Rafael Holdings (RFL) Financial Statements & Analysis

Rafael Holdings (RFL) Income Statement

Rafael Holdings reported revenue of $917.00K in fiscal 2025 (fiscal year ended Jul 31, 2025), up 44.0% from $637.00K a year earlier. Rafael Holdings posted a net loss of $30.52M, compared with a net loss of $34.41M a year earlier. Gross margin was 54.0% and operating margin -2847.2%. In the most recent quarter, Q3 fiscal 2026 (ended Apr 30, 2026), revenue was $179.00K, down 50.6% from the same quarter a year earlier.

Rafael Holdings Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Rafael Holdings, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jul 2025	Oct 2024	Jul 2024	Jul 2023	Oct 2022	Jul 2022	Jul 2021	Jul 2020	Jul 2019	Jul 2018	Jul 2017
Revenue & Gross Profit
Revenue	0.92	0.64	0.64	0.28	0.41	0.41	0.80	4.91	4.93	4.37	5.62
Cost of Revenue	0.42	0.15	0.15	0.00	0.00	-	0.07	0.00	0.00	0.00	0.00
Gross Profit	0.50	0.48	0.48	0.28	0.41	-	0.80	4.91	4.93	4.37	5.62
Operating Expenses
Research & Development	12.82	94.03	94.03	6.31	8.74	8.74	4.91	2.39	1.03	1.00	0.00
Selling, General & Administrative	13.78	8.85	8.85	8.93	16.98	16.98	17.02	9.12	8.82	5.52	3.73
Operating Expenses	26.60	103.11	103.11	15.32	60.89	60.89	29.00	13.38	11.63	8.21	5.40
Operating Income	-26.11	-102.63	-102.63	-15.04	-60.48	-60.48	-21.20	-8.47	-6.70	-3.84	0.22
Other Income/Expense
Interest Income	2.00	2.38	2.38	3.25	0.20	0.20	0.00	0.05	1.13	0.02	0.01
Interest Expense	0.66	0.25	0.25	0.00	0.01	0.01	0.01	0.08	0.66	0.00	0.00
Other Income/Expense	-7.09	34.94	33.23	6.10	-80.07	-79.69	5.16	1.55	1.75	0.20	-0.02
Income
Income Before Tax	-33.20	-67.68	-67.68	-8.95	-140.55	-140.55	-23.04	-6.92	-4.94	-3.64	0.20
Income Tax Expense	-2.55	-2.68	2.68	0.26	0.00	-	0.02	0.03	-0.02	8.44	0.07
Net Income	-30.52	-34.41	-34.41	-1.88	-124.66	-124.66	-24.54	-10.42	-4.92	-11.65	0.14
Net Income - Continuous Operations	-30.52	-34.41	-65.00	-1.88	-124.66	-140.55	-24.54	-10.42	-4.92	-11.65	0.14
Net Income - Discontinued Operations	-	-	-	6.48	-	-1.83	-	-	-	-	-
EBITDA	-32.25	-66.79	-70.38	-14.97	-139.89	-20.31	-21.13	-5.02	-3.16	-1.94	1.89
EBIT	-25.11	-	-70.61	-15.04	-	-20.38	-21.20	-	-	-	-
Depreciation & Amortization	0.29	0.23	0.23	0.08	0.07	0.07	0.07	1.87	1.78	1.70	1.67
Earnings Per Share
Basic EPS	-1.00	-1.00	-1.00	-	-6.00	-6.00	-1.00	-	-	-1.00	-
Diluted EPS	-1.00	-1.00	-1.00	-	-6.00	-6.00	-1.00	-	-	-1.00	-
Basic Shares Outstanding	29.42	23.75	23.75	23.26	19.77	19.77	16.52	15.76	13.28	12.49	12.54
Diluted Shares Outstanding	29.42	23.75	23.75	23.26	19.77	19.77	16.52	15.76	13.28	12.49	12.54

Source: Company financial statements from annual and quarterly filings. Data as of Apr 30, 2026. Data sources and methodology

Frequently Asked Questions About Rafael Holdings Financial Statements

What was Rafael Holdings's revenue in fiscal 2025?

Rafael Holdings reported revenue of $917.00K in fiscal 2025 (fiscal year ended Jul 31, 2025). That was up 44.0% from $637.00K a year earlier.

Is Rafael Holdings profitable?

No. Rafael Holdings reported a net loss of $30.52M in fiscal 2025. In fiscal 2024 it lost $34.41M.

What is Rafael Holdings's operating margin?

Rafael Holdings's operating income was −$26.11M on revenue of $917.00K in fiscal 2025, an operating margin of -2847.2%, compared with -16111.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition