HCAT Health Catalyst, Inc - Common stock
$1.76
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$1–$4
28% of range
Analyst Rating
HOLD
13 analysts
Price Target
$2
+24% upside
P/E (TTM)
-0.9
ROE
—
Net Profit Margin
—
HCAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.76
Market Cap
—
P/E (TTM)
-0.9
EPS (TTM)
$-2.55
Revenue (TTM)
$311M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$1 – $4
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$311M
2017-12-31
→
2025-12-31
EPS
$-2.55
2019-12-31
→
2025-12-31
Free Cash Flow
—
2019-12-31
→
2022-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HCAT
Peer Median
P/E (TTM)
-0.9
25.4
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HCAT
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HCAT
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HCAT
Peer Median
Revenue YoY
1.5%
—
Revenue CAGR 3Y
4.0%
—
Revenue CAGR 5Y
10.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HCAT
Peer Median
HCAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 4 30.8%
- Hold 6 46.2%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-17
Median
$2.00
Mean
$2.19
Now
$1.76
Low
$1.75
High
$3.00
Median target
$2.00
+13.6%
Mean target
$2.19
+24.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.04 | $0.03 | 0.01% |
| March 31, 2026 | $0.02 | $0.02 | 0.00% |
| Dec. 31, 2025 | $0.08 | $0.09 | -0.01% |
| Sept. 30, 2025 | $0.06 | $0.06 | -0.00% |
| June 30, 2025 | $0.04 | $0.03 | 0.01% |
| March 31, 2025 | $0.01 | $0.00 | 0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HCAT | — | -0.9 | 1.5% | — | — | — |
| SLP | $285M | -4.4 | 13.1% | -81.7% | -41.2% | 58.4% |
| AMWL | $81M | -0.8 | -2.0% | -38.4% | -35.4% | — |
| LFMD | $159M | 13.6 | 25.3% | 7.4% | 204.0% | 85.7% |
| OPRX | $230M | 45.4 | 18.8% | 4.7% | 4.2% | 67.2% |
| CCLD | — | — | — | — | — | — |
| DH | — | -2.2 | -4.2% | -57.5% | -28.2% | 75.9% |
| DRIO | $79M | 1.1 | -17.3% | -186.6% | -63.2% | 56.6% |
| VEEV | $33.40B | 37.5 | 16.3% | 28.4% | 13.1% | 75.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $311M | $307M | $296M | $276M | $242M | $189M | $155M | $113M | |
| R&D Expense | $50M | $58M | $73M | $76M | $63M | $54M | $46M | $39M | |
| SG&A Expense | $50M | $57M | $77M | $62M | $86M | $59M | $32M | $23M | |
| Operating Expenses | $313M | $211M | $259M | $273M | $261M | $187M | $134M | $113M | |
| Operating Income | $-161M | $-70M | $-127M | $-140M | $-144M | $-96M | $-55M | $-60M | |
| Pretax Income | $-177M | $-69M | $-118M | · | · | · | · | · | |
| Income Tax | $716.0K | $333.0K | $356.0K | $-4M | $-7M | $-1M | $142.0K | $-135.0K | |
| Net Income | $-178M | $-70M | $-118M | $-137M | $-153M | $-115M | $-60M | $-62M | |
| EPS (Basic) | $-2.55 | $-1.15 | $-2.09 | $-2.56 | $-3.23 | $-2.91 | $-12.86 | · | |
| EPS (Diluted) | $-2.55 | $-1.15 | $-2.09 | $-2.63 | $-3.23 | $-2.91 | $-12.86 | · | |
| Shares (Basic) | 69,896,000 | 60,185,000 | 56,418,000 | 53,722,000 | 47,495,000 | 39,541,000 | 18,741,000 | · | |
| Shares (Diluted) | 69,896,000 | 60,185,000 | 56,418,000 | 54,080,000 | 47,495,000 | 39,541,000 | 18,741,000 | · | |
| EBITDA | · | · | · | $-140M | $-144M | $-96M | $-55M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $51M | $250M | $106M | $116M | $193M | $92M | $18M | $28M | |
| Short-term Investments | $45M | $142M | $211M | $247M | $252M | $179M | $210M | $5M | |
| Receivables | $59M | $57M | $60M | $48M | $49M | $48M | $28M | $28M | |
| Prepaid Expense | $14M | $16M | $15M | $16M | $15M | $11M | $8M | $5M | |
| Current Assets | $169M | $466M | $393M | $428M | $508M | $330M | $264M | $67M | |
| PP&E (Net) | $34M | $29M | $26M | $26M | $23M | $13M | $4M | $5M | |
