FLL Full House Resorts, Inc. - Common Stock
NASDAQ · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026FLL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Full House Resorts, Inc. - Common Stock Company overview from Wikipedia
Full House Resorts, Inc. is an American casino developer and operator based in Summerlin South, Nevada. The company currently operates five casinos. It is known for the involvement of Gulfstream Aerospace founder Allen Paulson, who was CEO from 1994 to 2000, and former Chrysler chairman Lee Iacocca, who was a major investor in the company from 1995 to 2013. Dan Lee has been CEO since late 2014.
History
Founding (1987–1995)
The company was incorporated in 1987 as Hour Corp., and changed its name to D.H.Z. Capital Corp. later that year.
In 1992, the company changed its name to Full House Resorts and bought the Deadwood Gulch Resort, a hotel and casino in Deadwood, South Dakota. The resort was expanded in 1994 with an RV park and a family fun center, Gulches of Fun. By 1996, the company determined that Deadwood's remote location and low betting limits were too limiting, so the resort was put up for sale. It was sold it to a group of South Dakota businessmen in 1998 for $6 million.
Full House made its initial public offering on the NASDAQ Small Cap Market in 1993, raising $8 million.
Allen Paulson, founder of Gulfstream Aerospace, bought a 17.5 percent stake in the company in March 1994, and was named chairman and CEO in August.
The Coquille Indian Tribe chose Full House in 1994 from fifteen potential investors to develop a casino in North Bend, Oregon. Built in a former plywood mill, The Mill opened in May 1995. The company financed the construction in exchange for 26 percent of the profits through 2002.
Entry of Lee Iacocca (1995–1997)
In an effort to extend its base beyond the gaming industry, Full House was negotiating to purchase 21 acres of land in Branson, Missouri from a company owned by former Chrysler chairman Lee Iacocca, and Omega Properties, owned by John Fugazy and Full House director William McComas. During the talks, Full House learned that Iacocca and Omega were discussing four separate casino development projects with the Nottawaseppi Huron Band of Potawatomi, the Torres-Martinez Desert Cahuilla Indians, the Delaware State Fairgrounds, and four organized Indian tribes in Michigan. To gain access to these projects, Full House bought Iacocca's company and Omega in 1995. Iacocca received a 12.2 percent stake in the company.
With the four tribes in Michigan (Grand Traverse Band of Ottawa and Chippewa Indians, Lac Vieux Desert Band of Lake Superior Chippewa, Hannahville Indian Community, and Keweenaw Bay Indian Community), Full House proposed to build a $175 million casino in a vacated department store in Detroit. However, Governor John Engler decided in 1995 not to allow off-reservation Indian casinos, and Full House wrote the project off.
Full House worked with the Torres-Martinez tribe of southern California to lobby the federal government for more land, to replace the half of the tribe's reservation that was permanently flooded by the Salton Sea. By 2001, little progress had been made with the land, or with signing a compact with the state to allow a casino, so the tribe's members voted to terminate the contract with Full House. The company invoked arbitration and ultimately received a $1 million settlement from the tribe.
In December 1995, the firm entered into a partnership with lottery equipment manufacturer Gtech, under which all of Full House's existing and future projects, except for Deadwood Gulch, would be pursued as joint ventures. The alliance lasted until April 2001, when Full House bought out Gtech's interests for $1.8 million.
In May 1996, the Delaware project came to fruition with the opening of Midway Slots & Simulcast, a casino with 500 video lottery terminals and a racebook, at Harrington Raceway at the state fairgrounds in Harrington. Full House developed the casino at a cost of $11 million, and received a 15-year contract to operate it for a percentage of revenues. The firm's involvement ended when the agreement expired in 2011.
The proposed Nottawaseppi Huron casino in Battle Creek, Michigan was delayed by years of litigation by anti-gaming activists. The $375-million FireKeepers Casino finally opened in 2009, as a joint venture with real estate developer Robert Mathewson. Full House and Mathewson were to manage the casino for seven years, receiving 26% of net income, but the Nottawaseppi Huron bought out the agreement in 2012 for $97.5 million and took over management of the casino.
Gregg Giuffria & Hard Rock Biloxi (1997–2000)
In 1997, former rock musician Gregg Giuffria and casino architect Paul Steelman conceived the idea of building a Hard Rock hotel and dockside casino in Biloxi, Mississippi. Giuffria, a friend of Iacocca, approached McComas and Iacocca with the idea. After they negotiated an agreement with the Rank Group, owner of the Hard Rock trademark, Iacocca joined the Full House board of directors, and Giuffria was named president of the company in 1998. The project was organized as a joint venture between Full House and Paulson, with Paulson providing a boat, the former Treasure Bay casino barge. A seven-acre site next to the Beau Rivage casino was secured for the $250- to 300-million development. Giuffria resigned from Full House in 2000, but the company pressed forward with the Hard Rock. By 2002, though, financing had not been found, the options to purchase the land had lapsed, and Full House dropped the project. The Hard Rock Biloxi was ultimately opened in 2007 by a company co-owned by Giuffria.
At Giuffria's urging, the company moved its headquarters from Del Mar, California to Las Vegas in 1998.
Post-Allen Paulson (2000–2014)
After Paulson's death in 2000, Full House put itself up for sale. In July 2003, the Morongo Band of Mission Indians in California agreed to acquire the company for $20.1 million, but a tribal ballot to approve the purchase failed later that year, and the deal was canceled. Instead, Paulson's son, Michael, took over as chairman, and the company began a strategy of expansion.
In 2005, Full House reached development agreements with two tribes in New Mexico. The Manuelito Chapter of the Navajo Nation selected the company from eleven applicants to develop and manage a 50,000-square-foot (4,600 m2) casino, four miles west of Gallup. With the Nambé Pueblo of New Mexico, the company agreed to develop a casino and hotel on tribal land fifteen miles north of Santa Fe, in exchange for thirty percent of net revenues for the first seven years. The Navajo project was dropped in 2007, when the tribe decided to proceed without a gaming developer. Market conditions, including the opening of a large casino by the nearby Pueblo of Pojoaque, led the Nambé to drop their arrangement in 2008, instead pursuing plans for a smaller gaming operation to be managed by the tribe itself.
Also in 2005, the company entered an agreement with the Northern Cheyenne Nation to develop a $10- to 15-million casino in Lame Deer, Montana. By 2010, financing difficulties forced Full House to write off the $728,000 it had spent, though it said it would continue to pursue the project.
