3M+46.0%	$242.6M+43.9%	$168.5M+15.4%	$146.1M+13.6%	$128.7M+45.1%	$88.7M+13.6%	$78.1M+87.5%	$41.6M
SG&A Expenses	$2.8M-36.5%	$4.3M-5.8%	$4.6M-16.7%	$5.5M-13.2%	$6.4M-32.9%	$9.5M+33.7%	$7.1M-20.4%	$8.9M
Operating Income	$163.5M+78.1%	$91.8M+111.4%	$43.4M-6.1%	$46.3M-0.9%	$46.7M+19.3%	$39.2M+52.7%	$25.7M+123.0%	$11.5M
Interest Expense	$58.3M+11.1%	$52.5M+6.0%	$49.5M+27.6%	$38.8M+4.8%	$37.0M+3.3%	$35.8M+23.2%	$29.1M+11.0%	$26.2M
Net Income	$106.0M+175.6%	-$140.1M-520.5%	$33.3M+292.6%	$8.5M-54.6%	$18.7M+234.0%	$5.6M+141.5%	-$13.5M-19.6%	-$11.3M

Not reported in any period shown, so not listed: R&D Expenses, Income Tax, EPS (Diluted).

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

PHXE Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PHXE annual balance sheet

Metric	FY25	FY24	FY23
Total Assets	$1.8B+75.6%	$1.0B	N/A
Current Assets	$173.6M+10.8%	$156.7M	N/A
Cash & Equivalents	$65.8M-45.5%	$120.8M+2125.8%	$5.4M
Inventory	$0	N/A	N/A
Total Liabilities	$1.7B+62.6%	$1.1B	N/A
Current Liabilities	$418.4M+84.6%	$226.6M	N/A
Long-Term Debt	$1.2B+55.4%	$795.2M	N/A
Total Equity	$78.2M+329.6%	-$34.1M-604.6%	-$4.8M
Retained Earnings	$29.7M+186.0%	-$34.5M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.2B+12.2%	$2.0B+9.5%	$1.8B+10.1%	$1.6B+19.8%	$1.4B+20.7%	$1.1B+10.3%	$1.0B	N/A
Current Assets	$173.6M-4.4%	$181.7M+4.7%	$173.6M-3.0%	$178.9M+14.4%	$156.4M+54.3%	$101.3M-35.3%	$156.7M	N/A
Cash & Equivalents	$37.0M-47.2%	$70.2M+6.7%	$65.8M-31.1%	$95.5M+57.8%	$60.5M+71.0%	$35.4M-70.7%	$120.8M+392.6%	$24.5M
Inventory	$2.1M+59.4%	$1.3M	$0	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.2B+6.7%	$2.0B+18.1%	$1.7B+8.5%	$1.6B+15.5%	$1.4B+18.6%	$1.2B+9.4%	$1.1B	N/A
Current Liabilities	$584.8M+8.3%	$539.8M+29.0%	$418.4M+4.4%	$400.9M+10.8%	$362.0M+40.0%	$258.6M+14.1%	$226.6M	N/A
Long-Term Debt	$1.5B+6.0%	$1.4B+12.8%	$1.2B+9.6%	$1.1B+17.4%	$960.3M+12.5%	$853.5M+7.3%	$795.2M	N/A
Total Equity	$40.7M+164.0%	-$63.6M-181.3%	$78.2M+67.8%	$46.6M+577.6%	-$9.8M+65.7%	-$28.5M+16.4%	-$34.1M-65.7%	-$20.6M
Retained Earnings	-$8.2M+92.7%	-$112.3M-478.5%	$29.7M+1798.5%	-$1.7M+82.9%	-$10.2M+64.7%	-$28.9M+16.2%	-$34.5M	N/A

Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.

