SMART FOR LIFE INC Financials
This page shows SMART FOR LIFE INC (SMFL) financial statements, including the 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).
Financial Health Signals
SMART FOR LIFE INC passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, SMART FOR LIFE INC generates $0.26 in operating cash flow (-$5.8M OCF vs -$22.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
SMART FOR LIFE INC earns $-222.2 in operating income for every $1 of interest expense (-$17.2M vs $77K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
SMART FOR LIFE INC generated $8.2M in revenue in fiscal year 2023. This represents a decrease of 48.3% from the prior year.
SMART FOR LIFE INC's EBITDA was -$14.9M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 51.3% from the prior year.
SMART FOR LIFE INC reported -$22.7M in net income in fiscal year 2023. This represents an increase of 24.4% from the prior year.
Cash & Balance Sheet
SMART FOR LIFE INC held $155K in cash against $12.4M in long-term debt as of fiscal year 2023.
SMART FOR LIFE INC had 796,666 shares outstanding in fiscal year 2023. This represents an increase of 926.4% from the prior year.
Margins & Returns
SMART FOR LIFE INC's gross margin was 37.6% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is up 5.6 percentage points from the prior year.
SMART FOR LIFE INC's operating margin was -208.6% in fiscal year 2023, reflecting core business profitability. This is down 133.4 percentage points from the prior year.
SMART FOR LIFE INC's net profit margin was -275.7% in fiscal year 2023, showing the share of revenue converted to profit. This is down 87.2 percentage points from the prior year.
Capital Allocation
SMFL Income Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M+44.6% | $878K+83.3% | $479K-84.2% | $3.0M+35.4% | $2.2M+68.2% | $1.3M-16.9% | $1.6M-11.0% | $1.8M |
| Cost of Revenue | $751K+59.3% | $472K+73.9% | $271K-81.5% | $1.5M+4.1% | $1.4M+37.9% | $1.0M-17.5% | $1.2M-53.2% | $2.6M |
| Gross Profit | $518K+27.6% | $406K+95.6% | $208K-86.8% | $1.6M+88.0% | $836K+166.9% | $313K-14.8% | $368K+143.7% | -$841K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $429K+34.0% | $320K-50.2% | $642K-64.8% | $1.8M+55.5% | $1.2M+345.8% | $263K-73.5% | $995K+410.4% | $195K |
| Operating Income | -$1.2M-16.1% | -$1.0M+48.0% | -$2.0M+74.4% | -$7.8M-166.9% | -$2.9M+21.8% | -$3.7M-36.6% | -$2.7M+41.0% | -$4.6M |
| Interest Expense | $2.0M+89.7% | $1.1M+9.3% | $987K+131.8% | -$3.1M-364.6% | $1.2M+109.2% | $561K-61.3% | $1.4M | N/A |
| Income Tax | N/A | N/A | N/A | N/A | -$16K+93.8% | -$257K | N/A | N/A |
| Net Income | -$3.2M-46.4% | -$2.2M+23.7% | -$2.9M+70.5% | -$9.8M-126.2% | -$4.3M-2.9% | -$4.2M+1.5% | -$4.3M+46.9% | -$8.1M |
| EPS (Diluted) | $-0.94+62.1% | $-2.48+77.7% | $-11.13 | N/A | $-7.51+93.9% | $-122.71 | $-54.55 | N/A |
SMFL Balance Sheet
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.7M-4.3% | $13.3M-2.5% | $13.6M-30.6% | $19.7M-23.0% | $25.5M-5.4% | $27.0M-2.0% | $27.6M-5.5% | $29.1M |
| Current Assets | $1.7M-11.7% | $1.9M+1.6% | $1.9M-20.6% | $2.3M-8.5% | $2.5M-19.0% | $3.1M+13.3% | $2.8M-22.9% | $3.6M |
| Cash & Equivalents | $36K+12.3% | $32K+48.6% | $21K-86.2% | $155K+1639.8% | $9K-97.6% | $376K+335.9% | $86K+21.7% | $71K |
| Inventory | $747K-22.5% | $964K-18.8% | $1.2M-16.6% | $1.4M-28.3% | $2.0M+5.0% | $1.9M-9.7% | $2.1M-4.0% | $2.2M |
| Accounts Receivable | $98K+27.7% | $77K0.0% | $77K-40.2% | $128K-68.9% | $413K-20.9% | $522K+87.2% | $279K-48.4% | $540K |
| Goodwill | $3.0M0.0% | $3.0M0.0% | $3.0M0.0% | $3.0M-47.6% | $5.8M0.0% | $5.8M+333.4% | $1.3M-76.9% | $5.8M |
| Total Liabilities | $11.8M-19.2% | $14.6M-14.0% | $17.0M-34.9% | $26.0M+5.9% | $24.6M+9.5% | $22.4M-34.3% | $34.1M+8.4% | $31.5M |
| Current Liabilities | $9.8M-15.1% | $11.6M-9.9% | $12.9M-41.6% | $22.1M+58.4% | $13.9M+9.0% | $12.8M-29.1% | $18.0M+18.9% | $15.1M |
| Long-Term Debt | $3.2M-39.1% | $5.3M-24.8% | $7.1M-42.8% | $12.4M-4.2% | $12.9M+2.6% | $12.6M-41.9% | $21.7M-0.1% | $21.7M |
| Total Equity | $938K+172.1% | -$1.3M+60.9% | -$3.3M+47.9% | -$6.4M-771.1% | $952K-79.1% | $4.6M+169.2% | -$6.6M-179.2% | -$2.4M |
| Retained Earnings | -$76.0M-4.4% | -$72.8M-3.1% | -$70.6M-4.3% | -$67.7M-17.0% | -$57.8M-8.1% | -$53.5M-8.6% | -$49.3M-9.5% | -$45.0M |
SMFL Cash Flow Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $895K+202.7% | -$871K-61.3% | -$540K-618.6% | $104K+113.0% | -$802K+82.8% | -$4.7M-828.4% | -$501K+77.2% | -$2.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $0 | N/A | N/A | -$43K |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$802K | N/A | N/A | -$2.2M |
