What is Spi Energy's earnings per share (EPS)?

Spi Energy (SPIEF) reported diluted earnings per share of $-1.30 for fiscal year 2022. This represents a 31.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Spi Energy Financials

SPIEF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2023 Currency USD FYE December

This page shows Spi Energy (SPIEF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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 SPIEF FY2022 2026-04-22

Rising sales still required external financing because thin margins and a large short-term funding gap kept the business from self-funding.

Revenue climbed to $177.5M from $138.6M over the last two valid years, yet operating cash flow remained negative throughout. Gross margin was still only 8.2% in the latest year and the current ratio only 0.4x, so added volume did not create enough internal liquidity to support the operating cycle.

The core problem is that gross profit stayed too small relative to overhead: the company produced only $14.5M of gross profit in the latest year, far below what was needed to absorb selling and administrative costs. That points less to a one-time cash mishap than to a business model where modest margin swings can sharply change operating losses.

Liquidity looks tighter than total-asset size suggests because current assets were $82.0M against current liabilities of $189.7M. With year-end cash at just $3.4M after $17.3M of financing inflow, the balance sheet shows ongoing reliance on fresh capital rather than cash generated by operations.

Financial Health Signals

Financial Profile 25/100

Based on FY2022 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 Spi Energy'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.

Profitability

Spi Energy has an operating margin of -16.1%, meaning the company retains $-16 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -25.6% the prior year.

Growth

Spi Energy's revenue grew 9.6% year-over-year to $177.5M, a solid pace of expansion. This earns a growth score of 55/100.

Leverage

Spi Energy carries a low D/E ratio of 0.54, meaning only $0.54 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Spi Energy's current ratio of 0.43 is below the typical benchmark, resulting in a score of 3/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Spi Energy generates a -276.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -199.9% the prior year.

Piotroski F-Score Neutral

5/9

Spi Energy passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.47x

For every $1 of reported earnings, Spi Energy generates $0.47 in operating cash flow (-$16.0M OCF vs -$33.7M 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

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Earnings & Revenue

Revenue

$177.5M

YoY+9.6%

5Y CAGR+7.9%

10Y CAGR+5.9%

Spi Energy generated $177.5M in revenue in fiscal year 2022. This represents an increase of 9.6% from the prior year.

EBITDA

-$25.4M

YoY+33.4%

Spi Energy's EBITDA was -$25.4M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.4% from the prior year.

Net Income

-$33.7M

YoY+24.8%

Spi Energy reported -$33.7M in net income in fiscal year 2022. This represents an increase of 24.8% from the prior year.

EPS (Diluted)

$-1.30

YoY+31.6%

Spi Energy earned $-1.30 per diluted share (EPS) in fiscal year 2022. This represents an increase of 31.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.4M

YoY-65.2%

5Y CAGR+8.7%

10Y CAGR-15.3%

Spi Energy held $3.4M in cash against $6.6M in long-term debt as of fiscal year 2022.

Dividends Per Share

N/A

Shares Outstanding

30M

YoY+19.5%

5Y CAGR+33.1%

Spi Energy had 30M shares outstanding in fiscal year 2022. This represents an increase of 19.5% from the prior year.

Margins & Returns

Gross Margin

8.2%

YoY+1.6pp

5Y CAGR-0.1pp

10Y CAGR-0.4pp

Spi Energy's gross margin was 8.2% in fiscal year 2022, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.

Operating Margin

-16.1%

YoY+9.5pp

5Y CAGR-8.5pp

10Y CAGR+7.7pp

Spi Energy's operating margin was -16.1% in fiscal year 2022, reflecting core business profitability. This is up 9.5 percentage points from the prior year.

Net Margin

-19.0%

YoY+8.7pp

5Y CAGR+56.0pp

10Y CAGR+6.4pp

Spi Energy's net profit margin was -19.0% in fiscal year 2022, showing the share of revenue converted to profit. This is up 8.7 percentage points from the prior year.

