GURE

MKT CAP:$8M

Gulf Resources, Inc.

Market Cap

$8M

Basic Materials·Chemicals - Specialty·🇨🇳 China·NASDAQ

Materials·Chemicals·🇨🇳·NASDAQ

Stock Price

$5.00+$1.17 (+30.55%)

Apr 24, 2026

Company Details

Gulf Resources, Inc., through its subsidiaries, manufactures and trades bromine and crude salt, chemical products, and natural gas in the People's Republic of China. It provides bromine for use in bromine compounds, intermediates in organic...

CEO

Xiaobin Liu

IPO Date

Oct 23, 2006

Website

www.gulfresourcesinc.com

Key Metrics TTM

Revenue

$21M

+61.8% YoY

Net Income

-$59M

EPS (Diluted)

-$48.03

Free Cash Flow

-$3M

Revenue / Share

$15.31

Gross Margin

-42.2%

Operating Margin

-55.0%

Net Margin

-286.8%

FCF Margin

-14.4%

P/S

0.4x

P/E

—

Earnings Reports

Q3 2025

Nov 19, 2025

$9M+303.4%EPS -$26.35

Q2 2025

Aug 13, 2025

$8M+250.1%EPS -$0.58

Q1 2025

May 13, 2025

$2M+22.8%EPS -$4.00

FY 2024

Dec 31, 2024

$8M-74.5%EPS -$54.90

Q4 2024

Dec 31, 2024

$2M-74.8%EPS -$17.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$21M	$13M	$4M
Q1 22	$9M	$4M	-$65.1K
Q2 22	$16M	$8M	$5M
Q3 22	$23M	$14M	$12M
Q4 22	$19M	-$1M	-$505.0K
Q1 23	$9M	$3M	-$799.6K
Q2 23	$8M	$684.3K	-$919.1K
Q3 23	$6M	-$508.3K	-$2M
Q4 23	$7M	-$10M	-$8M
Q1 24	$1M	-$812.8K	-$5M
Q2 24	$2M	-$3M	-$5M
Q3 24	$2M	-$2M	-$5M
Q4 24	$2M	-$11M	-$6M
Q1 25	$2M	$10.2K	-$5M
Q2 25	$8M	$986.7K	-$750.7K
Q3 25	$9M	$854.0K	$246.3K

Valuation

Quarter	P/S	P/E
Q4 21	0.8x	—
Q1 22	0.8x	30.8x
Q2 22	0.7x	5.2x
Q3 22	0.5x	3.1x
Q4 22	0.5x	3.5x
Q1 23	0.4x	3.1x
Q2 23	0.5x	5.3x
Q3 23	0.5x	—
Q4 23	0.6x	—
Q1 24	0.7x	—
Q2 24	0.7x	—
Q3 24	0.8x	—
Q4 24	0.8x	—
Q1 25	1.2x	—
Q2 25	0.6x	—
Q3 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$12M	-$9M
Q1 22	$8M	$8M
Q2 22	$10M	-$23M
Q3 22	$19M	$19M
Q4 22	$14M	$10M
Q1 23	$5M	$5M
Q2 23	$6M	$6M
Q3 23	-$1M	-$16M
Q4 23	-$43M	-$27M
Q1 24	-$1M	-$1M
Q2 24	$518.3K	-$60M
Q3 24	$518.7K	$518.7K
Q4 24	$968.5K	$1M
Q1 25	-$2M	-$2M
Q2 25	-$565.7K	-$565.7K
Q3 25	$7M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$22M
Q1 22	$395.1K
Q2 22	$33M
Q3 22	$0
Q4 22	$4M
Q1 23	$32.7K
Q2 23	$15.6K
Q3 23	$15M
Q4 23	$15M
Q1 24	$3
Q2 24	$60M
Q3 24	$444.7K
Q4 24	$157.8K
Q1 25	$0
Q2 25	$4
Q3 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+76.7%	+55.8%
Q1 22	+69.8%	+5.3%
Q2 22	+40.9%	-21.6%
Q3 22	+28.8%	+2.5%
Q4 22	-10.9%	+11.7%
Q1 23	+4.2%	+12.3%
Q2 23	-49.0%	-15.8%
Q3 23	-74.3%	-25.3%
Q4 23	-63.0%	-22.8%
Q1 24	-85.9%	-34.9%
Q2 24	-70.2%	-15.6%
Q3 24	-61.8%	-16.4%
Q4 24	-74.8%	-45.7%
Q1 25	+22.8%	-5.5%
Q2 25	+250.1%	+20.8%
Q3 25	+303.4%	+28.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	15.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$668.0K	3.6%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$451.4K	6.6%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$196.1K	12.2%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$1M	$18.8K
Q1 22	$2M	$10.4K
Q2 22	$557.1K	$17.0K
Q3 22	$584.5K	$19.7K
Q4 22	$3M	$15.8K
Q1 23	$910.1K	$13.7K
Q2 23	$593.3K	$14.7K
Q3 23	$762.9K	$14.4K
Q4 23	$2M	$16.2K
Q1 24	$717.5K	$4.5K
Q2 24	$690.0K	$13.6K
Q3 24	$1M	$13.5K
Q4 24	$3M	$14.7K
Q1 25	$1M	$5.1K
Q2 25	$994.8K	$14.8K
Q3 25	$785.5K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$96M	$0	$96M
Q1 22	$106M	$0	$106M
Q2 22	$79M	$0	$79M
Q3 22	$93M	$0	$93M
Q4 22	$108M	$0	$108M
Q1 23	$116M	$0	$116M
Q2 23	$115M	$0	$115M
Q3 23	$104M	$0	$104M
Q4 23	$72M	$0	$72M
Q1 24	$71M	$0	$71M
Q2 24	$10M	$0	$10M
Q3 24	$11M	$0	$11M
Q4 24	$10M	$0	$10M
Q1 25	$9M	$0	$9M
Q2 25	$8M	$0	$8M
Q3 25	$6M	$0	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	1M	0.0%	+10.0%
Q1 22	1M	+0.0%	+4.7%
Q2 22	1M	0.0%	+0.0%
Q3 22	1M	0.0%	+0.0%
Q4 22	1M	-0.4%	-0.4%
Q1 23	1M	0.0%	-0.4%
Q2 23	1M	0.0%	-0.4%
Q3 23	1M	0.0%	-0.4%
Q4 23	1M	+0.2%	+0.2%
Q1 24	1M	+2.6%	+2.8%
Q2 24	1M	0.0%	+2.8%
Q3 24	1M	0.0%	+2.8%
Q4 24	1M	0.0%	+2.6%
Q1 25	1M	+8.9%	+8.9%
Q2 25	1M	+14.2%	+24.4%
Q3 25	1M	+1.4%	+26.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$49.3K	423
Q1 22	$21.1K	423
Q2 22	$37.1K	423
Q3 22	$54.0K	423
Q4 22	$42.7K	435
Q1 23	$21.4K	435
Q2 23	$18.4K	435
Q3 23	$13.5K	435
Q4 23	$18.1K	380
Q1 24	$3.4K	380
Q2 24	$6.3K	380
Q3 24	$5.9K	380
Q4 24	$4.5K	380
Q1 25	$4.2K	380
Q2 25	$22.0K	380
Q3 25	$23.8K	380

Revenue / Employee