Technical Analysis
Directional indicators register a bullish tilt: DI+ at 21.18 shows an increasing trend while DI- at 21.92 registers a decreasing trend, which together indicate buyers recently exerted more influence than sellers. ADX at 10.52, however, denotes no established trend; the net effect suggests short-lived bullish attempts without follow-through, consistent with a fragile near-term setup.
MACD stands negative at -0.27 but shows an increasing trajectory; the MACD line sits just below the signal line (-0.25), so momentum improved but no bullish cross has occurred yet. That placement signals improving momentum that remains insufficient to confirm a sustained upside run.
MRO reads positive at 1.75 with a peak-and-reversal pattern, implying price currently trades above the model target and faces downward pressure as mean-reversion risk rises. In the context of over-valued fundamentals, the MRO profile tilts toward further downside risk.
RSI at 45.42 shows a peak-and-reversal pattern, indicating loss of bullish momentum and leaving room for additional selling before oversold conditions emerge. That bearish RSI pattern aligns with the MRO signal and the lack of a definitive trend per ADX.
Price sits at $6.18, below the 12-day EMA of $6.31 and the 26-day EMA of $6.59, and beneath the 50-day average of $6.90 and the 200-day average of $8.81, which establishes a technical bias below medium- and long-term averages. The 20-day average at $6.21 sits slightly above the close, and the lower Bollinger bands at $5.97 (1x) and $5.74 (2x) mark proximate downside reference points while the upper bands at $6.44–$6.67 cap immediate upside. The Ichimoku components cluster near $7.25–$7.66, reinforcing resistance around the mid-$7 range and matching the SuperTrend upper at $7.17.
Volume registered at 174,837, above the 10-day average of 147,752 but below the 50-day average of 193,165, indicating episodic interest without sustained accumulation. Elevated short-term volatility, reflected by 42‑day beta 2.31 and 52‑week beta 2.12, suggests quick directional moves on modest flows, amplifying risk for swing horizons.
Fundamental Analysis
Operating results show sizable losses: EBIT at -$21,939,000 and EBITDA at -$21,331,000, producing an operating margin of -23.17%. Operating margin moved QoQ by -50.29% and YoY by -276.44%, signaling material deterioration in operating profitability relative to the prior periods.
Earnings per share arrived at -$2.71 versus an estimate of -$0.79, an EPS difference of -$1.92 and an EPS surprise ratio of -243.04%, reflecting a materially larger-than-expected shortfall relative to consensus. Net income registered -$92,576,000 and operating cash flow ran negative at -$17,712,000, with free cash flow at -$18,204,000 and a free cash flow yield of -9.48%.
Balance-sheet liquidity presents a counterweight: cash and short-term investments total $125,139,000 and the cash ratio reads 8.38x while the current ratio stands at 8.65. The current ratio sits well above the industry peer mean of 0.296, indicating ample short-term coverage relative to typical peers; total debt remains modest at $12,676,000 (debt-to-assets 4.28%).
Revenue dynamics appear mixed: reported total revenue $947,000 contrasts with revenue growth labeled 109.51% on one metric and revenue growth YoY at -136.98% on another, suggesting volatile top-line comparables across reported periods. Asset growth ran -20.46% and receivables turnover dropped YoY by -4.87%.
Valuation metrics create the clearest stress: market capitalization stands at $191,994,216 while enterprise value measures $79,531,216, producing an EV-to-revenue ratio of 83.98x and a price-to-sales ratio of 202.74x—extreme multiples given reported revenue below $1.0 million. Price-to-book at -1.52x reflects negative book value per share ($-4.85), while forward EPS remains negative and forward PE registers -19.09x. WMDST values the stock as over-valued, a conclusion driven mainly by disproportionate EV/R and PS multiples combined with negative margins and recurring losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-09 |
| NEXT REPORT DATE: | 2026-06-08 |
| CASH FLOW | Begin Period Cash Flow | $ 145.1 M |
| Operating Cash Flow | $ -17.71 M | |
| Capital Expenditures | $ -492.00 K | |
| Change In Working Capital | $ -3.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -18.25 M | |
| End Period Cash Flow | $ 126.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 947.0 K | |
| Forward Revenue | $ 28.1 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 608.0 K | |
| Depreciation and Amortization | $ 608.0 K | |
| Research and Development | $ 14.7 M | |
| Total Operating Expenses | $ 22.9 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -21.33 M | |
| EBIT | $ -21.94 M | |
| Operating Income | $ -21.94 M | |
| Interest Income | $ 1.3 M | |
| Interest Expense | — | |
| Net Interest Income | $ 1.3 M | |
| Income Before Tax | $ -101.77 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -92.58 M | |
| Net Income From Continuing Operations | $ -92.58 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.79 | |
| EPS Actual | $ -2.71 | |
| EPS Difference | $ -1.92 | |
| EPS Surprise | -243.038 % | |
