Recent News
On April 24, 2026 the company amended its credit agreement and expanded its revolving credit facility to $75 million, increasing available liquidity and short-term financing flexibility. No other non‑earnings headlines meeting the date filter appeared within the prior 13 weeks.
Technical Analysis
ADX 27.22 indicates a strong directional regime; given the directional indicator readings that follow, that strength aligns with an active trend rather than a neutral market.
DI+ at 35.66 shows prior upside leadership but registers a peak & reversal, signaling that the prior positive directional advantage has begun to diminish.
DI− at 19.91 shows a dip & reversal, indicating renewed downside pressure as sellers reassert relative strength.
MACD at 1.99 sits below its signal line of 2.14 and the MACD trend shows a peak & reversal, confirming waning bullish momentum and a bearish momentum bias until MACD re‑crosses above the signal.
MRO 35.52 places price above the model target, implying corrective pressure toward fair value; the MRO’s peak & reversal reading reinforces the likelihood of a pullback from current levels.
RSI 60.02 with a peak & reversal reading suggests momentum cooled from a recent high while remaining in the neutral‑to‑mildly bullish band; momentum exhaustion risk exists near short‑term resistance.
Price sits above the 50‑day ($36.11) and 200‑day ($28.89) averages and slightly above the 20‑day average ($42.52), with the 12‑day EMA showing a peak & reversal; short‑term support clusters near the Kijun Sen ($40.58) and the 50‑day average, while the 1x Bollinger upper band at $44.55 defines near resistance. Elevated 42‑day beta (2.37) signals above‑average sensitivity to market moves, increasing swing volatility over the next six weeks.
Fundamental Analysis
Total revenue $62,403,000 for the period and YoY revenue growth of 16.89% demonstrate continuing top‑line expansion; revenue contracted QoQ by 11.09%, indicating quarter‑to‑quarter cadence that may reflect timing of bookings or seasonality.
GAAP EBIT $3,803,000 yields an EBIT margin of 6.09%. Year‑over‑year EBIT margin moved by +496.28% while QoQ margin declined by 26.34%, showing a sizable improvement versus the prior year base but softening sequentially.
EPS actual $0.30 beat the estimate $0.24 by $0.06, producing an EPS surprise ratio of 25.0%. Non‑GAAP metrics reported by the company show stronger operating leverage versus GAAP figures; the earnings beat supports the revenue and margin commentary above.
Liquidity and solvency: cash and short‑term investments $42,220,000 with a current ratio of 2.28 (slightly above the industry peer mean of 2.16), and an expanded revolving facility to $75 million enhances near‑term flexibility. Total debt $72,819,000 produces debt to assets of 17.39%, modestly above the industry peer mean of 16.45% but well inside peer ranges.
Valuation multiples present a mixed picture: P/E ~100.21 and P/S ~19.05 both sit below the industry peer mean and median on the provided peer metrics, while price target mean stands at $45.82 versus the current close of $42.85. Free cash flow $7,550,000 yields a free cash flow yield of 0.64%, below the peer mean yield on the supplied comparisons.
Margins and returns: gross margin 72.85% and operating margin 5.54% reflect a high gross margin business with operating leverage still emerging; return on equity approximately −0.02% remains depressed due to historical retained losses, though operating profitability improved year‑over‑year.