| PP&E (Gross) | $87M | $69M | $53M | $43M | $35M | $23M | $14M | $12M | |
| Accum. Depreciation | $53M | $39M | $27M | $17M | $11M | $10M | $10M | $8M | |
| Goodwill | $209M | $260M | $191M | $186M | $170M | $108M | $4M | $4M | |
| Intangibles | $78M | $86M | $73M | $92M | $105M | $99M | $26M | $28M | |
| Other Non-current Assets | $6M | $6M | $5M | $4M | $4M | $4M | $810.0K | $1M | |
| Total Assets | $503M | $859M | $702M | $752M | $832M | $578M | $302M | $111M | |
| Accounts Payable | $9M | $11M | $7M | $4M | $5M | $5M | $4M | $2M | |
| Current Liabilities | $90M | $326M | $89M | $83M | $93M | $88M | $48M | $42M | |
| Capital Leases | $14M | $16M | $18M | $18M | $20M | $24M | $2M | $4M | |
| Other Non-current Liabilities | $798.0K | $154.0K | $74.0K | $121.0K | $113.0K | $2M | $326.0K | $0 | |
| Total Liabilities | $257M | $494M | $335M | $327M | $310M | $302M | $102M | $76M | |
| Long-term Debt | $153M | $382M | $228M | · | · | · | $48M | $20M | |
| Total Debt | · | · | · | $227M | $181M | $169M | $48M | · | |
| Common Stock | · | · | · | · | $53.0K | $43.0K | $37.0K | $5.0K | |
| Paid-in Capital | · | · | · | · | $1.40B | $1.00B | $811M | $0 | |
| Retained Earnings | $-1.36B | $-1.19B | $-1.12B | $-999M | $-879M | $-726M | $-611M | $-375M | |
| AOCI | $2M | $-835.0K | $33.0K | $-648.0K | $-67.0K | $61.0K | $72.0K | $-1.0K | |
| Stockholders' Equity | $246M | $365M | $367M | $425M | $522M | $276M | $201M | $-375M | |
| Liabilities + Equity | $503M | $859M | $702M | $752M | $832M | $578M | $302M | $111M | |
| Shares Outstanding | 72,027,332 | 64,043,799 | 58,295,491 | 55,261,922 | 52,622,080 | 43,376,848 | 36,678,854 | 4,779,356 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $50M | $41M | $42M | $48M | $38M | $19M | $9M | $7M | |
| Stock-based Comp | $27M | $40M | $56M | $72M | $65M | $38M | $18M | $4M | |
| Deferred Tax | $81.0K | $77.0K | $8.0K | $-5M | $-7M | $-1M | $40.0K | $-163.0K | |
| Amort. of Intangibles | $36M | $29M | $30M | $37M | $32M | $16M | $6M | $5M | |
| Operating Cash Flow | $731.0K | $15M | $-33M | $-35M | $-23M | $-26M | $-32M | $-40M | |
| CapEx | $968.0K | $2M | $1M | $2M | $10M | $8M | $2M | $2M | |
| Investing Cash Flow | $36M | $-23M | $20M | $-39M | $-140M | $-83M | $-210M | $21M | |
| Debt Issued | $0 | $152M | $0 | · | · | · | · | · | |
| Stock Issued | · | · | $0 | $0 | $245M | $0 | $195M | · | |
| Stock Repurchased | $5M | $0 | $2M | $8M | $0 | $0 | $0 | $9M | |
| Net Stock Activity | · | · | · | $-8M | $245M | $0 | $0 | · | |
| Financing Cash Flow | $-236M | $152M | $3M | $-3M | $264M | $183M | $231M | $24M | |
| Net Change in Cash | $-199M | $143M | $-10M | $-77M | $101M | $74M | $-10M | $5M | |
| Taxes Paid | $395.0K | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | $-37M | $-34M | $-34M | $-35M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | -50.7% | -59.4% | -50.9% | -35.4% | · | |
| Net Margin | · | · | · | -49.7% | -63.3% | -60.9% | -38.8% | · | |
| EBITDA Margin | · | · | · | -50.7% | -59.4% | -50.9% | -35.4% | · | |
| ROA | · | · | · | -17.3% | -21.7% | -26.1% | -29.1% | · | |
| ROE | · | · | · | -31.8% | -28.6% | -40.0% | -29.5% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | · | 5.2 | 5.5 | 3.7 | 5.5 | · | |
| Quick Ratio | · | · | · | 5.0 | 5.3 | 3.6 | 5.3 | · | |
| Debt / Equity | · | · | · | 0.5 | 0.3 | 0.6 | 0.2 | · | |
| LT Debt / Equity | · | · | · | 0.5 | 0.3 | 0.6 | 0.2 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | 0.3 | 0.3 | 0.4 | 0.7 | · | |
| Receivables Turnover | · | · | · | 5.7 | 5.0 | 5.0 | 5.6 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.5% | 3.6% | 7.1% | 14.2% | 28.1% | · | · | · | |
| Revenue CAGR 3Y | 4.0% | 8.2% | 16.2% | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.5% | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $311M | $307M | $296M | $276M | $242M | $189M | $155M | · | |
| Net Income TTM | $-178M | $-70M | $-118M | $-137M | $-153M | $-115M | $-60M | · | |
| Market Cap | · | · | · | $587M | $2.08B | $1.89B | · | · | |
| Enterprise Value | · | · | · | $450M | $1.82B | $1.79B | · | · | |
| P/E | -0.9 | -6.1 | -4.4 | -4.0 | -12.3 | -15.0 | -2.7 | · | |
| P/S | · | · | · | 2.1 | 8.6 | 10.0 | · | · | |
| P/B | · | · | · | 1.4 | 4.0 | 6.8 | · | · | |
| P / Tangible Book | · | 23.3 | 5.2 | 4.0 | 8.4 | 27.2 | · | · | |
| P / Cash Flow | · | · | · | -16.7 | -90.2 | -72.2 | · | · | |
| P / FCF | · | · | · | -15.7 | -62.1 | -55.7 | · | · | |
| EV / EBITDA | · | · | · | -3.2 | -12.7 | -18.6 | · | · | |
| EV / FCF | · | · | · | -12.0 | -54.2 | -52.7 | · | · | |
| EV / Revenue | · | · | · | 1.6 | 7.5 | 9.5 | · | · | |
| Earnings Yield | -106.7% | -16.3% | -22.6% | -24.7% | -8.2% | -6.7% | -37.1% | · |
Income Statement 13
| 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 | $70M | $71M | $75M | $76M | $81M | $79M | $80M | $76M | $76M | $75M | $75M | $74M | $73M | $74M | $69M | $68M | |
| Gross Profit | · | · | · | $40M | · | · | · | $36M | · | · | · | · | · | · | · | · | |
| R&D Expense | $11M | $10M | $10M | $12M | $12M | $15M | $15M | $14M | $14M | $15M | $20M | $18M | $18M | $17M | $20M | $21M | |
| SG&A Expense | $12M | $14M | $11M | $16M | $8M | $14M | $16M | $12M | $14M | $15M | $15M | $14M | $24M | $24M | $16M | $19M | |
| Operating Expenses | $71M | $142M | $125M | $55M | $75M | $56M | $52M | $48M | $52M | $59M | $63M | $57M | $68M | $70M | $68M | $78M | |
| Operating Income | $-36M | $-106M | $-86M | $-18M | $-37M | $-20M | $-18M | $-14M | $-16M | $-23M | $-33M | $-25M | $-35M | $-35M | $-37M | $-46M | |
| Income Tax | $315.0K | $414.0K | $379.0K | $41.0K | $81.0K | $215.0K | $625.0K | $-475.0K | $70.0K | $113.0K | $143.0K | $59.0K | $85.0K | $69.0K | $59.0K | $156.0K | |
| Net Income | $-41M | $-111M | $-91M | $-22M | $-41M | $-24M | $-21M | $-15M | $-14M | $-21M | $-30M | $-22M | $-33M | $-33M | $-36M | $-46M | |
| EPS (Basic) | $-0.55 | $-1.53 | $-1.29 | $-0.32 | $-0.59 | $-0.35 | $-0.33 | $-0.24 | $-0.23 | $-0.35 | $-0.52 | $-0.39 | $-0.58 | $-0.60 | $-0.68 | $-0.84 | |
| EPS (Diluted) | $-0.55 | $-1.53 | $-1.29 | $-0.32 | $-0.59 | $-0.35 | $-0.33 | $-0.24 | $-0.23 | $-0.35 | $-0.52 | $-0.39 | $-0.58 | $-0.60 | $-0.63 | $-0.84 | |
| Shares (Basic) | 73,960,000 | 72,593,000 | -138,659,000 | 70,377,000 | 69,626,000 | 68,552,000 | -118,152,000 | 60,441,000 | 59,304,000 | 58,592,000 | -111,755,000 | 56,711,000 | 55,977,000 | 55,485,000 | -107,264,000 | 54,304,000 | |
| Shares (Diluted) | 73,960,000 | 72,593,000 | -138,659,000 | 70,377,000 | 69,626,000 | 68,552,000 | -118,152,000 | 60,441,000 | 59,304,000 | 58,592,000 | -111,755,000 | 56,711,000 | 55,977,000 | 55,485,000 | -107,114,000 | 54,304,000 | |
| EBITDA | $-36M | $-106M | · | $-18M | $-37M | $-20M | · | $-14M | $-16M | $-23M | · | $-25M | $-35M | $-35M | · | $-46M |
Balance Sheet 26
| 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 | $61M | $60M | $51M | $40M | $51M | $342M | $250M | $328M | $202M | $201M | · | $95M | $116M | $133M | · | $124M | |
| Short-term Investments | $43M | $49M | $45M | $51M | $47M | $0 | $142M | $59M | $106M | $126M | · | $253M | $228M | $223M | · | $256M | |
| Receivables | $42M | $59M | $59M | $60M | $68M | $64M | $57M | $52M | $55M | $54M | · | $46M | $52M | $62M | · | $50M | |
