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INTEGRATED BIOPHARMA INC (INBP)·Q4 2025 Earnings Summary

Executive Summary

  • Q4 FY2025 revenue was $14.18M, up 11.8% year over year, while the quarter posted a net loss of $0.18M (−$0.01 EPS) vs. net income of $0.27M (+$0.01 EPS) in Q4 FY2024, indicating top-line strength but bottom-line pressure .
  • Sequentially, revenue improved versus Q3 FY2025 ($13.95M), but margins compressed and profitability deteriorated from Q3’s net income of $0.61M ($0.02 EPS), reflecting cost and tax headwinds .
  • Management continues to emphasize customer base expansion amid high concentration in the Contract Manufacturing segment (context from prior quarters), a strategic focus that supports revenue growth but leaves concentration risk elevated .
  • No formal guidance and no observable sell-side consensus estimates; investors should anchor on operational trends and concentration risk as key stock-reaction catalysts. Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

  • Revenue grew 11.8% YoY to $14.18M, demonstrating strong demand and continued execution at quarter-end June 30, 2025 .
  • Operating income rose to $0.59M from $0.40M YoY in Q4, highlighting improved operating efficiency versus the prior year quarter .
  • Management sustained the narrative of customer base expansion: “we were able to expand our customer base over the past year and increase our revenue” (Co-CEOs) .

What Went Wrong

  • Q4 reported a net loss of $0.18M (−$0.01 EPS), down from net income of $0.27M (+$0.01 EPS) in Q4 FY2024, as tax expense spiked and offset operating gains .
  • Sequential margin compression vs. Q3 FY2025: gross margin slipped from ~$1.55M on $13.95M revenue to ~$1.47M on $14.18M revenue, pressuring profitability despite the top-line increase .
  • Customer concentration remains elevated across prior periods (top two customers >80% of revenue), reinforcing concentration risk even as management seeks diversification .

Financial Results

Quarterly trend (sequential and YoY context)

MetricQ2 2025 (Dec 31, 2024)Q3 2025 (Mar 31, 2025)Q4 2025 (Jun 30, 2025)
Revenue ($USD Millions)$12.61 $13.95 $14.18
Gross Profit ($USD Millions)$1.17 $1.55 $1.47
Operating Income ($USD Millions)$0.20 $0.74 $0.59
Net Income ($USD Millions)$0.12 $0.61 $(0.18)
Diluted EPS ($USD)$0.00 $0.02 $(0.01)
Gross Margin %9.3% 11.1% 10.4%
Operating Margin %1.6% 5.3% 4.2%
Net Income Margin %0.9% 4.4% −1.3%

Year-over-year Q4 comparison (quarter ended June 30)

MetricQ4 2024Q4 2025
Revenue ($USD Millions)$12.75 $14.18
Gross Profit ($USD Millions)$1.28 $1.47
Operating Income ($USD Millions)$0.40 $0.59
Net (Loss) Income ($USD Millions)$0.27 $(0.18)
Diluted EPS ($USD)$0.01 $(0.01)

Segment breakdown

SegmentQ4 2025 RevenueNotes
Contract ManufacturingNot disclosed Segment identified in prior releases, but no Q4 segment revenue disclosed
OtherNot disclosed No segment detail provided in the Q4 press release

KPIs (customer concentration context)

KPIQ2 2025Q3 2025Q4 2025
Top 2 customers’ share of revenue~82% (six-month period) ~83% (nine-month period) Not disclosed in Q4 release

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/Q4 2025None provided None provided Maintained
MarginsFY/Q4 2025None provided None provided Maintained
OpExFY/Q4 2025None provided None provided Maintained
EPSFY/Q4 2025None provided None provided Maintained
Tax RateFY/Q4 2025None provided None provided Maintained
Segment GuidanceFY/Q4 2025None provided None provided Maintained
DividendsFY/Q4 2025None provided None provided Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2025)Previous Mentions (Q3 2025)Current Period (Q4 2025)Trend
Customer concentrationTwo largest customers ~82% of revenue (six-month period) Two largest customers ~83% (nine-month period) Not disclosed in Q4 release Concentration remains high across prior periods
Macro/tariffs/inflationForward-looking statements note inflationary pressures and tariffs Similar macro cautionary language Similar macro cautionary language Persistent macro vigilance
Regulatory environmentOngoing regulatory risks in nutraceutical/pharma manufacturing Same Same Unchanged backdrop
R&D/technology initiativesNot specifically discussed Not specifically discussed Not discussed No disclosed initiatives
Supply chain/laborTightened labor markets flagged in risk language Continued mention Continued mention Ongoing monitoring
Product/customer expansionManagement emphasized customer base expansion Reiterated expansion efforts Not reiterated in Q4 release Momentum prior, neutral in Q4 release

Note: No Q4 FY2025 earnings call transcript was located in the document catalog; therefore, themes reflect press release content and forward-looking statement disclosures.

Management Commentary

  • “We are happy to report that while focusing on our core business we were able to expand our customer base over the past year and increase our revenue,” Co-CEOs Riva Sheppard and Christina Kay (Q3 FY2025 press release) .
  • Management consistently notes high revenue concentration in the Contract Manufacturing segment across prior periods, highlighting the strategic priority to expand the customer base to mitigate concentration risk .

Q&A Highlights

  • No earnings call transcript for Q4 FY2025 was found; as a result, no Q&A highlights or clarifications are available in filings.

Estimates Context

  • S&P Global consensus coverage appears unavailable for EPS and the number of estimates for Q4 FY2025; revenue “actual” is present in the dataset, but no revenue consensus was returned. Values retrieved from S&P Global.*
MetricQ4 2025
Revenue Consensus MeanNot available*
Primary EPS Consensus MeanNot available*
Primary EPS – # of EstimatesNot available*
Revenue – # of EstimatesNot available*

Key Takeaways for Investors

  • Q4 FY2025 delivered strong YoY revenue growth (+11.8%) but a net loss, indicating cost/tax headwinds offset operating gains .
  • Sequential trends show top-line improvement vs. Q3, but margin compression and a swing to a net loss warrant caution on near-term profitability .
  • High customer concentration in prior periods remains the primary structural risk; continued customer diversification is a critical execution vector .
  • Lack of formal guidance and limited sell-side coverage suggests the stock may trade primarily on operational prints and concentration developments rather than expectations. Values retrieved from S&P Global.*
  • Focus near-term on margin trajectory and tax expense volatility; incremental improvements here would translate quickly to EPS given modest operating income scale .
  • Medium-term thesis hinges on sustaining revenue growth while reducing concentration risk; evidence of new customer wins or segment diversification would be positive read-throughs .

Appendix: Additional Recent Quarter (for trend context)

  • Q1 FY2026 (quarter ended September 30, 2025): Revenue $12.69M, net income ~$0.12M, diluted EPS $0.00; revenue from two largest customers represented ~87% of revenue in the quarter (vs. ~85% in prior-year quarter), underscoring ongoing concentration dynamics .