Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement16
Metric
Trend
2025
2024
Revenue
$10M
$10M
Cost of Revenue
$9M
$9M
Gross Profit
$566.0K
$709.0K
R&D Expense
$3M
$3M
SG&A Expense
$6M
$6M
Operating Expenses
$10M
$10M
Operating Income
$-9M
$-10M
Interest Expense
$1M
$2M
Pretax Income
$-11M
$-11M
Income Tax
$35.0K
$94.0K
Net Income
$-11M
$-11M
EPS (Basic)
$-2.23
$-3.75
EPS (Diluted)
$-2.23
$-3.75
Shares (Basic)
4,969
2,938
Shares (Diluted)
4,969
2,938
EBITDA
$-9M
·
Balance Sheet22
Metric
Trend
2025
2024
Cash & Equivalents
$599.0K
$726.0K
Receivables
$2M
$2M
Prepaid Expense
$224.0K
$435.0K
Other Current Assets
$187.0K
$103.0K
Current Assets
$2M
$3M
PP&E (Net)
$86.0K
$105.0K
PP&E (Gross)
$765.0K
$731.0K
Accum. Depreciation
$679.0K
$626.0K
Total Assets
$3M
$3M
Accounts Payable
$3M
$3M
Accrued Liabilities
$2M
$1M
Current Liabilities
$8M
$7M
Total Liabilities
$14M
$20M
Long-term Debt
$7M
·
Total Debt
$7M
·
Common Stock
$1.0K
$1.0K
Paid-in Capital
$117M
$112M
Retained Earnings
$-139M
$-128M
AOCI
$-70.0K
$44.0K
Stockholders' Equity
$-23M
$-17M
Liabilities + Equity
$3M
$3M
Shares Outstanding
13,896,400
2,963,695
Cash Flow11
Metric
Trend
2025
2024
D&A
$53.0K
$58.0K
Stock-based Comp
$615.0K
$961.0K
Operating Cash Flow
$-7M
$-8M
CapEx
$34.0K
$62.0K
Investing Cash Flow
$-34.0K
$-62.0K
Dividends Paid
$88.0K
·
Financing Cash Flow
$7M
$8M
Net Change in Cash
$-127.0K
$-711.0K
Taxes Paid
$119.0K
$48.0K
Free Cash Flow
$-7M
·
Levered FCF
$-8M
·
Profitability8
Metric
Trend
2025
2024
Gross Margin
5.7%
·
Operating Margin
-92.8%
·
Net Margin
-105.8%
·
Pretax Margin
-105.4%
·
EBITDA Margin
-92.8%
·
ROA
-351.7%
·
ROE
53.8%
·
ROIC
60.1%
·
Liquidity & Solvency5
Metric
Trend
2025
2024
Current Ratio
0.3
·
Quick Ratio
0.3
·
Debt / Equity
-0.3
·
LT Debt / Equity
-0.2
·
Interest Coverage
-7.5
·
Efficiency2
Metric
Trend
2025
2024
Asset Turnover
3.3
·
Receivables Turnover
5.2
·
Per Share5
Metric
Trend
2025
2024
Book Value / Share
$-1.63
·
Revenue / Share
$2006.84
·
Cash Flow / Share
$-1393.04
·
Cash / Share
$0.04
·
EPS (TTM)
$-2.23
·
Growth Rates1
Metric
Trend
2025
2024
Revenue YoY
2.4%
·
Valuation (TTM)4
Metric
Trend
2025
2024
Revenue TTM
$10M
·
Net Income TTM
$-11M
·
Payout Ratio
-0.83%
·
Annual Payout
$88.0K
·
Income Statement16
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Revenue
$2M
$2M
·
$2M
$2M
Cost of Revenue
$2M
$2M
·
$2M
$2M
Gross Profit
$-134.0K
$47.0K
·
$335.0K
$73.0K
R&D Expense
$728.0K
$691.0K
·
$664.0K
$555.0K
SG&A Expense
$2M
$2M
·
$2M
$1M
Operating Expenses
$4M
$6M
·
$3M
$2M
Operating Income
$-4M
$-6M
·
$-3M
$-2M
Interest Expense
$226.0K
$226.0K
·
$350.0K
$350.0K
Pretax Income
$-5M
$-7M
·
$-3M
$-2M
Income Tax
$18.0K
$36.0K
·
·
·
Net Income
$-5M
$-7M
·
$-3M
$-2M
EPS (Basic)
$-0.20
$-0.41
·
$-1.02
$-0.73
EPS (Diluted)
$-0.20
$-0.41
·
$-1.02
$-0.73
Shares (Basic)
24,659
16,989
·
2,988
2,964
Shares (Diluted)
24,659
16,989
·
2,988
2,964
EBITDA
$-4M
$-6M
·
·
·
Balance Sheet22
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Cash & Equivalents
$5M
$4M
$599.0K
·
·
Receivables
$2M
$2M
$2M
·
·
Prepaid Expense
$430.0K
$342.0K
$224.0K
·