| Prepaid Expense | $12M | $14M | $14M | $14M | $15M | $17M | $16M | $19M | $13M | $15M | · | $15M | $15M | $16M | · | $14M | |
| Current Assets | $248M | $182M | $169M | $165M | $181M | $423M | $466M | $457M | $376M | $397M | · | $408M | $411M | $435M | · | $443M | |
| PP&E (Net) | $33M | $35M | $34M | $33M | $33M | $32M | $29M | $28M | $26M | $25M | · | $26M | $26M | $26M | · | $25M | |
| PP&E (Gross) | $73M | $92M | $87M | $82M | $80M | $75M | $69M | $64M | $59M | $55M | · | $51M | $48M | $46M | · | $44M | |
| Accum. Depreciation | $40M | $57M | $53M | $49M | $46M | $43M | $39M | $36M | $33M | $30M | · | $25M | $22M | $19M | · | $18M | |
| Goodwill | $11M | $113M | $209M | $286M | $286M | $313M | $260M | $234M | $206M | $191M | $191M | $186M | $186M | $186M | $186M | $186M | |
| Intangibles | $56M | $69M | $78M | $90M | $98M | $106M | $86M | $76M | $67M | $66M | · | $72M | $79M | $84M | · | $101M | |
| Other Non-current Assets | $4M | $6M | $6M | $7M | $5M | $6M | $6M | $6M | $5M | $4M | · | $5M | $5M | $5M | · | $4M | |
| Total Assets | $359M | $412M | $503M | $587M | $616M | $892M | $859M | $813M | $692M | $695M | · | $713M | $723M | $752M | · | $776M | |
| Accounts Payable | $8M | $12M | $9M | $5M | $9M | $9M | $11M | $14M | $11M | $6M | · | $6M | $8M | $9M | · | $7M | |
| Current Liabilities | $92M | $108M | $90M | $88M | $99M | $340M | $326M | $324M | $318M | $92M | · | $84M | $87M | $102M | · | $91M | |
| Capital Leases | $13M | $13M | $14M | $15M | $16M | $16M | $16M | $16M | $17M | $17M | · | $18M | $19M | $17M | · | $19M | |
| Other Non-current Liabilities | $775.0K | $841.0K | $798.0K | $40.0K | $52.0K | $408.0K | $154.0K | $3M | $103.0K | $88.0K | · | $73.0K | $125.0K | $123.0K | · | $120.0K | |
| Total Liabilities | $258M | $274M | $257M | $255M | $269M | $515M | $494M | $458M | $335M | $338M | · | $331M | $333M | $347M | · | $336M | |
| Long-term Debt | $153M | $153M | $153M | $153M | $153M | $383M | $382M | $345M | · | · | · | · | · | · | · | · | |
| Total Debt | $153M | $153M | · | $153M | $153M | $383M | · | $345M | $0 | $228M | · | $228M | $227M | $227M | · | $226M | |
| Common Stock | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $54.0K | |
| Paid-in Capital | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $1.40B | |
| Retained Earnings | $-1.52B | $-1.48B | $-1.36B | $-1.27B | $-1.25B | $-1.21B | $-1.19B | $-1.17B | $-1.15B | $-1.14B | · | $-1.09B | $-1.06B | $-1.03B | · | $-963M | |
| AOCI | $1M | $1M | $2M | $2M | $2M | $140.0K | $-835.0K | $-110.0K | $-162.0K | $-124.0K | · | $-170.0K | $-204.0K | $-295.0K | · | $-879.0K | |
| Stockholders' Equity | $101M | $138M | $246M | $332M | $348M | $377M | $365M | $355M | $357M | $357M | $367M | $382M | $390M | $405M | $425M | $440M | |
| Liabilities + Equity | $359M | $412M | $503M | $587M | $616M | $892M | $859M | $813M | $692M | $695M | · | $713M | $723M | $752M | · | $776M | |
| Shares Outstanding | 74,598,492 | 73,748,666 | 72,027,332 | 70,622,681 | 70,267,429 | 69,481,638 | 64,043,799 | 60,847,658 | 60,075,178 | 58,956,132 | · | 57,044,112 | 56,541,641 | 55,843,457 | · | 54,213,795 |
Cash Flow 13
| 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 | $11M | $12M | $13M | $13M | $13M | $12M | $10M | $10M | $11M | $11M | $10M | $10M | $11M | $11M | $12M | $12M | |
| Stock-based Comp | $3M | $4M | $4M | $7M | $8M | $8M | $11M | $10M | $9M | $11M | $13M | $14M | $15M | $14M | $19M | $17M | |
| Deferred Tax | $60.0K | $44.0K | $195.0K | $43.0K | $-224.0K | $67.0K | $594.0K | $-533.0K | $2.0K | $14.0K | $2.0K | $2.0K | $2.0K | $2.0K | $4.0K | $2.0K | |
