Gladstone Investment (GAINL) Q1 2025 Earnings Report

Revenue and Margin Highlights: Revenue of $22.18 million in QQ1 2025, up 3.38% YoY and 146.47% QoQ; Gross Profit $21.471 million; Gross Margin 96.8%.
Operating Performance: Operating income $0.585 million; Operating margin 2.64%; YoY operating income change -96.54%; QoQ change -98.03%.
Profitability and Net Income: Net income -$6.526 million; Net margin -29.42%; EPS -$0.18; YoY EPS change -169.23%; QoQ EPS change -128.57%.
Liquidity and Cash Flow: Cash from operations $9.919 million; Free cash flow $9.919 million; Net change in cash -$0.03 million; Dividends paid -$8.805 million; Net cash used in financing activities -$12.351 million.
Balance Sheet and Leverage: Total assets $914.206 million; Total liabilities $436.826 million; Total stockholders’ equity $477.38 million; Long-term debt $395.385 million; Net debt $392.195 million; Cash $3.19 million; Current ratio 0.302; Deferred revenue (current) -$331.685 million and other non-current liabilities -$290.244 million reflect unusual accounting/deferral items observed in the period.
Valuation and Yield: Dividend yield 1.71%; Price-to-book roughly 1.08x; Price-to-sales around 23x; Leverage remains moderate with debt-to-equity ~0.83; Portfolio scale supports ongoing income generation but earnings visibility is challenged by non-operating items.