Filing Flows › NLI Holdings (NL) › Q4 2025
NLI Holdings (NL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 9, 2026
NLI Holdings (NL) reported revenue of $37.7M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -6% from the quarter before. Operating margin was 7.6%, net loss $30.4M (80.6% of revenue).
NLI Holdings, Q4 2025: revenue $37.7M (-2% year over year), operating margin 7.6%, net loss $30.4M, operating cash flow −$4.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.7M | -6% | -2% |
| Operating profit | $2.9M | +55% | — |
| Net earnings | −$30.4M | — | — |
| Operating cash flow | −$4.2M | -152% | — |
What changed
Revenue was $37.7M in Q4 2025, down 2% year over year and down 6% from the previous quarter. Security Products was the largest line at 78% of revenue.
Gross margin was 32.1%, up 3.3 points from a year earlier. Operating profit was $2.9M, a 7.6% margin (down 80.1 points year over year). The quarter ended with a net loss of $30.4M, wider than the previous quarter's $7.4M loss. Net interest and other expense of $48.4M was the main reason.
Operating cash flow was −$4.2M. Non-cash charges added back $888K of depreciation and amortization. Working capital and other items added $25.3M. Capital expenditures of $599K exceeded it, leaving free cash flow of −$4.7M.
Questions
What was NLI Holdings' revenue in the fourth quarter 2025?
NLI Holdings (NL) reported revenue of $37.7M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and -6% from the quarter before.
Was NLI Holdings profitable in the fourth quarter 2025?
Operating profit was $2.9M (7.6% of revenue) and net loss $30.4M.
Source: NLI Holdings 10-K on SEC EDGAR.