Return on Equity

-276.6%

YoY-76.7pp

10Y CAGR-171.2pp

Spi Energy's ROE was -276.6% in fiscal year 2022, measuring profit generated per dollar of shareholder equity. This is down 76.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.5M

Spi Energy invested $1.5M in research and development in fiscal year 2022.

Share Buybacks

N/A

Capital Expenditures

N/A

SPIEF Income Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	$177.5M+9.6%	$162.0M+16.9%	$138.6M+41.6%	$97.9M-22.1%	$125.6M+3.3%	$121.5M
Cost of Revenue	$163.0M+7.7%	$151.4M+24.3%	$121.8M+34.3%	$90.7M-20.8%	$114.5M+2.8%	$111.4M
Gross Profit	$14.5M+36.4%	$10.6M-37.0%	$16.9M+134.4%	$7.2M-35.0%	$11.1M+9.6%	$10.1M
R&D Expenses	$1.5M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$35.6M-14.9%	$41.8M+209.8%	$13.5M-11.0%	$15.2M+24.0%	$12.2M-12.6%	$14.0M
Operating Income	-$28.6M+31.0%	-$41.5M-45678.0%	$91K+100.5%	-$19.2M-549.4%	-$3.0M+68.2%	-$9.3M
Interest Expense	N/A	N/A	$3.8M-3.3%	$3.9M-43.6%	$7.0M-28.2%	$9.7M
Income Tax	$2.0M+37.0%	$1.5M+217.5%	$458K+397.8%	$92K-72.3%	$332K+142.3%	$137K
Net Income	-$33.7M+24.8%	-$44.8M-588.2%	-$6.5M+57.3%	-$15.3M-24.2%	-$12.3M+86.5%	-$91.1M
EPS (Diluted)	$-1.30+31.6%	$-1.90	N/A	N/A	N/A	$-13.00

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Revenue	$55.9M-5.0%	$58.9M+22.8%	$47.9M+0.7%	$47.6M+11.2%	$42.8M-11.9%	$48.6M+26.1%	$38.5M-11.6%	$43.6M
Cost of Revenue	$48.5M-9.6%	$53.6M+23.5%	$43.4M+16.5%	$37.3M-17.5%	$45.2M+1.1%	$44.7M+24.8%	$35.8M-8.7%	$39.2M
Gross Profit	$7.5M+42.5%	$5.2M+16.5%	$4.5M-56.4%	$10.3M+528.0%	-$2.4M-162.2%	$3.9M+42.9%	$2.7M-37.8%	$4.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.8M-8.0%	$6.3M-40.3%	$10.5M-21.4%	$13.4M+147.1%	$5.4M-29.0%	$7.6M-16.5%	$9.1M-39.2%	$15.0M
Operating Income	$961K+131.3%	-$3.1M+57.8%	-$7.3M-20.7%	-$6.0M+40.0%	-$10.0M-79.4%	-$5.6M+19.8%	-$7.0M+46.5%	-$13.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$627K-8.6%	$686K+78.6%	$384K-33.9%	$581K-17.0%	$700K+53.8%	$455K+77.7%	$256K+161.2%	$98K
Net Income	-$2.0M+19.1%	-$2.5M+73.7%	-$9.4M+15.4%	-$11.1M+17.2%	-$13.4M-481.0%	-$2.3M+66.2%	-$6.8M+50.4%	-$13.8M
EPS (Diluted)	$-0.06+25.0%	$-0.08+74.2%	$-0.31	N/A	$-0.48-500.0%	$-0.08+70.4%	$-0.27	N/A

