SCWO 374Water Inc. - common stock
$2.48
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$0–$4
67% of range
Analyst Rating
BUY
7 analysts
Price Target
—
P/E (TTM)
-1.5
ROE
—
Net Profit Margin
—
SCWO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.48
Market Cap
—
P/E (TTM)
-1.5
EPS (TTM)
$-1.38
Revenue (TTM)
$215.0K
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$0 – $4
SCWO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$215.0K
2016-12-31
→
2025-12-31
EPS
$-1.38
2023-12-31
→
2025-12-31
Free Cash Flow
—
2022-12-31
→
2024-12-31
Margins
—
2022-12-31
→
2024-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SCWO
Peer Median
P/E (TTM)
-1.5
49.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SCWO
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SCWO
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SCWO
Peer Median
Revenue YoY
-51.7%
—
Revenue CAGR 3Y
-58.5%
—
Revenue CAGR 5Y
20.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SCWO
Peer Median
SCWO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 2 28.6%
- Buy 4 57.1%
- Hold 1 14.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.26 | — | — |
| Sept. 30, 2025 | $-0.03 | $-0.01 | -0.02% |
| June 30, 2025 | $-0.03 | $-0.02 | -0.01% |
| March 31, 2025 | $-0.03 | $-0.02 | -0.01% |
| Dec. 31, 2024 | $-0.03 | $-0.02 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SCWO | — | -1.5 | -51.7% | — | — | — |
| LASE | $56M | -2.4 | 144.3% | -209.2% | 4990.2% | 14.4% |
| VHUB | — | — | — | -7218.4% | 758.9% | 32.5% |
| TPCS | $30M | -17.7 | -7.0% | -5.3% | -19.8% | 15.7% |
| NEPH | — | 44.4 | 32.7% | — | — | — |
| CLIR | $3M | -0.6 | 45.6% | -105.0% | -55.1% | 27.2% |
| CLIR | $3M | -0.6 | 45.6% | -105.0% | -55.1% | 27.2% |
| GTEC | $11M | 2.0 | 8.0% | 5.4% | 7.4% | 31.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.0K | $445.4K | $744.0K | $3M | $48.1K | $86.6K | $24.0K | $190.1K | $852.4K | $587.6K | $529.9K | $428.7K | |
| Cost of Revenue | $3M | $1M | $2M | $3M | $0 | $14.2K | · | · | · | · | · | · | |
| Gross Profit | $-2M | $-912.7K | $-1M | $336.5K | $48.1K | · | · | · | · | · | $529.7K | $428.7K | |
| R&D Expense | $3M | $2M | $1M | $1M | $375.0K | $57.7K | $218.9K | $630.7K | $210.6K | $331.0K | $627.9K | $364.1K | |
| SG&A Expense | $5M | $3M | $3M | $2M | $1M | $17.5K | $217.5K | $239.4K | $210.5K | $318.1K | $272.3K | $501.7K | |
| Operating Expenses | $19M | $12M | $8M | $5M | $3M | $84.0K | $436.4K | $870.1K | $421.1K | $649.1K | $900.2K | $865.8K | |
| Operating Income | $-21M | $-13M | $-9M | $-5M | $-3M | $-11.7K | $-412.4K | $-680.0K | $431.3K | $-61.5K | $-370.3K | $-437.1K | |
| Interest Expense | · | · | · | · | · | $135.3K | $33.3K | $699 | $27.8K | $62.3K | $57.2K | $128.9K | |
| Interest Income | · | · | $446.7K | $67.1K | $1.1K | $0 | $0 | $1.6K | $806 | · | $861 | · | |
| Other Non-op | $172.0K | $369.1K | $539.4K | $66.2K | $1.4K | $52.0K | $-102.5K | $922 | $-27.0K | $-62.3K | $-56.3K | · | |
| Pretax Income | $-21M | $-12M | $-8M | $-5M | $-3M | $40.3K | $-514.9K | $-679.1K | $404.4K | $-123.8K | $-426.6K | $-565.9K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | |
| Net Income | $-21M | $-12M | $-8M | $-5M | $-3M | $40.3K | $-514.9K | $-679.1K | $404.4K | $-123.8K | $-426.6K | $-565.9K | |
| EPS (Diluted) | $-1.38 | $-0.92 | $-0.06 | · | · | · | · | · | · | · | · | · | |
| Shares (Basic) | · | · | · | · | 94,002,888 | 62,410,452 | · | · | · | · | · | · | |
| Shares (Diluted) | 15,231,134 | 13,449,135 | 130,367,662 | · | · | · | · | · | · | · | · | · | |
| EBITDA | · | $-13M | $-9M | $-5M | · | $-398.4K | $-406.8K | $-660.0K | $467.8K | $-29.1K | $-293.7K | $-200.6K |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | $11M | $10M | $4M | $11M | $71.8K | $5.3K | $8.5K | $1.3K | $4.8K | $5.6K | $4.7K | |
| Short-term Investments | · | · | · | $2M | · | · | · | · | · | · | · | · | |
| Receivables | $668.9K | $269.7K | $64.8K | $0 | $0 | · | · | · | $34.0K | · | · | · | |
| Inventory | $1M | $2M | $2M | $2M | $0 | · | · | · | · | · | · | · | |
| Prepaid Expense | $395.8K | $431.4K | $581.1K | $153.5K | $218.5K | $0 | $11.5K | $10.9K | $8.7K | $56.6K | $13.3K | $14.2K | |
| Current Assets | $6M | $15M | $15M | $9M | $11M | $103.1K | $37.5K | $29.3K | $414.0K | $232.0K | $239.1K | $220.5K | |
| PP&E (Net) | $4M | $3M | $231.0K | $143.1K | $959 | $403 | $0 | $634 | $8.2K | $22.5K | $36.8K | $52.4K | |
| PP&E (Gross) | $5M | $3M | $251.7K | $145.8K | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $20.8K | $2.7K | · | · | $107.6K | $107.0K | $99.4K | $85.2K | $70.8K | $55.3K | |
| Intangibles | $943.2K | $1M | $988.0K | $1M | $1M | $0 | · | $74.2K | $86.6K | $108.7K | $26.7K | · | |
| Other Non-current Assets | $202.1K | $20.8K | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $11M | $19M | $16M | $10M | $12M | $103.8K | $37.5K | $104.2K | $508.8K | $363.2K | $302.7K | $327.8K | |
| Accounts Payable | $1M | $906.4K | $572.3K | $1M | $63.0K | $76.2K | $101.1K | $39.1K | $95.3K | $79.1K | $42.0K | $100.0K | |
| Accrued Liabilities | · | $570.0K | $0 | · | · | · | · | · | · | · | · | · | |
| Short-term Debt | $8.3K | $0 | · | · | · | · | · | · | · | · | $47.6K | · | |
| Current Liabilities | $4M | $3M | $1M | $2M | $86.4K | $92.6K | $101.1K | $39.1K | $245.3K | $504.1K | $527.6K | $141.9K | |
| Capital Leases | $431.7K | $551.4K | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $5M | $4M | $1M | $2M | $86.4K | $92.6K | $407.4K | $39.1K | $245.3K | $504.1K | $527.6K | $516.1K | |
| Long-term Debt | · | · | · | · | · | $97.2K | $94.4K | · | · | · | · | · | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | $47.6K | · | |
| Common Stock | $1.7K | $1.4K | $13.3K | $12.7K | $12.5K | $6.2K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | $4.0K | |
| Paid-in Capital | $57M | $44M | $31M | $16M | $15M | $416 | $13M | $13M | $12M | $12M | $12M | $12M | |
| Retained Earnings | $-50M | $-28M | $-16M | $-8M | $-3M | $4.6K | $-13M | $-12M | $-11M | $-12M | $-12M | $-11M | |
| Treasury Stock | · | · | · | · | · | $791.1K | $491.1K | $491.1K | $491.1K | $491.1K | $491.1K | $491.1K | |
| AOCI | $2.5K | $2.5K | $2.5K | $-19.3K | $0 | · | · | · | · | · | · | · | |
| Stockholders' Equity | $7M | $15M | $15M | $8M | $12M | $11.2K | $-35.7K | $65.0K | $263.5K | $-140.9K | $-225.0K | $-188.3K | |
| Liabilities + Equity | $11M | $19M | $16M | $10M | $12M | $103.8K | $37.5K | $104.2K | $508.8K | $363.2K | $302.7K | $327.8K | |
| Shares Outstanding | 17,143,771 | 14,130,198 | 132,667,107 | 126,702,545 | 125,317,746 | 62,410,452 | 31,750,106 | 31,750,106 | 31,750,106 | 31,750,106 | 31,750,106 | 31,750,106 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $752.0K | $226.0K | $85.8K | $67.6K | $46.0K | $0 | $5.6K | $20.0K | $36.4K | $32.4K | $76.6K | $236.5K | |
