Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data MindForge Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
86.7
94.3
51.6
29.7
Cost of revenue
85.2
92.7
50.9
29.4
Gross profit
1.47
1.61
0.69
0.25
General and administrative
1.34
1.46
1.57
3.36
Operating expenses
1.34
1.46
1.57
3.36
Operating income
0.13
0.15
-0.87
-3.11
Interest expense
0
0.01
0.03
Interest income
0
0
0.26
0.22
Other non-operating income
0.1
0.09
0.27
0.15
Pre-tax income
0.22
0.24
-0.61
-2.95
Income tax
0.27
0.04
0.14
-0.24
Net income
-0.05
0.21
-0.75
-2.72
EBITDA
0.13
0.16
-0.87
-3.09
EPS, basic
0.00
0.16
-0.48
-0.37
EPS, diluted
0.00
0.16
-0.48
-0.37
Shares, basic (weighted)
1.45
1.5
1.58
7.29
Shares, diluted (weighted)
1.45
1.5
1.58
7.29
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
1.52
1.29
4.83
11.2
Receivables
0.26
0.4
0.23
Other current assets
0.02
0.05
0.01
Total current assets
4.6
16.7
15.1
Property, plant and equipment
0
0.01
0
Lease right-of-use assets
0.02
0.01
Intangible assets
0.01
0.01
Long-term investments
0.08
Other non-current assets
0.02
0.01
Total assets
4.85
16.8
21
Accounts payable
0.57
0.72
0.2
Accrued liabilities
0.05
0.03
Deferred revenue
1.78
Short-term debt
0.14
0.7
0.39
Total current liabilities
3.78
2.91
1.47
Lease liabilities
0.01
Other non-current liabilities
0.49
Total liabilities
3.78
2.92
1.96
Paid-in capital
1.04
14.6
22.4
Retained earnings
-0.21
-1.23
-3.76
Other comprehensive income
-0.06
-0.04
-0.05
Shareholders' equity
0.91
1.07
13.9
19
Total equity
0.91
1.07
13.9
19
Total liabilities and equity
4.85
16.8
21
Shares outstanding
24
1.69
20.8
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
-0.05
0.21
-0.75
-2.72
Depreciation and amortization
0
0
0.01
0.01
Deferred income tax
0
0
-0
Change in receivables
0.8
-0
-0.13
0.17
Change in payables
-1.66
0.81
0.14
-0.51
Cash from operations
0.36
-0.28
-1.35
-2.82
Capital expenditures
-0
-0
-0.01
Cash from investing
-0
-0
-9.47
3.81
Stock issued
0.9
13.8
5.7
Cash from financing
0.42
0.16
14.3
5.39
Exchange rate effect
-0.05
-0.1
0.02
-0.03
Net change in cash
0.73
-0.22
3.54
6.35
Free cash flow
0.36
-0.29
-1.37
Interest paid
0
0.01
0.02
Income taxes paid
0.03
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $13.41 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
0.8%
Gross profit / revenue.
Operating margin
-10.5%
Operating income / revenue.
EBITDA margin
-10.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-10.0%
Pre-tax income / revenue.
Net margin
-9.2%
Net income / revenue.
Operating cash flow margin
-9.5%
Cash from operations / revenue.
Return on equity (ROE)
-16.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.4%
Net income / average total assets.
Return on invested capital (ROIC)
-29.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue
0.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-42.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-30.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-63.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-44.5%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
37.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
175.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
24.9%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
362.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
71.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.2x
Current assets / current liabilities.
Quick ratio
7.76x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.60x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.37
Net income per basic share, as reported (split-adjusted).
Revenue per share
$4.07
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.39
Cash from operations / diluted weighted shares.
Book value per share
$0.92
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.82x
Market cap / revenue.
P/B
1.28x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.28x
Market cap / tangible book value, when positive.
EV/Sales
0.44x
Enterprise value / revenue.
Earnings yield
-11.2%
Net income / market cap (the inverse of P/E).
What was MindForge Inc.'s revenue in fiscal 2025?
MindForge Inc. reported revenue of $29.7M for fiscal 2025, 42.5% lower than the year before.
Was MindForge Inc. profitable in fiscal 2025?
No. It reported a net loss of $2.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.