SPIEF Balance Sheet

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$231.1M+1.3%	$228.1M+5.1%	$217.0M+21.3%	$178.9M-5.2%	$188.7M-40.5%	$317.3M
Current Assets	$82.0M-2.5%	$84.1M+6.0%	$79.3M+40.4%	$56.5M-23.5%	$73.9M-43.7%	$131.3M
Cash & Equivalents	$3.4M-65.2%	$9.8M-74.9%	$38.9M+1306.7%	$2.8M-33.3%	$4.1M+85.0%	$2.2M
Inventory	$24.4M+5.1%	$23.2M+34.7%	$17.3M+25.2%	$13.8M+15.7%	$11.9M-24.8%	$15.8M
Accounts Receivable	$21.2M-6.3%	$22.6M+32.5%	$17.1M+3.2%	$16.5M-40.5%	$27.8M+132.4%	$12.0M
Goodwill	$625K-87.2%	$4.9M+7.7%	$4.5M+626.2%	$626K-3.8%	$651K-4.7%	$683K
Total Liabilities	$213.2M+5.5%	$202.1M+19.9%	$168.6M-8.5%	$184.3M-2.3%	$188.7M-54.5%	$415.0M
Current Liabilities	$189.7M+9.1%	$173.8M+14.7%	$151.6M-11.7%	$171.6M+3.0%	$166.5M-56.9%	$386.3M
Long-Term Debt	$6.6M-48.5%	$12.8M+101.4%	$6.4M+5.2%	$6.0M-9.5%	$6.7M-10.4%	$7.4M
Total Equity	$12.2M-45.6%	$22.4M-50.4%	$45.3M+653.0%	-$8.2M-108.7%	-$3.9M+96.1%	-$101.7M
Retained Earnings	-$670.8M-5.2%	-$637.4M-7.7%	-$591.9M-1.1%	-$585.4M-2.7%	-$570.1M-2.2%	-$557.8M

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Total Assets	$230.2M-0.2%	$230.5M+0.1%	$230.3M-0.3%	$231.1M+3.1%	$224.2M-1.8%	$228.5M+0.4%	$227.5M-0.2%	$228.1M
Current Assets	$81.0M-1.4%	$82.1M+0.8%	$81.5M-0.6%	$82.0M-1.2%	$83.0M-5.3%	$87.6M+2.9%	$85.1M+1.3%	$84.1M
Cash & Equivalents	$5.5M+22.4%	$4.5M+69.8%	$2.7M-21.7%	$3.4M-29.1%	$4.8M-64.9%	$13.6M+261.8%	$3.8M-61.4%	$9.8M
Inventory	$34.1M-3.3%	$35.3M+5.8%	$33.3M+36.5%	$24.4M-5.9%	$26.0M+9.5%	$23.7M-12.5%	$27.1M+16.6%	$23.2M
Accounts Receivable	$24.2M-1.5%	$24.6M+1.8%	$24.1M+13.9%	$21.2M+9.1%	$19.4M+1.1%	$19.2M-21.7%	$24.5M+8.6%	$22.6M
Goodwill	$625K-87.2%	$4.9M0.0%	$4.9M+683.4%	$625K-87.2%	$4.9M0.0%	$4.9M0.0%	$4.9M0.0%	$4.9M
Total Liabilities	$214.2M-3.7%	$222.3M+1.2%	$219.8M+3.1%	$213.2M+6.6%	$200.1M+4.3%	$191.8M-6.6%	$205.3M+1.6%	$202.1M
Current Liabilities	$195.7M-1.6%	$198.8M+1.0%	$196.9M+3.8%	$189.7M+5.5%	$179.8M+5.7%	$170.2M-4.5%	$178.1M+2.5%	$173.8M
Long-Term Debt	N/A	N/A	$6.6M-0.1%	$6.6M+3.1%	$6.4M-7.5%	$6.9M-42.5%	$12.0M-6.1%	$12.8M
Total Equity	$12.6M+402.9%	$2.5M-46.8%	$4.7M-61.5%	$12.2M-33.2%	$18.3M-42.2%	$31.6M+63.8%	$19.3M-14.0%	$22.4M
Retained Earnings	-$684.7M-0.3%	-$682.7M-0.4%	-$680.2M-1.4%	-$670.8M-1.6%	-$660.0M-2.1%	-$646.5M-0.4%	-$644.2M-1.1%	-$637.4M