| Stock-based Comp | $4M | $1M | $925.2K | $610.7K | $204.2K | $328 | $80.0K | $480.6K | · | $207.8K | · | · | |
| Deferred Tax | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $73.4K | $70.0K | $67.7K | $65.1K | $45.4K | $0 | $5.0K | $12.4K | $22.2K | $18.0K | $61.0K | $219.8K | |
| Other Non-cash | · | · | · | · | · | $31.6K | $141.8K | $335.6K | $-712.3K | $238.1K | $311.2K | $-8.0K | |
| Operating Cash Flow | $-14M | $-11M | $-9M | $-5M | $-2M | $64.8K | $-287.4K | $157.1K | $271.6K | $-146.8K | $-38.9K | $-337.5K | |
| CapEx | $2M | $554.9K | $106.0K | $144.6K | $1.2K | $0 | · | · | · | · | · | $13.6K | |
| Investing Cash Flow | $-2M | $-653.5K | $2M | $-2M | $28.3K | $-275 | · | · | · | · | $-16.1K | $-13.6K | |
| Stock Issued | $9M | $12M | $137.5K | $0 | $5M | $0 | · | · | · | · | · | $415.0K | |
| Stock Repurchased | · | · | · | · | · | $300.0K | · | · | · | · | · | · | |
| Net Stock Activity | · | $60.0K | $13M | · | · | $-300.0K | · | · | · | · | · | $415.0K | |
| Financing Cash Flow | $9M | $11M | $14M | $25.0K | $13M | $2.1K | $299.0K | $-150.0K | $-275.0K | $-147.6K | $55.9K | $307.5K | |
| Net Change in Cash | · | · | · | · | $11M | $71.8K | $11.6K | $7.1K | $-3.5K | $-815 | $865 | $-43.6K | |
| Taxes Paid | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $-11M | $-9M | $-5M | · | · | · | · | · | · | · | $-323.9K |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | -204.9% | -149.0% | 11.2% | · | · | · | · | · | · | 100.0% | 100.0% | |
| Operating Margin | · | -2874.3% | -1161.8% | -157.7% | · | -995.9% | -1718.5% | -357.7% | 50.6% | -10.5% | -69.9% | -101.9% | |
| Net Margin | · | -2791.4% | -1089.2% | -155.5% | · | -1334.2% | -2145.5% | -357.2% | 47.4% | -21.1% | -80.5% | -132.0% | |
| Pretax Margin | · | -2791.4% | -1089.2% | -155.5% | · | -1334.2% | -2145.5% | -357.2% | 47.4% | -21.1% | -80.5% | -132.0% | |
| EBITDA Margin | · | -2874.3% | -1161.8% | -157.7% | · | -995.9% | -1695.0% | -347.2% | 54.9% | -5.0% | -55.4% | -46.8% | |
| ROA | · | -70.4% | -62.2% | -42.0% | · | · | -727.0% | -221.6% | 92.8% | -37.2% | -135.3% | -142.6% | |
| ROE | · | -103.9% | -50.3% | -52.1% | · | 251.2% | 158.0% | -661.9% | 659.9% | 67.7% | 206.5% | 463.9% | |
| ROIC | · | -82.7% | -58.6% | -57.6% | · | 86.2% | 111.5% | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 4.8 | 10.8 | 5.2 | · | 0.4 | 0.4 | 0.7 | 1.7 | 0.5 | 0.5 | 1.6 | |
| Quick Ratio | · | 3.5 | 7.6 | 3.6 | · | 0.3 | · | · | · | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | -0.2 | · | |
| Interest Coverage | · | · | · | · | · | -2.9 | -12.4 | -972.8 | 15.5 | -1.0 | -6.5 | 3.4 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.1 | 0.3 | · | · | 0.3 | 0.6 | 2.0 | 1.8 | 1.7 | 1.1 | |
| Inventory Turnover | · | 0.7 | 0.9 | 3.2 | · | · | · | · | · | · | · | · | |
| Receivables Turnover | · | 2.7 | 23.0 | · | · | · | · | · | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -51.7% | -40.1% | -75.3% | 6169.3% | -44.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -58.5% | 110.0% | 104.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 20.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $215.0K | $445.4K | $744.0K | $3M | $48.1K | $86.6K | $24.0K | $190.1K | $852.4K | $587.6K | $529.9K | $428.7K | |
