Executive Summary
The 11 filings for the period ending September 18, 2026, reveal a stark bifurcation between a handful of large-cap growth stories and a broad swath of micro-cap distress.
Revenue trends are highly divergent: Nutanix and Kroger posted solid mid-single-digit to low-double-digit growth, while micro-caps like Hong Yuan Holding Group (-71.5% YoY), Neuphoria Therapeutics (-92.5% YoY), and Scores Holding (-28% YoY) suffered severe top-line contractions. Margin compression is a common theme, with Nutanix's support services margin declining 50 bps and Kroger's operating cash flow dropping 16% YoY despite profit growth. The most critical development is the dramatic cash burn and balance sheet deterioration across pre-revenue biotech and SPACs: BlossomHill Therapeutics saw cash drop 30% in six months, while Pinnacle Acquisition Corp and Thunder Bridge Capital Partners V have near-zero cash and mounting deficits. Insider activity is sparse but notable: no insider buying was reported in any filing, while several companies (Hong Yuan, Vitro Biopharma) show aggressive debt restructuring that signals financial distress. Capital allocation patterns are defensive: Kroger spent $1.27B on buybacks but drew down cash by 50%, while Marygold Companies is divesting non-core segments to focus on fund management. The portfolio-level pattern is a flight to quality, with established operators (Nutanix, Kroger) maintaining profitability while speculative names face existential liquidity risks.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 10-Q · 10-K
Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from September 11, 2026.
Investment Signals (11)
- Nutanix ↓ (BULLISH)▲
Revenue grew 12% YoY to $2.85B, GAAP net income swung to $1.51B from a $124.8M loss, operating margins improved 280 bps to 9.6%
- Kroger ↓ (BULLISH)▲
Q2 net earnings up 5% YoY to $641M, EPS grew 15% to $1.05, operating profit up 12.5% to $971M despite 2% revenue growth
- Marygold Companies ↓ (BULLISH)▲
Fund management revenue surged 23% YoY to $21.1M, driving 8% total revenue growth to $25.3M, net loss narrowed 24% to $4.4M
- Aerkomm ↓ (BULLISH)▲
First-ever revenue of $28,454 from antenna unit sales, operating expenses cut 25% YoY to $2.48M, net loss narrowed 51% to $2.43M in Q2
- Scores Holding ↓ (BULLISH)▲
Net income rose 17% YoY to $37,305 despite 28% revenue decline, G&A expenses slashed 63% to $15,495, operating cash flow turned positive to $100 from -$17,333
- Neuphoria Therapeutics ↓ (BULLISH)▲
Cash and equivalents surged 248% to $5.58M from $1.60M, supported by $17.9M in financing activities, Pfizer KAT6 program entered Phase 3
- Hong Yuan Holding Group ↓ (BEARISH)▲
Revenue collapsed 71.5% YoY to $32,161, net loss of $95,814 vs net income of $29,679, liabilities exceed assets by $146,510
- BlossomHill Therapeutics ↓ (BEARISH)▲
Net loss deepened 89% to $44.8M, R&D expenses surged 87% to $41.3M, cash dropped 30% to $95.4M with no revenue
- Vitro Biopharma ↓ (BEARISH)▲
Net loss widened 402% to $8.54M driven by $8.30M debt extinguishment loss, revenue declined 6.3% YoY to $570,464, gross profit fell 21%
- Thunder Bridge Capital Partners V ↓ (BEARISH)▲
Net loss of $74,576 vs nil in prior year, accumulated deficit ballooned to $96,794 from $18,518, cash only $226
- Pinnacle Acquisition Corp ↓ (BEARISH)▲
Net loss of $43,265 in quarter, no cash on hand, shareholder deficit of $32,127, pre-business combination SPAC with no revenue
Risk Flags (10)
- Hong Yuan Holding Group/Liquidity Crisis↓ [HIGH RISK]▼
Total liabilities exceed total assets by $146,510 (vs positive equity of $19,646 at year-end 2025), accounts payable surged 194.6% to $329,054, cash used in operations $11,284 vs $122 provided
- BlossomHill Therapeutics/Cash Burn↓ [HIGH RISK]▼
Cash burn rate of ~$41M per half-year implies runway of ~14 months at current pace, R&D spending up 87% with no revenue, accumulated deficit reached $179.8M
- Vitro Biopharma/Debt Distress↓ [HIGH RISK]▼
$8.30M loss on debt extinguishment in a single quarter, revenue declining 6.3% YoY, gross margin compression of 1,470 bps (from 94.5% to 74.7%), cash burn from operations not disclosed
- Neuphoria Therapeutics/Revenue Collapse↓ [HIGH RISK]▼
Total revenue down 92.5% YoY to $1.17M due to absence of license revenue, net loss widened 1,522% to $13.59M, operating cash flow turned negative to -$12.35M
- Kroger/Cash Flow Deterioration↓ [MEDIUM RISK]▼
Operating cash flow declined 16% YoY to $3,085M for H1, cash balance halved from $3,334M to $1,676M due to $1,271M in buybacks and $2,437M capex, net interest expense up 8.3%
- Nutanix/Growth Deceleration↓ [MEDIUM RISK]▼
Revenue growth slowed to 12% from 18% in FY2025, Asia Pacific growth only 6% (slowest region), support services gross margin declined 50 bps to 73.9%
- Marygold Companies/Asset Shrinkage↓ [MEDIUM RISK]▼
Total assets declined 21% to $24.0M, goodwill written down to $0 from $2.2M, intangible assets reduced to $0 from $0.9M, security systems segment revenue fell to $0
- Aerkomm/Going Concern Risk↓ [HIGH RISK]▼
Stockholders' deficit of $4.36M, total liabilities of $90.42M vs minimal assets, first-ever revenue of only $28,454 is negligible relative to operating expenses of $2.48M per quarter
- Scores Holding/Revenue Decline↓ [MEDIUM RISK]▼
Total revenue fell 28% YoY to $52,800, royalty/licensing fees declining, stockholders' deficit of $535,105 persists despite improvement, operating cash flow of $100 is negligible
- Pinnacle Acquisition Corp/SPAC Risk↓ [HIGH RISK]▼
No cash on hand, $72,676 total assets, $32,127 shareholder deficit, no business combination announced, accumulated deficit of $57,127 since March 2026 inception
Opportunities (8)
- Nutanix/Profitability Inflection↓ (OPPORTUNITY)◆
GAAP net income of $1.51B vs loss of $124.8M, operating margins improved 280 bps to 9.6%, $1.18B tax benefit provides cash cushion, revenue still growing 12% in a maturing hybrid cloud market
- Kroger/Shareholder Returns↓ (OPPORTUNITY)◆
Aggressive $1.27B in buybacks in H1 alone, EPS grew 15% to $1.05, operating profit up 12.5%, defensive consumer staples exposure with 2% revenue growth in inflationary environment
- Marygold Companies/Strategic Pivot↓ (OPPORTUNITY)◆
Divesting security systems and food products to focus on high-growth fund management (23% YoY revenue growth), net loss narrowing 24%, potential for margin expansion as non-core drags are eliminated
- Aerkomm/First Revenue Milestone↓ (OPPORTUNITY)◆
Generated first-ever revenue of $28,454 from antenna unit sales, operating expenses cut 25% YoY, net loss narrowed 51%, cash burn improved 96% to $132K in H1, potential inflection point
- Neuphoria Therapeutics/Pipeline Catalyst↓ (OPPORTUNITY)◆
Pfizer KAT6 program entering Phase 3 with A$1.416M distribution received, Carina's CNA3103 in Phase 1/2a for metastatic colorectal cancer, cash position strengthened 248% to $5.58M, potential for milestone payments
- Scores Holding/Turnaround Potential↓ (OPPORTUNITY)◆
Net income up 17% despite 28% revenue decline, G&A slashed 63%, operating cash flow turned positive, stockholders' deficit improving, low-cost restructuring play
- Vitro Biopharma/Balance Sheet Restructuring↓ (OPPORTUNITY)◆
Total liabilities reduced from $21.26M to $5.95M (72% reduction) through debt conversion into redeemable preferred stock, cash surged to $5.74M from $604K, InfiniVive products revenue up 245% YoY to $101,605
- BlossomHill Therapeutics/Financing Optionality↓ (OPPORTUNITY)◆
$2.9M raised from stock option exercises (up 3,312% YoY), minimal capex of $13K, interest income of $2.0M provides modest cash cushion, potential for partnership or licensing deals given R&D pipeline
Sector Themes (6)
- Micro-Cap Revenue Collapse◆
3 of 11 companies (Hong Yuan -71.5%, Neuphoria -92.5%, Scores -28%) reported severe YoY revenue declines, indicating broad-based demand destruction or business model failure in micro-cap space. Investors should avoid micro-cap names without clear catalysts.
- Cash Burn Crisis in Pre-Revenue Biotech◆
BlossomHill Therapeutics ($95.4M cash, 30% decline in 6 months) and Vitro Biopharma ($5.74M cash but $8.54M quarterly loss) highlight unsustainable burn rates. The biotech sector is seeing a flight to cash-rich, late-stage pipeline companies.
- SPAC Distress Intensifies◆
Pinnacle Acquisition Corp (no cash, $32K deficit) and Thunder Bridge Capital Partners V ($226 cash, $96K deficit) exemplify the SPAC market freeze. With no business combinations announced and mounting deficits, these vehicles face liquidation risk.
- Large-Cap Resilience vs Micro-Cap Fragility◆
Nutanix (12% revenue growth, $1.51B net income) and Kroger (2% revenue growth, $641M net earnings) demonstrate that established operators with pricing power and recurring revenue are weathering the macro environment, while micro-caps are disproportionately impacted.
- Capital Allocation Divergence◆
Kroger spent $1.27B on buybacks (aggressive return of capital), while Marygold is divesting non-core assets and Neuphoria raised $17.9M in financing. The pattern shows large-caps returning capital and micro-caps scrambling for liquidity.
- Revenue Concentration Risk in Biotech◆
Neuphoria's 92.5% revenue decline was entirely due to absence of a single license revenue stream ($15.6M in prior year). Vitro's AlloRx Stem Cells revenue fell 20% YoY. Biotech investors should demand diversified revenue streams or clear pipeline catalysts.
Watch List (8)
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FY2027 guidance to be discussed; watch for revenue growth trajectory (deceleration from 18% to 12%), Asia Pacific recovery plans, and margin expansion targets. Next earnings expected in November 2026.
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H1 operating cash flow declined 16% to $3,085M; watch Q3 results for stabilization. Aggressive buybacks ($1.27B) and capex ($2.437B) are drawing down cash; monitor if dividend growth or buyback pace slows.
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With $95.4M cash and $44.8M six-month burn rate, the company has ~14 months of runway. Watch for partnership announcements, equity offerings, or pipeline data readouts that could extend runway or provide catalysts.
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Phase 3 entry is a major catalyst; watch for milestone payments or licensing deals. Merck's MK-1167 Alzheimer's trial termination is a setback, but Pfizer's program could provide significant upside.
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The $8.30M debt extinguishment loss and conversion of convertible notes into redeemable preferred stock is a major balance sheet event. Watch for further dilution, revenue stabilization in AlloRx segment, and InfiniVive growth trajectory.
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First-ever revenue of $28,454 is a positive signal, but watch for order pipeline and repeat customers. Operating expenses of $2.48M per quarter vs negligible revenue means cash burn remains critical; monitor for financing needs.
