Rafael Holdings, Inc. income statement
In fiscal 2026, Rafael Holdings, Inc. reported revenue of $874,000, down 4.7% on the year before, operating income of −$33.4m (a -3822.5% margin) and net income of −$29.6m, or −$0.58 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2016Jul 2016 | 2017Jul 2017 | 2018Jul 2018 | 2019Jul 2019 | 2020Jul 2020 | 2021Jul 2021 | 2022Jul 2022 | 2023Jul 2023 | 2024Jul 2024 | 2025Jul 2025 | 2026Jul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 6 | 4 | 5 | 5 | 1 | 0 | 0 | 1 | 1 | 1 |
| Cost of revenue | — | — | — | — | — | 3 | 3 | — | 0 | — | — |
| Gross profit | — | — | — | — | — | −2 | −3 | — | 0 | — | — |
| Research and development | — | — | 1 | 1 | 2 | 5 | 9 | 6 | 4 | 13 | 24 |
| Selling, general and administrative | 3 | 4 | 6 | 9 | 9 | 17 | 17 | — | — | — | — |
| General and administrative | — | — | — | — | — | — | — | 9 | 9 | 14 | 10 |
| Operating income | 1 | 0 | −4 | −7 | −8 | −28 | −60 | −15 | −103 | −29 | −33 |
| Interest expense | — | — | — | — | 0 | 0 | 0 | — | 0 | 1 | 0 |
| Net interest income | −0 | 0 | 0 | 0 | −0 | −0 | — | — | — | — | — |
| Income before tax | 1 | 0 | −4 | −5 | −7 | −23 | −140 | −9 | −67 | −33 | −28 |
| Income tax | 0 | 0 | 8 | −0 | 0 | 0 | — | −0 | −3 | −3 | −0 |
| Net income | 1 | 0 | −12 | −5 | −11 | −23 | −125 | −2 | −34 | −31 | −30 |
| Diluted EPS | $0.06 | $0.01 | −$0.92 | −$0.35 | −$0.66 | −$1.49 | −$6.31 | −$0.08 | −$1.45 | −$1.04 | −$0.58 |
| Diluted shares (average) | — | — | — | 13m | 16m | 17m | 20m | 24m | 24m | 29m | 51m |
| EBITDA | 3 | 2 | −2 | −5 | −7 | −28 | −60 | −15 | −102 | −29 | −33 |
| Quarter | 2025 Q1Oct 2024 | 2025 Q2Jan 2025 | 2025 Q3Apr 2025 | 2025 Q4Jul 2025 | 2026 Q1Oct 2025 | 2026 Q2Jan 2026 | 2026 Q3Apr 2026 | 2026 Q4Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | 0 | 0 | — | — | — | — | — | — |
| Gross profit | 0 | 0 | — | — | — | — | — | — |
| Research and development | 1 | 1 | 3 | 0 | 7 | 5 | 5 | 7 |
| General and administrative | 3 | 3 | 3 | 0 | 3 | 2 | 2 | 2 |
| Operating income | −4 | −7 | −6 | −13 | −10 | −7 | −7 | −10 |
| Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income before tax | −9 | −5 | −6 | −12 | −10 | −6 | −3 | −9 |
| Income tax | 0 | 0 | −2 | −0 | 0 | 0 | 0 | −0 |
| Net income | −9 | −5 | −5 | −0 | −10 | −6 | −4 | −9 |
| Diluted EPS | −$0.37 | −$0.19 | −$0.19 | −$0.31 | −$0.19 | −$0.13 | −$0.08 | −$0.18 |
| EBITDA | −4 | −7 | −6 | −13 | −10 | −7 | −7 | −10 |
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