GULF RESOURCES, INC. GURE
and crude salt, natural gas, manufacture and sell chemical products used in oil and gas field explorations and papermaking chemical agents,
and materials for human and animal antibiotics. To date, our products have been sold only within the People's Republic of China.
refers to Gulf Resources, Inc., a holding company and/or its consolidated wholly-owned subsidiaries, and the terms "ton" and
"tons" refers to metric tons, in each case, unless otherwise stated or the context requires otherwise.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.4M | $7.7M | $30.0M | $66.1M | $55.0M | $28.2M | $10.6M | $2.6M | $107.5M | $149.3M |
| Cost of revenue | — | — | — | — | — | $19.4M | $5.4M | $1.3M | $63.2M | $94.8M |
| Gross profit | — | — | — | — | — | $8.8M | $5.2M | $1.3M | $44.4M | $54.5M |
| R&D | — | — | — | — | — | — | — | $0 | $195.2K | $261.9K |
| SG&A | $5.6M | $6.2M | $4.2M | $6.0M | $9.5M | $10.2M | $13.3M | $11.3M | $278.6K | $343.1K |
| Total operating expenses | $34.0M | $29.9M | $41.9M | $49.6M | $49.8M | $37.9M | $33.9M | $86.1M | $96.4M | $101.6M |
| Operating income | -$8.6M | -$22.2M | -$11.9M | $16.5M | $5.2M | -$9.7M | -$23.3M | -$83.6M | $11.2M | $47.7M |
| Interest expense | $372.6K | $91.9K | $105.2K | $121.4K | $137.2K | $136.4K | $145.4K | $160.4K | $164.3K | $174.9K |
| Pre-tax income | -$43.9M | -$58.3M | -$58.3M | $16.6M | $5.4M | -$9.5M | -$23.0M | -$83.1M | $11.6M | $48.0M |
| Income tax | — | $1.6M | $3.5M | $6.6M | $6.3M | $1.1M | $2.8M | $13.1M | $3.6M | $11.8M |
| Net income | -$43.9M | -$59.9M | -$61.8M | $10.1M | -$924.7K | -$8.4M | -$25.8M | -$70.0M | $8.0M | $36.2M |
| EPS, basic | -32.95 | -54.88 | -58.16 | 1.00 | -0.09 | — | — | -1.49 | 0.17 | 0.78 |
| EPS, diluted | -32.95 | -54.88 | -58.16 | — | -0.09 | -0.87 | -2.73 | -7.45 | 0.17 | 0.78 |
| Shares, diluted (wtd. avg.) | $1.3M | $1.1M | $1.1M | $10.0M | $10.5M | — | — | $46.8M | $46.8M | $46.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.8K | $10.1M | $72.2M | $108.2M | $95.8M | $94.2M | $100.3M | — | — | — |
| Receivables | $3.3M | $564.5K | $4.9M | $5.4M | — | — | — | — | — | — |
| Inventory | $562.8K | $315.4K | $577.2K | $1.6M | $691.1K | $419.6K | $690.1K | $0 | $1.2M | $5.9M |
| Total current assets | $24.6M | $17.5M | $86.1M | $119.4M | $115.4M | $107.3M | $107.2M | $187.3M | $241.5M | $221.8M |
| Property, plant and equipment | $61.9M | $89.4M | $112.2M | $149.9M | $162.7M | $148.9M | $138.0M | $82.3M | $95.1M | $108.7M |
| Goodwill | — | — | — | — | — | — | — | $0 | $29.4M | $27.7M |
| Total assets | $133.7M | $167.8M | $226.7M | $292.4M | $309.9M | $294.0M | $279.3M | $298.5M | $387.5M | $365.7M |
| Accounts payable | $146.1K | $30.0K | $207.0K | $57.6K | $202.3K | $480.0K | $0 | $905.3K | $1.0M | $7.5M |
| Short-term debt | $2.8M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $8.2M | $13.0M | $12.6M | $11.8M | $13.9M | $7.1M | $6.3M | $2.6M | $3.2M | $13.9M |
| Total liabilities | $22.3M | $25.0M | $21.4M | $20.8M | $23.2M | $17.0M | $16.1M | $4.7M | $5.5M | $16.2M |
| Total equity | $111.5M | $142.8M | $205.2M | $271.6M | $286.6M | $277.0M | $263.1M | $293.9M | $382.0M | $349.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.8M | $675.8K | -$32.8M | $51.1M | $23.3M | $9.3M | -$15.3M | $17.3M | $62.8M | $55.2M |
| Depreciation and amortisation | $13.1M | $15.8M | $25.9M | $26.8M | $20.5M | $16.0M | $14.1M | $17.4M | $19.9M | $24.6M |
| Stock-based compensation | $930.8K | $194.7K | $451.4K | $668.0K | $3.1M | $2.4M | $45.9K | $496.2K | $372.4K | $40.3K |
| Capital expenditure | $8.8M | $28.9M | — | $37.6M | $30.1M | $21.7M | $60.6M | $35.3M | $17.9M | $17.0M |
| Investing cash flow | -$22.6M | -$28.9M | — | -$37.6M | -$30.1M | -$21.7M | -$60.6M | -$36.0M | -$28.4M | -$15.0M |
| Financing cash flow | $4.8M | -$31.9M | -$267.8K | -$264.9K | -$290.6K | -$265.0K | -$275.5K | -$294.3K | -$273.9K | -$287.4K |
| Buybacks | — | — | — | — | — | — | — | — | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193805-26-001105.
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