| Forward EPS | $ -0.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 296.4 M | |
| Intangible Assets | $ 142.1 M | |
| Net Tangible Assets | $ -268.30 M | |
| Total Current Assets | $ 129.3 M | |
| Cash and Short-Term Investments | $ 125.1 M | |
| Cash | $ 125.1 M | |
| Net Receivables | $ 1.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 7.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 14.9 M | |
| Net Debt | — | |
| Total Debt | $ 12.7 M | |
| Total Liabilities | $ 422.7 M | |
| EQUITY | ||
| Total Equity | $ -126.24 M | |
| Retained Earnings | $ -822.37 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -4.85 | |
| Shares Outstanding | 26.011 M | |
| Revenue Per-Share | $ 0.04 | |
| VALUATION | Market Capitalization | $ 192.0 M |
| Enterprise Value | $ 79.5 M | |
| Enterprise Multiple | -3.728 | |
| Enterprise Multiple QoQ | -37.961 % | |
| Enterprise Multiple YoY | -87.566 % | |
| Enterprise Multiple IPRWA | high: -3.229 RNAC: -3.728 mean: -364.414 low: -561.664 median: -561.664 |
|
| EV/R | 83.982 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -2.348 | |
| Asset To Liability | 0.701 | |
| Debt To Capital | -0.112 | |
| Debt To Assets | 0.043 | |
| Debt To Assets QoQ | 26.434 % | |
| Debt To Assets YoY | 33.002 % | |
| Debt To Assets IPRWA | high: 1.302 median: 1.302 mean: 1.067 RNAC: 0.043 low: 0.006 |
|
| Debt To Equity | -0.1 | |
| Debt To Equity QoQ | -71.443 % | |
| Debt To Equity YoY | -95.116 % | |
| Debt To Equity IPRWA | high: 0.009 RNAC: -0.1 median: -0.87 mean: -12.588 low: -81.076 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -1.521 | |
| Price To Book QoQ | -78.516 % | |
| Price To Book YoY | -97.858 % | |
| Price To Book IPRWA | high: 4.012 RNAC: -1.521 median: -12.483 mean: -70.05 low: -420.619 |
|
| Price To Earnings (P/E) | -2.724 | |
| Price To Earnings QoQ | -79.627 % | |
| Price To Earnings YoY | -91.439 % | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | -0.028 | |
| Price To Sales (P/S) | 202.739 | |
| Price To Sales QoQ | -63.885 % | |
| Price To Sales YoY | -131.866 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -19.087 | |
| Forward PE/G | -0.198 | |
| Forward P/S | 6831.562 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.038 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.003 | |
| Asset Turnover Ratio QoQ | 137.815 % | |
| Asset Turnover Ratio YoY | -266.471 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 1.031 | |
| Receivables Turnover Ratio QoQ | 22.72 % | |
| Receivables Turnover Ratio YoY | -487.212 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 88.504 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 88.504 | |
| Cash Conversion Cycle Days QoQ | -18.514 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.008 | |
| CapEx To Revenue | -0.52 | |
| CapEx To Depreciation | -0.809 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ -126.24 M | |
| Net Invested Capital | $ -126.24 M | |
| Invested Capital | $ -126.24 M | |
| Net Tangible Assets | $ -268.30 M | |
| Net Working Capital | $ 114.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 8.378 | |
| Current Ratio | 8.655 | |
| Current Ratio QoQ | -18.877 % | |
| Current Ratio YoY | -8.205 % | |
| Current Ratio IPRWA | RNAC: 8.655 high: 1.628 mean: 0.296 median: 0.044 low: 0.013 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.594 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | -6.246 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -20.464 % | |
| Revenue Growth | 109.513 % | |
| Revenue Growth QoQ | 111.914 % | |
| Revenue Growth YoY | -136.982 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 96.377 % | |
| Earnings Growth QoQ | -1955.188 % | |
| Earnings Growth YoY | -301.676 % | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -2316.684 % | |
| EBIT Margin QoQ | -50.292 % | |
| EBIT Margin YoY | -276.436 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | -2316.684 % | |
| Return On Sales QoQ | -50.292 % | |
| Return On Sales YoY | -276.436 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -18.20 M | |
| Free Cash Flow Yield | -9.482 % | |
| Free Cash Flow Yield QoQ | 42.437 % | |
| Free Cash Flow Yield YoY | 494.11 % | |
| Free Cash Flow Yield IPRWA | high: -0.148 % median: -0.148 % mean: -3.896 % RNAC: -9.482 % low: -23.288 % |
|
| Free Cash Growth | 7.767 % | |
| Free Cash Growth QoQ | -148.462 % | |
| Free Cash Growth YoY | -103.829 % | |
| Free Cash Growth IPRWA | high: 49.356 % RNAC: 7.767 % mean: -11.743 % low: -25.988 % median: -25.988 % |
|
| Free Cash To Net Income | 0.197 | |
| Cash Flow Margin | -9851.954 % | |
| Cash Flow To Earnings | 1.008 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -27.672 % | |
| Return On Assets QoQ | 193.509 % | |
| Return On Assets YoY | 1101.563 % | |
| Return On Assets IPRWA | high: -2.858 % median: -2.858 % mean: -16.163 % RNAC: -27.672 % low: -81.685 % |
|
| Return On Capital Employed (ROCE) | -7.794 % | |
| Return On Equity (ROE) | 0.733 | |
| Return On Equity QoQ | -26.786 % | |
| Return On Equity YoY | -51.35 % | |
| Return On Equity IPRWA | high: 121.154 mean: 17.92 RNAC: 0.733 median: 0.019 low: -0.354 |
|
| DuPont ROE | 114.203 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |