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.

Veritas Farms Financials

VFRM

FY2022 annual

Revenue $1.1M -63.4% YoY

Net Income -$5.1M +27.2% YoY

EPS (Diluted) -$0.13 +23.5% YoY

Free Cash Flow -$3.9M +19.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2023, ended Sep 30, 2023 Reported Nov 15, 2023 Currency USD FYE December

Veritas Farms (VFRM) reported $1.1M in revenue for fiscal year 2022, down 63.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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 VFRM FY2022 2026-08-30

The business mechanic is a sales base overwhelmed by product costs, with external financing absorbing operating losses and negative equity emerging.

In FY2022, operating cash flow was -$3.9M and free cash flow was -$3.9M, showing that capital spending was not the main cash drain. That close alignment with the -$5.1M net loss indicates the reported losses were translating into cash needs rather than remaining mainly accounting charges.

Financing supplied $3.4M while operations consumed $3.9M, indicating that the business was funding recurring losses externally rather than through internally generated cash. By FY2022, liabilities exceeded assets—$7.4M versus $6.8M—leaving negative equity and a 1.1x current ratio; reported liquidity equaled only 0.2 months of annual operating outflow.

Gross margin moved from 47.5% in FY2020 to -130.1% in FY2022, revealing a shift from retaining part of each sale to spending more on products than sales generated. Against that gross loss, SG&A of $4.1M still contributed to a -$5.5M operating result, so the latest contraction reflects both damaged unit economics and a cost base too large for current volume.

Financial Health Signals

Financial health score not available

Veritas Farms 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.

Altman Z-Score Distress

-10.57

Veritas Farms scores -10.57, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($16K) relative to total liabilities ($7.4M). 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.

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 No Cash Backing

N/A

Veritas Farms reported a net loss of $5.1M while operations used $3.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

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.

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 & Balance Sheet

Free Cash Flow

-$3.9M

YoY+19.3%

Veritas Farms recorded an outflow of $3.9M in free cash flow in fiscal year 2022, representing a cash shortfall after capex. This represents an increase of 19.3% 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, with $3.2M of liabilities due within a year.

Shares Outstanding

42M

YoY0.0%

Veritas Farms had 42M shares outstanding in fiscal year 2022. That is unchanged from the prior year.

Dividends Per Share

Not reported for fiscal year 2022.

Margins & Returns

Gross Margin

Not shown for fiscal year 2022: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Operating Margin

Not shown for fiscal year 2022: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for fiscal year 2022: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

Not reported for fiscal year 2022.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2022.

Share Buybacks

Not reported for fiscal year 2022.

VFRM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VFRM quarterly income statement

Metric	TTM	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY16
Revenue	$884K	$1.1M-63.4%	$2.9M-53.3%	$6.2M-14.6%	$7.3M+250.6%	$2.1M+86.6%	$1.1M+1362.2%	$76K	N/A
Cost of Revenue	$1.5M	$1.6M-22.3%	$2.1M-35.3%	$3.3M-12.9%	$3.8M+211.9%	$1.2M+67.1%	$720K+1583.3%	$43K	N/A
Gross Profit	-$1.5M	-$1.4M-275.0%	$790K-73.3%	$3.0M-14.5%	$3.5M+294.9%	$876K+357.8%	$191K+472.4%	$33K	N/A
SG&A Expenses	$3.4M	$4.1M-33.4%	$6.1M-41.2%	$10.4M-28.6%	$14.6M+176.2%	$5.3M+246.6%	$1.5M+54.9%	$984K	N/A
Operating Income	-$4.9M	-$5.5M+25.4%	-$7.3M+1.8%	-$7.5M+32.9%	-$11.1M-152.6%	-$4.4M-230.6%	-$1.3M+6.8%	-$1.4M	N/A
Interest Expense	$17K	$0-100.0%	$24K-81.7%	$130K+613.2%	$18K	N/A	N/A	N/A	N/A
Net Income	-$5.8M	-$5.1M+27.2%	-$7.1M+6.9%	-$7.6M+31.9%	-$11.1M-190.6%	-$3.8M-56.3%	-$2.5M-68.3%	-$1.5M	N/A
EPS (Diluted)	—	-$0.13+23.5%	-$0.17+5.6%	-$0.18	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
Revenue	$236K+38.9%	$170K-19.0%	$210K-21.7%	$268K+167.5%	$100K-63.4%	$274K-34.9%	$421K-53.4%	$902K
Cost of Revenue	$183K-67.1%	$557K+247.2%	$160K-74.8%	$636K+74.8%	$364K+12.1%	$325K+1.9%	$319K-61.5%	$829K
Gross Profit	$53K+113.6%	-$387K-881.5%	$49K+104.2%	-$1.2M-343.8%	-$264K-418.4%	-$51K-149.8%	$102K+38.5%	$74K
SG&A Expenses	$892K+11.3%	$802K+0.3%	$799K-16.0%	$951K+69.9%	$560K-56.1%	$1.3M-1.5%	$1.3M-26.6%	$1.8M
Operating Income	-$840K+29.3%	-$1.2M-58.5%	-$750K+64.7%	-$2.1M-157.6%	-$824K+37.9%	-$1.3M-11.2%	-$1.2M+67.6%	-$3.7M
Interest Expense	$36K+190.8%	$12K+3.7%	$12K+127.8%	-$43K-508.0%	$11K-5.4%	$11K-47.7%	$21K	N/A
Net Income	-$1.1M+20.1%	-$1.4M-54.2%	-$921K+59.5%	-$2.3M-132.4%	-$979K-61.5%	-$606K+52.8%	-$1.3M+66.1%	-$3.8M
EPS (Diluted)	-$0.01	-$0.04-100.0%	-$0.02+60.0%	-$0.05-150.0%	-$0.02	-$0.02+33.3%	-$0.03+66.7%	-$0.09

