Solesence Inc

ir.solesence.com

What Do They Do?

Develops and manufactures finished skin-care, sun-care and color-cosmetics products for beauty, health and wellness brands.

How Do They Make Money?

Customers order finished products, personal care ingredients and advanced materials, mainly through purchase orders; Solésence often collects deposits for consumer-product production.

revenue

Segment	Share	Revenue
Consumer Products	88%
Personal Care ingredients	10% FY2022: 30%
Advanced Materials	1.4% FY2022: 8.3%

Who Are Their Customers?

Beauty, health and wellness brands buy finished products under their own names; Solésence supplies personal care ingredients to BASF under an exclusive relationship, with BASF handling business development and direct customer relationships.

Customers above 10% of revenue, FY2025

of revenue from three customers (29%, 16%, 10%)

FY2024: 45% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

3% of revenue

▼ −69% vs FY2024 ($5.1M, 10%)

Net income, FY2025

3% of revenue

▼ −58% vs FY2024 ($4.2M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −25%; vs $20.4M in Q2 FY2025
Net income: ▼ Now a loss; vs $3.2M in Q2 FY2025

Consumer Products share of revenue vs 86.2% in Q2 FY2025

Aug 21, 2026 Company will restate previously issued financial statements after inventory-costing errors Inventory was overstated and cost of revenue misstated; affected annual and quarterly statements are expected to be amended.

Growing. Revenue grew 2.1x in 4 years, from $29.5M in FY2021 to $62.1M in FY2025, about 20% a year.

Advanced materials focus The older report described PCR diagnostics as the main advanced-materials market and a development focus. The latest calls advanced materials a legacy business outside its strategic focus.

Revenue over time

Consumer Products Personal Care ingredients Advanced Materials Solesence

$100M$50M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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