SPIEF Cash Flow Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	-$16.0M+41.9%	-$27.5M-386.4%	-$5.7M-96.8%	-$2.9M-136.6%	$7.9M+316.0%	-$3.6M
Capital Expenditures	N/A	N/A	N/A	$4.8M+4912.6%	$95K-68.1%	$298K
Free Cash Flow	N/A	N/A	N/A	-$7.6M-198.4%	$7.8M+297.3%	-$3.9M
Investing Cash Flow	-$8.2M+8.0%	-$8.9M-740.1%	$1.4M+117.5%	-$7.9M	N/A	-$3.3M
Financing Cash Flow	$17.3M-6.1%	$18.4M-54.8%	$40.8M+328.5%	$9.5M	N/A	$5.8M
Dividends Paid	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

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Operating Cash Flow	$7.8M+1372.2%	-$611K+87.5%	-$4.9M-62.5%	-$3.0M-109.8%	-$1.4M+51.7%	-$3.0M+65.6%	-$8.6M-70.8%	-$5.0M
Capital Expenditures	-$1.1M-168.4%	$1.6M+363.3%	$354K	N/A	$3.8M+110.8%	$1.8M+710.8%	$222K	N/A
Free Cash Flow	$6.7M+395.5%	-$2.3M+56.9%	-$5.2M	N/A	-$5.2M-9.8%	-$4.8M+46.0%	-$8.8M	N/A
Investing Cash Flow	$564K+134.4%	-$1.6M-363.3%	-$354K+90.0%	-$3.5M+16.2%	-$4.2M-185.1%	-$1.5M-235.3%	$1.1M+486.1%	$187K
Financing Cash Flow	-$4.5M-311.5%	$2.1M+206.8%	-$2.0M-153.0%	$3.8M+261.5%	-$2.4M-117.1%	$13.7M+544.8%	$2.1M-35.9%	$3.3M
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

SPIEF Financial Ratios

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Gross Margin	8.2%+1.6pp	6.6%-5.6pp	12.2%+4.8pp	7.3%-1.4pp	8.8%+0.5pp	8.3%
Operating Margin	-16.1%+9.5pp	-25.6%-25.7pp	0.1%+19.7pp	-19.6%-17.2pp	-2.4%+5.3pp	-7.6%
Net Margin	-19.0%+8.7pp	-27.7%-23.0pp	-4.7%+10.9pp	-15.6%-5.8pp	-9.8%+65.2pp	-75.0%
Return on Equity	-276.6%-76.7pp	-199.9%-185.5pp	-14.4%	N/A	N/A	N/A
Return on Assets	-14.6%+5.1pp	-19.7%-16.7pp	-3.0%+5.5pp	-8.5%-2.0pp	-6.5%+22.2pp	-28.7%
Current Ratio	0.43-0.1	0.48-0.0	0.52+0.2	0.33-0.1	0.44+0.1	0.34
Debt-to-Equity	0.54-0.0	0.57+0.4	0.14+0.9	-0.74+1.0	-1.70-1.6	-0.07
FCF Margin	N/A	N/A	N/A	-7.8%-14.0pp	6.2%+9.4pp	-3.2%