Not reported in any period shown, so not listed: R&D Expenses, Income Tax.

VFRM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VFRM quarterly balance sheet

Metric	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY16
Total Assets	$6.8M-21.0%	$8.6M-30.7%	$12.4M-12.7%	$14.2M+102.7%	$7.0M+34.6%	$5.2M+5.8%	$4.9M	$15
Current Assets	$3.5M-12.6%	$4.0M-39.3%	$6.7M-24.6%	$8.8M+190.8%	$3.0M+92.2%	$1.6M+145.8%	$642K	N/A
Cash & Equivalents	$55K-88.5%	$482K+347.3%	$108K-90.0%	$1.1M+556.1%	$164K+490.2%	$28K-70.9%	$96K	N/A
Inventory	$2.2M-30.2%	$3.2M-45.5%	$5.9M-10.7%	$6.6M+163.1%	$2.5M+75.6%	$1.4M+161.4%	$547K	N/A
Accounts Receivable	$34K-67.1%	$105K-72.9%	$386K-26.1%	$523K+114.2%	$244K+205.6%	$80K	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+172.2%	$772K	-$1.0M
Current Liabilities	$3.2M+43.4%	$2.2M-41.1%	$3.8M+110.1%	$1.8M+141.8%	$738K-63.1%	$2.0M+346.0%	$449K	N/A
Long-Term Debt	$150K-19.6%	$187K-33.0%	$279K+50.7%	$185K-5.8%	$196K+96.3%	$100K-69.1%	$323K	N/A
Total Equity	-$606K-112.6%	$4.8M-36.9%	$7.6M-37.3%	$12.2M+100.6%	$6.1M+95.6%	$3.1M-25.1%	$4.2M	$1.0M
Retained Earnings	-$39.5M-16.3%	-$33.9M-27.2%	-$26.7M-39.8%	-$19.1M-140.6%	-$7.9M-93.8%	-$4.1M-149.9%	-$1.6M	-$63K

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Total Assets	$8.3M+52.3%	$5.5M-13.9%	$6.3M-6.6%	$6.8M-18.6%	$8.3M+2.1%	$8.2M-2.4%	$8.4M-2.6%	$8.6M
Current Assets	$2.9M+20.8%	$2.4M-24.3%	$3.2M-9.9%	$3.5M-22.0%	$4.5M+8.8%	$4.2M+3.3%	$4.0M-0.4%	$4.0M
Cash & Equivalents	$59K-51.0%	$120K-67.1%	$364K+558.6%	$55K-55.7%	$125K-24.1%	$164K-56.0%	$373K-22.5%	$482K
Inventory	$2.3M+36.1%	$1.7M-21.7%	$2.1M-4.2%	$2.2M-36.1%	$3.5M+1.8%	$3.4M+3.4%	$3.3M+3.8%	$3.2M
Accounts Receivable	$28K+20.6%	$23K-37.2%	$37K+7.6%	$34K-78.4%	$159K-52.8%	$337K+187.9%	$117K+11.9%	$105K
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+7.7%	$7.4M+12.4%	$6.6M+23.2%	$5.3M+9.0%	$4.9M+30.0%	$3.8M
Current Liabilities	$4.5M+18.2%	$3.8M+8.6%	$3.5M+9.8%	$3.2M+10.6%	$2.9M+9.1%	$2.6M+11.7%	$2.3M+6.3%	$2.2M
Long-Term Debt	$5.9M+3864.8%	$150K0.0%	$150K0.0%	$150K0.0%	$150K0.0%	$150K-16.7%	$180K-3.5%	$187K
Total Equity	$207K+115.2%	-$1.4M+15.7%	-$1.6M-167.4%	-$606K-134.4%	$1.8M-37.7%	$2.8M-18.5%	$3.5M-28.1%	$4.8M
Retained Earnings	-$43.3M-2.9%	-$42.0M-3.8%	-$40.5M-2.6%	-$39.5M-6.4%	-$37.1M-3.0%	-$36.0M-2.0%	-$35.3M-4.1%	-$33.9M

VFRM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VFRM quarterly cash flow statement