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Security systems and food products segments are being disposed; watch for completion of sales, proceeds received, and the resulting margin profile of the pure-play fund management business.
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Both SPACs have limited cash and no business combinations announced. Watch for target announcements, liquidation votes, or extensions. Pinnacle has no cash on hand, making any extension unlikely.
Filing Analyses
(11)
18-09-2026
Hong Yuan Holding Group (HGYN) reported a dramatic deterioration in financial performance for the three and six months ended June 30, 2026. Revenue collapsed 71.5% YoY to $32,161 for Q2 2026 and 78.6% YoY to $75,858 for the first half, while operating expenses surged, leading to a net loss of $95,814 in Q2 2026 versus a net income of $29,679 in Q2 2025. The company's balance sheet also weakened significantly, with total liabilities exceeding total assets by $146,510 at June 30, 2026, compared to a positive equity of $19,646 at year-end 2025, driven by a massive increase in accounts payable and accrued liabilities.
- · Cash used in operating activities from continuing operations was $11,284 for H1 2026, compared to cash provided of $122 in H1 2025.
- · The company purchased $7,140 in intangible assets during H1 2026, with no such purchases in H1 2025.
- · Accounts payable and accrued liabilities surged 194.6% from $111,698 at Dec 31, 2025 to $329,054 at June 30, 2026.
- · Total equity swung from a positive $19,646 at Dec 31, 2025 to a deficit of $146,510 at June 30, 2026.
- · The company received $14,572 in capital contributions during H1 2026, with no such contributions in H1 2025.
- · Selling and marketing expenses increased 633.0% YoY in Q2 2026 and 1022.1% YoY in H1 2026.
- · General and administrative expenses increased 76.0% YoY in Q2 2026 and 51.4% YoY in H1 2026.
18-09-2026
Nutanix, Inc. reported its fiscal year 2026 results, with total revenue reaching $2.85 billion, a 12% increase year-over-year, though this growth rate decelerated from 18% in FY2025. The company achieved a GAAP net income of $1.51 billion, a dramatic swing from a $124.8 million loss in FY2024, largely driven by a $1.18 billion income tax benefit. While operating margins improved to 9.6% from 6.8% in FY2025, the support services gross margin slightly declined to 73.9% from 74.4%, and revenue growth in the Asia Pacific region slowed to just 6%.
- · Revenue growth decelerated to 12% in FY2026 from 18% in FY2025.
- · Support, maintenance and other services gross margin declined slightly to 73.9% in FY2026 from 74.4% in FY2025.
- · Asia Pacific revenue grew only 6% YoY in FY2026, the slowest among all geographic regions.
- · The company recorded a $1.18 billion income tax benefit in FY2026, which was the primary driver of the reported net income of $1.51 billion.
- · Stock-based compensation expense continued to rise, reaching $357.7 million in FY2026 from $351.6 million in FY2025.
- · Restructuring charges of $27.6 million were recorded in FY2026, compared to none in FY2025.
18-09-2026
Pinnacle Acquisition Corp, a blank-check company, filed its Form 10-Q for the quarter ended June 30, 2026, reporting a net loss of $43,265 for the quarter and $57,127 since inception (March 16, 2026). The company has no revenue, total assets of $72,676, and a shareholder's deficit of $32,127, reflecting its pre-business combination status. As of June 30, 2026, the company had no cash on hand and had funded operations through an IPO Promissory Note of $85,571.
- · The company is a shell company and an emerging growth company.
- · As of June 30, 2026, the company had no cash on hand.
- · The company had an accumulated deficit of $57,127 since inception.
- · On July 21, 2026, the Sponsor surrendered 1,437,500 Founder Shares for no consideration, leaving 5,750,000 Founder Shares outstanding.
- · The company has 20,225,000 Class A Ordinary Shares outstanding as of September 17, 2026.
