Quince Financials
This page shows Quince (QNCX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Quince remains a cash-burning development company whose balance-sheet cushion collapsed after a brief spending reset.
By the latest year, operating cash burn reached-$41.4M as R&D climbed to$35.4M , even though SG&A kept falling, which points to a deliberate shift back toward development work rather than overhead creep. After FY2024 still had positive equity, the company exited FY2025 with negative equity of-$35.7M and no long-term debt, so pressure shifted toward other liabilities and near-term funding needs rather than interest service.
This is an asset-light spending model: capital expenditures were only
Liquidity changed faster than the income statement alone suggests. Cash was just
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 Quince'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.
Quince carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
Quince's current ratio of 0.53 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Quince passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Quince generates $0.49 in operating cash flow (-$41.4M OCF vs -$84.0M 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
Quince's EBITDA was -$57.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.4% from the prior year.
Quince reported -$84.0M in net income in fiscal year 2025. This represents a decrease of 47.8% from the prior year.
Quince earned $-1.68 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 28.2% from the prior year.
Cash & Balance Sheet
Quince generated -$41.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 29.9% from the prior year.
Quince held $5.8M in cash against $0 in long-term debt as of fiscal year 2025.
Quince had 6M shares outstanding in fiscal year 2025. This represents a decrease of 87.3% from the prior year.
Margins & Returns
Capital Allocation
Quince invested $35.4M in research and development in fiscal year 2025. This represents an increase of 90.3% from the prior year.
Quince invested $352K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 37.0% from the prior year.
QNCX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $6.8M | N/A | $8.1M+23.3% | $6.6M-19.5% | $8.1M | N/A | $4.9M+18.5% | $4.1M |
| SG&A Expenses | $4.3M | N/A | $3.3M-1.8% | $3.3M-30.2% | $4.8M | N/A | $3.6M-22.7% | $4.7M |
| Operating Income | -$14.6M | N/A | -$13.4M-28.8% | -$10.4M+29.8% | -$14.9M | N/A | -$5.9M+79.2% | -$28.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$5.3M | N/A | -$46K-168.7% | $67K+42.6% | $47K | N/A | $13K-63.9% | $36K |
| Net Income | $35.9M | N/A | -$13.4M+16.2% | -$16.0M-6.8% | -$15.0M | N/A | -$5.5M+80.2% | -$27.7M |
| EPS (Diluted) | $2.88 | N/A | $-0.25+26.5% | $-0.34+90.1% | $-3.42 | N/A | $-0.13+79.7% | $-0.64 |
QNCX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $26.6M-71.5% | $93.5M-14.9% | $109.9M-6.2% | $117.2M+9.5% | $107.1M-6.5% | $114.5M-9.5% | $126.5M-6.2% | $134.8M |
| Current Assets | $25.6M+11.7% | $22.9M-21.6% | $29.2M-21.8% | $37.3M+10.4% | $33.8M-23.2% | $44.0M-14.9% | $51.7M-18.5% | $63.4M |
| Cash & Equivalents | $18.2M+212.7% | $5.8M-10.0% | $6.5M-61.7% | $16.8M+116.5% | $7.8M+25.1% | $6.2M+132.2% | $2.7M-66.1% | $7.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | $0 | N/A | N/A | $0 | $0 | $0 |
| Total Liabilities | $11.0M-91.5% | $129.2M+18.7% | $108.8M+3.2% | $105.5M+19.2% | $88.5M+5.0% | $84.3M+3.4% | $81.6M-7.1% | $87.9M |
| Current Liabilities | $8.8M-79.7% | $43.2M+66.0% | $26.0M+248.8% | $7.5M-10.6% | $8.4M+14.8% | $7.3M+34.2% | $5.4M-47.4% | $10.3M |
| Long-Term Debt | N/A | $0 | $0-100.0% | $17.0M+11.3% | $15.3M+6.6% | $14.3M-3.9% | $14.9M+7.7% | $13.8M |
