Veritas Farms Financials

VFRM

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

This page shows Veritas Farms (VFRM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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

Financial Profile 6/100

Based on FY2022 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Veritas Farms has an operating margin of -514.0%, meaning the company retains $-514 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 down from -252.1% the prior year.

Growth

Veritas Farms's revenue declined 63.4% year-over-year, from $2.9M to $1.1M. This contraction results in a growth score of 0/100.

Liquidity

Veritas Farms's current ratio of 1.12 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 25/100, which could limit financial flexibility.

Cash Flow

While Veritas Farms generated -$3.9M in operating cash flow, capex of $10K consumed most of it, leaving -$3.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Veritas Farms passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.76x

For every $1 of reported earnings, Veritas Farms generates $0.76 in operating cash flow (-$3.9M OCF vs -$5.1M 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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Revenue

$1.1M

YoY-63.4%

5Y CAGR-0.9%

Veritas Farms generated $1.1M in revenue in fiscal year 2022. This represents a decrease of 63.4% from the prior year.

EBITDA

-$5.0M

YoY+26.7%

Veritas Farms's EBITDA was -$5.0M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.7% from the prior year.

Free Cash Flow

-$3.9M

YoY+19.3%

Veritas Farms generated -$3.9M in free cash flow in fiscal year 2022, representing cash available after capex. This represents an increase of 19.3% from the prior year.

Net Income

-$5.1M

YoY+27.2%

Veritas Farms reported -$5.1M in net income in fiscal year 2022. This represents an increase of 27.2% from the prior year.

EPS (Diluted)

$-0.13

YoY+23.5%

Veritas Farms earned $-0.13 per diluted share (EPS) in fiscal year 2022. This represents an increase of 23.5% from the prior year.

Cash & Debt

$55K

YoY-88.5%

5Y CAGR+14.7%

Veritas Farms held $55K in cash against $150K in long-term debt as of fiscal year 2022.

Dividends Per Share

N/A

Shares Outstanding

42M

YoY+0.0%

5Y CAGR-6.9%

Veritas Farms had 42M shares outstanding in fiscal year 2022. This represents an increase of 0.0% from the prior year.

Gross Margin

-130.1%

YoY-88.8pp

5Y CAGR-147.3pp

Veritas Farms's gross margin was -130.1% in fiscal year 2022, indicating the percentage of revenue retained after direct costs. This is down 88.8 percentage points from the prior year.

Operating Margin

-514.0%

YoY-261.9pp

5Y CAGR-394.4pp

Veritas Farms's operating margin was -514.0% in fiscal year 2022, reflecting core business profitability. This is down 261.9 percentage points from the prior year.

Net Margin

-483.9%

YoY-240.7pp

5Y CAGR-263.7pp

Veritas Farms's net profit margin was -483.9% in fiscal year 2022, showing the share of revenue converted to profit. This is down 240.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$10K

YoY-87.1%

5Y CAGR-52.9%

Veritas Farms invested $10K in capex in fiscal year 2022, funding long-term assets and infrastructure. This represents a decrease of 87.1% from the prior year.

VFRM Income Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	$1.1M-63.4%	$2.9M-53.3%	$6.2M-14.6%	$7.3M+250.6%	$2.1M+86.6%	$1.1M
Cost of Revenue	$1.6M-22.3%	$2.1M-35.3%	$3.3M-12.9%	$3.8M+211.9%	$1.2M+67.1%	$720K
Gross Profit	-$1.4M-15.1%	-$1.2M-140.6%	$3.0M-14.5%	$3.5M+294.9%	$876K+357.8%	$191K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.1M-33.4%	$6.1M-41.2%	$10.4M-28.6%	$14.6M+176.2%	$5.3M+246.6%	$1.5M
Operating Income	-$5.5M+25.4%	-$7.3M+1.8%	-$7.5M+32.9%	-$11.1M-152.6%	-$4.4M-230.6%	-$1.3M
Interest Expense	$0-100.0%	$24K-81.7%	$130K+613.2%	$18K	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.1M+27.2%	-$7.1M+6.9%	-$7.6M+31.9%	-$11.1M-190.6%	-$3.8M-56.3%	-$2.5M
EPS (Diluted)	$-0.13+23.5%	$-0.17+5.6%	$-0.18	N/A	N/A	N/A

Metric	Q3'23	Q2'23	Q1'23	Q4'21	Q3'22	Q2'22	Q1'22	Q4'20
Revenue	$236K+38.9%	$170K-19.0%	$210K-76.8%	$902K+62.3%	$556K-0.7%	$560K-37.0%	$888K-36.3%	$1.4M
Cost of Revenue	$183K-67.1%	$557K+247.2%	$160K-80.7%	$829K+193.7%	$282K-30.2%	$404K-32.8%	$601K-40.8%	$1.0M
Gross Profit	$53K+113.6%	-$387K-881.5%	$49K+102.6%	-$1.9M-800.7%	$274K+75.5%	$156K-45.6%	$287K-24.3%	$379K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$892K+11.3%	$802K+0.3%	$799K-54.7%	$1.8M+13.3%	$1.6M-4.7%	$1.6M+40.1%	$1.2M-58.4%	$2.8M
Operating Income	-$840K+29.3%	-$1.2M-58.5%	-$750K+79.6%	-$3.7M-186.7%	-$1.3M+13.1%	-$1.5M-68.0%	-$880K+63.7%	-$2.4M
Interest Expense	$36K+190.8%	$12K+3.7%	$12K	N/A	N/A	N/A	$275K	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$1.1M+20.1%	-$1.4M-54.2%	-$921K+75.6%	-$3.8M-163.2%	-$1.4M-106.4%	-$696K+39.7%	-$1.2M+53.0%	-$2.5M
EPS (Diluted)	$-0.01	$-0.04-100.0%	$-0.02+75.0%	$-0.08-100.0%	$-0.04-100.0%	$-0.02+33.3%	$-0.03	N/A

VFRM Balance Sheet

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$6.8M-21.0%	$8.6M-30.7%	$12.4M-12.7%	$14.2M+102.7%	$7.0M+34.6%	$5.2M
Current Assets	$3.5M-12.6%	$4.0M-39.3%	$6.7M-24.6%	$8.8M+190.8%	$3.0M+92.2%	$1.6M
Cash & Equivalents	$55K-88.5%	$482K+347.3%	$108K-90.0%	$1.1M+556.1%	$164K+490.2%	$28K
Inventory	$2.2M-30.2%	$3.2M-45.5%	$5.9M-10.7%	$6.6M+163.1%	$2.5M+75.6%	$1.4M
Accounts Receivable	$34K-67.1%	$105K-72.9%	$386K-26.1%	$523K+114.2%	$244K+205.6%	$80K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7.4M+96.2%	$3.8M-20.8%	$4.8M+135.3%	$2.0M+116.5%	$935K-55.5%	$2.1M
Current Liabilities	$3.2M+43.4%	$2.2M-41.1%	$3.8M+110.1%	$1.8M+141.8%	$738K-63.1%	$2.0M
Long-Term Debt	$150K-19.6%	$187K-33.0%	$279K+50.7%	$185K-5.8%	$196K+96.3%	$100K
Total Equity	-$606K-112.6%	$4.8M-36.9%	$7.6M-37.3%	$12.2M+100.6%	$6.1M+95.6%	$3.1M
Retained Earnings	-$39.5M-16.3%	-$33.9M-27.2%	-$26.7M-39.8%	-$19.1M-140.6%	-$7.9M-93.8%	-$4.1M

Metric	Q3'23	Q2'23	Q1'23	Q4'21	Q3'22	Q2'22	Q1'22	Q4'20
Total Assets	$8.3M+52.3%	$5.5M-13.9%	$6.3M-26.2%	$8.6M-25.9%	$11.6M-0.5%	$11.7M+2.6%	$11.4M-8.4%	$12.4M
Current Assets	$2.9M+20.8%	$2.4M-24.3%	$3.2M-21.2%	$4.0M-44.1%	$7.2M+1.9%	$7.1M+6.5%	$6.7M+0.2%	$6.7M
Cash & Equivalents	$59K-51.0%	$120K-67.1%	$364K-24.4%	$482K+98.8%	$242K-48.2%	$468K+408.9%	$92K-14.6%	$108K
Inventory	$2.3M+36.1%	$1.7M-21.7%	$2.1M-33.1%	$3.2M-44.7%	$5.8M-1.1%	$5.9M+1.3%	$5.8M-1.8%	$5.9M
Accounts Receivable	$28K+20.6%	$23K-37.2%	$37K-64.6%	$105K-80.2%	$528K+35.3%	$390K-26.4%	$530K+37.3%	$386K
Goodwill	$2.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.1M+18.8%	$6.8M-14.3%	$8.0M+111.2%	$3.8M+9.7%	$3.4M-13.1%	$4.0M-16.4%	$4.7M-0.5%	$4.8M
Current Liabilities	$4.5M+18.2%	$3.8M+8.6%	$3.5M+57.5%	$2.2M+2.8%	$2.1M-23.5%	$2.8M-35.8%	$4.4M+16.7%	$3.8M
Long-Term Debt	$5.9M+3864.8%	$150K0.0%	$150K-19.6%	$187K-7.9%	$203K-17.9%	$247K-5.0%	$260K-6.8%	$279K
Total Equity	$207K+115.2%	-$1.4M+15.7%	-$1.6M-133.6%	$4.8M-40.9%	$8.2M+5.9%	$7.7M+16.3%	$6.6M-13.3%	$7.6M
Retained Earnings	-$43.3M-2.9%	-$42.0M-3.8%	-$40.5M-19.3%	-$33.9M-12.9%	-$30.0M-5.3%	-$28.5M-2.6%	-$27.8M-4.3%	-$26.7M

VFRM Cash Flow Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	-$3.9M+18.2%	-$4.8M-60.2%	-$3.0M+75.8%	-$12.3M-194.5%	-$4.2M-122.4%	-$1.9M
Capital Expenditures	$10K-87.1%	$80K-8.8%	$88K-93.7%	$1.4M+132.4%	$597K+33.6%	$447K
Free Cash Flow	-$3.9M+19.3%	-$4.8M-58.2%	-$3.1M+77.6%	-$13.7M-186.7%	-$4.8M-105.3%	-$2.3M
Investing Cash Flow	$18K+123.0%	-$80K+8.8%	-$88K+93.9%	-$1.4M-141.6%	-$597K-33.6%	-$447K
Financing Cash Flow	$3.4M-33.8%	$5.2M+149.5%	$2.1M-85.7%	$14.6M+198.5%	$4.9M+117.6%	$2.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$41K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'23	Q2'23	Q1'23	Q4'21	Q3'22	Q2'22	Q1'22	Q4'20
Operating Cash Flow	-$599K-18.3%	-$506K-934.3%	$61K+112.9%	-$470K+76.5%	-$2.0M-42.2%	-$1.4M-57.7%	-$890K-78.6%	-$498K
Capital Expenditures	$5K	$0-100.0%	$5K-80.8%	$26K+57.7%	$17K	N/A	N/A	$11K
Free Cash Flow	-$600K+49.2%	-$1.2M-7.9%	-$1.1M-120.5%	-$496K+75.3%	-$2.0M	N/A	N/A	-$509K
Investing Cash Flow	$65K+125.0%	$29K+666.0%	-$5K+80.8%	-$26K-57.7%	-$17K	N/A	N/A	-$11K
Financing Cash Flow	$473K+90.3%	$249K+0.2%	$248K-66.3%	$735K-58.8%	$1.8M-1.7%	$1.8M+107.8%	$874K+58.1%	$553K
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

VFRM Financial Ratios

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Gross Margin	-130.1%-88.8pp	-41.3%-88.9pp	47.5%+0.1pp	47.5%+5.3pp	42.1%+25.0pp	17.2%
Operating Margin	-514.0%-261.9pp	-252.1%-132.2pp	-119.9%+32.8pp	-152.6%+59.2pp	-211.8%-92.3pp	-119.6%
Net Margin	-483.9%-240.7pp	-243.2%-121.2pp	-122.0%+30.9pp	-152.9%+31.5pp	-184.4%+35.7pp	-220.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-75.7%+6.5pp	-82.2%-21.0pp	-61.2%+17.2pp	-78.4%-23.7pp	-54.7%-7.6pp	-47.1%
Current Ratio	1.12-0.7	1.83+0.1	1.77-3.2	4.94+0.8	4.11+3.3	0.79
Debt-to-Equity	-0.25-0.3	0.040.0	0.04+0.0	0.02-0.0	0.030.0	0.03
FCF Margin	-367.1%-200.7pp	-166.4%-117.3pp	-49.1%+138.2pp	-187.3%+41.7pp	-229.0%-20.9pp	-208.1%