·
Other Current Assets
$266.0K
$211.0K
$187.0K
·
·
Current Assets
$7M
$6M
$2M
·
·
PP&E (Net)
$93.0K
$89.0K
$86.0K
·
·
PP&E (Gross)
$793.0K
$777.0K
$765.0K
·
·
Accum. Depreciation
$700.0K
$688.0K
$679.0K
·
·
Total Assets
$7M
$6M
$3M
·
·
Accounts Payable
$3M
$3M
$3M
·
·
Accrued Liabilities
$1M
$2M
$2M
·
·
Current Liabilities
$8M
$10M
$8M
·
·
Total Liabilities
$14M
$16M
$14M
·
·
Long-term Debt
$8M
$7M
$7M
·
·
Total Debt
$8M
$7M
·
·
·
Common Stock
$3.0K
$2.0K
$1.0K
·
·
Paid-in Capital
$138M
$131M
$117M
·
·
Retained Earnings
$-151M
$-146M
$-139M
·
·
AOCI
$-111.0K
$-97.0K
$-70.0K
·
·
Stockholders' Equity
$-13M
$-15M
$-23M
·
·
Liabilities + Equity
$7M
$6M
$3M
·
·
Shares Outstanding
29,973,178
21,074,608
13,896,400
·
·
Cash Flow12
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
D&A
$11.0K
$10.0K
·
$13.0K
$12.0K
Stock-based Comp
$364.0K
$203.0K
·
$280.0K
$82.0K
Operating Cash Flow
$-4M
$-4M
·
$-2M
$-1M
CapEx
$16.0K
$11.0K
·
·
·
Investing Cash Flow
$-16.0K
$-11.0K
·
·
·
Stock Issued
$100.0K
$100.0K
·
·
·
Net Stock Activity
$100.0K
$100.0K
·
·
·
Financing Cash Flow
$5M
$8M
·
$3M
$2M
Net Change in Cash
$1M
$3M
·
$1M
$694.0K
Taxes Paid
$38.0K
$37.0K
·
$30.0K
$28.0K
Free Cash Flow
·
$-4M
·
·
·
Levered FCF
·
$-5M
·
·
·
Profitability8
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Gross Margin
-6.3%
2.0%
·
·
·
Operating Margin
-185.2%
-271.6%
·
·
·
Net Margin
-225.0%
-285.6%
·
·
·
Pretax Margin
-224.1%
-284.1%
·
·
·
EBITDA Margin
-185.2%
-271.6%
·
·
·
ROA
-129.7%
-227.5%
·
·
·
ROE
71.2%
89.5%
·
·
·
ROIC
68.7%
85.0%
·
·
·
Liquidity & Solvency5
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Current Ratio
0.9
0.6
·
·
·
Quick Ratio
0.8
0.5
·
·
·
Debt / Equity
-0.6
-0.5
·
·
·
LT Debt / Equity
-0.4
-0.4
·
·
·
Interest Coverage
-17.4
-28.2
·
·
·
Efficiency2
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Asset Turnover
0.6
0.8
·
·
·
Receivables Turnover
2.6
2.8
·
·
·
Per Share4
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Book Value / Share
$-0.45
$-0.71
·
·
·
Revenue / Share
$86.01
$138.15
·
·
·
Cash Flow / Share
·
$-259.58
·
·
·
Cash / Share
$0.17
$0.18
·
·
·
Valuation (TTM)4
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q1 2025
Market Cap
$19M
$31M
·
·
·
Enterprise Value
$22M
$34M
·
·
·
P/B
-1.5
-2.1
·
·
·
P / Cash Flow
·
-7.0
·
·
·
Most recent period on the left · null values shown as ·
Financial Statements
Income statement, balance sheet, cash flow — annual, last 5 years
16
Metric
2025-12-31
2024-12-31
Revenue
$10M
$10M
Gross Margin %
5.7%
·
Operating Margin %
-92.8%
·
Net Income
$-11M
$-11M
Diluted EPS
$-2.23
$-3.75
Metric
2025-12-31
2024-12-31
Debt / Equity
-0.3
·
Current Ratio
0.3
·
Quick Ratio
0.3
·
Metric
2025-12-31
2024-12-31
Free Cash Flow
$-7M
·
Institutional owners (13F)
14 filers
· $335K total
· As of June 30, 2026
17
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.
Holders14
Value held$335K
New positions8
Exited positions2
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
8
2
3
2
·
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. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.