Tantech Holdings Financials
Tantech Holdings (TANH) reported $38.4M in revenue for fiscal year 2025, down 10.7% from the prior fiscal year. This page shows its 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).
FY2025 exposed a sharp operating-cost shock: shrinking sales met a larger SG&A load, reversing the company’s prior cash-generation pattern.
The company’s earnings quality shifted: FY2024 paired a net loss of-$3.2M with operating cash flow of$5.4M , an earnings-quality mismatch that kept the reported loss from representing cash use. FY2025 removed that cushion: operating cash flow and free cash flow both reached-$5.8M while operating margin fell to-31.8% , linking the cash reversal to operations rather than simply below-the-line items.
The FY2025 problem is primarily operating expense absorption, not just scale: revenue fell to
Despite the earnings shock, reported liabilities remain modest relative to assets: total liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tantech Holdings'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.
Not available for Tantech Holdings, and counted as zero in the overall score.
Tantech Holdings scores 1.00, below the 1.81 distress threshold. 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.
Tantech Holdings 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.
Tantech Holdings reported a net loss of $31.0M while operations used $5.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Tantech Holdings reported an operating loss of $12.2M against $280K 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
Tantech Holdings generated $38.4M in revenue in fiscal year 2025. This represents a decrease of 10.7% from the prior year.
Tantech Holdings's EBITDA was -$12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 403.2% from the prior year.
Tantech Holdings reported -$31.0M in net income in fiscal year 2025. This represents a decrease of 857.0% from the prior year.
Cash & Balance Sheet
Tantech Holdings recorded an outflow of $5.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 210.1% from the prior year.
Tantech Holdings held $33.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Tantech Holdings's gross margin was 18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.2 percentage points from the prior year.
Tantech Holdings's operating margin was -31.8% in fiscal year 2025, reflecting core business profitability. This is down 41.1 percentage points from the prior year.
Tantech Holdings's net profit margin was -80.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 73.3 percentage points from the prior year.
Tantech Holdings's ROE was -28.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.6 percentage points from the prior year.
Capital Allocation
Tantech Holdings invested $79K in research and development in fiscal year 2025. This represents an increase of 102.5% from the prior year.
Tantech Holdings reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
TANH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
TANH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $124.0M-31.3% | $180.5M+26.3% | $143.0M+0.6% | $142.2M+0.3% | $141.7M+2.6% | $138.1M+2.9% | $134.1M-1.5% | $136.2M |
| Current Assets | $74.0M-2.4% | $75.8M-35.6% | $117.8M-0.1% | $118.0M+2.0% | $115.7M+3.2% | $112.0M+5.0% | $106.8M-0.9% | $107.7M |
| Cash & Equivalents | $33.0M+2.0% | $32.4M-8.0% | $35.2M+2.9% | $34.2M+17.7% | $29.1M+17.6% | $24.7M+30.3% | $19.0M+75.7% | $10.8M |
| Inventory | $152K-36.3% | $239K+25.1% | $191K-79.5% | $934K+295.2% | $236K-81.6% | $1.3M+42.8% | $899K-8.2% | $979K |
| Accounts Receivable | $27.8M-31.7% | $40.7M+24.8% | $32.6M-18.0% | $39.8M-4.9% | $41.8M+1.5% | $41.2M+2.5% | $40.2M-14.5% | $47.0M |
| Total Liabilities | $13.6M-51.1% | $27.9M+90.1% | $14.7M-23.1% | $19.1M+2.2% | $18.7M-5.8% | $19.8M+9.0% | $18.2M+3.1% | $17.6M |
| Current Liabilities | $11.2M-57.8% | $26.6M+126.4% | $11.8M-30.3% | $16.9M-4.1% | $17.6M+15.2% | $15.3M+12.8% | $13.5M-16.7% | $16.3M |
| Total Equity | $110.3M-21.5% | $140.6M+7.1% | $131.3M+4.2% | $126.0M+0.2% | $125.7M+4.3% | $120.5M+2.0% | $118.1M-2.0% | $120.5M |
| Retained Earnings | $17.4M-70.0% | $57.9M+18.7% | $48.8M-8.5% | $53.4M+19.5% | $44.7M+8.9% | $41.0M+4.9% | $39.1M+1.6% | $38.5M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
TANH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
TANH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.59+3.7x | 2.85-7.2x | 10.02+3.0x | 6.99+0.4x | 6.57-0.8x | 7.33-0.6x | 7.88+1.3x | 6.62 |
| Debt-to-Equity | 0.12-0.1x | 0.20+0.1x | 0.110.0x | 0.150.0x | 0.150.0x | 0.160.0x | 0.150.0x | 0.15 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
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Where Tantech Holdings Ranks
Frequently Asked Questions
What is Tantech Holdings's annual revenue?
Tantech Holdings (TANH) reported $38.4M in total revenue for fiscal year 2025. This represents a -10.7% 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 Tantech Holdings's revenue growing?
Tantech Holdings (TANH) revenue declined by 10.7% year-over-year, from $42.9M to $38.4M in fiscal year 2025.
Is Tantech Holdings profitable?
No, Tantech Holdings (TANH) reported a net income of -$31.0M in fiscal year 2025, with a net profit margin of -80.9%.
What is Tantech Holdings's EBITDA?
Tantech Holdings (TANH) had EBITDA of -$12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tantech Holdings's gross margin?
Tantech Holdings (TANH) had a gross margin of 18.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tantech Holdings's operating margin?
Tantech Holdings (TANH) had an operating margin of -31.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tantech Holdings's net profit margin?
Tantech Holdings (TANH) had a net profit margin of -80.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tantech Holdings's return on equity (ROE)?
Tantech Holdings (TANH) has a return on equity of -28.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tantech Holdings's free cash flow?
Tantech Holdings (TANH) recorded an outflow of $5.8M in free cash flow during fiscal year 2025. This represents a -210.1% 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 Tantech Holdings's operating cash flow?
Tantech Holdings (TANH) recorded an outflow of $5.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Tantech Holdings's total assets?
Tantech Holdings (TANH) had $124.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tantech Holdings's capital expenditures?
Tantech Holdings (TANH) reported no capital expenditure during fiscal year 2025.
How much does Tantech Holdings spend on research and development?
Tantech Holdings (TANH) invested $79K in research and development during fiscal year 2025.
What is Tantech Holdings's current ratio?
Tantech Holdings (TANH) had a current ratio of 6.59 as of fiscal year 2025, which is generally considered healthy.
What is Tantech Holdings's debt-to-equity ratio?
Tantech Holdings (TANH) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tantech Holdings's return on assets (ROA)?
Tantech Holdings (TANH) had a return on assets of -25.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Tantech Holdings's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Tantech Holdings (TANH) held $33.0M 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 68 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.
What is Tantech Holdings's Altman Z-Score?
Tantech Holdings (TANH) has an Altman Z-Score of 1.00, 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 Tantech Holdings's Piotroski F-Score?
Tantech Holdings (TANH) 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 Tantech Holdings's earnings high quality?
Tantech Holdings (TANH) reported a net loss of $31.0M 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 Tantech Holdings cover its interest payments?
Tantech Holdings (TANH) reported an operating loss of $12.2M against $280K 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.
How financially healthy is Tantech Holdings?
Tantech Holdings (TANH) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.