| Amort. of Intangibles | $7M | $8M | $9M | $9M | $9M | $9M | $7M | $7M | $8M | $7M | $7M | $7M | $8M | $8M | $8M | $9M | |
| Operating Cash Flow | $275.0K | $19M | $10M | $-464.0K | $-9M | $280.0K | $-4M | $6M | $2M | $10M | $-19M | $3M | $-12M | $-6M | $-15M | $-12M | |
| CapEx | $345.0K | $338.0K | $273.0K | $255.0K | $-230.0K | $670.0K | $413.0K | $705.0K | $290.0K | $208.0K | $255.0K | $149.0K | $407.0K | $425.0K | $415.0K | $1M | |
| Investing Cash Flow | $902.0K | $-9M | $1M | $-9M | $-52M | $97M | $-113M | $8M | $-2M | $84M | $30M | $-25M | $-7M | $23M | $6M | $-33M | |
| Debt Issued | · | · | $0 | · | · | · | $37M | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 | $5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2M | $0 | $8M | |
| Net Stock Activity | · | $0 | · | · | · | $-5M | · | · | · | $0 | · | · | · | $-2M | · | · | |
| Financing Cash Flow | $-450.0K | $-4.0K | $-434.0K | $-537.0K | $-230M | $-5M | $38M | $112M | $698.0K | $863.0K | $395.0K | $1M | $1M | $93.0K | $637.0K | $-8M | |
| Net Change in Cash | $725.0K | $9M | $11M | $-10M | $-291M | $92M | $-79M | $126M | $525.0K | $95M | $11M | $-21M | $-18M | $17M | $-8M | $-53M | |
| Free Cash Flow | · | $18M | · | · | · | $-390.0K | · | · | · | $10M | · | · | · | $-6M | · | · |
Profitability 6
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | 52.6% | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | -51.7% | -150.5% | · | -22.9% | -46.0% | -25.4% | · | -17.9% | -20.8% | -30.5% | · | -33.3% | -47.3% | -47.3% | · | -66.9% | |
| Net Margin | -57.5% | -156.9% | · | -29.1% | -50.8% | -29.9% | · | -19.3% | -17.8% | -27.6% | · | -29.9% | -44.5% | -44.9% | · | -66.9% | |
| EBITDA Margin | -51.7% | -150.5% | · | -22.9% | -46.0% | -25.4% | · | -17.9% | -20.8% | -30.5% | · | -33.3% | -47.3% | -47.3% | · | -66.9% | |
| ROA | -8.3% | -17.0% | · | -3.2% | -6.3% | -3.0% | · | -1.9% | -1.9% | -2.8% | · | -3.0% | -4.2% | -4.2% | · | -5.6% | |
| ROE | -18.1% | -43.1% | · | -6.5% | -11.6% | -6.5% | · | -4.0% | -3.6% | -5.4% | · | -5.4% | -7.6% | -7.5% | · | -9.2% |
Liquidity & Solvency 4
| 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 | 2.7 | 1.7 | · | 1.9 | 1.8 | 1.2 | · | 1.4 | 1.2 | 4.3 | · | 4.8 | 4.7 | 4.2 | · | 4.9 | |
| Quick Ratio | 1.6 | 1.6 | · | 1.7 | 1.7 | 1.2 | · | 1.4 | 1.1 | 4.1 | · | 4.7 | 4.6 | 4.1 | · | 4.7 | |
| Debt / Equity | 1.5 | 1.1 | · | 0.5 | 0.4 | 1.0 | · | 1.0 | 0.0 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.5 | |
| LT Debt / Equity | 1.5 | 1.1 | · | 0.5 | 0.4 | 0.4 | · | 0.3 | 0.0 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.5 |
Efficiency 2
| 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 | |
| Receivables Turnover | 1.3 | 1.1 | · | 1.4 | 1.3 | 1.3 | · | 1.6 | 1.4 | 1.3 | · | 1.5 | 1.5 | 1.4 | · | 1.4 |
Valuation (TTM) 14
| 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 | $298M | $307M | · | $313M | $312M | $306M | · | $301M | $298M | $296M | · | $289M | $286M | $281M | · | $269M | |
| Net Income TTM | $-215M | $-198M | · | $-102M | $-93M | $-73M | · | $-71M | $-89M | $-108M | · | $-134M | $-145M | $-135M | · | $-142M | |
| Market Cap | $148M | $94M | · | $201M | $265M | $315M | · | $495M | $384M | $444M | · | $577M | $707M | $652M | · | $526M | |
| Enterprise Value | $198M | $138M | · | $263M | $321M | $356M | · | $453M | $76M | $345M | · | $457M | $590M | $522M | · | $372M | |
| P/E | -0.7 | -0.5 | · | -1.9 | -2.7 | -3.9 | · | -6.7 | -4.1 | -3.9 | · | -4.2 | -4.7 | -4.5 | · | -3.4 | |
| P/S | 0.5 | 0.3 | · | 0.6 | 0.8 | 1.0 | · | 1.6 | 1.3 | 1.5 | · | 2.0 | 2.5 | 2.3 | · | 2.0 | |
| P/B | 1.5 | 0.7 | · | 0.6 | 0.8 | 0.8 | · | 1.4 | 1.1 | 1.2 | · | 1.5 | 1.8 | 1.6 | · | 1.2 | |