WMDST valuation: WMDST values the stock as under‑valued based on the firm’s revenue growth, recent liquidity actions, and the gap between current price and the stated price target mean.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-12 |
| NEXT REPORT DATE: | 2026-05-14 |
| CASH FLOW | Begin Period Cash Flow | $ 35.9 M |
| Operating Cash Flow | $ 17.3 M | |
| Capital Expenditures | $ -9.79 M | |
| Change In Working Capital | $ 5.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 6.3 M | |
| End Period Cash Flow | $ 42.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 62.4 M | |
| Forward Revenue | $ -4.41 B | |
| COSTS | ||
| Cost Of Revenue | $ 16.9 M | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 3.5 M | |
| Research and Development | $ 19.3 M | |
| Total Operating Expenses | $ 58.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 45.5 M | |
| EBITDA | $ 7.3 M | |
| EBIT | $ 3.8 M | |
| Operating Income | $ 3.5 M | |
| Interest Income | $ 1.3 M | |
| Interest Expense | $ 1.2 M | |
| Net Interest Income | $ 145.0 K | |
| Income Before Tax | $ 2.6 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -48.00 K | |
| Net Income From Continuing Operations | $ -48.00 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.24 | |
| EPS Actual | $ 0.30 | |
| EPS Difference | $ 0.06 | |
| EPS Surprise | 25.0 % | |
| Forward EPS | $ 0.34 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 418.7 M | |
| Intangible Assets | $ 147.2 M | |
| Net Tangible Assets | $ 123.8 M | |
| Total Current Assets | $ 163.9 M | |
| Cash and Short-Term Investments | $ 42.2 M | |
| Cash | $ 42.2 M | |
| Net Receivables | $ 82.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 1.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 17.1 M | |
| Short-Term Debt | $ 2.2 M | |
| Total Current Liabilities | $ 71.9 M | |
| Net Debt | $ 24.8 M | |
| Total Debt | $ 72.8 M | |
| Total Liabilities | $ 147.7 M | |
| EQUITY | ||
| Total Equity | $ 271.0 M | |
| Retained Earnings | $ -94.63 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.85 | |
| Shares Outstanding | 39.541 M | |
| Revenue Per-Share | $ 1.58 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 166.642 | |
| Enterprise Multiple QoQ | 29.913 % | |
| Enterprise Multiple YoY | -66.521 % | |
| Enterprise Multiple IPRWA | high: 244.045 PDFS: 166.642 median: 114.544 mean: 107.314 low: -216.655 |
|
| EV/R | 19.539 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.545 | |
| Asset To Liability | 2.835 | |
| Debt To Capital | 0.212 | |
| Debt To Assets | 0.174 | |
| Debt To Assets QoQ | -4.208 % | |
| Debt To Assets YoY | 958.551 % | |
| Debt To Assets IPRWA | high: 0.455 median: 0.194 PDFS: 0.174 mean: 0.164 low: 0.003 |
|
| Debt To Equity | 0.269 | |
| Debt To Equity QoQ | -3.727 % | |
| Debt To Equity YoY | 1176.39 % | |
| Debt To Equity IPRWA | high: 0.96 PDFS: 0.269 mean: 0.265 median: 0.138 low: -0.408 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.386 | |
| Price To Book QoQ | 18.256 % | |
| Price To Book YoY | -2.797 % | |
| Price To Book IPRWA | high: 22.471 median: 22.16 mean: 18.237 PDFS: 4.386 low: 1.081 |
|
| Price To Earnings (P/E) | 100.21 | |
| Price To Earnings QoQ | 156.144 % | |
| Price To Earnings YoY | -12.527 % | |
| Price To Earnings IPRWA | high: 422.129 median: 146.908 mean: 139.514 PDFS: 100.21 low: -305.594 |
|
| PE/G Ratio | -1.886 | |
| Price To Sales (P/S) | 19.049 | |
| Price To Sales QoQ | 10.954 % | |
| Price To Sales YoY | -14.062 % | |
| Price To Sales IPRWA | high: 71.828 median: 45.349 mean: 41.085 PDFS: 19.049 low: 3.414 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 79.625 | |
| Forward PE/G | -1.499 | |
| Forward P/S | -0.27 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.108 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.151 | |
| Asset Turnover Ratio QoQ | 5.606 % | |
| Asset Turnover Ratio YoY | -5.98 % | |
| Asset Turnover Ratio IPRWA | high: 0.471 mean: 0.207 median: 0.203 PDFS: 0.151 low: 0.002 |
