← Public Policy Holding Company, Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Revenue $3.2m $1.3m $585k $146.1m $162.9m $295.9m $115.1m $135.0m $149.6m $186.5m
Cost of sales $1.2m $570k $518k ($32.3m) ($44.3m) ($126.0m) ($97.8m) ($56.3m) ($42.1m) $107.5m
Cost of Revenue $1.2m $570k $518k $243k $208k $163k $162k — — —
Research and development $26.7m $29.1m $37.6m $50.3m $62.8m $76.7m $102.9m $164.0m $178.3m $205.9m
Other operating expenses — — — ($42k) ($18k) ($2.9m) ($1.7m) ($818k) ($3.5m) —
Total operating expenses — — — — — — — — $167.7m $220.5m
Total operating costs and expenses $3.4m $1.4m $1.6m $1.3m $450k $441k $537k $7.8m $10.0m $14.7m
Salaries, general and administrative $2.0m $373k $480k ($67.0m) ($54.3m) ($114.0m) ($76.2m) $7.8m $26.8m $31.8m
Loss on impairment of intangible assets — — — — — — — — $0 $2.9m
Loss on impairment of goodwill — — — — — — — ($40.7m) $0 $6.2m
Change in fair value of contingent consideration — — — — — — — — $1.9m $5.1m
Loss from operations ($1.4m) ($931k) ($1.3m) ($201.1m) ($137.4m) ($206.0m) ($138.2m) $17.9m ($18.2m) ($33.9m)
Gain on bargain purchase — — — — — — — — $2.5m $2.0m
Interest income — — — $114k $400k $17.6m $15.5m $7.4m $177k $81k
Other income, net — — — $3.8m $4.4m $8.7m $7.7m ($1.4m) $0 $589k
Net loss before income taxes $3.7m $7.4m $16.8m ($231.8m) ($175.9m) ($193.4m) ($134.8m) $19.3m ($17.4m) ($34.6m)
Net loss ($1.5m) ($2.2m) ($1.8m) ($231.5m) ($175.9m) ($193.2m) ($132.8m) $13.9m ($24.0m) ($39.0m)
Basic (in shares) $1.6m $17.3m $62.5m $6 ($1) ($4) ($60) $40.0m $13.4m $17.5m
Diluted (in shares) $50.9m $54.1m $54.9m $6 ($1) ($4) ($60) $40.0m $13.4m $17.5m
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent — — — — — — — — ($536k) $1.7m
Gross (loss) profit $2.0m $502k $273k $113.7m $118.6m $169.9m $17.3m $25.7m $18.1m ($3.0m)
Loss on debt extinguishment — ($13k) — — — — — — — $1.2m
Loss on disposal of assets — — — — — — — — — $44k
Impairment losses on financial assets — — — — — ($20.7m) ($99.6m) ($4.9m) ($4.6m) —
Impairment losses on investments in associates and joint ventures — — — — — — — ($20.5m) ($2.4m) —
Operating loss — — — — ($3.1m) ($50.5m) ($884.6m) ($58.8m) ($62.0m) —
Change in fair value of equity investment at fair value through profit or loss — — — — — — ($1.0m) — — —
Finance income — — — $258k $1.6m $79k $34k $9k $2.4m —
Loss before tax — — — $65.9m ($11.6m) ($58.6m) ($890.4m) ($65.8m) ($67.1m) —
Loss for the year and total comprehensive loss for the year — — — $56.8m ($15.2m) ($59.6m) ($896.9m) ($65.8m) ($67.1m) —
Equity holders of the parent — — — $56.1m ($16.4m) ($59.6m) ($894.2m) ($65.3m) ($64.9m) —
Non-controlling interests — — — $656k $1.2m ($47k) ($2.7m) ($514k) ($2.1m) —
Share of loss of a joint venture — — — $0 ($9k) ($491k) — — — —
Impairment losses on financial assets, net — — — ($3.1m) ($35.2m) ($20.7m) ($99.6m) $4.9m $4.6m —
Other losses — — — — — — ($707.2m) — — —
Operating (loss)/profit — — — $68.8m ($3.1m) ($50.5m) — — — —
Fair value change of derivative liabilities — — — ($2.3m) $13.3m $11.4m $2.8m ($2.3m) ($1.0m) $5.7m
Share of results of equity investees — — — $91k ($520k) ($696k) $418k ($82k) $50k ($22k)
Less: Net loss attributable to the non-controlling interest shareholders — — — $2.7m $3.1m $1.2m ($4.4m) ($3.2m) ($5.2m) ($4.5m)
Accretion on redeemable non-controlling interests to redemption value — — — — — ($138k) ($575k) ($675k) ($766k) ($841k)
Net loss attributable to Boqii Holding Limited’s ordinary shareholders — — — ($627.5m) ($385.0m) ($86.3m) ($129.0m) ($103.5m) ($64.4m) ($55.0m)
Foreign currency translation adjustment, net of Nil tax — — — $3.8m $2.0m ($32.1m) ($16.5m) $15.6m $1.3m $840k
Unrealized securities holding losses/(gains) — — ($139k) $251k $563k — ($9.4m) ($6.7m) ($3.5m) $869k
Less: Total comprehensive loss attributable to non- controlling interests shareholders — — — $2.7m $3.1m $1.2m ($4.4m) ($3.2m) ($5.2m) ($4.5m)