| Net Income TTM | $-21M | $-12M | $-8M | $-5M | $-3M | $40.3K | $-514.9K | $-679.1K | $404.4K | $-123.8K | $-426.6K | $-565.9K | |
| Market Cap | · | $98M | $180M | $362M | · | $23M | $3M | $2M | $4M | $4M | $4M | $6M | |
| P/E | -1.5 | -0.7 | -23.7 | · | · | · | · | · | · | · | · | · | |
| P/S | · | 220.3 | 241.8 | 120.2 | · | 270.5 | 119.1 | 8.4 | 4.5 | 7.0 | 7.2 | 14.8 | |
| P/B | · | 6.3 | 12.2 | 43.9 | · | -50.7 | -7.7 | 24.4 | 14.5 | -29.3 | -16.9 | -33.7 | |
| P / Tangible Book | 6.0 | 6.8 | 13.1 | 50.3 | 31.7 | 2081.6 | · | · | · | · | · | · | |
| P / Cash Flow | · | -9.3 | -19.9 | -73.2 | · | -46.6 | -9.9 | 10.1 | -14.0 | 28.1 | -98.0 | -18.8 | |
| P / FCF | · | -8.8 | -19.7 | -71.1 | · | · | · | · | · | · | · | -19.6 | |
| Earnings Yield | -67.7% | -135.3% | -4.2% | · | · | · | · | · | · | · | · | · |
Income Statement 15
| 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 | $2M | $551.2K | $-2M | $760.4K | $595.0K | $543.1K | $11.9K | $81.5K | $36.8K | $315.3K | $-119.7K | $12.3K | $49.9K | $801.5K | $789.0K | $922.7K | |
| Cost of Revenue | $279.1K | $202.7K | $742.5K | $547.8K | $871.3K | $404.8K | $654.9K | $42.4K | $43.5K | $617.3K | $908.1K | $178.7K | $45.3K | $720.1K | $716.1K | $812.4K | |
| Gross Profit | $2M | $348.4K | $-2M | $212.6K | $-276.4K | $138.3K | $-643.1K | $39.1K | $-6.7K | $-302.0K | $-1M | $-166.4K | $4.6K | $81.3K | $72.9K | $110.3K | |
| R&D Expense | $284.6K | $449.8K | $703.8K | $755.9K | $531.2K | $533.6K | $617.2K | $424.6K | $566.6K | $535.1K | $550.7K | $317.6K | $272.0K | $355.9K | $386.9K | $118.3K | |
| SG&A Expense | $1M | $1M | $2M | $1M | $1M | $942.4K | $995.9K | $644.6K | $822.8K | $321.1K | $871.5K | $541.7K | $676.3K | $585.7K | $537.6K | $387.0K | |
| Operating Expenses | $4M | $5M | $6M | $5M | $4M | $4M | $4M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | |
| Operating Income | $-2M | $-5M | $-8M | $-4M | $-5M | $-4M | $-5M | $-3M | $-3M | $-2M | $-3M | $-2M | $-2M | $-2M | $-2M | $-913.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $65.5K | $162 | |
| Other Non-op | $-1M | $26.7K | $162.8K | $633 | $57.5K | $87.1K | $281.1K | $3.3K | $12.6K | $72.1K | $231.6K | $151.0K | $118.5K | $38.2K | $64.5K | $162 | |
| Pretax Income | $-3M | $-5M | $-8M | $-4M | $-5M | $-4M | $-5M | $-3M | $-3M | $-2M | $-3M | $-2M | $-2M | $-2M | $-2M | $-912.8K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-3M | $-5M | $-8M | $-4M | $-5M | $-4M | $-5M | $-3M | $-3M | $-2M | $-3M | $-2M | $-2M | $-2M | $-2M | $-912.8K | |
| EPS (Diluted) | $0.15 | $-0.26 | $-1.35 | $0.03 | $0.32 | $-0.26 | $-0.90 | $0.02 | $-0.02 | $-0.02 | · | · | · | · | · | · | |
| Shares (Diluted) | 17,607,768 | 17,449,951 | -425,915,678 | 151,471,944 | 14,506,743 | 14,460,744 | -385,017,914 | 132,997,135 | 132,801,137 | 132,668,777 | · | · | · | · | · | · | |
| EBITDA | $-2M | $-5M | · | $-4M | $-5M | $-4M | · | $-3M | $-3M | $-2M | · | $-2M | $-2M | $-2M | · | $-913.0K |
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 | · | · | · | · | · | · | · | $2M | $5M | $8M | $10M | $13M | $15M | $9M | $4M | $2M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $2M | $6M | |
| Receivables | $623.7K | $2M | $668.9K | $643.6K | $863.8K | $94.1K | $269.7K | $288.8K | $57.4K | $84.3K | $64.8K | $16.8K | $17.5K | $26.2K | $0 | $35.5K | |