In February 2007, the company bought Stockman's Casino, an 8,400-square-foot (780 m2) casino in Fallon, Nevada, along with its 98-room Holiday Inn Express hotel, from James Peters for $25.5 million. It sold the hotel a year later for $7.2 million, deciding that it was not important for driving customers to the casino.
In 2011, Full House entered into a three-year management agreement with the Pueblo of Pojoaque to oversee its Buffalo Thunder and Cities of Gold casinos, for $100,000 a month plus success fees based on financial targets. The company earned $5.4 million under the contract before it expired in September 2014, and the tribe resumed self-management of the casinos.
Also in 2011, the company purchased two casinos from HGMI Gaming, a Hyatt affiliate owned by the Pritzker family. It bought the assets of the Grand Lodge Casino at the Hyatt Regency hotel in Incline Village, Nevada for $700,000, and leased the space for $125,000 a month for an initial five-year term, keeping all profits. It also bought the Grand Victoria riverboat casino and hotel in Rising Sun, Indiana for $43 million, and renamed it as the Rising Star Casino Resort.
In October 2012, Full House acquired the Silver Slipper Casino in Lakeshore, Mississippi for $70 million, with plans to potentially add a hotel. An analyst stated the company would likely continue acquiring properties with earnings in the $10− to 15-million range.
The company partnered in 2013 with the Keeneland Association in a plan to buy Thunder Ridge Raceway, a harness racing track in Prestonburg, Kentucky. The partners proposed to move the racing license to a new Quarter Horse track to be built in Corbin. The purchase was contingent on the formal legalization of slot machine-like Instant Racing devices, at least 300 of which would operate at the new track.
In March 2014, Full House agreed to acquire the Fitz Casino in Tunica Resorts, Mississippi from Majestic Star Casino for $62 million. Two months later, however, Full House said it would back out of the deal, citing financing difficulties.
Dan Lee era (2014–present)
In October 2014, a group of activist shareholders, led by former CEO of Pinnacle Entertainment Dan Lee, launched a proxy fight, accusing Full House's management of going on a "reckless buying binge". Lee soon drew the support of the Paulson family. The company responded by putting itself up for sale. The fight ended in a settlement in December 2014, with Lee appointed as CEO of Full House.
During the proxy contest, Full House was sidelined from the Thunder Ridge project, after the Kentucky Racing Commission expressed concerns about Full House and Keeneland decided to pursue the purchase alone.
In 2015, Full House proposed building a $650-million mixed-use project anchored by a casino, on a site near the Indianapolis International Airport. The proposal was rejected by the airport authority.
In May 2016, Full House purchased Bronco Billy's casino in Cripple Creek, Colorado for approximately $30 million.
The company revealed a proposal in August 2018 to build La Posada del Llano, a racetrack, casino, and hotel near Clovis, New Mexico.
In 2021, Full House began construction of Chamonix Casino Hotel, a $200-million property next to Bronco Billy's. The company also renewed its effort to expand in Indiana, submitting a bid to build a casino in Terre Haute, to be named American Place.
In June of 2026, Full House began construction on the permanent "American Place Casino" in Waukegan, a $302-million property. It will replace The Temporary that has operated since 2023.
Properties
Full House operates seven properties and two of which are under construction:
Former properties
Casinos developed or previously operated by Full House include:
Buffalo Thunder Casino — Santa Fe, New Mexico
Cities of Gold Casino — Santa Fe, New Mexico
Deadwood Gulch Resort — Deadwood, South Dakota
FireKeepers Casino — Battle Creek, Michigan
Midway Slots & Simulcast — Harrington, Delaware
The Mill Casino & Hotel — North Bend, Oregon
Stockman's Casino - Fallon, NV (As of April 2025)
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | FLL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.35Y avg ≈1.2 | ≈1.2 | · | · | |
| P/S (TTM) | 0.25Y avg ≈1.1 | ≈1.1 | 0.8 | Undervalued | |
| P/B (MRQ) | -3.85Y avg ≈9.9 | ≈9.9 | · | · | |
| EV / EBITDA | 10.65Y avg ≈17.6 | ≈17.6 | · | · | |
| Price / FCF (TTM) | -167.05Y avg ≈-19.5 | ≈-19.5 | · | · | |
| Price / Cash Flow (TTM) | 5.05Y avg ≈20.3 | ≈20.3 | 8.9 | Overvalued | |
| EV / Revenue | 1.65Y avg ≈2.7 | ≈2.7 | · | · | |
| EV / FCF | -180.25Y avg ≈-60.8 | ≈-60.8 | · | · | |
| Price / Tangible Book (MRQ) | -0.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | FLL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 2.3%5Y avg ≈6.0% | ≈6.0% | 11.3% | Weak | |
| EBITDA Margin (TTM) | 16.2%5Y avg ≈16.1% | ≈16.1% | 16.3% | Weak | |
| Pretax Margin (TTM) | -11.8%5Y avg ≈-7.8% | ≈-7.8% | -1.4% | Weak | |
| Net Profit Margin (TTM) | -12.1%5Y avg ≈-8.0% | ≈-8.0% | -0.92% | Weak | |
| ROA (TTM) | -5.8%5Y avg ≈-3.1% | ≈-3.1% | -3.9% | Weak | |
| ROE (TTM) | -936.4%5Y avg ≈-92.0% | ≈-92.0% | 72.7% | Weak | |
| ROIC | 0.66%5Y avg ≈2.4% | ≈2.4% | 23.4% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | FLL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | -35.25Y avg ≈42.2 | ≈42.2 | · | · | |
| Current Ratio (MRQ) | 0.65Y avg ≈2.6 | ≈2.6 | 1.2 | Low liquidity | |
| Quick Ratio | 0.65Y avg ≈1.0 | ≈1.0 | 0.9 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | -35.25Y avg ≈42.2 | ≈42.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | FLL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3.5%5Y avg ≈21.3% | ≈21.3% | · | · | |
| Revenue CAGR 3Y | 22.8%5Y avg ≈21.5% | ≈21.5% | · | · | |
| Revenue CAGR 5Y | 19.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | FLL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.4 | ≈0.4 | 0.5 | Weak | |
| Inventory Turnover | 9.9 | · | · | · | |
| Receivables Turnover | 69.05Y avg ≈50.2 | ≈50.2 | 49.7 | Top tier | |
| Revenue / Employee | ≈$192.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.24 | $-0.18 | -30.4% |
| March 31, 2026 | May 6, 2026 | $-0.23 | $-0.25 | 6.4% |
| Dec. 31, 2025 | $-0.34 | $-0.23 | -44.7% | |
| Sept. 30, 2025 | $-0.21 | $-0.19 | -8.9% | |
| June 30, 2025 | $-0.29 | $-0.20 | -43.4% | |
| March 31, 2025 | $-0.27 | $-0.29 | 8.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $302M | $292M | $241M | $163M | $180M | $126M | $165M | $164M | $161M | $146M | $124M | $121M | |
| Cost of Revenue | $20M | $23M | $19M | · | · | · | · | · | · | · | · | · | |
| SG&A Expense | $110M | $104M | $86M | $60M | $60M | $48M | $56M | $54M | $53M | $50M | $42M | $44M | |
| Operating Expenses | $249M | $238M | $188M | $151M | $143M | $115M | $159M | $156M | $154M | $140M | $119M | $135M | |
| Operating Income | $3M | $3M | $-1M | $13M | $38M | $10M | $6M | $7M | $7M | $6M | $5M | $-14M | |
| Interest Expense | · | · | · | · | · | $10M | $11M | $10M | $11M | $9M | $7M | $6M | |
| Other Non-op | $-50.0K | · | $384.0K | $-28M | $-25M | $-10M | $-12M | $-13.0K | $0 | $-11M | $-12.0K | $-23.0K | |
| Pretax Income | $-40M | $-40M | $-24M | $-15M | $12M | $55.0K | $-6M | $-4M | $-5M | $-4M | $-2M | $-22M | |
| Income Tax | $530.0K | $221.0K | $1M | $-31.0K | $435.0K | $-92.0K | $80.0K | $476.0K | $-150.0K | $630.0K | $-342.0K | $-988.0K | |
| Net Income | $-40M | $-41M | $-25M | $-15M | $12M | $147.0K | $-6M | $-4M | $-5M | $-5M | $-1M | $-21M | |
| EPS (Basic) | $-1.12 | $-1.16 | $-0.72 | $-0.43 | $0.36 | $0.01 | $-0.22 | $-0.17 | $-0.22 | · | · | · | |
| EPS (Diluted) | $-1.12 | $-1.16 | $-0.72 | $-0.43 | $0.33 | $0.01 | $-0.22 | $-0.23 | $-0.22 | · | · | · | |
| Shares (Basic) | 36,031,455 | 34,964,595 | 34,519,993 | 34,354,847 | 32,516,758 | 27,093,656 | 26,979,829 | 26,012,000 | 22,882,960 | · | · | · | |
| Shares (Diluted) | 36,031,455 | 34,964,595 | 34,519,993 | 34,354,847 | 34,945,951 | 27,783,654 | 26,979,829 | 26,461,000 | 22,883,000 | · | · | · | |
| EBITDA | $46M | $45M | $30M | $21M | $45M | $18M | $15M | $16M | $16M | $6M | $5M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41M | $40M | $36M | $57M | $89M | $38M | $29M | $21M | $20M | $27M | $15M | $16M | |
| Receivables | $4M | $5M | $5M | $4M | $5M | $5M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Inventory | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $1M | $2M | $1M | $1M | $728.0K | |
| Prepaid Expense | $7M | $4M | $4M | $6M | $4M | $2M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | $0 | $2M | $0 | |
| Current Assets | $53M | $53M | $85M | $203M | $275M | $47M | $38M | $27M | $26M | $33M | $23M | $23M | |
| PP&E (Net) | · | · | · | · | · | · | $121M | $122M | $114M | $111M | $99M | $95M | |
| PP&E (Gross) | $595M | $589M | $572M | $426M | $229M | · | $190M | $182M | $166M | $155M | $135M | $125M | |
| Accum. Depreciation | $183M | $142M | $114M | $86M | $80M | · | $68M | $60M | $52M | $44M | $36M | $30M | |
| Goodwill | $19M | $19M | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $16M | $16M | |
| Intangibles | $109M | $96M | $76M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $2M | $3M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | $147M | $144M | $19M | $23M | |
| Total Assets | $650M | $673M | $688M | $595M | $474M | $213M | $211M | $182M | $173M | $177M | $141M | $141M | |
| Accounts Payable | $8M | $8M | $13M | $5M | $4M | $4M | $5M | $6M | $5M | $5M | $4M | $4M | |
| Accrued Liabilities | $36M | $24M | $20M | $10M | $10M | $11M | $11M | $4M | $9M | $8M | $5M | $5M | |
| Current Liabilities | $74M | $67M | $79M | $66M | $38M | $24M | $25M | $22M | $19M | $18M | $18M | $18M | |