Metric	TTM	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY16
Operating Cash Flow	-$1.6M	-$3.9M+18.2%	-$4.8M-60.2%	-$3.0M+75.8%	-$12.3M-194.5%	-$4.2M-122.4%	-$1.9M+0.2%	-$1.9M	N/A
Capital Expenditures	N/A	$10K-87.1%	$80K-8.8%	$88K-93.7%	$1.4M+132.4%	$597K+33.6%	$447K-80.9%	$2.3M	N/A
Free Cash Flow	N/A	-$3.9M+19.3%	-$4.8M-58.2%	-$3.1M+77.6%	-$13.7M-186.7%	-$4.8M-105.3%	-$2.3M+45.0%	-$4.2M	N/A
Investing Cash Flow	N/A	$18K+123.0%	-$80K+8.8%	-$88K+93.9%	-$1.4M-141.6%	-$597K-33.6%	-$447K+80.9%	-$2.3M	N/A
Financing Cash Flow	$1.5M	$3.4M-33.8%	$5.2M+149.5%	$2.1M-85.7%	$14.6M+198.5%	$4.9M+117.6%	$2.3M-47.6%	$4.3M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	$41K-53.4%	$89K	N/A

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Operating Cash Flow	-$599K-18.3%	-$506K-934.3%	$61K+110.2%	-$595K+42.2%	-$1.0M+12.9%	-$1.2M-8.5%	-$1.1M-131.8%	-$470K
Capital Expenditures	N/A	N/A	N/A	$5K	$0	$0-100.0%	$5K-80.8%	$26K
Free Cash Flow	N/A	N/A	N/A	-$600K+41.6%	-$1.0M+12.9%	-$1.2M-7.9%	-$1.1M-120.5%	-$496K
Investing Cash Flow	$65K	N/A	N/A	-$5K	$0-100.0%	$29K+666.0%	-$5K+80.8%	-$26K
Financing Cash Flow	$473K+90.3%	$249K+0.2%	$248K-53.2%	$530K-46.3%	$989K+4.9%	$943K-4.3%	$985K+33.9%	$735K

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

VFRM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VFRM quarterly financial ratios

Metric	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY16
Gross Margin	-130.1%	27.2%-20.3pp	47.5%+0.1pp	47.5%+5.3pp	42.1%+25.0pp	17.2%-26.7pp	43.9%	N/A
Operating Margin	-514.0%	-252.1%	-119.9%	-152.6%	-211.8%	-119.6%	-1875.1%	N/A
Net Margin	-483.9%	-243.2%	-122.0%	-152.9%	-184.4%	-220.1%	-1912.8%	N/A
Return on Equity	N/A	-146.5%-47.2pp	-99.3%-7.9pp	-91.4%-28.3pp	-63.1%+15.8pp	-79.0%-43.8pp	-35.1%	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%-17.5pp	-29.6%	N/A
Current Ratio	1.12-0.7x	1.83+0.1x	1.77-3.2x	4.94+0.8x	4.11+3.3x	0.79-0.6x	1.43	N/A
Debt-to-Equity	N/A	0.040.0x	0.040.0x	0.020.0x	0.030.0x	0.030.0x	0.08	N/A
FCF Margin	-367.1%	-166.4%	-49.1%	-187.3%	-229.0%	-208.1%	-5533.4%	N/A

Metric	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21
Gross Margin	22.3%	-227.6%	23.6%	-436.7%	-263.2%	-18.6%-42.8pp	24.3%+16.1pp	8.2%
Operating Margin	-355.9%	-699.5%	-357.4%	-791.6%	-822.1%	-484.0%	-283.4%	-408.2%
Net Margin	-481.0%	-836.3%	-439.1%	-848.9%	-977.2%	-221.3%	-304.8%	-419.0%
Return on Equity	-547.0%	N/A	N/A	N/A	-55.6%-34.1pp	-21.4%+15.5pp	-37.0%+41.4pp	-78.4%
Return on Assets	-13.6%+12.4pp	-26.0%-11.5pp	-14.5%+19.0pp	-33.5%-21.8pp	-11.7%-4.3pp	-7.4%+7.9pp	-15.3%+28.7pp	-44.0%
Current Ratio	0.650.0x	0.64-0.3x	0.91-0.2x	1.12-0.5x	1.580.0x	1.58-0.1x	1.71-0.1x	1.83
Debt-to-Equity	28.67	N/A	N/A	N/A	0.090.0x	0.050.0x	0.050.0x	0.04
FCF Margin	N/A	N/A	N/A	-223.9%	-1026.3%	-430.9%	-259.8%	-55.0%

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: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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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Where Veritas Farms Ranks

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.

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 free cash flow?

Veritas Farms (VFRM) recorded an outflow of $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) recorded an outflow of $3.9M in operating cash flow during fiscal year 2022, representing cash used by 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 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.

How does Veritas Farms's liquidity compare with its operating cash outflow?

At the end of fiscal year 2022, Veritas Farms (VFRM) held $55K in cash, cash equivalents and investments, and reported an operating cash outflow of $3.9M 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 Veritas Farms's debt-to-equity ratio negative or not reported?

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

Veritas Farms (VFRM) has an Altman Z-Score of -10.57, 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 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 to 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) reported a net loss of $5.1M while operations used $3.9M 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.