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Gross Margin	13.4%+4.5pp	8.9%-0.5pp	9.4%-12.3pp	21.7%+27.3pp	-5.6%-13.6pp	8.0%+0.9pp	7.0%-3.0pp	10.0%
Operating Margin	1.7%+6.9pp	-5.2%+10.0pp	-15.2%-2.5pp	-12.7%+10.8pp	-23.4%-11.9pp	-11.5%+6.6pp	-18.1%+11.8pp	-29.9%
Net Margin	-3.6%+0.6pp	-4.2%+15.4pp	-19.6%+3.8pp	-23.4%+8.0pp	-31.4%-26.6pp	-4.8%+13.0pp	-17.8%+13.9pp	-31.6%
Return on Equity	-15.9%+83.1pp	-99.0%+101.6pp	-200.6%-109.3pp	-91.3%-17.6pp	-73.6%-66.3pp	-7.3%+28.2pp	-35.5%+26.0pp	-61.5%
Return on Assets	-0.9%+0.2pp	-1.1%+3.0pp	-4.1%+0.7pp	-4.8%+1.2pp	-6.0%-5.0pp	-1.0%+2.0pp	-3.0%+3.0pp	-6.0%
Current Ratio	0.410.0	0.410.0	0.41-0.0	0.43-0.0	0.46-0.1	0.51+0.0	0.480.0	0.48
Debt-to-Equity	17.06-72.0	89.07+87.7	1.41+0.9	0.54+0.2	0.35+0.1	0.22-0.4	0.62+0.1	0.57
FCF Margin	11.9%+15.7pp	-3.8%+7.1pp	-10.9%	N/A	-12.2%-2.4pp	-9.8%+13.1pp	-22.9%	N/A

Note: The current ratio is below 1.0 (0.43), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Spi Energy's annual revenue?

Spi Energy (SPIEF) reported $177.5M in total revenue for fiscal year 2022. This represents a 9.6% 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 Spi Energy's revenue growing?

Spi Energy (SPIEF) revenue grew by 9.6% year-over-year, from $162.0M to $177.5M in fiscal year 2022.

Is Spi Energy profitable?

No, Spi Energy (SPIEF) reported a net income of -$33.7M in fiscal year 2022, with a net profit margin of -19.0%.

What is Spi Energy's EBITDA?

Spi Energy (SPIEF) had EBITDA of -$25.4M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Spi Energy have?

As of fiscal year 2022, Spi Energy (SPIEF) had $3.4M in cash and equivalents against $6.6M in long-term debt.

What is Spi Energy's gross margin?

Spi Energy (SPIEF) had a gross margin of 8.2% in fiscal year 2022, indicating the percentage of revenue retained after direct costs of goods sold.

What is Spi Energy's operating margin?

Spi Energy (SPIEF) had an operating margin of -16.1% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.

What is Spi Energy's net profit margin?

Spi Energy (SPIEF) had a net profit margin of -19.0% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.

What is Spi Energy's return on equity (ROE)?

Spi Energy (SPIEF) has a return on equity of -276.6% for fiscal year 2022, measuring how efficiently the company generates profit from shareholder equity.

What is Spi Energy's operating cash flow?

Spi Energy (SPIEF) generated -$16.0M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.

What are Spi Energy's total assets?

Spi Energy (SPIEF) had $231.1M in total assets as of fiscal year 2022, including both current and long-term assets.

How much does Spi Energy spend on research and development?

Spi Energy (SPIEF) invested $1.5M in research and development during fiscal year 2022.

How many shares does Spi Energy have outstanding?

Spi Energy (SPIEF) had 30M shares outstanding as of fiscal year 2022.

What is Spi Energy's current ratio?

Spi Energy (SPIEF) had a current ratio of 0.43 as of fiscal year 2022, which is below 1.0, which may suggest potential liquidity concerns.

What is Spi Energy's debt-to-equity ratio?

Spi Energy (SPIEF) had a debt-to-equity ratio of 0.54 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Spi Energy's return on assets (ROA)?

Spi Energy (SPIEF) had a return on assets of -14.6% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.

What is Spi Energy's cash runway?

Based on fiscal year 2022 data, Spi Energy (SPIEF) had $3.4M in cash against an annual operating cash burn of $16.0M. This gives an estimated cash runway of approximately 3 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.

What is Spi Energy's Piotroski F-Score?

Spi Energy (SPIEF) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 Spi Energy's earnings high quality?

Spi Energy (SPIEF) has an earnings quality ratio of 0.47x, 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 Spi Energy?

Spi Energy (SPIEF) scores 25 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.