| Capital Leases | $50M | $52M | $40M | $13M | $13M | $15M | $17M | $4M | $5M | $5M | $6M | $6M | |
| Deferred Tax | $2M | $2M | $2M | $1M | $1M | $620.0K | $712.0K | $632.0K | $2M | $2M | $350.0K | $99.0K | |
| Other Non-current Liabilities | $41M | $37M | $16M | $0 | · | $626.0K | $0 | $166.0K | $3M | · | · | · | |
| Total Liabilities | $647M | $633M | $611M | $496M | $361M | $156M | $155M | $121M | $121M | $121M | $85M | $83M | |
| Long-term Debt | $474M | $468M | $465M | $402M | $302M | $107M | $104M | $95M | $95M | $96M | $67M | $61M | |
| Total Debt | $474M | $468M | $465M | $402M | $302M | $107M | $104M | $95M | $95M | $96M | $68M | · | |
| Common Stock | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $3.0K | $3.0K | $3.0K | $2.0K | $2.0K | $2.0K | $2.0K | |
| Retained Earnings | $-115M | $-75M | $-35M | $-10M | $5M | $-7M | $-7M | $-939.0K | $2M | $7M | $12M | $13M | |
| Treasury Stock | · | · | $869.0K | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Stockholders' Equity | $3M | $40M | $78M | $100M | $113M | $57M | $56M | $61M | $54M | $56M | $57M | $57M | |
| Liabilities + Equity | $650M | $673M | $688M | $595M | $474M | $213M | $211M | $182M | $173M | $177M | $141M | $141M | |
| Shares Outstanding | 36,130,876 | 35,648,668 | 34,590,150 | 34,407,654 | 34,242,581 | 27,124,292 | 27,075,962 | 26,932,169 | 22,937,489 | 22,864,963 | 18,969,396 | 18,876,681 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $43M | $42M | $31M | $8M | $7M | $8M | $8M | $8M | $9M | $8M | $8M | $9M | |
| Stock-based Comp | $2M | $3M | $3M | $2M | $966.0K | $405.0K | $348.0K | $632.0K | $525.0K | $409.0K | $343.0K | $528.0K | |
| Deferred Tax | $530.0K | $262.0K | $660.0K | $-31.0K | $435.0K | $-92.0K | $80.0K | $476.0K | $-150.0K | $630.0K | $351.0K | $2M | |
| Amort. of Intangibles | $137.0K | $99.0K | $31.0K | $31.0K | $70.0K | $95.0K | $94.0K | $56.0K | $31.0K | $31.0K | $2M | $2M | |
| Other Non-cash | $5M | $9M | $13M | $10M | $9M | $865.0K | $8M | $5M | $3M | · | · | · | |
| Operating Cash Flow | $10M | $14M | $22M | $4M | $30M | $9M | $10M | $10M | $7M | $8M | $8M | $8M | |
| CapEx | $13M | $53M | $149M | $171M | $37M | $3M | $8M | $17M | $11M | $3M | $11M | $10M | |
| Investing Cash Flow | $-10M | $-46M | $-199M | $-172M | $-37M | $-3M | $-9M | $-17M | $-11M | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $5M | $0 | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | $0 | $5M | · | · | |
| Financing Cash Flow | $801.0K | $-1M | $59M | $94M | $235M | $1M | $7M | $8M | $-3M | · | · | · | |
| Net Change in Cash | $449.0K | $-34M | $-117M | $-74M | $228M | $8M | $9M | $724.0K | $-7M | $12M | $-1M | $703.0K | |
| Taxes Paid | $0 | $895.0K | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-3M | $-39M | $-126M | $-167M | $-7M | $6M | $2M | $-7M | $-4M | $4M | $-4M | · | |
| Levered FCF | · | · | · | · | · | $-20M | · | $-19M | $-14M | $-6M | $-9M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 1.0% | 0.94% | -0.48% | 7.8% | 20.8% | 8.3% | 3.8% | 4.5% | 4.4% | 4.2% | 4.0% | · | |
| Net Margin | -13.3% | -13.9% | -10.3% | -9.1% | 6.5% | 0.12% | -3.5% | -2.7% | -3.1% | -3.5% | -1.1% | · | |
| Pretax Margin | -13.1% | -13.9% | -9.8% | -9.1% | 6.7% | 0.04% | -3.5% | -2.4% | -3.2% | -3.1% | -1.3% | · | |
| EBITDA Margin | 15.1% | 15.4% | 12.4% | 12.6% | 24.9% | 14.4% | 8.8% | 9.7% | 9.7% | 4.2% | 4.0% | · | |
| ROA | -6.1% | -6.0% | -3.9% | -2.8% | 3.4% | 0.07% | -3.0% | -2.5% | -2.9% | -3.2% | -0.93% | · | |
| ROE | -338.5% | -88.1% | -29.8% | -14.4% | 10.6% | 0.27% | -10.0% | -7.2% | -9.3% | -9.0% | -2.3% | · | |
| ROIC | 0.66% | 0.54% | -0.22% | 2.5% | 8.7% | 17.1% | 3.9% | 5.4% | 4.7% | 4.6% | 3.2% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.8 | 1.1 | 3.1 | 7.2 | 1.9 | 1.5 | 1.2 | 1.4 | 1.8 | 1.3 | · | |
| Quick Ratio | 0.6 | 0.7 | 0.5 | 0.9 | 2.5 | 1.8 | 1.2 | 1.0 | 1.2 | 1.5 | 0.9 | · | |
| Debt / Equity | 186.6 | 11.6 | 6.0 | 4.0 | 2.7 | 1.9 | 1.9 | 1.6 | 1.8 | 1.7 | 1.2 | · | |
| LT Debt / Equity | 186.6 | 11.6 | 6.0 | 4.0 | 2.7 | 1.9 | 1.8 | 1.6 | 1.8 | 1.7 | 1.1 | · | |
| Interest Coverage | · | · | · | · | · | 1.1 | · | 0.7 | 0.7 | 0.7 | 0.8 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.3 | 0.5 | 0.6 | 0.8 | 0.9 | 0.9 | 0.9 | 0.9 | · | |
| Inventory Turnover | 9.9 | 11.6 | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 69.0 | 56.0 | 51.2 | 37.2 | 37.5 | 35.3 | 78.0 | 86.4 | 87.9 | 80.6 | 84.4 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.07 | $1.14 | $2.25 | $2.90 | $3.29 | $2.09 | $2.07 | $2.22 | $2.27 | $2.47 | $2.98 | · | |
| Revenue / Share | $8.39 | $8.35 | $6.98 | $4.75 | $5.16 | $4.52 | $6.13 | $6.19 | · | · | · | · | |
| Cash Flow / Share | $0.28 | $0.40 | $0.65 | $0.13 | $0.84 | $0.32 | $0.39 | $0.37 | · | · | · | · | |
