Adamas Trust, Inc. (ADAM) Financial Statements

Income statement

Metric	TTM	2025	2024	2023
Revenue
Total Revenue	778.9M	805.5M	558.9M	500.8M
Cost of Revenue	284.3M	452.6M	320.6M	192.1M
Gross Profit	445.9M	352.9M	238.3M	308.7M
Operating Expenses
R&D Expense	—	—	—	—
SG&A Expense	95.4M	66.3M	42.8M	44.8M
General & Admin Expense	95.4M	66.3M	42.8M	44.8M
Selling & Marketing Expense	—	—	—	—
Other Expenses	50.8M	148.8M	288.4M	341.6M
Total Operating Expenses	146.2M	215.1M	331.2M	386.4M
Cost and Expenses	406.2M	667.7M	651.8M	578.5M
Operating Income (EBIT)	323.9M	137.8M	(92.9M)	(77.7M)
Non-Operating
Interest Income	698.4M	601.9M	401.3M	258.7M
Interest Expense	510.7M	452.6M	317.4M	192.1M
Net Interest Income	138.9M	149.3M	83.9M	66.5M
Other Non-Op Income/Expense	(127.8M)	—	—	—
Non-Operating Income (excl Interest)	766.0K	—	—	—
EBT (Pre-Tax Income)	34.0M	137.8M	(92.9M)	(77.7M)
Income Tax Expense	106.0K	145.0K	1.0M	75.0K
Bottom Line
Net Income	(13.7M)	149.0M	(62.0M)	(48.7M)
Earnings from Cont. Ops	25.0M	137.7M	(94.0M)	(77.8M)
Earnings from Discont. Ops	—	—	—	—
Bottom Line Net Income	(49.1M)	101.1M	(62.0M)	(48.7M)
Per Share
Basic EPS	($0.54)	$1.12	($1.14)	($0.99)
Diluted EPS	($0.57)	$1.10	($1.14)	($0.99)
Revenue Per Share	$8.63	$8.91	$6.15	$5.50
Shares
Basic Shares Outstanding	90.3M	90.4M	90.8M	91.0M
Diluted Shares Outstanding	90.3M	91.5M	90.8M	91.0M
Profitability Metrics
EBITDA	346.6M	177.5M	(32.9M)	(25.6M)
D&A	23.5M	39.7M	60.0M	52.1M
EBIT	323.2M	137.8M	(92.9M)	(77.7M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026