- · Basic and diluted net loss per share for Class B Ordinary Shares was $(0.01) for both the quarter and the period since inception.
- · Noncash investing and financing activities included $37,500 in deferred offering costs paid through the IPO Promissory Note and $25,000 in prepaid expenses paid by the Sponsor in exchange for issuance of Class B Ordinary Shares.
18-09-2026
BlossomHill Therapeutics reported a net loss of $44.8M for the six months ended June 30, 2026, deepening from a $23.7M loss in the prior-year period. R&D expenses surged 87% to $41.3M for the half-year, while cash and cash equivalents dropped 30% to $95.4M from $136.7M at December 31, 2025. The company's accumulated deficit grew to $179.8M and stockholders' deficit widened to $174.8M, indicating a heavy cash burn rate with no revenue yet reported.
- · Interest income for the six months was $2.0M, modestly up from $1.8M year-over-year.
- · Net cash used in investing activities was only $13K (minimal capex), compared to $997K in the prior period.
- · Financing activities provided $2.9M from stock option exercises (up from $85K year-over-year).
- · As of June 30, 2026, 94.8% of cash equivalents ($94.7M) were invested in money market funds.
- · Deferred financing costs of $1.1M were accrued at period end, suggesting pending capital raise activity.
18-09-2026
Kroger reported Q2 FY2026 sales of $34,621M, up 2.0% YoY from $33,940M, and net earnings attributable to Kroger of $641M ($1.05 per diluted share) versus $609M ($0.91) in the prior year. However, operating cash flow declined sharply to $3,085M for the first half from $3,688M a year ago, and the company spent heavily on share buybacks ($1,271M) and capex ($2,437M), drawing down cash from $3,334M to $1,676M. While operating profit improved 12.5% to $971M, net interest expense rose and the gain on investments fell, partially offsetting gains.
- · Net interest expense increased to $156M in Q2 2026 from $144M in Q2 2025.
- · Gain on investments fell to $34M in Q2 2026 from $56M in Q2 2025.
- · Depreciation and amortization declined to $737M in Q2 2026 from $778M in Q2 2025.
- · First half 2026 capital investments (excluding lease buyouts) totaled $2,651M, up from $2,030M in the prior year.
- · Total debt (excluding finance leases) stood at $15,367M at Aug 15, 2026, down from $15,875M at Jan 31, 2026.
- · FIFO inventory increased to $9,926M from $9,445M at year-end, while the LIFO reserve widened to $2,644M from $2,553M.
- · Dividends paid in the first half were $431M, up slightly from $422M a year ago.
- · The company's share count reduction (buybacks) drove basic EPS growth outpacing net income growth.
18-09-2026
Thunder Bridge Capital Partners V, Ltd. filed its Form 10-Q for the quarter ended June 30, 2026, reporting a net loss of $74,576 for the three-month period and $78,276 for the six-month period, compared to nil and $3,850 in the prior year periods, respectively. The company had total assets of $172,442 and a shareholder's deficit of $71,794 as of June 30, 2026, reflecting increased formation and administrative costs as it prepares for a potential business combination. Cash stood at $226, with no revenue generated during the period.
- · The company had no revenue for any period presented.
- · Accumulated deficit increased from $18,518 at December 31, 2025 to $96,794 at June 30, 2026.
- · Total liabilities increased from $26,075 at December 31, 2025 to $244,236 at June 30, 2026.
- · Deferred offering costs of $152,216 were incurred as of June 30, 2026, with none at year-end 2025.
- · The company issued 7,503,750 Class B ordinary shares to Sponsor during the six months ended June 30, 2026, in exchange for settlement of $25,000 advances from related party.
- · Net cash used in operating activities was $4,774 for the six months ended June 30, 2026, compared to $0 in the prior year period.
- · The company is a shell company and an emerging growth company.
