Q3 2025 Revenue down 19% year over year to $12.0M · 8¢ of every $1 of revenue kept as net profit · operating margin -3.1%
Sachem Capital made $12.0M in Q3 2025 (-19% Y/Y). Operating margin -3.1%, net earnings $997K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2025.
Revenue$12.0M
Year over year-19%
Operating margin-3.1%
Net earnings$997K
Operating cash flow$4.9M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $12.0M in Q3 2025, down 19% year over year and up 11% from the previous quarter.
Operating costs exceeded revenue by $367K, an operating margin of -3.1%. Total costs fell 37% while revenue fell 19%. Net earnings were $1.0M. The effective tax rate was 0.0%. Non-operating items added $1.4M, 137% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $4.9M (up 112% year over year), 495% of net earnings. Non-cash charges added back $134K of depreciation and amortization and $217K of share-based compensation. Working capital and other items added $3.6M. Capital expenditures of $12K left free cash flow of $4.9M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2025
10-Q
Nov 5, 2025
$12.0M
-19%
-3.1%
$997K
$4.9M
Q2 2025
10-Q
Aug 5, 2025
$10.8M
-29%
9.9%
$1.9M
$501K
Q1 2025
10-Q
May 1, 2025
$11.4M
-32%
9.0%
$904K
$191K
Q4 2024
10-K
Mar 31, 2025
$10.8M
-34%
-131.1%
−$36.1M
−$620K
Charts
Latest (Q3 2025): Y/Y -19%, Q/Q +11%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$5.4M, Operating cash flow −$3.6M.+112.0% since FY2020: more shares outstanding (issuance, stock pay).Cash $18.1M, short-term investments $1.5M, long-term debt $230M at 2024-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
We were organized as a New York corporation in January 2016 under the name HML Capital Corp. On December 15, 2016, we changed our name to Sachem Capital Corp. Prior to February 8, 2017, our business operated as a Connecticut limited liability company under the name Sachem Capital Partners, LLC (“SCP”). On February 9, 2017, we completed our initial public offering (the “IPO”) in which we issued and sold 2.6 million common shares, $0.001 par value per share, (“Common Shares”). We believe that since the consummation of the IPO, we have qualified as a real estate investment trust (“REIT”) and we elected to be taxed as a REIT beginning with our 2017 tax year. We believe that it is in the best interests of our shareholders that we continue to operate as a REIT. As a REIT, we are required to distribute at least 90% of our taxable income to our shareholders on an annual basis.
In its own words, from its 10-K, filed Mar 13, 2026.
Sachem Capital against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -19% against the peers' median +11%. Operating margin: -3.1% against the peers' median 15.9%.