| Investing Cash Flow | N/A | N/A | N/A | $0 | $0 | N/A | N/A | $43K |
| Financing Cash Flow | -$886K-200.4% | $882K+116.8% | $407K+463.6% | $72K-85.2% | $489K-90.1% | $4.9M+950.3% | $470K-75.6% | $1.9M |
| 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 |
SMFL Financial Ratios
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.8%-5.4pp | 46.3%+2.9pp | 43.4%-8.4pp | 51.7%+14.5pp | 37.3%+13.8pp | 23.5%+0.6pp | 22.9%+69.5pp | -46.6% |
| Operating Margin | -94.9%+23.3pp | -118.1%+297.8pp | -415.9%-159.8pp | -256.1%-126.2pp | -129.9%+149.3pp | -279.2%-109.3pp | -169.9%+86.2pp | -256.2% |
| Net Margin | -254.9%-3.0pp | -251.9%+352.9pp | -604.8%-281.4pp | -323.3%-129.9pp | -193.5%+122.7pp | -316.1%-49.3pp | -266.8%+180.3pp | -447.1% |
| Return on Equity | -344.8% | N/A | N/A | N/A | -456.4%-363.9pp | -92.5% | N/A | N/A |
| Return on Assets | -25.4%-8.8pp | -16.6%+4.6pp | -21.2%+28.8pp | -50.0%-33.0pp | -17.0%-1.4pp | -15.6%-0.1pp | -15.6%+12.1pp | -27.7% |
| Current Ratio | 0.170.0 | 0.16+0.0 | 0.14+0.0 | 0.11-0.1 | 0.18-0.1 | 0.25+0.1 | 0.15-0.1 | 0.24 |
| Debt-to-Equity | 3.45+7.5 | -4.09-2.0 | -2.13-0.2 | -1.94-15.5 | 13.56+10.8 | 2.76+6.0 | -3.29+5.9 | -9.19 |
| FCF Margin | N/A | N/A | N/A | N/A | -35.7% | N/A | N/A | -123.9% |
Note: Shareholder equity is negative (-$6.4M), 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 (0.11), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is SMART FOR LIFE INC's annual revenue?
SMART FOR LIFE INC (SMFL) reported $8.2M in total revenue for fiscal year 2023. This represents a -48.3% 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 SMART FOR LIFE INC's revenue growing?
SMART FOR LIFE INC (SMFL) revenue declined by 48.3% year-over-year, from $15.9M to $8.2M in fiscal year 2023.
Is SMART FOR LIFE INC profitable?
No, SMART FOR LIFE INC (SMFL) reported a net income of -$22.7M in fiscal year 2023, with a net profit margin of -275.7%.
What is SMART FOR LIFE INC's EBITDA?
SMART FOR LIFE INC (SMFL) had EBITDA of -$14.9M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does SMART FOR LIFE INC have?
As of fiscal year 2023, SMART FOR LIFE INC (SMFL) had $155K in cash and equivalents against $12.4M in long-term debt.
What is SMART FOR LIFE INC's gross margin?
SMART FOR LIFE INC (SMFL) had a gross margin of 37.6% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.
What is SMART FOR LIFE INC's operating margin?
SMART FOR LIFE INC (SMFL) had an operating margin of -208.6% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.
What is SMART FOR LIFE INC's net profit margin?
SMART FOR LIFE INC (SMFL) had a net profit margin of -275.7% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.
What is SMART FOR LIFE INC's operating cash flow?
SMART FOR LIFE INC (SMFL) generated -$5.8M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are SMART FOR LIFE INC's total assets?
SMART FOR LIFE INC (SMFL) had $19.7M in total assets as of fiscal year 2023, including both current and long-term assets.
What is SMART FOR LIFE INC's current ratio?
SMART FOR LIFE INC (SMFL) had a current ratio of 0.11 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.
What is SMART FOR LIFE INC's debt-to-equity ratio?
SMART FOR LIFE INC (SMFL) had a debt-to-equity ratio of -1.94 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SMART FOR LIFE INC's return on assets (ROA)?
SMART FOR LIFE INC (SMFL) had a return on assets of -115.3% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is SMART FOR LIFE INC's cash runway?
Based on fiscal year 2023 data, SMART FOR LIFE INC (SMFL) had $155K in cash against an annual operating cash burn of $5.8M. This gives an estimated cash runway of approximately 0 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 SMART FOR LIFE INC's debt-to-equity ratio negative or unusual?
SMART FOR LIFE INC (SMFL) has negative shareholder equity of -$6.4M as of fiscal year 2023, 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 SMART FOR LIFE INC's Piotroski F-Score?
SMART FOR LIFE INC (SMFL) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SMART FOR LIFE INC's earnings high quality?
SMART FOR LIFE INC (SMFL) has an earnings quality ratio of 0.26x, 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.
Can SMART FOR LIFE INC cover its interest payments?
SMART FOR LIFE INC (SMFL) has an interest coverage ratio of -222.2x, 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.