- · Warrants are redeemable at $0.01 per warrant if Class A ordinary shares close at or above $18.00 for 20 trading days within a 30-trading day period.
18-09-2026
Neuphoria Therapeutics Inc. reported a 92.5% YoY decline in total revenue to $1,174,165 for the year ended June 30, 2026, driven by the absence of license revenue (prior year: $15,649,448) partially offset by $1,174,165 in collaborative arrangement revenue. The company posted a net loss of $13,591,104 versus a $837,998 loss in the prior year, reflecting a $5,362,000 goodwill impairment and higher other income. Cash and equivalents increased to $5,576,841 from $1,601,755, supported by $17,915,883 in financing activities, while operating cash flow turned negative at ($12,353,074). Pipeline updates include the termination of Merck's MK-1167 Phase 2 Alzheimer's trial, Pfizer's KAT6 program entering Phase 3 with a A$1.416 million distribution received, and Carina's CNA3103 in Phase 1/2a.
- · Merck terminated the MK-1167 Phase 2 Alzheimer's disease trial; MK-4334 completed Phase 1 studies.
- · Pfizer-controlled KAT6 program entered Phase 3; Neuphoria received a A$1.416 million distribution in May 2026, with a blended rate of 4.65% on future CTx CRC distributions.
- · Carina's CNA3103, an LGR5-targeted CAR-T candidate, is in a Phase 1/2a trial for metastatic colorectal cancer.
- · BNC210 for PTSD is clinic-ready with no active trial; ATTUNE met its Phase 2b primary endpoint, but future development requires financing or a partner.
- · Total assets remained stable at $28,709,016 (June 30, 2026) versus $28,589,614 (June 30, 2025).
- · Accrued expenses and other current liabilities decreased to $370,997 from $2,950,077.
- · Other comprehensive income improved to $781,896 from $168,529.
- · Common stock outstanding increased to 5,411,334 shares from 1,978,460 shares.
- · Accumulated deficit widened to ($191,798,634) from ($178,346,703).
18-09-2026
Aerkomm Inc. filed its 10-Q for the quarter ended June 30, 2026, reporting first-ever revenue of $28,454 from ground antenna unit sales, compared to zero revenue in the prior-year period. However, operating expenses fell 25% YoY to $2.48M, and the net loss narrowed to $2.43M from $5.01M in Q2 2025. For the first half, net income was $2.36M (driven by an $8.33M gain from remeasurement of retained investment) versus a net loss of $8.69M a year ago, though the company remains deeply loss-making from operations and has a stockholders' deficit of $4.36M.
- · Inventories net of impairment stood at $949,136 as of June 30, 2026, slightly down from $969,039 at year-end 2025.
- · Total liabilities increased to $90.42M as of June 30, 2026 from $77.32M at December 31, 2025, mainly due to higher other payables and related-party payables.
- · Cash used in operating activities was $132,447 in H1 2026 compared to $3.67M in H1 2025, a significant improvement in cash burn.
- · The company reported a loss from operations of $2.47M in Q2 2026, versus $3.31M in Q2 2025.
- · Interest expense remained relatively stable at $256,719 in Q2 2026 (Q2 2025: $267,341).
- · Change in SAFE liabilities resulted in a $230,000 loss in Q2 2026 (Q2 2025: $160,000 loss).
18-09-2026
Vitro Biopharma reported a net loss of $8.54M for Q3 FY2026 (quarter ended July 31, 2026), a significant increase from a $1.70M loss in the prior-year quarter, driven by an $8.30M loss on debt extinguishment. Revenue declined 6.3% YoY to $570,464, while gross profit fell 21.0% to $425,826. However, cash surged to $5.74M from $604,183 at fiscal year-end, following $8.75M in preferred stock issuance and debt conversions into redeemable preferred stock.
- · Q3 FY2026 revenue by segment: Research and development products $74,431 (down from $88,199), AlloRx Stem Cells to foreign clinics $394,428 (down from $490,960), InfiniVive products $101,605 (up from $29,484).
