SMART FOR LIFE INC (SMFL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2024, filed Jun 11, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SMFL SEC filings page.
SMART FOR LIFE INC (SMFL) reported $5.7M in revenue over the twelve months to Sep 30, 2024, down 19.0% from the prior twelve months. 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).
Shrinking revenue is being overwhelmed by widening operating losses and a balance sheet increasingly dependent on short-term obligations.
From FY2022 to FY2023, revenue fell48.2% while gross margin expanded, indicating the contraction was not primarily a gross-profit squeeze. Yet operating margin reached-208.6% in FY2023, showing the remaining gross profit was overwhelmed by the operating cost structure.
Operating cash flow remained negative at
Liabilities exceeded assets by
Financial Health Signals
SMART FOR LIFE INC 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.
SMART FOR LIFE INC scores -8.48, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($22K) relative to total liabilities ($26.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
SMART FOR LIFE INC passes 2 of 8 computable financial strength tests (1 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), 1 of 2 efficiency signals pass.
SMART FOR LIFE INC reported a net loss of $22.7M while operations used $5.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
SMART FOR LIFE INC reported an operating loss of $17.2M against $77K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
SMART FOR LIFE INC generated $1.3M in revenue in Q3 2024. This represents a decrease of 43.5% from the same quarter a year earlier. Against the prior quarter it is up 44.6%.
SMART FOR LIFE INC's EBITDA was -$1.2M in Q3 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 58.7% from the same quarter a year earlier. Against the prior quarter it is down 66.1%.
SMART FOR LIFE INC reported -$3.2M in net income in Q3 2024. This represents an increase of 25.5% from the same quarter a year earlier. Against the prior quarter it is down 46.4%.
Cash & Balance Sheet
SMART FOR LIFE INC held $36K in cash against $3.2M in long-term debt as of Q3 2024.
Not reported for Q3 2024.
Not reported for Q3 2024.
Margins & Returns
SMART FOR LIFE INC's gross margin was 40.8% in Q3 2024, indicating the percentage of revenue retained after direct costs. This is up 3.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.4 percentage points.
SMART FOR LIFE INC's operating margin was -94.9% in Q3 2024, reflecting core business profitability. No change is given against Q3 2023: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
SMART FOR LIFE INC's ROE was -344.8% in Q3 2024, measuring profit generated per dollar of shareholder equity. This is up 111.6 percentage points from the same quarter a year earlier.
Not shown for Q3 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for Q3 2024.
SMFL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-Q | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M-43.5% | $878K-34.2% | $479K-70.2% | $3.0M+68.4% | $2.2M-58.1% | $1.3M-68.8% | $1.6M-64.0% | $1.8M-57.3% |
| Cost of Revenue | $751K-46.7% | $472K-53.8% | $271K-78.1% | $1.5M-44.6% | $1.4M-48.3% | $1.0M-59.2% | $1.2M-57.9% | $2.6M-5.4% |
| Gross Profit | $518K-38.1% | $406K+29.6% | $208K-43.5% | $1.6M+287.0% | $836K-68.2% | $313K-82.4% | $368K-75.8% | -$841K-158.7% |
| SG&A Expenses | $429K-63.5% | $320K+21.4% | $642K-35.4% | $1.8M+836.6% | $1.2M-33.3% | $263K-84.1% | $995K-42.2% | $195K-59.3% |