| Inventory | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $1M | $1M | $3M | $2M | $2M | $2M | $2M | $2M | · | |
| Prepaid Expense | $205.6K | $464.3K | $395.8K | $439.3K | $295.1K | $338.3K | $431.4K | $654.9K | $856.6K | $921.4K | $581.1K | $416.5K | $206.5K | $130.2K | $153.5K | $1M | |
| Current Assets | $6M | $5M | $6M | $6M | $8M | $12M | $15M | $6M | $9M | $13M | $15M | $17M | $18M | $15M | $9M | $10M | |
| PP&E (Net) | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $278.8K | $260.2K | $223.3K | $231.0K | $182.1K | $140.0K | $140.9K | $143.1K | $124.6K | |
| PP&E (Gross) | $6M | $5M | $5M | $4M | $4M | $3M | $3M | $326.7K | $297.8K | $251.7K | $251.7K | · | · | · | $145.8K | · | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $2.7K | · | |
| Intangibles | $906.5K | $924.9K | $943.2K | $961.6K | $979.9K | $998.3K | $1M | $1M | $981.3K | $971.7K | $988.0K | $1M | $1M | $1M | $1M | $1M | |
| Other Non-current Assets | $27.9K | $17.9K | $202.1K | · | · | · | $20.8K | · | · | · | · | · | · | · | · | · | |
| Total Assets | $13M | $11M | $11M | $11M | $12M | $16M | $19M | $10M | $12M | $15M | $16M | $18M | $19M | $16M | $10M | $11M | |
| Accounts Payable | $2M | $1M | $1M | $1M | $1M | $819.5K | $906.4K | $769.5K | $892.3K | $755.7K | $572.3K | $382.0K | $334.2K | $868.0K | $1M | $1M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | · | · | |
| Short-term Debt | $8.7K | $8.5K | $8.3K | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $565.1K | $517.3K | $1M | $2M | $1M | |
| Capital Leases | $1M | $711.0K | $431.7K | $463.8K | $494.2K | $523.2K | $551.4K | · | · | · | $0 | · | · | · | · | · | |
| Total Liabilities | $10M | $7M | $5M | $5M | $3M | $3M | $4M | · | $2M | $2M | $1M | $565.1K | $517.3K | $1M | $2M | $1M | |
| Total Debt | $8.7K | $8.5K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $1.8K | $1.8K | $1.7K | $15.4K | $14.6K | $14.5K | $1.4K | $13.3K | $13.3K | $13.3K | $13.3K | $13.3K | $13.1K | $12.9K | $12.7K | $12.7K | |
| Paid-in Capital | $60M | $58M | $57M | $47M | $46M | $45M | $44M | $32M | $32M | $31M | $31M | $30M | $30M | $25M | $16M | $16M | |
| Retained Earnings | $-57M | $-55M | $-50M | $-41M | $-37M | $-32M | $-28M | $-24M | $-21M | $-18M | $-16M | $-13M | $-11M | $-9M | $-8M | $-6M | |
| AOCI | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $2.5K | $-2.4K | $5.4K | $495 | $-19.3K | $-4.0K | |
| Stockholders' Equity | $3M | $4M | $7M | $6M | $9M | $13M | $15M | $8M | $11M | $13M | $15M | $17M | $19M | $15M | $8M | $10M | |
| Liabilities + Equity | $13M | $11M | $11M | $11M | $12M | $16M | $19M | $10M | $12M | $15M | $16M | $18M | $19M | $16M | $10M | $11M | |
| Shares Outstanding | 17,718,161 | 17,495,504 | 17,143,771 | 154,261,131 | 146,482,108 | 144,682,963 | 14,130,198 | 133,168,049 | 132,932,335 | 132,670,446 | 132,667,107 | 132,667,107 | 130,679,012 | 128,840,421 | 126,702,545 | 126,680,895 |
Cash Flow 11
| 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 | $229.7K | $209.3K | $206.4K | $196.3K | $185.4K | $164.0K | $147.0K | $28.1K | $26.4K | $24.6K | $22.2K | $19.3K | $15.2K | $29.1K | $17.5K | $16.9K | |
| Stock-based Comp | $609.9K | $1M | $1M | $814.0K | $549.1K | $709.5K | $336.6K | $420.4K | $275.4K | $183.2K | $328.4K | $153.0K | $228.8K | $214.9K | $190.7K | $183.5K | |
