APPS Digital Turbine, Inc.

Overview and Growth

In fiscal 2025, Digital Turbine, Inc. recorded $565.25M of revenue, net loss of $37.73M, and an operating cash inflow of $41.80M. At $565.25M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 15.2% above fiscal 2024 revenue of $490.51M, marking a year-over-year increase. Diluted earnings per share were -$0.33, translating the period’s attributable earnings into the amount reported for each diluted share. The company employed $841.65M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.67x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $321.61M as gross profit before recognizing operating expenses and other items. Gross margin was 56.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $34.04M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 6.0%, showing how efficiently sales converted into operating profit. The bottom-line result was a net loss of $37.73M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 6.7% after all recognized items. Before income taxes, the company recorded a loss of $31.34M, bridging the operating result to the final net loss. The pretax loss equaled 5.5% of revenue, measuring the pre-tax deficit against sales. Income tax expense totaled $6.39M, providing the reported tax component that separates pretax and after-tax earnings. Relative to period-end equity, the net loss represented 19.6%. Relative to total assets, the net loss represented 4.5%.

Liquidity and Capital Structure

The company held $841.65M of assets against $649.49M of liabilities and $192.16M of equity, revealing how the asset base was financed. At period end, current assets of $311.87M compared with current liabilities of $268.30M, defining the company’s short-term resource position. The current ratio was 1.16x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $37.72M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 14.1%, excluding receivables and other current assets. Borrowings totaled $360.96M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 1.88x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 42.9% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 77.2% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 4.5%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 3.5% higher than fiscal 2024 assets of $812.85M, measuring the company’s own balance-sheet change. Reported equity changed 24.8% from $153.96M in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $41.80M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $30.62M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 73.2% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $11.19M, leaving a positive amount after capital expenditures. Free cash flow represented 2.0% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 1.3%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Oct 21, 2026.