| Total Equity | $15.7M+143.9% | -$35.7M-3472.4% | $1.1M-91.0% | $11.7M-36.8% | $18.6M-38.4% | $30.1M-32.9% | $44.9M-4.3% | $47.0M |
| Retained Earnings | -$424.5M+7.8% | -$460.5M-9.4% | -$421.0M-3.3% | -$407.6M-4.1% | -$391.5M-4.0% | -$376.5M-3.4% | -$364.0M-1.5% | -$358.5M |
QNCX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.6M+27.2% | -$10.5M-5.6% | -$9.9M+13.0% | -$11.4M-18.9% | -$9.6M-27.1% | -$7.6M-4.0% | -$7.3M+16.9% | -$8.7M |
| Capital Expenditures | $0-100.0% | $4K-94.6% | $74K-41.3% | $126K-14.9% | $148K+11.3% | $133K+189.1% | $46K+17.9% | $39K |
| Free Cash Flow | -$7.6M+27.3% | -$10.5M-4.8% | -$10.0M+13.3% | -$11.5M-18.4% | -$9.7M-26.9% | -$7.7M-5.2% | -$7.3M+16.8% | -$8.8M |
| Investing Cash Flow | $12.0M+48.7% | $8.1M+553.2% | -$1.8M-129.5% | $6.0M-44.6% | $10.9M+0.3% | $10.9M+52.9% | $7.1M+242.7% | -$5.0M |
| Financing Cash Flow | $9.4M+364.3% | $2.0M+47.8% | $1.4M-90.5% | $14.4M+16465.5% | $87K | $0+100.0% | -$5.0M-14385.7% | $35K |
| 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 |
QNCX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 229.2% | N/A | -1269.3%-1132.6pp | -136.8%-55.9pp | -80.9% | N/A | -12.2%+46.8pp | -59.0% |
| Return on Assets | 134.9% | N/A | -12.2%+1.5pp | -13.7%+0.4pp | -14.0% | N/A | -4.3%+16.2pp | -20.6% |
| Current Ratio | 2.92+2.4 | 0.53-0.6 | 1.12-3.9 | 5.00+1.0 | 4.05-2.0 | 6.05-3.5 | 9.53+3.4 | 6.15 |
| Debt-to-Equity | 0.70+0.7 | 0.000.0 | 0.00-1.4 | 1.45+0.6 | 0.82+0.3 | 0.48+0.1 | 0.33+0.0 | 0.29 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$35.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.53), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
Is Quince profitable?
No, Quince (QNCX) reported a net income of -$84.0M in fiscal year 2025.
What is Quince's EBITDA?
Quince (QNCX) had EBITDA of -$57.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Quince have?
As of fiscal year 2025, Quince (QNCX) had $5.8M in cash and equivalents against $0 in long-term debt.
What is Quince's free cash flow?
Quince (QNCX) generated -$41.8M in free cash flow during fiscal year 2025. This represents a -29.9% 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 Quince's operating cash flow?
Quince (QNCX) generated -$41.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Quince's total assets?
Quince (QNCX) had $93.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Quince's capital expenditures?
Quince (QNCX) invested $352K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Quince spend on research and development?
Quince (QNCX) invested $35.4M in research and development during fiscal year 2025.
What is Quince's current ratio?
Quince (QNCX) had a current ratio of 0.53 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Quince's debt-to-equity ratio?
Quince (QNCX) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Quince's return on assets (ROA)?
Quince (QNCX) had a return on assets of -89.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Quince's cash runway?
Based on fiscal year 2025 data, Quince (QNCX) had $5.8M in cash against an annual operating cash burn of $41.4M. This gives an estimated cash runway of approximately 2 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.
Why is Quince's debt-to-equity ratio negative or unusual?
Quince (QNCX) has negative shareholder equity of -$35.7M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Quince's Piotroski F-Score?
Quince (QNCX) 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 Quince's earnings high quality?
Quince (QNCX) has an earnings quality ratio of 0.49x, 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 Quince?
Quince (QNCX) scores 16 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.