Accretion on convertible redeemable preferred shares to redemption value — — — ($392.6m) ($204.8m) $120.9m — — — —
Deemed dividend to preferred shareholders — — — ($723k) ($1.1m) ($12.5m) — — — —
Net loss attributable to Boqii Holding Limited's ordinary shareholders — — — ($627.5m) ($385.0m) ($86.3m) ($129.0m) ($103.5m) ($64.4m) ($55.0m)
Unrealized securities holding gains/(losses) — — — $1.7m $3.2m $772k ($9.4m) ($6.7m) — —
Less: Accretion on redeemable non-controlling interests to redemption value — — — — — ($21k) — — — —
Professional Fees $110k $332k $531k $436k $69k $53k $86k — — —
Loan forgiveness — — — — — $30k $36k — — —
Net (loss) income from continuing operations — — — — ($253k) $696k ($279k) — — —
Extraordinary Items — — — — ($1.6m) $3.1m — — — —
Income from discontinued operations — — — — ($1.6m) $2.3m — — — —
Net (loss) income — — ($1.8m) ($1.8m) ($1.9m) $3.0m ($279k) — — —
Deemed dividend from warrant adjustments — — — ($504k) — — — — — —
Preferred Dividends — — — ($504k) — — — — — —
Loss on settlement of accrued officer salaries — ($1.2m) — — — — — — — —
Gain/Loss on Dispositions — $4k — — — — — — — —
Net Loss Per Common Share - Basic and Diluted ($0) ($0) ($0) ($0) $0 $0 $0 $0 ($2) ($2)
Royalty and franchise income $166k — — — — — — — — —
Interest income on funds held for clients $2.7m $3.6m $9.1m $19.9m $15.1m $3.9m $5.0m $76.6m $120.8m $123.4m
Other comprehensive income (loss), net of tax — — ($139k) $251k $563k ($609k) ($2.4m) ($2.2m) $3.6m $6.5m
Total comprehensive loss ($3.9m) $6.7m $38.5m ($226.0m) ($170.7m) ($224.6m) ($158.7m) $13.9m ($24.5m) ($37.3m)
Total comprehensive(loss)/income for the year — — — $56.8m ($15.2m) ($59.6m) ($896.9m) ($65.8m) ($67.1m) —
Total recurring revenues $220.1m $288.4m $363.5m $456.8m — — — — — —
Net loss per share attributable to common stockholders, Basic (usd per share) ($1) ($0) ($0) ($28) ($17) ($1) ($2) $0 ($2) ($2)
Net loss per share attributable to common stockholders, Diluted (in usd per share) ($0) $0 $1 ($28) ($17) ($1) ($2) ($2) ($2) ($2)
Weighted Average Shares Outstanding, Diluted 79.2m 17.3m 62.5m — — — — — — —
Salaries and other personnel costs — — — — — — — — $126.6m $160.8m
Office and other direct costs — — — — — — — — $5.7m $7.1m
Cost of services — $751k $311k $215k $39k $27k $17k $367.0m $132.3m $167.9m
Mergers and acquisitions expense — — — — — — — — $2.4m $837k
Depreciation and amortization expense $19k — — — — — — — $4.2m $5.7m
Interest expense ($36k) ($85k) ($456k) ($18.7m) ($59.3m) ($27.6m) ($20.9m) ($13.3m) ($1.9m) ($3.4m)
Income tax expense $177k $651k ($21.8m) ($9.1m) ($3.6m) ($1.0m) ($6.5m) $5.4m ($6.5m) ($4.4m)
Costs of service $219k $124.0m $149.2m ($599.5m) ($611.5m) ($823.7m) ($943.7m) $109.3m $148.9m $193.4m
Finance costs — — — ($3.2m) ($10.1m) ($7.7m) ($4.8m) $60k $48k $714k
Current income tax (recovery) expense — — — — — — — $5.0m $2.1m ($27k)
Deferred income tax (recovery) expense — — — — — — — $381k $801k ($1.5m)
Other (expense) income $37k — — — — $8.7m $7.7m $3.6m ($1.5m) —
Selling and distribution expenses — — — ($18.3m) ($25.8m) ($73.3m) ($32.0m) ($40.7m) ($31.3m) —
Administrative expenses — — — ($27.3m) ($65.0m) ($132.2m) ($69.0m) ($46.1m) ($31.8m) —
Fulfillment expenses — — — ($184.8m) ($115.9m) ($120.2m) ($134.0m) ($126.3m) ($59.5m) ($35.6m)
Sales and marketing expenses — $77.5m $95.5m ($157.5m) ($128.4m) ($160.2m) ($171.0m) ($124.0m) ($85.1m) ($74.5m)
Loss before income tax expenses ($1.9m) — — — — — ($134.8m) ($106.8m) ($69.9m) ($59.4m)
Income tax expense - discontinued operations — — — — — ($821k) — — — —
Occupancy and Rent Expense $149k $89k $39k $41k $19k — — — — —
Non-Operating Income (Expense) $1.4m — — $2k $11k — — — — —
Selling, General and Administrative Expense $121k $69k $3k $13k — — — — — —
Dividend expense - preferred stock ($12k) ($34k) ($23k) — — — — — — —
Total other (income) expenses ($48k) ($1.3m) ($479k) ($565k) ($54k) ($34k) $9k ($1.3m) ($2.3m) ($764k)

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.