As Reported Financial Statements

Balance Sheet

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Year Ending Dec 2025 (Update) Year Ending Dec 2024 (Update) Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update)
Cash 63.27 67.97 221.89 87.28 337.66
Cash and Short Term Investments 63.27 67.97 221.89 87.28 337.66
Accounts Receivable - Trade, Gross 86.15 52.87 47.11 28.81 10.57
Accounts Receivable - Trade, Net 86.15 52.87 47.11 28.81 10.57
Receivables - Other
Total Receivables, Net 86.15 52.87 47.11 28.81 10.57
Prepaid Expenses 1.74 1.42 1.26 2.10 1.09
LT Investments - Other 20,015.75 12,439.41 11,159.75 8,198.59 4,605.35
Long Term Investments 20,015.75 12,439.41 11,159.75 8,198.59 4,605.35
Restricted Cash - Long Term 226.70 78.21 36.97 30.81 18.55
Other Long Term Assets, Total 226.70 78.21 36.97 30.81 18.55
Other Assets 611.54 908.06 877.41 1,089.46 304.07
Other Assets, Total 611.54 908.06 877.41 1,089.46 304.07
Total Assets 21,005.16 13,547.95 12,344.40 9,437.05 5,277.31
Accounts Payable 0.00 493.43 350.27 502.66
Payable/Accrued 2.22 4.73 6.72 6.40 2.73
Accrued Expenses 59.27 35.89 31.56 22.51 0.94
Notes Payable/Short Term Debt 17,941.80 10,713.83 9,647.98 6,463.06 3,948.04
Other Payables 419.43 833.86 860.13 963.59 171.06
Other Current liabilities, Total 419.43 833.86 860.13 963.59 171.06
Total Long Term Debt 0.00 0.00 0.00 0.00 0.00
Total Debt 17,941.80 10,713.83 9,647.98 6,463.06 3,948.04
Other Liabilities 321.40 104.79 176.55 366.45 10.90
Other Liabilities, Total 321.40 104.79 176.55 366.45 10.90
Total Liabilities 18,744.11 12,186.54 11,073.21 8,324.68 4,133.67
Redeemable Preferred Stock 0.01 0.01 0.01 0.01 0.01
Redeemable Convertible Preferred Stock
Redeemable Preferred Stock, Total 0.01 0.01 0.01 0.01 0.01
Preferred Stock - Non Redeemable
Convertible Preferred Stock – Non-Redeemable
Preferred Stock - Non Redeemable, Net
Common Stock 0.11 0.06 0.05 0.16 0.09
Common Stock, Total 0.11 0.06 0.05 0.16 0.09
Additional Paid-In Capital 5,446.15 4,585.74 4,318.16 3,874.63 3,403.13
Retained Earnings (Accumulated Deficit) -518.17 -840.85 -826.46 -758.54 -2,366.56
Other Equity -2,667.05 -2,383.54 -2,220.57 -1,992.36
Other Comprehensive Income 0.00 -11.53 106.97
Other Equity, Total -2,667.05 -2,383.54 -2,220.57 -2,003.89 106.97
Total Equity 2,261.05 1,361.42 1,271.18 1,112.37 1,143.64
Total Liabilities & Shareholders' Equity 21,005.16 13,547.95 12,344.40 9,437.05 5,277.31
Shares Outstanding – Common Stock Primary Issue 111.92 62.41 48.80 32.58 18.83
Total Common Shares Outstanding 111.92 62.41 48.80 32.58 18.83
Treasury Shares – Common Primary Issue 0.00 0.00 0.00 0.00 0.00
Shares Outstanding - Preferred Issue 1
Shares Outstanding - Preferred Issue 2
Shares Outstanding - Preferred Issue 3 7.05 6.85 6.85 6.85 6.85
Total Preferred Shares Outstanding 7.05 6.85 6.85 6.85 6.85
Treasury Shares – Primary Preferred Issue
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3 0.00 0.00 0.00 0.00 0.00
Employees 0.00
Number of Common Shareholders 153.00 152.00 149.00 155.00 141.00
Net Debt 17,878.53 10,645.87 9,426.10 6,375.78 3,610.38
Tangible Book Value 2,261.05 1,361.41 1,271.18 1,112.37 1,143.63
Tangible Book Value per Share 20.20 21.81 26.05 34.14 60.73