| P / Tangible Book | 4.4 | · | · | · | · | · | · | 11.2 | 4.6 | 4.4 | · | 4.6 | 5.7 | 4.8 | · | 3.4 | |
| P / Cash Flow | · | 5.1 | · | · | · | 1124.1 | · | · | · | 43.2 | · | · | · | -116.8 | · | · | |
| P / FCF | · | 5.2 | · | · | · | -807.1 | · | · | · | 44.1 | · | · | · | -108.5 | · | · | |
| EV / EBITDA | -5.4 | -1.3 | · | -15.0 | -8.6 | -17.6 | · | -33.1 | -4.8 | -15.1 | · | -18.6 | -17.0 | -14.9 | · | -8.1 | |
| EV / FCF | · | 7.6 | · | · | · | -911.9 | · | · | · | 34.3 | · | · | · | -86.9 | · | · | |
| EV / Revenue | 0.7 | 0.4 | · | 0.8 | 1.0 | 1.2 | · | 1.5 | 0.3 | 1.2 | · | 1.6 | 2.1 | 1.9 | · | 1.4 | |
| Earnings Yield | -150.2% | -219.7% | · | -52.6% | -37.4% | -25.8% | · | -14.9% | -24.3% | -25.5% | · | -23.8% | -21.1% | -22.3% | · | -29.1% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $311M | $307M | $296M | $276M | $242M |
| Operating Margin % | — | — | — | -50.7% | -59.4% |
| Net Income | $-178M | $-70M | $-118M | $-137M | $-153M |
| Diluted EPS | $-2.55 | $-1.15 | $-2.09 | $-2.63 | $-3.23 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.5 | 0.3 |
| Current Ratio | — | — | — | 5.2 | 5.5 |
| Quick Ratio | — | — | — | 5.0 | 5.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $-37M | $-34M |
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Institutional owners (13F) 158 filers · $107.2M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 40 (+3 vs prior Q) | 32 (+2 vs prior Q) | 36 (-4 vs prior Q) | 38 (+4 vs prior Q) | +4.9M |
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 |
|---|---|---|---|---|
| First Light Asset Management, LLC | $25,493,613 | 12,810,861 | 23.79% | Shares |
| CDC Financial, Inc. | $14,114,469 | 7,092,698 | 13.17% | Shares |
| Palogic Value Management, L.P. | $9,795,659 | 4,922,442 | 9.14% | Shares |
| Impax Asset Management Group plc | $7,960,000 | 4,000,000 | 7.43% | Shares |
| Nepsis Inc. | $5,922,612 | 2,976,187 | 5.53% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,913,480 | 2,971,598 | 5.52% | Shares |
| Whetstone Capital Advisors, LLC | $3,014,850 | 1,515,000 | 2.81% | Call option |
| AMH Equity Ltd | $1,881,000 | 660,000 | 1.76% | Shares |
| HighMark Wealth Management LLC | $1,733,453 | 871,082 | 1.62% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,700,779 | 854,663 | 1.59% | Shares |
| Caption Management, LLC | $1,691,500 | 850,000 | 1.58% | Call option |
| Caption Management, LLC | $1,691,500 | 850,000 | 1.58% | Put option |
| Caption Management, LLC | $1,539,564 | 773,650 | 1.44% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,473,164 | 739,935 | 1.37% | Shares |
| Mink Brook Asset Management LLC | $1,469,171 | 738,277 | 1.37% | Shares |
| Prescott Group Capital Management, L.L.C. | $1,414,498 | 710,803 | 1.32% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,224,853 | 615,504 | 1.14% | Shares |
| VANGUARD GROUP INC | $1,064,214 | 445,278 | 0.99% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,027,005 | 516,083 | 0.96% | Shares |
| PEAK6 LLC | $995,000 | 500,000 | 0.93% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $921,380 | 463,005 | 0.86% | Shares |
| CITADEL ADVISORS LLC | $901,896 | 453,214 | 0.84% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $870,082 | 437,227 | 0.81% | Shares |
| FMR LLC | $816,216 | 410,159 | 0.76% | Shares |
| HSBC HOLDINGS PLC | $809,095 | 408,634 | 0.75% | Shares |
| Squarepoint Ops LLC | $796,418 | 400,210 | 0.74% | Shares |
| JANE STREET GROUP, LLC | $773,318 | 388,602 | 0.72% | Shares |
| STATE STREET CORP | $717,819 | 360,713 | 0.67% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $695,039 | 349,266 | 0.65% | Shares |
