Lichen International
LICNNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $0.04 Prior regular-session close from the quote source.
- $0.04–$0.05 Regular-session low and high so far today.
- 107.8M Regular-session shares traded · Nov 11, 12:51 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.04–$9.49 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own LICN if LICN is a turnaround, not a compounding story yet: the business must prove its China management-consulting demand and pricing are still real after a sharp 2025 break in revenue, gross profit, earnings, and operating.
LICN price history
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INVESTMENT THESIS
What must happen next
Lichen’s consulting offering must remain relevant enough for clients to keep awarding paid projects instead of cutting discretionary consulting spend or moving the work in-house.WeakeningMateriality: High
GAAP annual revenue rose from $33.805 million in FY2022 to $39.759 million in FY2023 and $41.477 million in FY2024, showing the company previously could win client work. If client relevance returns, revenue can rebuild the platform; if not, the company lacks the demand base needed for any margin or cash-flow recovery.
Watch: Chinese clients reduce discretionary consulting projects because of macro pressure or tighter budgets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose from $33.805 million in FY2022 to $39.759 million in FY2023 and $41.477 million in FY2024, showing.
Open source ↗Lichen must sell specialized consulting work at pricing materially above delivery cost; if projects become commoditized or mix shifts to low-value services, the model loses its economic engine.WeakeningMateriality: High
GAAP annual gross profit was $20.192 million in FY2022, $24.320 million in FY2023, and $25.674 million in FY2024, implying historically strong project economics relative to revenue. Gross margin is the bridge between client demand and value creation; without premium project economics, revenue growth would not be enough.
Watch: Price competition from other management-consulting firms forces fee concessions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit was $20.192 million in FY2022, $24.320 million in FY2023, and $25.674 million in FY2024, implying historically.
Open source ↗Management must make the operating cost base flexible enough that consulting revenue converts into operating income instead of being consumed by fixed overhead and public-company costs.WeakeningMateriality: Medium
GAAP annual operating income was positive at $10.648 million in FY2022 and $12.259 million in FY2023, showing the model previously had operating leverage. A small consulting company can look profitable at good utilization but destroy equity value if costs do not fall when project demand weakens.
Watch: Management keeps staffing, marketing, professional fees, or listing-related costs sized for the prior revenue base.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income was positive at $10.648 million in FY2022 and $12.259 million in FY2023, showing the model previously.
Open source ↗Lichen’s client collection and working-capital discipline must recover, because consulting economics are not durable if accounting revenue fails to turn into operating cash.WeakeningMateriality: Medium
GAAP annual operating cash flow was positive at $10.766 million in FY2022, indicating the business has previously converted operations into cash. Cash conversion determines whether the company can self-fund a turnaround or must rely on its balance sheet and outside capital.
Watch: Customers stretch payments or dispute consulting deliverables.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive at $10.766 million in FY2022, indicating the business has previously converted operations into.
Open source ↗The low-liability balance sheet and cash position must give Lichen enough runway to repair demand and costs without distressed financing or value-destructive dilution.HoldingMateriality: Medium
Cash and cash equivalents were $26.914 million at FY2025 year-end versus total liabilities of $5.023 million. Runway buys time for a turnaround; if cash burn persists, the stock can be impaired even before the business stabilizes.
Watch: FY2025-level operating cash burn continues and consumes the cash cushion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $26.914 million at FY2025 year-end versus total liabilities of $5.023 million.
Open source ↗
Full investment case & evidence
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Original research
Lichen’s consulting offering must remain relevant enough for clients to keep awarding paid projects instead of cutting discretionary consulting spend or moving the work in-house. If client relevance returns, revenue can rebuild the platform; if not, the company lacks the demand base needed for any margin or cash-flow recovery.
Lichen must sell specialized consulting work at pricing materially above delivery cost; if projects become commoditized or mix shifts to low-value services, the model loses its economic engine. Gross margin is the bridge between client demand and value creation; without premium project economics, revenue growth would not be enough.
Management must make the operating cost base flexible enough that consulting revenue converts into operating income instead of being consumed by fixed overhead and public-company costs. A small consulting company can look profitable at good utilization but destroy equity value if costs do not fall when project demand weakens.
Lichen’s client collection and working-capital discipline must recover, because consulting economics are not durable if accounting revenue fails to turn into operating cash. Cash conversion determines whether the company can self-fund a turnaround or must rely on its balance sheet and outside capital.
The low-liability balance sheet and cash position must give Lichen enough runway to repair demand and costs without distressed financing or value-destructive dilution. Runway buys time for a turnaround; if cash burn persists, the stock can be impaired even before the business stabilizes.
All standing thesis claims
Original report summary
LICN is a turnaround, not a compounding story yet: the business must prove its China management-consulting demand and pricing are still real after a sharp 2025 break in revenue, gross profit, earnings, and operating.
BULL CASE / BEAR CASE
Bull case and bear case for Lichen International
Where the evidence on Lichen International disagrees: Mixed on the latest evidence (Oct 19, 2026). Of its 5 thesis points, 1 holding and 4 weakening.
Bull case: what the evidence supports
The low-liability balance sheet and cash position must give Lichen enough runway to repair demand and costs without distressed financing or value-destructive dilution.
Bear case: what the evidence questions
Lichen’s consulting offering must remain relevant enough for clients to keep awarding paid projects instead of cutting discretionary consulting spend or moving the work in-house.
Lichen must sell specialized consulting work at pricing materially above delivery cost; if projects become commoditized or mix shifts to low-value services, the model loses its economic engine.
Management must make the operating cost base flexible enough that consulting revenue converts into operating income instead of being consumed by fixed overhead and public-company costs.
Lichen’s client collection and working-capital discipline must recover, because consulting economics are not durable if accounting revenue fails to turn into operating cash.
Thesis-Break Engine
What has broken in Lichen International’s thesis
Each break OptimistFi flagged on Lichen International, dated — with what has historically followed the same kind of break across the market, not a forecast for Lichen International.
- Revenue decline
Across all companies, this kind of break has happened 8,727 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 37% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDForeign issuer material report (6-K).
Lichen International filed an SEC report on 2026-10-13: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MIXEDForeign issuer material report (6-K).
Lichen International filed an SEC report on 2026-09-30: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Chinese clients reduce discretionary consulting projects because of macro pressure or tighter budgets.
- Price competition from other management-consulting firms forces fee concessions.
- Management keeps staffing, marketing, professional fees, or listing-related costs sized for the prior revenue base.
- Customers stretch payments or dispute consulting deliverables.
- FY2025-level operating cash burn continues and consumes the cash cushion.
LICN news
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FINANCIAL STATEMENTS
LICN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
LICN: quick answers
- What is LICN's short interest?
- As of October 30, 2026, 101,080 LICN shares were sold short, down 28.2% from the count before. At the stock's average daily volume that is 3.3 days to cover. FINRA publishes the count twice a month. LICN short interest history