CFSB Bancorp reported QQ1 2025 revenue of $3.389 million, up 17.2% year over year, but the quarter ended with a net loss of $6 thousand and an annualized profitability profile that remains extremely modest. Gross profit rose to $1.884 million on a 55.6% gross margin, yet operating income was only $13 thousand (about 0.38% operating margin) and the bottom line was pressured by interest expense of $1.576 million and other costs, eroding net income despite positive operating cash flow.
The balance sheet shows significant liquidity, with cash and cash equivalents of $30.667 million and a sizable investment portfolio (long-term investments of $314.876 million) that dominates assets. Total assets stood at $364.486 million against total liabilities of $288.451 million and stockholders’ equity of $76.035 million. The company carries minimal leverage (long-term debt of $11.205 million; net debt of about a negative $19.462 million, i.e., net cash) and a price-to-book ratio around 0.57, implying potential undervaluation relative to book value.
Overall, the QQ1 2025 results reflect a narrow margin business with meaningful liquidity, but profitability remains a challenge absent a material shift in the earnings mix (notably a reduction in financing costs and/or a more pronounced operating income contribution). Investors should monitor efficiency, the performance/revaluation of the investment portfolio, and any shifts in the chase for organic loan growth versus asset-based income.