Rani Therapeutics Holdings, Inc. (RANI)

RANI Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	1.63	1.03	-	-	2.72
Revenue Growth (YoY)	58.85%	-	-	-	488.10%
Gross Profit	1.63	1.03	-	-	2.72
Selling, General & Admin	19.74	23.95	26.48	26.84	27.83
Research & Development	20.21	26.68	39.62	36.61	26.48
Other Operating Expenses	-	3.71	-	-	-
Total Operating Expenses	39.94	54.34	66.1	63.45	54.32
Operating Income	-38.31	-53.31	-66.1	-63.45	-51.6
Interest Income	0.83	1.76	3.3	1.25	0.09
Interest Expense	-2.89	-5.03	-5.09	-1.07	-0.47
Other Non-Operating Income (Expense)	-0.58	-	-	-	-1.07
Total Non-Operating Income (Expense)	-2.64	-3.27	-1.78	0.18	-1.45
Pretax Income	-40.95	-56.58	-67.88	-63.34	-53.09
Provision for Income Taxes	-	-	-	-0.07	-0.04
Net Income	-29.67	-30.02	-33.97	-30.59	-8.33
Minority Interest in Earnings	-11.28	-26.57	-33.91	-32.76	-44.76
Net Income to Common	-29.67	-30.02	-33.97	-30.59	-8.33
Shares Outstanding (Basic)	66	28	26	24	20
Shares Outstanding (Diluted)	66	28	26	24	20
Shares Change (YoY)	132.26%	11.65%	7.09%	21.93%	-58.34%
EPS (Basic)	-0.45	-1.05	-1.33	-1.28	-0.43
EPS (Diluted)	-0.45	-1.05	-1.33	-1.28	-0.43
Shares Outstanding	121.59	33.31	26.04	25.3	19.71
Free Cash Flow	-18.8	-35.76	-52.47	-48.13	-32.75
Free Cash Flow Per Share	-0.28	-1.26	-2.06	-2.02	-1.68
Gross Margin	100.00%	100.00%	-	-	100.00%
Operating Margin	-2345.99%	-5186.19%	-	-	-1899.12%
Profit Margin	-2507.65%	-5504.28%	-	-	-1953.92%
FCF Margin	-1151.38%	-3478.99%	-	-	-1205.41%
EBITDA	-37.41	-52.29	-65.28	-62.9	-51.1
EBITDA Margin	-2290.88%	-5086.19%	-	-	-1880.82%
EBIT	-38.31	-53.31	-66.1	-63.45	-51.6
EBIT Margin	-2345.99%	-5186.19%	-	-	-1899.12%
Effective Tax Rate	0.00%	0.00%	0.00%	0.11%	0.08%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q