Metric	Q3'23	Q2'23	Q1'23	Q4'21	Q3'22	Q2'22	Q1'22	Q4'20
Gross Margin	22.3%+250.0pp	-227.6%-251.2pp	23.6%+236.2pp	-212.6%-261.8pp	49.3%+21.4pp	27.9%-4.4pp	32.3%+5.1pp	27.2%
Operating Margin	-355.9%+343.6pp	-699.5%-342.1pp	-357.4%+50.8pp	-408.2%-177.1pp	-231.1%+32.9pp	-264.1%-165.0pp	-99.1%+74.9pp	-174.0%
Net Margin	-481.0%+355.3pp	-836.3%-397.2pp	-439.1%-20.1pp	-419.0%-160.6pp	-258.4%-134.1pp	-124.3%+5.7pp	-130.0%+46.3pp	-176.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-13.6%+12.4pp	-26.0%-11.5pp	-14.5%+29.5pp	-44.0%-31.6pp	-12.4%-6.4pp	-6.0%+4.2pp	-10.2%+9.7pp	-19.8%
Current Ratio	0.65+0.0	0.64-0.3	0.91-0.9	1.83-1.5	3.36+0.8	2.53+1.0	1.52-0.3	1.77
Debt-to-Equity	28.67+28.8	-0.11-0.0	-0.09-0.1	0.04+0.0	0.020.0	0.030.0	0.040.0	0.04
FCF Margin	-223.9%+207.0pp	-430.9%-171.1pp	-259.8%-204.8pp	-55.0%+306.8pp	-361.7%	N/A	N/A	-36.5%

Note: Shareholder equity is negative (-$606K), 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.

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Frequently Asked Questions

What is Veritas Farms's annual revenue?

Veritas Farms (VFRM) reported $1.1M in total revenue for fiscal year 2022. This represents a -63.4% 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 Veritas Farms's revenue growing?

Veritas Farms (VFRM) revenue declined by 63.4% year-over-year, from $2.9M to $1.1M in fiscal year 2022.

Is Veritas Farms profitable?

No, Veritas Farms (VFRM) reported a net income of -$5.1M in fiscal year 2022, with a net profit margin of -483.9%.

What is Veritas Farms's earnings per share (EPS)?

Veritas Farms (VFRM) reported diluted earnings per share of $-0.13 for fiscal year 2022. This represents a 23.5% 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.

What is Veritas Farms's EBITDA?

Veritas Farms (VFRM) had EBITDA of -$5.0M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Veritas Farms have?

As of fiscal year 2022, Veritas Farms (VFRM) had $55K in cash and equivalents against $150K in long-term debt.

What is Veritas Farms's gross margin?

Veritas Farms (VFRM) had a gross margin of -130.1% in fiscal year 2022, indicating the percentage of revenue retained after direct costs of goods sold.

What is Veritas Farms's operating margin?

Veritas Farms (VFRM) had an operating margin of -514.0% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.

What is Veritas Farms's net profit margin?

Veritas Farms (VFRM) had a net profit margin of -483.9% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.

What is Veritas Farms's free cash flow?

Veritas Farms (VFRM) generated -$3.9M in free cash flow during fiscal year 2022. This represents a 19.3% 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 Veritas Farms's operating cash flow?

Veritas Farms (VFRM) generated -$3.9M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.

What are Veritas Farms's total assets?

Veritas Farms (VFRM) had $6.8M in total assets as of fiscal year 2022, including both current and long-term assets.

What are Veritas Farms's capital expenditures?

Veritas Farms (VFRM) invested $10K in capital expenditures during fiscal year 2022, funding long-term assets and infrastructure.

How many shares does Veritas Farms have outstanding?

Veritas Farms (VFRM) had 42M shares outstanding as of fiscal year 2022.

What is Veritas Farms's current ratio?

Veritas Farms (VFRM) had a current ratio of 1.12 as of fiscal year 2022, which is considered adequate.

What is Veritas Farms's debt-to-equity ratio?

Veritas Farms (VFRM) had a debt-to-equity ratio of -0.25 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Veritas Farms's return on assets (ROA)?

Veritas Farms (VFRM) had a return on assets of -75.7% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.

What is Veritas Farms's cash runway?

Based on fiscal year 2022 data, Veritas Farms (VFRM) had $55K in cash against an annual operating cash burn of $3.9M. 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 Veritas Farms's debt-to-equity ratio negative or unusual?

Veritas Farms (VFRM) has negative shareholder equity of -$606K as of fiscal year 2022, 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 Veritas Farms's Piotroski F-Score?

Veritas Farms (VFRM) 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 Veritas Farms's earnings high quality?

Veritas Farms (VFRM) has an earnings quality ratio of 0.76x, 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 Veritas Farms?

Veritas Farms (VFRM) scores 6 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.