- · Nine-month revenue by segment: Research and development products $287,822 (down from $355,238), AlloRx Stem Cells $937,998 (down from $1,113,085), InfiniVive $320,356 (up from $98,871), Fitore $0 (down from $2,907).
- · Total liabilities decreased from $21.26M to $5.95M, primarily due to conversion of convertible notes into redeemable preferred stock.
- · Redeemable preferred stock increased from $0 to $27.41M due to conversions and reclassifications.
- · Accumulated deficit widened to $60.44M from $48.80M.
- · SG&A expenses for Q3 increased to $1.41M from $1.31M; R&D expenses increased to $277,128 from $119,210.
- · Nine-month SG&A decreased to $4.15M from $4.67M; R&D increased to $556,155 from $415,524.
- · Impairment expense of $99,700 recorded in nine months ended July 31, 2026.
- · Gain on forgiveness of debt of $1.06M in Q3 and $1.36M in nine months.
- · Cash used in operations increased to $3.44M for nine months from $1.80M.
- · Net cash provided by financing activities was $8.74M for nine months, primarily from preferred stock issuance.
- · Non-cash conversions of convertible notes to redeemable preferred stock totaled $8.91M in nine months.
- · Derivative/warrant liabilities were extinguished, with a non-cash gain of $4.78M.
- · Net loss per share (basic and diluted) was $(1.51) for Q3 FY2026 vs $(0.29) for Q3 FY2025.
- · Net loss per share (basic and diluted) was $(1.97) for nine months FY2026 vs $(1.03) for nine months FY2025.
18-09-2026
Scores Holding Co Inc reported net income of $37,305 for Q1 ending March 31, 2025, up 17% from $31,875 in the prior-year quarter, driven by a sharp reduction in G&A expenses. However, total revenue fell 28% to $52,800 from $73,500, reflecting a decline in royalty/licensing fees. The company remains in a stockholders' deficit of $535,105, though it improved from $572,410 at year-end 2024, and generated just $100 in operating cash flow versus a use of $17,333 a year ago.
- · G&A expenses dropped 63% YoY to $15,495, offsetting the revenue decline and boosting net income.
- · Stockholders' deficit improved from $572,410 to $535,105, though the company remains deeply in negative equity.
- · Operating cash flow turned positive to $100 from a $17,333 use in Q1 2024, driven by working capital changes including a $35,655 reduction in payables.
- · Total liabilities decreased to $663,554 from $700,709, reducing leverage modestly.
- · No cash was paid for interest or income taxes in Q1 2025, compared to $587 in interest paid in Q1 2024.
- · Revenue is entirely from licensing fees recognized over time, with no point-in-time revenue.
18-09-2026
Marygold Companies, Inc. filed its 10-K for fiscal year 2026, reporting an 8% revenue increase to $25.3M, driven by a 23% jump in fund management revenue to $21.1M. However, the company remained unprofitable, with a net loss of $4.4M (improved from a $5.8M loss in FY2025), and total assets declined 21% to $24.0M from $30.4M, partly due to the planned disposal of its security systems and food products segments.
- · Security systems segment revenue fell to $0 in FY2026 from $2.5M in FY2025, reflecting the planned disposal of Brigadier Security Systems.
- · Goodwill was written down to $0 as of June 30, 2026, from $2.2M a year earlier.
- · Intangible assets, net were reduced to $0 from $0.9M, and property and equipment dropped from $0.6M to $22k.
- · The company had $2.5M in assets held for sale and $0.9M in associated liabilities as of June 30, 2026.
- · Cash and cash equivalents declined 42% to $2.9M from $5.0M, and retained earnings fell 53% to $3.8M from $8.2M.
- · The company faces class action litigation involving its subsidiary USCF Investments, Inc.
- · The company plans to dispose of its Food Products segment, classified as discontinued operations.
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