| Operating Income | -$1.2M+58.7% | -$1.0M+72.2% | -$2.0M+27.0% | -$7.8M-68.3% | -$2.9M-101.6% | -$3.7M-42.9% | -$2.7M+16.6% | -$4.6M-146.5% |
| EBITDA | -$1.2M+58.7% | -$714K+77.8% | -$1.7M+27.2% | -$6.5M-83.9% | -$2.9M-210.7% | -$3.2M-47.8% | -$2.3M+28.4% | -$3.5M-54.5% |
| Interest Expense | $2.0M+74.5% | $1.1M+92.5% | $987K-31.8% | -$3.1M | $1.2M+174.9% | $561K | $1.4M+63.7% | N/A |
| Income Tax | N/A | N/A | N/A | N/A | -$16K | -$257K-90.5% | N/A | N/A |
| Net Income | -$3.2M+25.5% | -$2.2M+47.6% | -$2.9M+32.4% | -$9.8M-21.8% | -$4.3M-123.0% | -$4.2M-24.7% | -$4.3M+74.2% | -$8.1M-120.0% |
| EPS (Basic) | -$0.94+87.5% | -$2.48+98.0% | -$11.13+79.6% | -$124.18-65257.9% | -$7.51-23893.6% | -$122.71-631.7% | -$54.55-32.9% | -$0.19+38.7% |
| EPS (Diluted) | -$0.94 | -$2.48 | -$11.13 | N/A | -$7.51 | -$122.71 | -$54.55 | -$0.25 |
| Diluted Shares (Avg) | 3M | 891,200 | N/A | N/A | 578,686 | 34,391 | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
SMFL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-Q | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.7M-50.2% | $13.3M-50.8% | $13.6M-50.5% | $19.7M-32.6% | $25.5M-25.2% | $27.0M+3.0% | $27.6M+10.4% | $29.1M+28.9% |
| Current Assets | $1.7M-34.8% | $1.9M-40.3% | $1.9M-33.3% | $2.3M-35.3% | $2.5M-69.4% | $3.1M-62.6% | $2.8M-61.5% | $3.6M-16.9% |
| Cash & Equivalents | $36K+300.5% | $32K-91.6% | $21K-75.3% | $155K+118.4% | $9K-97.1% | $376K+250.0% | $86K-94.4% | $71K-65.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0 |
| Inventory | $747K-62.4% | $964K-49.1% | $1.2M-43.3% | $1.4M-34.7% | $2.0M-64.5% | $1.9M-61.7% | $2.1M-48.3% | $2.2M-35.7% |
| Accounts Receivable | $98K-76.2% | $77K-85.3% | $77K-72.5% | $128K-76.2% | $413K-45.3% | $522K-41.4% | $279K-50.6% | $540K+38.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $3.0M-47.6% | $3.0M-47.6% | $3.0M+126.9% | $3.0M-47.6% | $5.8M+333.4% | $5.8M+333.4% | $1.3M0.0% | $5.8M+333.4% |
| Total Liabilities | $11.8M-52.1% | $14.6M-35.0% | $17.0M-50.3% | $26.0M-17.3% | $24.6M-23.4% | $22.4M+1.0% | $34.1M+94.8% | $31.5M+9.8% |
| Current Liabilities | $9.8M-29.3% | $11.6M-9.2% | $12.9M-28.5% | $22.1M+45.6% | $13.9M-17.2% | $12.8M+11.0% | $18.0M+72.0% | $15.1M-11.7% |
| Non-Current Liabilities | $1.9M-81.8% | $3.0M-69.0% | $4.1M-74.6% | $4.0M-75.6% | $10.7M-30.2% | $9.7M-9.7% | $16.1M+128.7% | $16.4M+41.6% |
| Long-Term Debt | $3.2M-74.9% | $5.3M-57.7% | $7.1M-67.3% | $12.4M-11.3% | $12.9M+629.9% | $12.6M+587.4% | $21.7M+1321.0% | $13.9M |
| Total Equity | $938K-1.4% | -$1.3M-128.6% | -$3.3M+49.5% | -$6.4M-170.4% | $952K-53.6% | $4.6M+14.0% | -$6.6M-188.7% | -$2.4M+61.2% |
| Retained Earnings | -$76.0M-31.4% | -$72.8M-36.0% | -$70.6M-43.2% | -$67.7M-50.4% | -$57.8M-56.7% | -$53.5M-53.0% | -$49.3M-56.0% | -$45.0M-199.7% |
SMFL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-Q | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $895K+211.6% | -$871K+81.3% | -$540K-7.8% | $104K+104.7% | -$802K+46.4% | -$4.7M-160.6% | -$501K+88.1% | -$2.2M-1305.1% |
| Depreciation & Amortization | $19K-59.4% | $323K-36.3% | $323K-25.9% | $2.1M+185.5% | $46K-91.3% | $508K+18.0% | $436K+545.2% | $736K+582.1% |
| Stock-Based Compensation | $23K-96.7% | $27K-3.6% | $28K-47.4% | N/A | $685K | $28K | $52K-93.6% | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | $0-100.0% | N/A | N/A | -$43K-69.6% |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$802K+46.5% | N/A | N/A | -$2.2M-5395.8% |