| 71 West Capital Partners | $675,635 | 339,515 | 0.63% | Shares |
| GOLDMAN SACHS GROUP INC | $629,954 | 316,560 | 0.59% | Shares |
| BlackRock, Inc. | $540,444 | 271,580 | 0.50% | Shares |
| Weiss Asset Management LP | $514,401 | 258,493 | 0.48% | Shares |
| Baird Financial Group, Inc. | $491,275 | 246,872 | 0.46% | Shares |
| Jain Global LLC | $430,921 | 216,543 | 0.40% | Shares |
| NORTHERN TRUST CORP | $343,231 | 172,478 | 0.32% | Shares |
| Susquehanna Portfolio Strategies, LLC | $335,202 | 168,443 | 0.31% | Shares |
| Whetstone Capital Advisors, LLC | $332,523 | 167,097 | 0.31% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $241,610 | 121,412 | 0.23% | Shares |
| Aster Capital Management (DIFC) Ltd | $202,542 | 101,780 | 0.19% | Shares |
| BARCLAYS PLC | $187,675 | 94,309 | 0.18% | Shares |
| Quadrature Capital Ltd | $144,261 | 72,493 | 0.13% | Shares |
| Veradace Capital Management LLC | $139,300 | 70,000 | 0.13% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $134,126 | 67,400 | 0.13% | Shares |
| Headlands Technologies LLC | $130,773 | 65,715 | 0.12% | Shares |
| SIG BROKERAGE, LP | $129,350 | 65,000 | 0.12% | Put option |
| SIG BROKERAGE, LP | $129,350 | 65,000 | 0.12% | Call option |
| Bank of New York Mellon Corp | $121,231 | 60,920 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $111,042 | 55,800 | 0.10% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $108,654 | 54,600 | 0.10% | Put option |
| Williams & Novak, LLC | $106,678 | 53,607 | 0.10% | Shares |
| EP Wealth Advisors, LLC | $99,375 | 49,937 | 0.09% | Shares |
| Nebula Research & Development LLC | $95,400 | 25,305 | 0.09% | Shares |
| MCF Advisors LLC | $92,535 | 46,500 | 0.09% | Shares |
| Creative Planning | $86,265 | 43,349 | 0.08% | Shares |
| Graham Capital Management, L.P. | $79,499 | 39,949 | 0.07% | Shares |
| Tower Research Capital LLC (TRC) | $77,526 | 38,958 | 0.07% | Shares |
| Financial Engines Advisors L.L.C. | $77,222 | 38,805 | 0.07% | Shares |
| Perigon Wealth Management, LLC | $76,675 | 38,530 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $75,023 | 37,700 | 0.07% | Call option |
| TWO SIGMA ADVISERS, LP | $74,329 | 31,100 | 0.07% | Shares |
| Invesco Ltd. | $74,183 | 37,278 | 0.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $72,846 | 36,606 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $71,009 | 35,683 | 0.07% | Shares |
| Merriman Wealth Management, LLC | $70,700 | 10,000 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $70,446 | 35,400 | 0.07% | Call option |
| RHUMBLINE ADVISERS | $68,692 | 34,519 | 0.06% | Shares |
| Schonfeld Strategic Advisors LLC | $59,009 | 29,653 | 0.06% | Shares |
| Sepio Capital, LP | $58,653 | 29,474 | 0.05% | Shares |
| Vista Wealth Management Group, LLC | $56,521 | 12,477 | 0.05% | Shares |
| IMC-Chicago, LLC | $56,044 | 28,163 | 0.05% | Shares |
| Nuveen Asset Management, LLC | $53,979 | 7,635 | 0.05% | Shares |
| Cresset Asset Management, LLC | $50,954 | 25,605 | 0.05% | Shares |
| DEUTSCHE BANK AG\ | $42,958 | 21,587 | 0.04% | Shares |
| Catalyst Funds Management Pty Ltd | $40,198 | 20,200 | 0.04% | Shares |
| AXQ CAPITAL, LP | $38,017 | 19,104 | 0.04% | Shares |
| SIG BROKERAGE, LP | $37,884 | 19,037 | 0.04% | Shares |
| WOLVERINE TRADING, LLC | $37,668 | 12,900 | 0.04% | Put option |
| WOLVERINE TRADING, LLC | $36,944 | 12,652 | 0.03% | Shares |
| EARNED WEALTH ADVISORS, LLC | $36,548 | 18,366 | 0.03% | Shares |
| XTX Topco Ltd | $36,487 | 18,335 | 0.03% | Shares |
| Vanguard Personalized Indexing Management, LLC | $36,057 | 18,119 | 0.03% | Shares |