| Cash / Share | $1.13 | $1.13 | $1.05 | $1.64 | $2.59 | $1.39 | $1.07 | $0.77 | $0.87 | $1.18 | $0.77 | · | |
| EPS (TTM) | $-1.12 | $-1.16 | $-0.72 | $-0.43 | $0.33 | $0.01 | $-0.22 | $-0.23 | $-0.22 | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.5% | 21.2% | 47.6% | -9.4% | 43.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 22.8% | 17.5% | 24.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 19.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | · | 3200.0% | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | · | 7863.3% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $302M | $292M | $241M | $163M | $180M | $126M | $165M | $164M | $161M | $146M | $124M | $121M | |
| Net Income TTM | $-40M | $-41M | $-25M | $-15M | $12M | $147.0K | $-6M | $-4M | $-5M | $-5M | $-1M | $-21M | |
| Market Cap | $94M | $145M | $186M | $259M | $415M | $107M | $91M | $54M | $89M | $55M | $32M | · | |
| Enterprise Value | $527M | $573M | $615M | $604M | $628M | $176M | $166M | $129M | $164M | $124M | $85M | · | |
| P/E | -2.3 | -3.5 | -7.5 | -17.5 | 36.7 | 393.0 | -15.2 | -8.8 | -17.7 | · | · | · | |
| P/S | 0.3 | 0.5 | 0.8 | 1.6 | 2.3 | 0.8 | 0.5 | 0.3 | 0.6 | 0.4 | 0.3 | · | |
| P/B | 37.2 | 3.6 | 2.4 | 2.6 | 3.7 | 1.9 | 1.6 | 0.9 | 1.7 | 1.0 | 0.6 | · | |
| P / Tangible Book | · | · | · | 3.8 | 5.1 | 4.4 | · | · | · | · | · | · | |
| P / Cash Flow | 9.5 | 10.5 | 8.3 | 59.1 | 14.1 | 11.9 | 8.7 | 5.5 | 12.5 | 6.9 | 4.2 | · | |
| P / FCF | -35.2 | -3.8 | -1.5 | -1.6 | -55.4 | 16.8 | 38.1 | -7.5 | -22.7 | 12.4 | -8.2 | · | |
| EV / EBITDA | 11.5 | 12.8 | 20.5 | 29.3 | 14.0 | 9.7 | 11.4 | 8.2 | 10.5 | 20.0 | 16.9 | · | |
| EV / FCF | -196.7 | -14.8 | -4.9 | -3.6 | -83.8 | 27.7 | 69.7 | -17.8 | -41.7 | 28.0 | -22.1 | · | |
| EV / Revenue | 1.7 | 2.0 | 2.6 | 3.7 | 3.5 | 1.4 | 1.0 | 0.8 | 1.0 | 0.8 | 0.7 | · | |
| Earnings Yield | -42.9% | -28.4% | -13.4% | -5.7% | 2.7% | 0.25% | -6.6% | -11.4% | -5.7% | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $78M | $74M | $75M | $78M | $74M | $75M | $73M | $76M | $73M | $70M | $60M | $2M | $59M | $50M | $36M | $41M | |
| Cost of Revenue | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | $5M | · | · | · | · | · | · | |
| SG&A Expense | $28M | $25M | $27M | $28M | $28M | $27M | $27M | $27M | $25M | $25M | $24M | $22M | $22M | $18M | $15M | $15M | |
| Operating Expenses | $63M | $60M | $64M | $62M | $61M | $62M | $63M | $62M | $58M | $55M | $11M | $61M | $59M | $57M | $39M | $39M | |
| Operating Income | $2M | $2M | $-976.0K | $3M | $-74.0K | $738.0K | $-1M | $2M | $2M | $-606.0K | $-5M | $10M | $594.0K | $-7M | $-3M | $2M | |
| Other Non-op | · | · | $0 | $0 | $-50.0K | $-10M | · | $-11M | $-11M | $-10M | $16M | $-6M | $-6M | $-4M | $-4M | $-6M | |
| Pretax Income | $-9M | $-8M | $-12M | $-8M | $-10M | $-10M | $-12M | $-9M | $-9M | $-11M | $-12M | $5M | $-5M | $-11M | $-7M | $-4M | |
| Income Tax | $121.0K | $120.0K | $433.0K | $-14.0K | $-95.0K | $206.0K | $10.0K | $-126.0K | $-79.0K | $416.0K | $697.0K | $-74.0K | $561.0K | $-35.0K | $-15.0K | $29.0K | |
| Net Income | $-9M | $-8M | $-12M | $-8M | $-10M | $-10M | $-12M | $-8M | $-9M | $-11M | $-12M | $5M | $-6M | $-11M | $-7M | $-4M | |
| EPS (Basic) | $-0.24 | $-0.23 | $-0.35 | $-0.21 | $-0.29 | $-0.27 | $-0.34 | $-0.24 | $-0.25 | $-0.33 | $-0.36 | $0.13 | $-0.16 | $-0.33 | $-0.20 | $-0.10 | |
| EPS (Diluted) | $-0.24 | $-0.23 | $-0.35 | $-0.21 | $-0.29 | $-0.27 | $-0.34 | $-0.24 | $-0.25 | $-0.33 | $-0.36 | $0.13 | $-0.16 | $-0.33 | $-0.20 | $-0.10 | |
| Shares (Diluted) | 36,451,000 | 36,153,000 | · | 36,111,000 | 36,055,000 | 35,831,000 | · | 34,944,000 | 34,710,000 | 34,590,000 | · | 36,673,000 | 34,496,000 | 34,410,000 | · | 34,479,000 | |
| EBITDA | $2M | $13M | · | $3M | $-74.0K | $11M | · | $2M | $2M | $10M | · | $10M | $594.0K | $-1M | · | $2M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33M | $31M | $41M | $31M | $32M | $31M | $40M | $26M | $31M | $26M | $36M | $26M | $36M | $41M | $57M | $86M | |
| Receivables | $4M | $3M | $4M | $3M | $5M | $5M | $5M | $6M | $6M | $5M | $5M | $8M | $6M | $6M | $4M | $3M | |
| Inventory | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | |
| Prepaid Expense | $12M | $5M | $7M | $4M | $4M | $5M | $4M | $4M | $4M | $4M | $4M | $7M | $6M | $6M | $6M | $7M | |
| Current Assets | $52M | $42M | $53M | $40M | $43M | $44M | $53M | $48M | $57M | $57M | $85M | $101M | $128M | $156M | $203M | $253M | |
| PP&E (Gross) | · | · | $595M | · | · | · | $589M | · | · | · | $572M | · | · | · | $426M | · | |
| Accum. Depreciation | · | · | $183M | · | · | · | $142M | · | · | · | $114M | · | · | · | $86M | · | |
| Goodwill | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $21M | $21M | $21M | $21M | $21M | $21M | $21M | $21M | |
| Intangibles | $110M | $110M | $109M | $106M | $103M | $99M | $96M | $92M | $89M | $85M | $76M | $61M | $61M | $61M | $11M | $11M | |