| Amort. of Intangibles | · | · | · | · | · | · | $18.2K | $17.8K | $17.1K | $16.9K | $16.9K | $16.9K | $16.9K | $16.9K | $16.4K | $16.2K | |
| Operating Cash Flow | $211.0K | $-3M | $-4M | $-3M | $-4M | $-3M | $-3M | $-3M | $-2M | $-3M | $-2M | $-2M | $-2M | $-3M | $-2M | $-2M | |
| CapEx | $907.5K | $345.9K | $1M | $457.0K | $15.5K | $297.3K | $479.9K | $28.9K | $46.1K | $0 | $54.2K | $44.5K | $0 | $7.3K | $19.6K | $118.4K | |
| Investing Cash Flow | $-907.5K | $-345.9K | $-539.4K | $-457.0K | $-604.5K | $-297.3K | $345.7K | $-597.0K | $-401.6K | $-590 | $-54.2K | $2M | $2M | $-10.0K | $4M | $883.0K | |
| Stock Issued | · | · | $9M | $0 | · | · | $12M | $25.7K | $-4.5K | $4.5K | $-13M | $69.9K | $5M | $0 | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $4.5K | · | · | · | $8M | · | · | |
| Financing Cash Flow | $2M | $103.1K | $7M | $2M | $-3.7K | $24.0K | $11M | $37.6K | $-25.7K | $0 | $30.0K | $-2M | $5M | $8M | $25.0K | $0 | |
| Taxes Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Free Cash Flow | · | $-3M | · | · | · | $-4M | · | · | · | $-3M | · | · | · | $-3M | · | · |
Profitability 8
| 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 | 87.7% | 63.2% | · | 28.0% | -46.5% | 25.5% | · | 48.0% | -18.3% | -95.8% | · | -1353.9% | 9.2% | 10.2% | · | 12.0% | |
| Operating Margin | -71.7% | -834.3% | · | -573.5% | -779.5% | -697.0% | · | -3364.5% | -8199.4% | -698.2% | · | -15316.4% | -3547.9% | -209.4% | · | -99.0% | |
| Net Margin | -119.2% | -829.5% | · | -571.9% | -769.9% | -681.0% | · | -3315.5% | -7963.7% | -642.1% | · | -14088.1% | -3310.2% | -204.7% | · | -98.9% | |
| Pretax Margin | -119.2% | -829.5% | · | -571.9% | -769.9% | -681.0% | · | -3315.5% | -7963.7% | -642.1% | · | -14088.1% | -3310.2% | -204.7% | · | -98.9% | |
| EBITDA Margin | -71.7% | -834.3% | · | -573.5% | -779.5% | -697.0% | · | -3364.5% | -8199.4% | -698.2% | · | -15316.4% | -3547.9% | -209.4% | · | -99.0% | |
| ROA | -21.3% | -33.9% | · | -40.6% | -37.3% | -24.2% | · | -19.2% | -18.5% | -13.2% | · | -11.9% | -10.5% | -11.4% | · | -9.6% | |
| ROE | -45.3% | -56.3% | · | -58.1% | -46.8% | -29.0% | · | -20.8% | -19.8% | -14.4% | · | -12.7% | -11.2% | -12.3% | · | -10.4% | |
| ROIC | -54.1% | -125.4% | · | -67.1% | -52.0% | -30.1% | · | -32.4% | -28.3% | -17.1% | · | -10.8% | -9.3% | -11.1% | · | -9.4% |
Liquidity & Solvency 3
| 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 | 1.7 | 1.4 | · | 1.4 | 2.6 | 4.1 | · | 3.8 | 5.7 | 8.2 | · | 29.8 | 35.4 | 14.0 | · | 7.8 | |
| Quick Ratio | 0.2 | 0.7 | · | 0.1 | 0.3 | 0.0 | · | 1.4 | 3.3 | 4.9 | · | 22.7 | 28.3 | 8.6 | · | 6.6 | |
| Debt / Equity | 0.0 | 0.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| 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 | 0.2 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.2 | 0.1 | · | 0.3 | 0.6 | 0.2 | · | 0.0 | 0.0 | 0.3 | · | 0.2 | 0.1 | 0.8 | · | · | |
| Receivables Turnover | 3.0 | 0.4 | · | 1.6 | 1.3 | 6.1 | · | 0.5 | 1.0 | 5.7 | · | 0.5 | 0.4 | 61.2 | · | 52.0 |
Valuation (TTM) 10
| 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 | $4M | $2M | · | $2M | $1M | $976.7K | · | $445.9K | $414.3K | $1M | · | $2M | $3M | $3M | · | $2M | |
| Net Income TTM | $-16M | $-17M | · | $-15M | $-14M | $-11M | · | $-9M | $-8M | $-7M | · | $-6M | $-5M | $-5M | · | $-4M | |