Income Statement

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Year Ending Dec 2025 (Update) Year Ending Dec 2024 (Update) Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update)
Net Sales 1,019.52 563.40 501.42 -67.12 57.39
Revenue 1,019.52 563.40 501.42 -67.12 57.39
Total Revenue 1,019.52 563.40 501.42 -67.12 57.39
Cost of Revenue 680.95 557.28 557.38 146.77 29.62
Cost of Revenue, Total 680.95 557.28 557.38 146.77 29.62
Gross Profit 338.57 6.12 -55.96 -213.89 27.77
Selling/General/Administrative Expense 3.45
Labor & Related Expense 3.56 4.74 4.94 5.49 6.61
Selling/General/Administrative Expenses, Total 3.56 4.74 4.94 5.49 10.07
Impairment-Assets Held for Sale 0.00 0.00 4.18 0.00
Other Unusual Expense (Income)
Unusual Expense (Income) 0.00 0.00 4.18 0.00
Other, Net 12.32 15.78 7.02 6.37 2.34
Other Operating Expenses, Total 12.32 15.78 7.02 6.37 2.34
Total Operating Expense 696.83 577.80 569.35 162.81 42.03
Operating Income 322.69 -14.39 -67.92 -229.93 15.36
Net Income Before Taxes 322.69 -14.39 -67.92 -229.93 15.36
Income After Tax 322.69 -14.39 -67.92 -229.93 15.36
Net Income Before Extraordinary Items 322.69 -14.39 -67.92 -229.93 15.36
Net Income 322.69 -14.39 -67.92 -229.93 15.36
Preferred Dividends -12.04 -11.98 -11.98 -11.98 -11.47
Total Adjustments to Net Income -12.04 -11.98 -11.98 -11.98 -11.47
Income Available to Common Excluding Extraordinary Items 310.65 -26.38 -79.91 -241.91 3.89
Income Available to Common Stocks Including Extraordinary Items 310.65 -26.38 -79.91 -241.91 3.89
Basic Weighted Average Shares 93.94 52.16 43.05 23.59 15.90
Basic EPS Excluding Extraordinary Items 3.31 -0.51 -1.86 -10.25 0.24
Basic EPS Including Extraordinary Items 3.31 -0.51 -1.86 -10.25 0.24
Diluted Net Income 310.65 -26.38 -79.91 -241.91 3.89
Diluted Weighted Average Shares 94.27 52.16 43.05 23.59 16.06
Diluted EPS Excluding Extraordinary Items 3.30 -0.51 -1.86 -10.25 0.24
Diluted EPS Including Extraordinary Items 3.30 -0.51 -1.86 -10.25 0.24
DPS - Common Stock Primary Issue 2.88 2.88 5.00 6.00 6.00
Gross Dividends - Common Stock 271.47 150.99 216.22 142.42 96.63
Total Special Items 0.00 0.00 4.18 0.00
Normalized Income Before Taxes 322.69 -14.39 -67.92 -225.75 15.36
Effect of Special Items on Income Taxes 0.00 0.00 0.00 0.00
Income Taxes Excluding Impact of Special Items 0.00 0.00 0.00 0.00
Normalized Income After Taxes 322.69 -14.39 -67.92 -225.75 15.36
Normalized Income Available to Common 310.65 -26.38 -79.91 -237.73 3.89
Basic Normalized EPS 3.31 -0.51 -1.86 -10.08 0.24
Diluted Normalized EPS 3.30 -0.51 -1.86 -10.08 0.24
Interest Expense, Supplemental 642.09 524.15 525.79 120.79 7.11
Stock-Based Compensation, Supplemental 2.13 3.24 3.20 3.70 4.77
Audit-Related Fees, Supplemental 2.27 1.06 1.07 0.98
Audit-Related Fees 0.00
Tax Fees, Supplemental 0.07 0.05 0.04 0.06
All Other Fees Paid to Auditor, Supplemental 0.00 0.00 0.00 0.00
Gross Margin 33.21 1.09 -11.16 48.39
Operating Margin 31.65 -2.55 -13.55 26.77
Pretax Margin 31.65 -2.55 -13.55 26.77
Net Profit Margin 30.47 -4.68 -15.94 6.78
Normalized EBIT 322.69 -14.39 -67.92 -225.75 15.36
Net Interest Margin, Total -% 0.99 0.24 0.23 1.30

Financial Strength

Quick Ratio (MRQ)
Quick Ratio (FY))
Current Ratio (MRQ)
Current Ratio (FY)
LT Debt to Equity (MRQ) (%)
LT Debt to Equity (FY) (%)
Total Debt to Equity (MRQ) (%) 793.52
Total Debt to Equity (FY) (%) 793.52

In millions of USD (except for per share items)

Disclaimer

This communication does not constitute an offer to sell or a solicitation of an offer to buy ARMOUR’s securities. For more information, please click through to ARMOUR’s website at www.armourreit.com and refer to ARMOUR’s public securities filings available at www.sec.gov.