| Total Assets | $630M | $631M | $650M | $644M | $652M | $657M | $673M | $669M | $674M | $670M | $688M | $665M | $671M | $674M | $595M | $575M | |
| Accounts Payable | $7M | $7M | $8M | $6M | $6M | $6M | $8M | $9M | $12M | $14M | $13M | $6M | $6M | $7M | $5M | $5M | |
| Accrued Liabilities | $48M | $45M | $36M | $30M | $30M | $32M | $24M | $20M | $19M | $20M | $20M | $14M | $12M | $11M | $10M | $9M | |
| Current Liabilities | $83M | $70M | $74M | $59M | $69M | $64M | $67M | $55M | $70M | $63M | $79M | $57M | $66M | $65M | $66M | $43M | |
| Capital Leases | $51M | $51M | $50M | $52M | $51M | $52M | $52M | $53M | $39M | $39M | $40M | $42M | $43M | $43M | $13M | $13M | |
| Deferred Tax | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $989.0K | $1M | $1M | |
| Other Non-current Liabilities | $33M | $33M | $41M | $38M | $36M | $32M | $37M | $33M | $30M | $25M | $16M | $1M | · | · | $0 | · | |
| Total Liabilities | $643M | $636M | $647M | $630M | $630M | $626M | $633M | $617M | $614M | $603M | $611M | $576M | $587M | $585M | $496M | $468M | |
| Long-term Debt | $470M | $474M | $474M | $473M | $467M | $472M | $468M | $467M | $467M | $466M | $465M | $464M | $464M | $463M | $402M | $401M | |
| Total Debt | $470M | $474M | · | $473M | $467M | $472M | · | $467M | $467M | $466M | · | $464M | $464M | $463M | · | $401M | |
| Common Stock | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Retained Earnings | $-132M | $-124M | $-115M | $-103M | $-95M | $-85M | $-75M | $-63M | $-55M | $-46M | $-35M | $-22M | $-27M | $-21M | $-10M | $-3M | |
| Treasury Stock | · | · | · | · | · | · | · | · | $613.0K | $869.0K | $869.0K | $872.0K | $884.0K | $1M | $1M | $1M | |
| Stockholders' Equity | $-13M | $-5M | $3M | $14M | $21M | $31M | $40M | $52M | $59M | $67M | $78M | $90M | $84M | $89M | $100M | $106M | |
| Liabilities + Equity | $630M | $631M | $650M | $644M | $652M | $657M | $673M | $669M | $674M | $670M | $688M | $665M | $671M | $674M | $595M | $575M | |
| Shares Outstanding | 36,634,410 | 36,229,876 | 36,130,876 | 36,111,498 | 36,111,498 | 35,975,647 | 35,648,668 | 35,446,627 | 34,799,896 | 34,590,150 | 34,590,150 | 34,587,350 | 34,577,688 | 34,411,616 | 34,407,654 | 34,399,084 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $11M | $11M | $11M | $11M | $11M | $11M | $10M | $10M | $11M | $9M | $8M | $8M | $6M | $2M | $2M | |
| Stock-based Comp | $600.0K | $205.0K | $653.0K | $700.0K | $600.0K | $-217.0K | $764.0K | $700.0K | $700.0K | $709.0K | $753.0K | $726.0K | $655.0K | $748.0K | $331.0K | $532.0K | |
| Deferred Tax | $120.0K | $121.0K | $433.0K | $-14.0K | $-96.0K | $207.0K | $51.0K | $-126.0K | $-79.0K | $416.0K | $208.0K | $-74.0K | $561.0K | $-35.0K | $-15.0K | $29.0K | |
| Other Non-cash | · | $-7M | · | · | · | $-10M | · | · | · | $-5M | · | · | · | $-2M | · | · | |
| Operating Cash Flow | $2M | $-4M | $12M | $-472.0K | $8M | $-7M | $15M | $-7M | $10M | $-4M | $19M | $2M | $9M | $-7M | $4M | $-4M | |
| CapEx | $1M | $3M | $1M | $5M | $3M | $3M | $8M | $11M | $11M | $23M | $29M | $31M | $37M | $52M | $55M | $52M | |
| Investing Cash Flow | $-1M | $-3M | $-1M | $-5M | $-922.0K | $-3M | $-8M | $-4M | $-11M | $-23M | $-29M | $-31M | $-37M | $-102M | $-55M | $-52M | |
| Financing Cash Flow | $950.0K | $-3M | $-843.0K | $4M | $-6M | $455.0K | $-244.0K | $-359.0K | $-424.0K | $-471.0K | $-372.0K | $-502.0K | $-334.0K | $60M | $-110.0K | $-206.0K | |
| Net Change in Cash | $2M | $-9M | $10M | $-1M | $1M | $-10M | $7M | $-11M | $-2M | $-28M | $-10M | $-30M | $-29M | $-49M | $-51M | $-57M | |
| Taxes Paid | $0 | $408.0K | · | · | · | · | $406.0K | $0 | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-7M | · | · | · | $-12M | · | · | · | $-27M | · | · | · | $-59M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 2.9% | 3.2% | · | 4.4% | -0.10% | 0.98% | · | 3.2% | 3.1% | -0.87% | · | 14.5% | 1.0% | -13.9% | · | 5.8% | |
| Net Margin | -11.1% | -10.9% | · | -9.8% | -14.0% | -13.0% | · | -11.2% | -11.7% | -16.1% | · | 6.4% | -9.4% | -22.8% | · | -8.6% | |
| Pretax Margin | -11.0% | -10.8% | · | -9.9% | -14.2% | -12.7% | · | -11.4% | -11.8% | -15.5% | · | 6.3% | -8.5% | -22.9% | · | -8.6% | |
| EBITDA Margin | 2.9% | 17.3% | · | 4.4% | -0.10% | 15.1% | · | 3.2% | 3.1% | 14.3% | · | 14.5% | 1.0% | -2.2% | · | 5.8% | |
| ROA | -1.4% | -1.3% | · | -1.2% | -1.6% | -1.5% | · | -1.3% | -1.3% | -1.7% | · | 0.74% | -0.90% | -1.8% | · | -0.68% | |
| ROE | -220.7% | -63.5% | · | -23.3% | -25.7% | -19.9% | · | -12.0% | -12.0% | -14.4% | · | 4.7% | -5.8% | -11.3% | · | -3.4% | |
| ROIC | 0.50% | 0.51% | · | 0.70% | -0.02% | 0.15% | · | 0.46% | 0.44% | -0.12% | · | 1.9% | 0.12% | -1.3% | · | 0.48% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.6 | · | 0.7 | 0.6 | 0.7 | · | 0.9 | 0.8 | 0.9 | · | 1.8 | 1.9 | 2.4 | · | 5.9 | |