|
| Receivables Turnover | 0.79 | |
| Receivables Turnover Ratio QoQ | -0.203 % | |
| Receivables Turnover Ratio YoY | -5.053 % | |
| Receivables Turnover Ratio IPRWA | high: 2.887 mean: 1.79 median: 1.515 PDFS: 0.79 low: 0.498 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 115.437 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 596.302 median: 270.338 mean: 255.66 low: 62.399 PDFS: 0 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.678 | |
| CapEx To Revenue | -0.157 | |
| CapEx To Depreciation | -6.762 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 335.8 M | |
| Net Invested Capital | $ 338.0 M | |
| Invested Capital | $ 338.0 M | |
| Net Tangible Assets | $ 123.8 M | |
| Net Working Capital | $ 92.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.587 | |
| Current Ratio | 2.28 | |
| Current Ratio QoQ | 3.096 % | |
| Current Ratio YoY | -32.993 % | |
| Current Ratio IPRWA | high: 10.619 PDFS: 2.28 median: 2.256 mean: 2.161 low: 1.126 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.952 | |
| Cost Of Debt | 1.323 % | |
| Interest Coverage Ratio | 3.267 | |
| Interest Coverage Ratio QoQ | -14.396 % | |
| Interest Coverage Ratio YoY | 864.197 % | |
| Interest Coverage Ratio IPRWA | high: 99.429 mean: 34.406 median: 32.93 PDFS: 3.267 low: -143.241 |
|
| Operating Cash Flow Ratio | -0.029 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 91.391 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.026 % | |
| Revenue Growth | 9.259 % | |
| Revenue Growth QoQ | -11.091 % | |
| Revenue Growth YoY | 16.892 % | |
| Revenue Growth IPRWA | high: 40.838 % mean: 12.78 % PDFS: 9.259 % median: 2.725 % low: -9.892 % |
|
| Earnings Growth | -53.125 % | |
| Earnings Growth QoQ | -122.431 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 266.667 % mean: 17.454 % median: 0.794 % PDFS: -53.125 % low: -85.714 % |
|
| MARGINS | ||
| Gross Margin | 72.851 % | |
| Gross Margin QoQ | 0.81 % | |
| Gross Margin YoY | 6.738 % | |
| Gross Margin IPRWA | high: 90.758 % PDFS: 72.851 % mean: 52.43 % median: 52.156 % low: 9.383 % |
|
| EBIT Margin | 6.094 % | |
| EBIT Margin QoQ | -26.339 % | |
| EBIT Margin YoY | 496.282 % | |
| EBIT Margin IPRWA | high: 46.775 % median: 35.306 % mean: 34.872 % PDFS: 6.094 % low: -49.18 % |
|
| Return On Sales (ROS) | 5.541 % | |
| Return On Sales QoQ | -34.434 % | |
| Return On Sales YoY | 442.172 % | |
| Return On Sales IPRWA | high: 69.122 % median: 35.306 % mean: 34.225 % PDFS: 5.541 % low: -49.18 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 7.5 M | |
| Free Cash Flow Yield | 0.635 % | |
| Free Cash Flow Yield QoQ | -304.839 % | |
| Free Cash Flow Yield YoY | -266.23 % | |
| Free Cash Flow Yield IPRWA | high: 2.925 % mean: 1.466 % median: 1.229 % PDFS: 0.635 % low: -1.389 % |
|
| Free Cash Growth | -348.519 % | |
| Free Cash Growth QoQ | 347.445 % | |
| Free Cash Growth YoY | 82.834 % | |
| Free Cash Growth IPRWA | high: 182.087 % median: -0.341 % mean: -8.314 % PDFS: -348.519 % low: -360.935 % |
|
| Free Cash To Net Income | -157.292 | |
| Cash Flow Margin | -3.365 % | |
| Cash Flow To Earnings | 43.75 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.012 % | |
| Return On Assets QoQ | -103.692 % | |
| Return On Assets YoY | -106.936 % | |
| Return On Assets IPRWA | high: 12.607 % mean: 6.046 % median: 5.937 % PDFS: -0.012 % low: -7.635 % |
|
| Return On Capital Employed (ROCE) | 1.097 % | |
| Return On Equity (ROE) | -0.0 | |
| Return On Equity QoQ | -103.681 % | |
| Return On Equity YoY | -108.219 % | |
| Return On Equity IPRWA | high: 0.21 median: 0.145 mean: 0.141 PDFS: -0.0 low: -0.241 |
|
| DuPont ROE | -0.018 % | |
| Return On Invested Capital (ROIC) | 0.889 % | |
| Return On Invested Capital QoQ | -20.978 % | |
| Return On Invested Capital YoY | -340.921 % | |
| Return On Invested Capital IPRWA | high: 11.139 % median: 10.618 % mean: 9.014 % PDFS: 0.889 % low: -2.702 % |
|