| Strong Retirement Solutions LLC | $35,979 | 18,080 | 0.03% | Shares |
| Signal Advisors Wealth, LLC | $35,979 | 18,080 | 0.03% | Shares |
| NEUBERGER BERMAN GROUP LLC | $35,957 | 18,069 | 0.03% | Shares |
| Y-Intercept (Hong Kong) Ltd | $34,017 | 17,094 | 0.03% | Shares |
| Avanza Fonder AB | $33,084 | 26,050 | 0.03% | Shares |
| Rangeley Capital, LLC | $31,601 | 15,880 | 0.03% | Shares |
| AlphaQuest LLC | $29,344 | 12,278 | 0.03% | Shares |
| TWO SIGMA INVESTMENTS, LP | $27,289 | 13,713 | 0.03% | Shares |
| Visionary Wealth Advisors | $27,164 | 13,650 | 0.03% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $25,357 | 11,073 | 0.02% | Shares |
| Divergent Planning, LLC | $25,075 | 10,998 | 0.02% | Shares |
| GC Wealth Management RIA, LLC | $24,829 | 12,477 | 0.02% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $23,446 | 11,782 | 0.02% | Shares |
| MORGAN STANLEY | $23,402 | 11,759 | 0.02% | Shares |
| TWO SIGMA SECURITIES, LLC | $21,737 | 10,923 | 0.02% | Shares |
| Abel Hall, LLC | $21,008 | 10,557 | 0.02% | Shares |
| Callan Family Office, LLC | $20,794 | 10,449 | 0.02% | Shares |
| Arax Advisory Partners | $19,894 | 9,997 | 0.02% | Shares |
Company insiders 9 insiders · 4 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Benjamin Albert | CEO | June 10, 2026 F | 1,423,971 | 0 | 0 | $0 |
| Jason Alger | Chief Financial Officer | June 1, 2026 F | 722,840 | 0 | 0 | $0 |
| Benjamin Landry | General Counsel | June 1, 2026 F | 364,539 | 0 | 0 | $0 |
| Linda Llewelyn | Chief People Officer | June 1, 2026 F | 321,132 | 0 | 0 | $0 |
| Green Jill Hoggard | Director | July 16, 2026 A | 144,628 | 0 | 0 | $0 |
| Julie Larson-Green | Director | July 16, 2026 A | 175,335 | 0 | 0 | $0 |
| Justin Spencer | Director | July 16, 2026 A | 149,263 | 0 | 0 | $0 |
| Steven H Nelson | Director | July 16, 2026 A | 235,499 | 0 | 0 | $0 |
| HAQUE PROMOD | 10% owner | July 15, 2020 J | 1,752,090 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 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 |
|---|---|---|---|---|---|
| Palogic Value Management, LP, Palogic Value Fund, LP, Palogic Capital Management, LLC, Ryan L. Vardeman | June 22, 2026 | 6.70% | Initial filing | Passive investment | SEC |
| Whetstone Capital Advisors, LLC, David Atterbury ×3 filings | June 8, 2026 | 4.50% | Amendment | — | SEC |
| First Light Asset Management, LLC, Mathew P. Arens ×2 filings | March 13, 2026 | 18.30% | Amendment | — | 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.
ETF ownership Held by 17 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.03% | 179,365 SH | Aug. 8, 2026 | Daily |
| HAPS · Harbor ETF Trust | 0.01% | 15,713 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.01% | 82,942 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.00% | 29,836 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 3,006 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.00% | 37,117 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 346,960 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.00% | 203,651 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 2,350 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,371 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 98,805 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 60 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,903 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 109,058 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 840,318 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,058,272 SH | Aug. 8, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 121,412 SH | Aug. 8, 2026 | Daily |