| Quick Ratio | 0.4 | 0.5 | · | 0.6 | 0.5 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.6 | 0.6 | 0.7 | · | 2.1 | |
| Debt / Equity | -35.2 | -88.6 | · | 33.3 | 22.0 | 15.2 | · | 9.0 | 7.8 | 6.9 | · | 5.2 | 5.5 | 5.2 | · | 3.8 | |
| LT Debt / Equity | -35.2 | -88.6 | · | 33.3 | 22.0 | 15.2 | · | 9.0 | 7.8 | 6.9 | · | 5.2 | 5.5 | 5.2 | · | 3.8 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 2.5 | 2.5 | · | 2.6 | 2.3 | 2.5 | · | · | · | · | · | · | · | · | · | · | |
| Receivables Turnover | 18.7 | 18.1 | · | 17.6 | 14.7 | 15.1 | · | 10.7 | 12.6 | 13.1 | · | 12.9 | 7.9 | 9.1 | · | 11.3 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-0.36 | $-0.15 | · | $0.39 | $0.59 | $0.86 | · | $1.46 | $1.71 | $1.95 | · | $2.59 | $2.44 | $2.59 | · | $3.09 | |
| Revenue / Share | $2.14 | $2.06 | · | $2.16 | $2.05 | $2.09 | · | $2.17 | $2.12 | $2.02 | · | $1.95 | $1.72 | $1.46 | · | $1.20 | |
| Cash Flow / Share | · | $-0.10 | · | · | · | $-0.26 | · | · | · | $-0.13 | · | · | · | $-0.21 | · | · | |
| Cash / Share | $0.91 | $0.87 | · | $0.86 | $0.89 | $0.85 | · | $0.73 | $0.89 | $0.74 | · | $0.75 | $1.03 | $1.19 | · | $2.49 | |
| EPS (TTM) | $-1.03 | $-1.08 | · | $-1.11 | $-1.14 | $-1.10 | · | $-1.18 | $-0.81 | $-0.72 | · | $-0.56 | $-0.79 | $-0.76 | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $306M | $302M | · | $300M | $298M | $297M | · | $279M | $205M | $191M | · | $147M | $187M | $172M | · | $170M | |
| Net Income TTM | $-37M | $-39M | · | $-40M | $-41M | $-39M | · | $-41M | $-28M | $-25M | · | $-19M | $-28M | $-26M | · | $-3M | |
| Market Cap | $102M | $82M | · | $116M | $132M | $150M | · | $178M | $174M | $193M | · | $148M | $232M | $249M | · | $193M | |
| Enterprise Value | $538M | $524M | · | $558M | $568M | $591M | · | $619M | $610M | $633M | · | $586M | $660M | $671M | · | $509M | |
| P/E | -2.7 | -2.1 | · | -2.9 | -3.2 | -3.8 | · | -4.3 | -6.2 | -7.7 | · | -7.6 | -8.5 | -9.5 | · | · | |
| P/S | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | 0.8 | 1.0 | · | 1.0 | 1.2 | 1.4 | · | 1.1 | |
| P/B | -7.7 | -15.2 | · | 8.2 | 6.2 | 4.9 | · | 3.4 | 2.9 | 2.9 | · | 1.6 | 2.7 | 2.8 | · | 1.8 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | 20.5 | 119.2 | 36.9 | · | 2.6 | |
| P / Cash Flow | · | -21.5 | · | · | · | -15.9 | · | · | · | -43.8 | · | · | · | -34.1 | · | · | |
| EV / Revenue | 1.8 | 1.7 | · | 1.9 | 1.9 | 2.0 | · | 2.2 | 3.0 | 3.3 | · | 4.0 | 3.5 | 3.9 | · | 3.0 | |
| Earnings Yield | -36.9% | -48.0% | · | -34.6% | -31.1% | -26.3% | · | -23.5% | -16.2% | -12.9% | · | -13.1% | -11.8% | -10.5% | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $302M | $292M | $241M | $163M | $180M |
| Operating Margin % | 1.0% | 0.94% | -0.48% | 7.8% | 20.8% |
| Net Income | $-40M | $-41M | $-25M | $-15M | $12M |
| Diluted EPS | $-1.12 | $-1.16 | $-0.72 | $-0.43 | $0.33 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 186.6 | 11.6 | 6.0 | 4.0 | 2.7 |
| Current Ratio | 0.7 | 0.8 | 1.1 | 3.1 | 7.2 |
| Quick Ratio | 0.6 | 0.7 | 0.5 | 0.9 | 2.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-3M | $-39M | $-126M | $-167M | $-7M |
Institutional owners (13F) 73 filers · $44.1M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 16 (+6 vs prior Q) | 7 (-4 vs prior Q) | 20 (+2 vs prior Q) | 15 (-4 vs prior Q) | +351K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| PRIVATE MANAGEMENT GROUP INC | $4,865,316 | 1,743,841 | 11.02% | Shares |
| VANGUARD GROUP INC | $4,143,702 | 1,587,625 | 9.39% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,938,590 | 1,411,681 | 8.92% | Shares |
| Catawba River Capital | $3,852,129 | 1,380,691 | 8.73% | Shares |
| Rangeley Capital, LLC | $2,582,363 | 925,578 | 5.85% | Shares |
| WHITE PINE CAPITAL LLC | $2,373,099 | 850,573 | 5.38% | Shares |
| CastleKnight Management LP | $2,187,262 | 783,965 | 4.96% | Shares |
| Orvieto Partners, L.P. | $1,994,563 | 714,897 | 4.52% | Shares |
| BlackRock, Inc. | $1,813,968 | 650,168 | 4.11% | Shares |
| GABELLI FUNDS LLC | $1,703,295 | 610,500 | 3.86% | Shares |
| GAMCO INVESTORS, INC. ET AL | $1,555,425 | 557,500 | 3.52% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,445,837 | 518,221 | 3.28% | Shares |
| LPL Financial LLC | $1,257,093 | 450,571 | 2.85% | Shares |
| Simplify Asset Management Inc. | $1,107,630 | 397,000 | 2.51% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,051,729 | 376,738 | 2.38% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $595,500 | 213,441 | 1.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $550,738 | 197,397 | 1.25% | Shares |
| MILLENNIUM MANAGEMENT LLC | $513,820 | 184,165 | 1.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $482,670 | 173,000 | 1.09% | Put option |
| AMERICAN CENTURY COMPANIES INC | $480,505 | 172,224 | 1.09% | Shares |
| JANE STREET GROUP, LLC | $439,595 | 157,561 | 1.00% | Shares |