PHXE Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PHXE annual cash flow statement

Metric	TTM	FY25	FY24	FY23
Operating Cash Flow	$477.8M	$301.1M+197.6%	$101.2M+9989.9%	-$1.0M
Investing Cash Flow	-$1.0B	-$843.5M-92.7%	-$437.7M-57.1%	-$278.7M
Financing Cash Flow	$525.1M	$487.4M+7.8%	$451.9M+61.1%	$280.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$173.5M+67.1%	$103.8M-6.0%	$110.5M+22.7%	$90.0M+9.2%	$82.5M+355.6%	$18.1M-70.3%	$61.0M+465.5%	$10.8M
Investing Cash Flow	-$294.2M-23.3%	-$238.6M-0.5%	-$237.5M+7.3%	-$256.0M-52.7%	-$167.6M+8.1%	-$182.4M-11.5%	-$163.6M-73.3%	-$94.4M
Financing Cash Flow	$87.6M-37.1%	$139.2M+43.0%	$97.3M-51.6%	$200.9M+82.2%	$110.3M+39.9%	$78.8M-60.4%	$198.9M+91.1%	$104.1M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

PHXE Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PHXE annual financial ratios

Metric	FY25	FY24	FY23
Gross Margin	77.4%+0.2pp	77.3%-6.0pp	83.3%
Operating Margin	25.6%-0.2pp	25.7%-1.3pp	27.1%
Net Margin	9.6%+18.4pp	-8.8%+4.9pp	-13.7%
Return on Equity	84.5%	N/A	N/A
Return on Assets	3.7%+6.1pp	-2.4%	N/A
Current Ratio	0.41-0.3x	0.69	N/A
Debt-to-Equity	15.80	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	87.3%+6.1pp	81.2%+4.1pp	77.1%-0.2pp	77.3%-1.2pp	78.5%+1.9pp	76.6%-0.2pp	76.8%+6.3pp	70.5%
Operating Margin	40.3%+9.5pp	30.8%+10.9pp	19.9%-4.6pp	24.5%-4.0pp	28.5%-5.3pp	33.8%+8.6pp	25.2%+5.7pp	19.5%
Net Margin	26.1%+73.0pp	-46.9%-62.2pp	15.3%+10.8pp	4.5%-6.9pp	11.4%+6.6pp	4.8%+18.1pp	-13.3%+5.8pp	-19.1%
Return on Equity	260.5%	N/A	42.6%+24.4pp	18.2%	N/A	N/A	N/A	N/A
Return on Assets	4.8%+11.9pp	-7.1%-8.9pp	1.8%+1.3pp	0.5%-0.9pp	1.4%+0.9pp	0.5%+1.8pp	-1.3%	N/A
Current Ratio	0.300.0x	0.34-0.1x	0.410.0x	0.450.0x	0.430.0x	0.39-0.3x	0.69	N/A
Debt-to-Equity	36.30	N/A	15.80-8.4x	24.18	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: FCF Margin.

Note: The current ratio is below 1.0 (0.41), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Where PHXE Ranks

Frequently Asked Questions

What is PHXE's annual revenue?

PHXE (PHXE) reported $687.2M in total revenue for fiscal year 2025. This represents a 144.4% 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 PHXE's revenue growing?

PHXE (PHXE) revenue grew by 144.4% year-over-year, from $281.2M to $687.2M in fiscal year 2025.

Is PHXE profitable?

Yes, PHXE (PHXE) reported a net income of $66.1M in fiscal year 2025, with a net profit margin of 9.6%.

What is PHXE's EBITDA?

PHXE (PHXE) had EBITDA of $353.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does PHXE have?

As of fiscal year 2025, PHXE (PHXE) had $65.8M in cash and equivalents against $1.2B in long-term debt.

What is PHXE's gross margin?

PHXE (PHXE) had a gross margin of 77.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is PHXE's operating margin?

PHXE (PHXE) had an operating margin of 25.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is PHXE's net profit margin?

PHXE (PHXE) had a net profit margin of 9.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is PHXE's return on equity (ROE)?

PHXE (PHXE) has a return on equity of 84.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is PHXE's operating cash flow?

PHXE (PHXE) generated $301.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are PHXE's total assets?

PHXE (PHXE) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What is PHXE's current ratio?

PHXE (PHXE) had a current ratio of 0.41 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is PHXE's debt-to-equity ratio?

PHXE (PHXE) had a debt-to-equity ratio of 15.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is PHXE's return on assets (ROA)?

PHXE (PHXE) had a return on assets of 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is PHXE's Piotroski F-Score?

PHXE (PHXE) has a Piotroski F-Score of 7 out of 8 computable signals; 1 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 PHXE's earnings high quality?

PHXE (PHXE) has an earnings quality ratio of 4.55x, considered cash-backed (high 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 PHXE cover its interest payments?

PHXE (PHXE) has an interest coverage ratio of 1.09x, 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.