Chicago Atlantic Real Estate Finance, Inc.
Real EstateNASDAQ:REFI · NASDAQ Global Market
+$0.06 today
Vol 0.07M · Avg 0.16M
Income Statement
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Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$59.5M of revenue converted into $30.8M of net income for the selected period. Gross margin is 94.2% and net margin is 52.2%, showing how much revenue survives after costs and taxes. EPS is $1.44, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $63.1M +15.2% | $54.8M -4.4% | $57.3M +17.3% | $48.9M +237.7% | $14.5M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $8.3M | $0 | $0 | $0 -100.0% | $223.5K | $725.6M | $804.0M | $882.4M |
| Gross Profit | $54.8M +0.1% | $54.8M -4.4% | $57.3M +17.3% | $48.9M +243.0% | $14.2M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 86.9% -13.1pp | 100.0% +0.0pp | 100.0% +0.0pp | 100.0% +1.5pp | 98.5% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $8.7M +2.7% | $8.4M +25.3% | $6.7M +70.0% | $4.0M +150.4% | $1.6M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $18.8M -65.7% | $54.8M -4.4% | $57.3M +17.3% | $48.9M +2986.3% | $1.6M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $374.2M | $1.2B | $631.8M |
| EBITDA | $36.0M | $0 | $0 | $0 | $0 | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 57.1% | 0.0% | 0.0% | 0.0% | 0.0% | 5.6% | 46.3% | 42.0% |
| Operating Income | $36.0M | $0 | $0 | $0 -100.0% | $12.7M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 57.1% | 0.0% | 0.0% | 0.0% -87.5pp | 87.5% | 16.6% | 24.1% | 22.0% |
| Interest Income | $62.9M +1.3% | $62.1M -1.3% | $62.9M +22.2% | $51.5M -99.5% | $10.7B | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $7.5M +5.5% | $7.2M +24.3% | $5.8M +120.1% | $2.6M +3346.0% | $75.9K | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $0 -100.0% | $37.0M -4.3% | $38.7M +19.9% | $32.3M +3229247600.0% | $1 | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $36.0M -2.8% | $37.0M -4.3% | $38.7M +19.9% | $32.3M +155.0% | $12.7M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 57.1% -10.6pp | 67.6% +0.1pp | 67.5% +1.4pp | 66.1% -21.4pp | 87.5% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $1.3B | -$1.6B | $745.2M |
| Net Income | $36.0M -2.8% | $37.0M -4.3% | $38.7M +19.9% | $32.3M +155.0% | $12.7M | $4.9B | $4.8B | $4.7B |
| Net Margin | 57.1% -10.6pp | 67.6% +0.1pp | 67.5% +1.4pp | 66.1% -21.4pp | 87.5% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $2 -10.9% | $2 -10.3% | $2 +16.9% | $2 +238.9% | $1 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $2 -10.6% | $2 -10.9% | $2 +15.9% | $2 +237.0% | $1 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $21.0M +8.9% | $19.3M +6.6% | $18.1M +2.4% | $17.7M +1.1% | $17.5M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $21.4M +8.7% | $19.7M +7.5% | $18.3M +3.4% | $17.7M +1.7% | $17.5M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
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SEC Filings
Recent regulatory filings
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How much revenue does REFI generate?
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported $63.10M of revenue in fiscal 2025.
Is REFI profitable?
Chicago Atlantic Real Estate Finance, Inc. (REFI) reported $36.01M of net income, with a net margin of 57.1%.
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