CION

MKT CAP:$388M

CION Investment Corporation

Market Cap

$388M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$7.50-$2.23 (-22.92%)

Apr 21, 2026

Company Details

CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity inter...

CEO

Michael A. Reisner

IPO Date

Oct 5, 2021

Website

www.cionbdc.com

Key Metrics TTM

Revenue

$131M

-29.7% YoY

Net Income

$26M

EPS (Diluted)

$0.51

Free Cash Flow

$61M

Revenue / Share

$2.52

Gross Margin

28.7%

Operating Margin

19.8%

Net Margin

19.8%

FCF Margin

46.3%

P/S

3.0x

P/E

14.9x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 5, 2025

$61M+134.1%EPS $0.69

Q2 2025

Aug 6, 2025

$53M+7.1%EPS $0.52

Q1 2025

May 7, 2025

-$17M-149.3%EPS -$0.80

FY 2024

Mar 12, 2025

$143M-25.7%EPS $0.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$27M	$19M	$16M
Q1 22	$19M	$11M	$8M
Q2 22	$12M	$1M	-$1M
Q3 22	$50M	$37M	$34M
Q4 22	$29M	$12M	$10M
Q1 23	-$9M	-$28M	-$31M
Q2 23	$51M	$31M	$28M
Q3 23	$72M	$50M	$47M
Q4 23	$78M	$54M	$51M
Q1 24	$34M	$9M	$6M
Q2 24	$49M	$25M	$22M
Q3 24	$26M	$3M	-$400.0K
Q4 24	$34M	$9M	$6M
Q1 25	-$17M	-$40M	-$43M
Q2 25	$53M	$30M	$27M
Q3 25	$61M	$39M	$36M

Valuation

Quarter	P/S	P/E
Q4 21	4.5x	6.2x
Q1 22	7.0x	11.1x
Q2 22	5.3x	10.6x
Q3 22	4.3x	8.3x
Q4 22	5.1x	11.4x
Q1 23	6.5x	48.1x
Q2 23	4.7x	14.2x
Q3 23	3.9x	10.5x
Q4 23	3.2x	6.5x
Q1 24	2.6x	4.5x
Q2 24	2.8x	5.2x
Q3 24	3.4x	8.0x
Q4 24	4.2x	17.7x
Q1 25	6.0x	—
Q2 25	5.3x	—
Q3 25	3.8x	19.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$6M	$6M
Q1 22	-$10M	-$10M
Q2 22	-$30M	-$30M
Q3 22	$15M	$15M
Q4 22	$65M	$65M
Q1 23	$308.0K	$308.0K
Q2 23	-$36M	-$36M
Q3 23	-$7M	-$7M
Q4 23	$13M	$13M
Q1 24	$17M	$17M
Q2 24	$7M	$7M
Q3 24	-$39M	-$39M
Q4 24	$36M	$36M
Q1 25	$7M	$7M
Q2 25	-$961.0K	-$961.0K
Q3 25	$19M	$19M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-51.9%	+14.5%
Q1 22	-68.2%	+4.5%
Q2 22	-69.1%	+20.3%
Q3 22	+36.7%	+39.8%
Q4 22	+6.6%	+74.1%
Q1 23	-146.3%	+93.9%
Q2 23	+326.4%	+75.9%
Q3 23	+43.2%	+52.1%
Q4 23	+166.5%	+38.3%
Q1 24	+476.2%	+23.0%
Q2 24	-4.7%	+13.8%
Q3 24	-63.6%	+7.7%
Q4 24	-56.3%	+6.3%
Q1 25	-149.3%	-3.9%
Q2 25	+7.1%	-5.4%
Q3 25	+134.1%	-4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	—
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	—
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$3M
Q1 22	$3M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$3M
Q2 24	$3M
Q3 24	$3M
Q4 24	$3M
Q1 25	$3M
Q2 25	$2M
Q3 25	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$0	$18M
Q2 22	$43M	$0	$43M
Q3 22	$44M	$0	$44M
Q4 22	$83M	$0	$83M
Q1 23	$96M	$0	$96M
Q2 23	$12M	$0	$12M
Q3 23	$7M	$0	$7M
Q4 23	$8M	$0	$8M
Q1 24	$48M	$0	$48M
Q2 24	$10M	$0	$10M
Q3 24	$30M	$0	$30M
Q4 24	$8M	$0	$8M
Q1 25	$8M	$0	$8M
Q2 25	$7M	$0	$7M
Q3 25	$29.0K	$0	$29.0K
Q4 25	$8M	$116M	$124M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	57M	+0.3%	-0.2%
Q1 22	57M	0.0%	+0.4%
Q2 22	57M	0.0%	+0.4%
Q3 22	57M	-0.2%	+0.1%
Q4 22	56M	-2.3%	-2.6%
Q1 23	55M	-0.7%	-3.2%
Q2 23	55M	-0.6%	-3.8%
Q3 23	55M	-0.4%	-4.0%
Q4 23	54M	-0.5%	-2.2%
Q1 24	54M	-0.6%	-2.1%
Q2 24	54M	-0.7%	-2.2%
Q3 24	53M	-0.3%	-2.1%
Q4 24	54M	+0.2%	-1.3%
Q1 25	53M	-0.9%	-1.6%
Q2 25	53M	-0.8%	-1.8%
Q3 25	52M	-1.1%	-2.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$54.7K	500
Q1 22	$38.6K	500
Q2 22	$24.1K	500
Q3 22	$100.5K	500
Q4 22	$58.3K	500
Q1 23	-$17.9K	500
Q2 23	$102.9K	500
Q3 23	$143.8K	500
Q4 23	$155.4K	500
Q1 24	$67.3K	500
Q2 24	$98.1K	500
Q3 24	$52.4K	500
Q4 24	$67.9K	500
Q1 25	-$33.2K	500
Q2 25	$105.1K	500
Q3 25	$122.6K	500

Revenue / Employee