S
SOLESENCE, INC.
SLSNCIK 0000883107NasdaqNon-AcceleratedSmaller ReportingPerfumes, Cosmetics & Other Toilet PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$62.06M
Net Income
$1.79M
Total Assets
—
Equity
—
Shares Out
70.63M
Op. Cash Flow
$-8.57M
Business
SOLESENCE, INC. develops and manufactures scientifically driven skin health and advanced materials solutions for beauty and life science markets. It offers proprietary surface‑engineered active pharmaceutical ingredients and a suite of finished Solésence consumer products, including skin care, sun care and color cosmetics built on its Active Stress Defense™ platform (e.g., Kleair™, Bloom™), plus formulation development, commercial manufacturing and packaging services. Its operations comprise consumer products, personal care ingredients (APIs) and legacy advanced materials segments. It sells to global brand partners via B2B, white‑label, OEM and distributor channels, with U.S. manufacturing and international regulatory registrations.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenue | 62 | 52 | 37 | 37 | 29 | |
| Cost of revenue | 46 | 36 | 29 | 29 | 21 | |
| Gross profit | 16 | 16 | 8 | 8 | 9 | |
| Research and development expense | 4 | 4 | 4 | 3 | 2 | |
| Selling, general and administrative expense | 10 | 7 | 8 | 8 | 4 | |
| Net income from operations | 2 | 5 | −4 | −2 | 3 | |
| Interest expense, net | 931,000 | 670,000 | — | — | — | |
| Other income, net | 1 | — | — | — | — | |
| Net income before provision for income taxes | 2 | 4 | −4 | −3 | 2 | |
| Provision for income taxes | 73,000 | 227,000 | 6,000 | −17,000 | 37,000 | |
| Net income | 2 | 4 | −4 | −3 | 2 | |
| Net income per share-basic | 0.03 | 0.07 | −0.09 | −0.05 | 0.05 | |
| Weighted average number of basic common shares outstanding | 70 | 62 | 50 | 49 | 45 | |
| Net income per share-diluted | 0.02 | 0.07 | −0.09 | −0.05 | 0.05 | |
| Weighted average number of diluted common shares outstanding | 73 | 65 | 50 | 49 | 47 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 1 | 1 | 2 | 2 | 657,000 | |
| Trade accounts receivable | 8 | 6 | 4 | 5 | — | |
| Allowance for credit losses | −806,000 | −786,000 | −225,000 | −139,000 | 0 | |
| Trade accounts receivable, net | 7 | 5 | 3 | 5 | 4 | |
| Inventories, net | 19 | 20 | 10 | 9 | 6 | |
| Prepaid expenses and other current assets | 2 | 3 | 1 | 866,000 | 910,000 | |
| Total current assets | 29 | 29 | 16 | 17 | 12 | |
| Equipment and leasehold improvements, net | 14 | 13 | 9 | 8 | 5 | |
| Operating leases, right of use | 7 | 8 | 8 | 9 | 12 | |
| Other assets, net | 37,000 | 3,000 | 4,000 | 6,000 | 8,000 | |
| Total assets | 50 | 50 | 33 | 34 | 28 | |
| Line of credit accounts receivable, related party | 5 | — | 3 | 4 | 1 | |
| Current portion of line of credit inventory, related party | — | 4 | — | — | — | |
| Current portion of term debt, related party | — | 1 | 2 | — | — | |
| Current portion of operating lease obligations | 1 | 1 | 1 | 0 | 589,000 | |
| Accounts payable | 4 | 9 | 6 | 6 | 4 | |
| Deferred revenue | 930,000 | 6 | 2 | 2 | 783,000 | |
| Accrued expenses | 3 | 5 | 869,000 | 1 | 946,000 | |
| Total current liabilities | 14 | 26 | 16 | 14 | 7 | |
| Long-term portion of operating lease obligations | 8 | 9 | 9 | 10 | 12 | |
| Long-term line of credit inventory, related party | 10 | — | 5 | 3 | — | |
| Long-term debt, related party | 1 | — | 1 | 1 | — | |
| Asset retirement obligations | 194,000 | 246,000 | 238,000 | 230,000 | 222,000 | |
| Total long-term liabilities | 18 | 9 | 15 | 14 | 14 | |
| Preferred stock, $.01 par value, 24,088 shares authorized, and no shares issued and outstanding | — | — | — | — | — | |
| Common stock, $.01 par value, 95,000,000 shares authorized; 70,614,045 and 70,103,279 shares issued and outstanding on December 31, 2025 and 2024, respectively | 706,000 | 700,000 | 496,000 | 493,000 | 489,000 | |
| Additional paid-in capital | 116 | 115 | 106 | 105 | 104 | |
| Accumulated deficit | −99 | −100 | −105 | −100 | −97 | |
| Total stockholders equity | 18 | 15 | 2 | 6 | 7 | |
| Total liabilities and stockholders equity | 50 | 50 | 33 | 34 | 28 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 897,000 | 928,000 | 742,000 | 567,000 | 454,000 | |
| Stock-based compensation | 575,000 | 725,000 | 773,000 | 625,000 | 160,000 | |
| Trade accounts receivable, net | −2 | −1 | 1 | −797,000 | −1 | |
| Inventories, net | 2 | −10 | −1 | −3 | −2 | |
| Prepaid expenses and other assets | 662,000 | −2 | −216,000 | 44,000 | −304,000 | |
| Accounts payable | −5 | 2 | −503,000 | 2 | 1 | |
| Deferred revenue | −5 | 3 | 165,000 | 744,000 | 1 | |
| Accrued expense | −2 | 4 | −146,000 | 77,000 | 481,000 | |
| Change in right of use asset and lease liability, net | −240,000 | −163,000 | 2 | 631,000 | −40,000 | |
| Net cash (used in) provided by operating activities | −9 | 2 | −2 | −2 | 2 | |
| Acquisition of equipment and leasehold improvements | −2 | −5 | — | — | — | |
| Net cash used in investing activities | −2 | −5 | −1 | −3 | −2 | |
| Proceeds from line of credit - inventory, related party | 6 | 200,000 | — | — | 500,000 | |
| Payments to line of credit - inventory, related party | — | −1 | — | — | −1 | |
| Net proceeds from line of credit accounts receivable, related party | 5 | — | — | — | — | |
| Net payments to line of credit accounts receivable, related party | — | −3 | — | −30 | −26 | |
| Payments to term loans, related party | — | −2 | −1 | — | — | |
| Proceeds from issuance of mezzanine preferred stock | — | 6 | — | — | — | |
| Proceeds from issuance of stock and exercise of stock options | 323,000 | 2 | — | — | — | |
| Net cash provided by financing activities | 11 | 2 | 3 | 6 | −747,000 | |
| Decrease in cash | −121,000 | −313,000 | −464,000 | 2 | −300,000 | |
| Cash paid for interest | 1 | 637,000 | 752,000 | 333,000 | 218,000 | |
| Federal income taxes paid | — | — | — | — | — | |
| State income taxes paid | 325,000 | — | — | — | — | |
| Accounts payable incurred for the purchase of equipment and leasehold improvements | 382,000 | 434,000 | 400,000 | 971,000 | 414,000 | |
| Conversion of mezzanine preferred stock | — | 6 | — | — | — | |
| Right-of-use asset obtained in exchange for a lease liability | 430,000 | 1 | 182,000 | — | — |
Filings
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