Filing Flows › NLI Holdings (NL) › Q3 2025
NLI Holdings (NL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
NLI Holdings (NL) reported revenue of $40.0M for the third quarter 2025 (Q3 2025), +19% from a year earlier and -1% from the quarter before. Operating margin was 4.6%, net loss $7.4M (18.4% of revenue).
NLI Holdings, Q3 2025: revenue $40.0M (+19% year over year), operating margin 4.6%, net loss $7.4M, operating cash flow $7.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $40.0M | -1% | +19% |
| Operating profit | $1.9M | -34% | — |
| Net earnings | −$7.4M | -2175% | — |
| Operating cash flow | $7.9M | +9% | — |
| Free cash flow | $7.0M | +17% | — |
What changed
Revenue was $40.0M in Q3 2025, up 19% year over year and down 1% from the previous quarter. Security Products was the largest line at 76% of revenue. Security Products added $3.7M year over year (up 14%), 59% of the total change.
Gross margin was 27.6%, down 0.5 points from a year earlier. Operating profit was $1.9M, a 4.6% margin (down 1.4 points year over year). Operating profit fell $185K even though revenue rose $6.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 23% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+122%). The quarter ended with a net loss of $7.4M, after a profit of $1.1M the previous quarter. Net interest and other expense of $10.1M was the main reason.
Operating cash flow was $7.9M. Non-cash charges added back $896K of depreciation and amortization. Working capital and other items added $14.4M. Capital expenditures of $1.0M left free cash flow of $7.0M.
Questions
What was NLI Holdings' revenue in the third quarter 2025?
NLI Holdings (NL) reported revenue of $40.0M for the third quarter 2025 (Q3 2025), +19% from a year earlier and -1% from the quarter before.
Was NLI Holdings profitable in the third quarter 2025?
Operating profit was $1.9M (4.6% of revenue) and net loss $7.4M.
Source: NLI Holdings 10-Q on SEC EDGAR.