| Market Cap | $34M | $50M | · | $45M | $47M | $49M | · | $181M | $160M | $167M | · | $165M | $312M | $608M | · | $359M | |
| P/E | 7.9 | -5.5 | · | -29.0 | -5.3 | -6.8 | · | · | · | · | · | · | · | · | · | · | |
| P/S | 8.1 | 20.3 | · | 22.6 | 37.3 | 50.4 | · | 406.2 | 385.1 | 141.8 | · | 92.1 | 111.4 | 200.8 | · | 159.7 | |
| P/B | 11.3 | 13.6 | · | 6.9 | 5.3 | 3.9 | · | 21.4 | 14.9 | 12.9 | · | 9.4 | 16.5 | 40.2 | · | 36.8 | |
| P / Tangible Book | 16.2 | 18.2 | · | 8.1 | 5.9 | 4.2 | · | 24.3 | 16.4 | 14.0 | · | 10.0 | 17.4 | 43.1 | · | 41.1 | |
| P / Cash Flow | · | -19.8 | · | · | · | -14.1 | · | · | · | -66.6 | · | · | · | -191.3 | · | · | |
| P / FCF | · | -17.4 | · | · | · | -13.0 | · | · | · | -66.6 | · | · | · | -190.9 | · | · | |
| Earnings Yield | 12.6% | -18.3% | · | -3.5% | -18.8% | -14.7% | · | · | · | · | · | · | · | · | · | · |
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 | $215.0K | $445.4K | $744.0K | $3M | $48.1K |
| Gross Margin % | — | -204.9% | -149.0% | 11.2% | — |
| Operating Margin % | — | -2874.3% | -1161.8% | -157.7% | — |
| Net Income | $-21M | $-12M | $-8M | $-5M | $-3M |
| Diluted EPS | $-1.38 | $-0.92 | $-0.06 | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | — | 4.8 | 10.8 | 5.2 | — |
| Quick Ratio | — | 3.5 | 7.6 | 3.6 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-11M | $-9M | $-5M | — |
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Institutional owners (13F) 50 filers · $3.1M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 9 (+1 vs prior Q) | 9 (+4 vs prior Q) | 6 (-1 vs prior Q) | 6 (0 vs prior Q) | +309K |
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 |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $613,297 | 322,788 | 19.82% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $392,802 | 206,738 | 12.69% | Shares |
| HAMILTON LANE ADVISORS LLC | $304,433 | 160,228 | 9.84% | Shares |
| D.A. DAVIDSON & CO. | $281,540 | 148,179 | 9.10% | Shares |
| Icon Wealth Advisors, LLC | $205,886 | 108,361 | 6.65% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $163,469 | 85,995 | 5.28% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $133,198 | 70,104 | 4.30% | Shares |
| Congress Wealth Management LLC / DE / | $116,568 | 359,446 | 3.77% | Shares |
| Sigma Planning Corp | $105,551 | 55,553 | 3.41% | Shares |
| VANGUARD GROUP INC | $98,854 | 48,458 | 3.19% | Shares |
| MILLENNIUM MANAGEMENT LLC | $92,072 | 48,459 | 2.97% | Shares |
| UBS Group AG | $71,645 | 37,708 | 2.31% | Shares |
| Trinity Legacy Partners, LLC | $50,956 | 23,162 | 1.65% | Shares |
| NORTHERN TRUST CORP | $49,252 | 25,922 | 1.59% | Shares |
| STATE STREET CORP | $44,034 | 23,176 | 1.42% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $43,616 | 22,956 | 1.41% | Shares |
| Mariner, LLC | $36,243 | 19,075 | 1.17% | Shares |
| Uncommon Cents Investing LLC | $34,580 | 18,200 | 1.12% | Shares |
| Prospera Financial Services Inc | $33,250 | 17,500 | 1.07% | Shares |
| CITADEL ADVISORS LLC | $27,979 | 14,726 | 0.90% | Shares |
| Qube Research & Technologies Ltd | $27,124 | 14,276 | 0.88% | Shares |
| TWO SIGMA INVESTMENTS, LP | $25,891 | 13,627 | 0.84% | Shares |
| Westend Capital Management, LLC | $24,700 | 13,000 | 0.80% | Shares |
| XTX Topco Ltd | $24,668 | 12,983 | 0.80% | Shares |
| Nuveen Asset Management, LLC | $20,083 | 29,422 | 0.65% | Shares |
