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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$23.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -66%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.1M 100.0% | $18.2M 100.0% | $65.9M 100.0% | $32.9M 100.0% | $26.3M 100.0% | $8.5M 100.0% | $10.0M 100.0% | $911K 100.0% | $0 | $1.7M 100.0% |
| Cost of Revenue | $5.8M 52.3% | $10.8M 59.3% | $40.2M 61.0% | $16.8M 51.0% | $10.1M 38.3% | $4.8M 56.6% | $11.1M 110.9% | $671K 73.6% | $0 | $817K 47.6% |
| Cost of Services | — | — | — | — | — | — | — | — | $777K | $520K 30.3% |
| Gross Profit | $5.3M 47.7% | $7.4M 40.7% | $25.7M 39.0% | $16.1M 49.0% | $16.2M 61.7% | $3.7M 43.4% | -$1.1M -10.9% | $240K 26.4% | $0 | $898K 52.4% |
| Research & Development | $559K 5.0% | $3.8M 21.2% | $5.8M 8.7% | $6.3M 19.1% | $3.9M 14.7% | $1.4M 16.0% | $1.3M 12.5% | $286 0.0% | $46K | — |
| Selling, General & Admin | $4.4M 39.5% | $3.0M 16.4% | $8.7M 13.2% | $6.6M 20.1% | $16.9M 64.2% | $800K 9.4% | $750K 7.5% | $302K 33.2% | $9K | $785K 45.7% |
| Total Operating Expenses | $18.5M 165.8% | $34.6M 190.6% | $38.0M 57.7% | $54.0M 164.0% | $45.4M 172.7% | $8.8M 103.3% | $4.5M 45.2% | $2.0M 214.3% | $139K | $785K 45.7% |
| Operating Income | -$13.1M -118.1% | -$27.2M -149.9% | -$12.3M -18.7% | -$37.8M -115.0% | -$29.2M -111.0% | -$5.1M -59.9% | -$5.6M -56.1% | -$1.7M -187.9% | -$139K | $113K 6.6% |
| Interest Expense | — | — | — | $15.1M 45.9% | $3.0M 11.4% | $1.1M 13.5% | $195K 2.0% | $30K 3.3% | $0 | $22K 1.3% |
| Interest & Investment Income | — | — | — | — | — | — | — | $6K 0.7% | $0 | — |
| Other Income (Expense), net | -$2.6M -23.3% | -$5.5M -30.4% | -$40.5M -61.5% | -$11.4M -34.7% | -$6.1M -23.1% | $97K 1.1% | $927K 9.3% | -$182K -20.0% | -$209 | -$19K -1.1% |
| Pretax Income | -$15.7M -141.4% | -$32.7M -180.3% | -$52.8M -80.2% | -$49.2M -149.6% | -$35.3M -134.1% | -$5.0M -58.7% | -$4.7M -46.8% | -$1.9M -207.9% | $167K | $95K 5.5% |
| Income Tax Expense | $318K 2.9% | $390K 2.1% | $289K 0.4% | -$8K -0.0% | $5K 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 | $37K 2.2% |
| Net Income | -$17.5M -157.5% | -$26.8M -147.7% | -$53.1M -80.6% | -$49.2M -149.6% | -$35.3M -134.1% | -$5.0M -58.7% | -$4.7M -46.8% | -$1.9M -207.9% | -$139K | $58K 3.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$29.33 | -$140.25 | -$10.11 | — | — | — | — | — | — | — |
| EPS (Diluted) | -$29.33 | -$140.25 | -$10.11 | — | — | — | — | — | $0.01 | $0.00 |
| Weighted Avg Shares (Basic) | 597K | 191K | 5.3M | — | — | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 597K | 191K | 5.3M | — | — | — | — | — | 14.4M | 14.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 2 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $8.60 today, the market must believe free cash flow compounds -12.8%/yr for a decade (off $25.9M on the SBC-adjusted basis).
On the basis ($27.1M) the requirement is -13.5%/yr. The difference is what charging stock compensation costs.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.01B shares (market data) · net debt -$534K
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -125.6% · volatility σ 129% · implied rate exceeded in 0/2 yrs
Central path = implied -12.8%/yr growth; shaded band = ±1σ (129%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $534K (at 2025-12-31) covers all $17K of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2018-03-31 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~24.5% on $61.7M of debt. Interest last disclosed in FY2022 (no longer broken out).
Cash of $534K fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-21
Where each multiple sits in its own 14-yr range · 64th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -66% against ROIC -66% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -134.7% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 73.6 | 110.9 | 56.6 | 38.3 | 51.0 | 61.0 | 59.3 | 52.3 |
| Gross Profit | 26.4 | -10.9 | 43.4 | 61.7 | 49.0 | 39.0 | 40.7 | 47.7 |
| R&D | 0.0 | 12.5 | 16.0 | 14.7 | 19.1 | 8.7 | 21.2 | 5.0 |
| SG&A | 33.2 | 7.5 | 9.4 | 64.2 | 20.1 | 13.2 | 16.4 | 39.5 |
| Operating Income | -187.9 | -56.1 | -59.9 | -111.0 | -115.0 | -18.7 | -149.9 | -118.1 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | 0.4 | 2.1 | 2.9 |
| Net Income | -207.9 | -46.8 | -58.7 | -134.1 | -149.6 | -80.6 | -147.7 | -157.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on RTB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.