| STATE STREET CORP | $439,076 | 157,375 | 0.99% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $390,753 | 140,001 | 0.89% | Shares |
| One Wealth Advisors, LLC | $361,358 | 129,519 | 0.82% | Shares |
| CITADEL ADVISORS LLC | $352,935 | 126,500 | 0.80% | Put option |
| MARSHALL WACE, LLP | $306,587 | 109,887 | 0.69% | Shares |
| CITADEL ADVISORS LLC | $268,119 | 96,100 | 0.61% | Call option |
| Curi Capital, LLC | $234,252 | 83,961 | 0.53% | Shares |
| D. E. Shaw & Co., Inc. | $228,498 | 81,899 | 0.52% | Shares |
| ARISTEIA CAPITAL, L.L.C. | $212,246 | 76,074 | 0.48% | Shares |
| Jefferies Financial Group Inc. | $205,631 | 73,703 | 0.47% | Shares |
| NORTHERN TRUST CORP | $202,392 | 72,542 | 0.46% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $193,545 | 69,371 | 0.44% | Shares |
| GOLDMAN SACHS GROUP INC | $186,620 | 66,889 | 0.42% | Shares |
| Birnam Oak Advisors, LP | $171,236 | 61,375 | 0.39% | Shares |
| National Philanthropic Trust | $128,613 | 46,098 | 0.29% | Shares |
| CITADEL ADVISORS LLC | $113,023 | 40,510 | 0.26% | Shares |
| AMERICAN FINANCIAL GROUP INC | $98,573 | 35,331 | 0.22% | Shares |
| Lakewood Asset Management LLC | $95,036 | 34,063 | 0.22% | Shares |
| KG Capital Management | $92,070 | 33,000 | 0.21% | Shares |
| Wealthspire Advisors, LLC | $83,700 | 30,000 | 0.19% | Shares |
| Centiva Capital, LP | $83,641 | 29,979 | 0.19% | Shares |
| IMC-Chicago, LLC | $80,419 | 28,824 | 0.18% | Shares |
| SIMPLEX TRADING, LLC | $70,241 | 25,176 | 0.16% | Shares |
| AXQ CAPITAL, LP | $63,827 | 22,877 | 0.14% | Shares |
| R Squared Ltd | $62,162 | 22,280 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $56,079 | 20,100 | 0.13% | Call option |
| Quarry LP | $53,445 | 19,156 | 0.12% | Shares |
| Cubist Systematic Strategies, LLC | $52,943 | 16,493 | 0.12% | Shares |
| Creative Planning | $41,734 | 14,959 | 0.09% | Shares |
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli | Oct. 28, 2020 | · | Initial filing | · | SEC |
| Gabelli Funds, LLC I.D. No., GAMCO Asset Management Inc. I.D. No., Teton Advisors, Inc. I.D. No., GGCP, Inc. I.D. No., GAMCO Investors, Inc. I.D. No., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×2 filings | Jan. 2, 2019 | · | Initial filing | · | SEC |
| Daniel R. Lee | Nov. 21, 2016 | · | Initial filing | Passive investment | SEC |
| Craig W. Thomas, Bradley M. Tirpak, Daniel R. Lee ×3 filings | Dec. 2, 2014 | · | Initial filing | · | SEC |
| William P. McComas | March 8, 2011 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 25 insiders · 11 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Daniel R Lee | Chief Executive Officer | June 14, 2026 F | 1,422,611 | 0 | 0 | $0 |
| Andre Hilliou | CEO/President | Jan. 1, 2014 A | 691,700 | 0 | 0 | $0 |
| Lewis A. Fanger | President, CFO and Treasurer | July 11, 2026 F | 559,788 | 0 | 0 | $0 |
| Deborah J. Pierce | Chief Financial Officer | Sept. 10, 2014 A | 60,800 | 0 | 0 | $0 |
| John Ferrucci | CHIEF OPERATING OFFICER | Aug. 20, 2024 S | 20,000 | 0 | 0 | $0 |
| Mark J Miller | COO | Sept. 29, 2014 P | 589,287 | 0 | 0 | $0 |
| Elaine Guidroz | SVP Secretary, General Counsel | July 11, 2026 F | 137,557 | 0 | 0 | $0 |
| Thomas Wesley Elam | Sr. VP of Oper and Proj Mngmnt | July 16, 2012 P | 112,035 | 0 | 0 | $0 |
| Barth F Aaron | Secretary | Sept. 17, 2008 P | 38,000 | 0 | 0 | $0 |
| James Meier | Treasurer /Chief Fin. Officer | May 31, 2006 A | 20,000 | 0 | 0 | $0 |
| Greg Violette | Exec. V.P of Development | May 31, 2006 A | 282,500 | 0 | 0 | $0 |
| Lynn M Handler | Director | May 14, 2026 A | 77,129 | 0 | 0 | $0 |
| Eric J Green | Director | May 14, 2026 A | 258,959 | 0 | 0 | $0 |
| Shaunnessy Michael P | Director | May 14, 2026 A | 103,338 | 0 | 0 | $0 |
| Michael A. Hartmeier | Director | May 9, 2024 A | 98,620 | 0 | 0 | $0 |
| Kenneth Robert Adams | Director | May 18, 2023 A | 122,165 | 0 | 0 | $0 |
| Bradley M Tirpak | Director | June 12, 2020 S | 394,544 | 0 | 0 | $0 |
| THOMAS CRAIG W | Director | Nov. 19, 2019 P | 479,651 | 0 | 0 | $0 |
| Ellis Landau | Director | May 17, 2019 A | 193,096 | 0 | 0 | $0 |
| W.H. Baird Garrett | Director | May 23, 2018 A | 59,484 | 0 | 0 | $0 |
| IACOCCA LEE | Director | Sept. 24, 2012 S | 700,471 | 0 | 0 | $0 |
| Michael J Paulson | Director | May 28, 2009 A | 110,000 | 0 | 0 | $0 |
| MCCOMAS WILLIAM P | 10% owner | Jan. 12, 2011 S | 547,496 | 0 | 0 | $0 |
| Kathleen M Caracciolo | · | May 14, 2026 A | 88,627 | 0 | 0 | $0 |
| Carl G Braunlich | · | May 14, 2026 A | 87,434 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 4 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
FLL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
4 analysts · 2026-10-03Mean target $3.12 +124.8%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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