| Investing Cash Flow | N/A | N/A | N/A | $0-100.0% | $0+100.0% | N/A | N/A | $43K+101.9% |
| Financing Cash Flow | -$886K-281.1% | $882K-82.1% | $407K-13.5% | $72K-96.3% | $489K-86.8% | $4.9M+254.6% | $470K-91.6% | $1.9M+22.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SMFL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-Q | Q3'2310-Q | Q2'2310-Q | Q1'2310-Q | Q4'2210-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.8%+3.6pp | 46.3%+22.8pp | 43.4%+20.5pp | 51.7%+98.3pp | 37.3%-11.9pp | 23.5%-18.1pp | 22.9%-11.2pp | -46.6%-80.5pp |
| Operating Margin | -94.9% | -118.1% | -415.9% | -256.1% | -129.9% | -279.2% | -169.9% | -256.2% |
| Net Margin | -254.9% | -251.9% | -604.8% | -323.3% | -193.5% | -316.1% | -266.8% | -447.1% |
| Return on Equity | -344.8%+111.6pp | N/A | N/A | N/A | -456.4%-361.4pp | -92.5%-7.9pp | N/A | N/A |
| Return on Assets | -25.4%-8.4pp | -16.6%-1.0pp | -21.2%-5.7pp | -50.0%-22.3pp | -17.0%-11.3pp | -15.6%-2.7pp | -15.6%+50.9pp | -27.7%-11.5pp |
| Current Ratio | 0.170.0x | 0.16-0.1x | 0.140.0x | 0.11-0.1x | 0.18-0.3x | 0.25-0.5x | 0.15-0.5x | 0.240.0x |
| Debt-to-Equity | 3.45-10.1x | N/A | N/A | N/A | 13.56+12.7x | 2.76+2.3x | N/A | N/A |
| Asset Turnover | 0.100.0x | 0.070.0x | 0.040.0x | 0.15+0.1x | 0.09-0.1x | 0.05-0.1x | 0.06-0.1x | 0.06-0.1x |
| FCF Margin | N/A | N/A | N/A | N/A | -35.7%-7.7pp | N/A | N/A | -123.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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.
Where SMART FOR LIFE INC Ranks
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.
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 cash flow?
SMART FOR LIFE INC (SMFL) recorded an outflow of $5.8M in operating cash flow during fiscal year 2023, representing cash used by 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 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 P/E ratio?
SMART FOR LIFE INC (SMFL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to September 30, 2024). The market capitalization is $22K as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is SMART FOR LIFE INC's price-to-sales ratio?
SMART FOR LIFE INC (SMFL) trades at 0.0x sales, its market capitalization divided by revenue of $5.7M revenue, trailing 12 months to September 30, 2024. The market capitalization is $22K as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does SMART FOR LIFE INC's liquidity compare with its operating cash outflow?
At the end of fiscal year 2023, SMART FOR LIFE INC (SMFL) held $155K in cash, cash equivalents and investments, and reported an operating cash outflow of $5.8M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is SMART FOR LIFE INC's debt-to-equity ratio negative or not reported?
SMART FOR LIFE INC (SMFL) has negative shareholder equity of -$6.4M as of fiscal year 2023, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
SMART FOR LIFE INC (SMFL) has an Altman Z-Score of -8.48, placing it in the Distress Zone (elevated bankruptcy 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 SMART FOR LIFE INC's Piotroski F-Score?
SMART FOR LIFE INC (SMFL) has a Piotroski F-Score of 2 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 SMART FOR LIFE INC's earnings high quality?
SMART FOR LIFE INC (SMFL) reported a net loss of $22.7M while operations used $5.8M 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.
Can SMART FOR LIFE INC cover its interest payments?
SMART FOR LIFE INC (SMFL) reported an operating loss of $17.2M against $77K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.