| Compass Ion Advisors, LLC | $19,312 | 10,164 | 0.62% | Shares |
| MORGAN STANLEY | $11,562 | 6,085 | 0.37% | Shares |
| Avalon Trust Co | $8,170 | 4,300 | 0.26% | Shares |
| ROYAL BANK OF CANADA | $7,000 | 3,893 | 0.23% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $6,971 | 24,299 | 0.23% | Shares |
| BlackRock, Inc. | $4,706 | 2,477 | 0.15% | Shares |
| Vanguard Global Advisers, LLC | $3,743 | 1,970 | 0.12% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,618 | 1,378 | 0.08% | Shares |
| FIFTH THIRD BANCORP | $2,470 | 1,300 | 0.08% | Shares |
| Tower Research Capital LLC (TRC) | $2,335 | 1,229 | 0.08% | Shares |
| Graney & King, LLC | $1,425 | 750 | 0.05% | Shares |
| OSAIC HOLDINGS, INC. | $748 | 394 | 0.02% | Shares |
| Smartleaf Asset Management LLC | $649 | 345 | 0.02% | Shares |
| Cubist Systematic Strategies, LLC | $286 | 997 | 0.01% | Shares |
| BARCLAYS PLC | $270 | 142 | 0.01% | Shares |
| WELLS FARGO & COMPANY/MN | $238 | 125 | 0.01% | Shares |
| Clearstead Advisors, LLC | $190 | 100 | 0.01% | Shares |
| FIRST COMMUNITY TRUST NA | $142 | 50 | 0.00% | Shares |
| JPMORGAN CHASE & CO | $109 | 58 | 0.00% | Shares |
| Blue Trust, Inc. | $95 | 50 | 0.00% | Shares |
| Point72 (DIFC) Ltd | $87 | 302 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $77 | 40 | 0.00% | Shares |
| SENTINEL TRUST CO LBA | $76 | 40,130 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $19 | 10 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $6 | 3 | 0.00% | Shares |
Company insiders 14 insiders · 7 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Chris M Gannon | President & CEO | Nov. 18, 2024 P | 120,000 | 0 | 0 | $0 |
| Charles Maurice Weiser | Chief Financial Officer | July 1, 2026 A | — | 0 | 0 | $0 |
| Adrienne Anderson | Chief Financial Officer | Nov. 18, 2024 P | 71,762 | 0 | 0 | $0 |
| George Konrad | President and Treasurer | Oct. 16, 2012 J | 4,054,074 | 0 | 0 | $0 |
| Brad Ian Meyers | Chief Operating Officer | June 12, 2026 S | 30,169 | 0 | 2 | $-45,046 |
| Mandel Peter | General Counsel | Nov. 18, 2024 P | 258,575 | 0 | 0 | $0 |
| Fred Barker | Vice President and Secretary | July 9, 2012 G | 1,695,990 | 0 | 0 | $0 |
| James Michael Vanderhider | Director | Nov. 18, 2024 P | 1,420,000 | 0 | 0 | $0 |
| Deanna Rene Estes | Director | Nov. 18, 2024 P | 76,500 | 0 | 0 | $0 |
| Marc Deshusses | Director | Nov. 18, 2024 P | 22,652,451 | 0 | 0 | $0 |
| Buddie J Penn | Director | Nov. 18, 2024 P | 60,000 | 0 | 0 | $0 |
| Richard H. Davis | Director | Nov. 18, 2024 P | 160,533 | 0 | 0 | $0 |
| Terry Merrell | Director | Nov. 15, 2024 A | 40,000 | 0 | 0 | $0 |
| Richard G Mckee Jr | Director | July 1, 2003 A | 42,892 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Yaacov Nagar ×7 filings | April 30, 2026 | 10.16% | Amendment | — | SEC |
| Richard H. Davis, Stephen H. McKnight, Robert F. Ehrman Declaration of Trust as Amended and Restated on 10/6/2022, William R. Greenfield, Bryce Allan Johnson, Ligi Investments LLLP, Kevin J. Lockwood, John McClure, Stephen H. McKnight Jr., Christopher L. Tucker | March 12, 2026 | 2.40% | Amendment | — | SEC |
| MB Holding Company, Inc. | Oct. 27, 2021 | — | Initial filing | — | SEC |
| Marc Deshusses | May 11, 2021 | — | 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.
ETF ownership Held by 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.