Recent News
On August 13, 2025 the company issued a press release and presentation announcing second-quarter 2025 financial results. On August 25, 2025 the company held its 2025 Annual Meeting of Stockholders and presented an investor slide deck summarizing operations and governance items.
Technical Analysis
ADX / DI+/DI-: ADX at 13.25 indicates no trend; DI+ at 20.54 decreasing signals bearish directional pressure; DI- at 17.88 peak-and-reversal signals a bullish shift in downward pressure. The combination suggests range-bound action with a short-term bearish tilt rather than a sustained trend.
MACD: MACD at -0.05 with a peak-and-reversal profile and sitting below the signal line (-0.02) points to bearish momentum that weighs on near-term upside versus the valuation gap.
MRO (Momentum/Regression Oscillator): MRO at -23.59 (negative) indicates price below modeled target and therefore technical potential for upward mean reversion; the signal offsets MACD-driven bearish momentum and supports asymmetrical consolidation risk.
RSI: RSI 46.6 with a peak-and-reversal profile registers below neutral and signals recent loss of upside momentum, reinforcing the short-term bearish bias implied by MACD and short-term averages.
Price vs Moving Averages and Ichimoku: Last close $13.02 sits below the 12-day EMA ($13.24), 20-day average ($13.34), 50-day average ($13.32), and 200-day average ($14.18), indicating short- and intermediate-term pressure. Ichimoku Tenkan ($13.36) and Kijun ($13.10) place price at or slightly below key turning lines, supporting consolidation near current levels.
Bollinger, Support, Volume: Price remains inside the Bollinger band range (lower ~ $13.12, upper ~ $13.57) and above the super-trend lower support $12.89; daily volume (~117,833) sits below recent 10- and 50-day averages, consistent with low-volatility consolidation rather than high-conviction directional moves.
Fundamental Analysis
Profitability & Earnings: EBIT totaled -$4,739,932 and EBITDA reached $2,832,937, producing an EBIT margin of -16.81%. That EBIT margin sits above the industry peer mean of -80.51% (industry peer median -120.05%), indicating comparatively better operating profitability versus peers on the margin metric. Net income registered -$2,320,083 and operating income -$896,591. Reported EPS was -$0.07 versus an estimate of -$0.01, a miss of $0.06 representing a -600% EPS surprise.
Revenue & Growth: Total revenue $28,203,670 with gross profit $18,636,324 yields a gross margin of 66.08%. Reported revenue growth stands at 1.71% while year-over-year revenue growth shows -71.60%; the QoQ and YoY series present mixed timing signals for top-line momentum.
Cash, Liquidity & Capital Structure: Cash and short-term investments $74,736,335 and cash $29,694,785 support a current ratio of 2.05, slightly below the industry peer mean of 2.24. Operating cash flow $4,559,167 contrasts with free cash flow of -$2,740,609 and a free cash flow yield of -0.64%, indicating operating liquidity remains positive while free cash conversion lags. Debt-to-equity 0.20 (20.07%) and debt-to-assets 14.59% sit below industry peer means (debt-to-equity mean ~132.23%, debt-to-assets mean ~34.36%), showing a comparatively conservative balance sheet despite a debt-to-EBITDA of 37.62.
Efficiency & Returns: Asset turnover 0.0386 (3.86%) sits modestly above the industry peer mean of 3.52%. Return on equity -0.44% and return on assets -0.32% remain negative, reflecting loss-level earnings against a sizable asset base.
Valuation Summary: Market multiples show P/B ~0.81 and P/S ~15.18; enterprise-value-to-revenue ~16.31 and an enterprise multiple listed at 162.40. WMDST values the stock as under-valued. The valuation view reflects balance-sheet strength and high gross margins offset by negative EPS, negative free cash flow, and elevated enterprise multiple metrics that require operational improvement to realize re-rating.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-13 |
| NEXT REPORT DATE: | 2025-11-10 |
| CASH FLOW | Begin Period Cash Flow | $ 39.4 M |
| Operating Cash Flow | $ 4.6 M | |
| Capital Expenditures | $ -7.30 M | |
| Change In Working Capital | $ -921.03 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 7.5 M | |
| End Period Cash Flow | $ 46.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 28.2 M | |
| Forward Revenue | $ 477.9 K | |
| COSTS | ||
| Cost Of Revenue | $ 9.6 M | |
| Depreciation | $ 7.6 M | |
| Depreciation and Amortization | $ 7.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 29.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 18.6 M | |
| EBITDA | $ 2.8 M | |
| EBIT | $ -4.74 M | |
| Operating Income | $ -896.59 K | |
| Interest Income | $ 242.1 K | |
| Interest Expense | $ 573.1 K | |
| Net Interest Income | $ -330.99 K | |
| Income Before Tax | $ -5.31 M | |
| Tax Provision | $ -743.71 K | |
| Tax Rate | 13.998 % | |
| Net Income | $ -2.32 M | |
| Net Income From Continuing Operations | $ -4.57 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.01 | |
| EPS Actual | $ -0.07 | |
| EPS Difference | $ -0.06 | |
| EPS Surprise | -600.0 % | |
| Forward EPS | $ -0.01 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 730.6 M | |
| Intangible Assets | $ 237.2 M | |
| Net Tangible Assets | $ 293.8 M | |
| Total Current Assets | $ 124.3 M | |
| Cash and Short-Term Investments | $ 74.7 M | |
| Cash | $ 29.7 M | |
| Net Receivables | $ 13.4 M | |
| Inventory | — | |
| Long-Term Investments | $ 170.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 20.6 M | |
| Short-Term Debt | $ 1.9 M | |
| Total Current Liabilities | $ 60.8 M | |
| Net Debt | $ 16.1 M | |
| Total Debt | $ 106.6 M | |
| Total Liabilities | $ 175.4 M | |
| EQUITY | ||
| Total Equity | $ 531.0 M | |
| Retained Earnings | $ -7.74 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 16.88 | |
| Shares Outstanding | 31.453 M | |
| Revenue Per-Share | $ 0.90 | |
| VALUATION | Market Capitalization | $ 428.2 M |
| Enterprise Value | $ 460.1 M | |
| Enterprise Multiple | 162.404 | |
| Enterprise Multiple QoQ | 71.475 % | |
| Enterprise Multiple YoY | 122.548 % | |
| Enterprise Multiple IPRWA | BOC: 162.404 high: 34.698 median: -11.686 mean: -211.237 low: -1080.758 |
|
| EV/R | 16.313 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.376 | |
| Asset To Liability | 4.167 | |
| Debt To Capital | 0.167 | |
| Debt To Assets | 0.146 | |
| Debt To Assets QoQ | 2.653 % | |
| Debt To Assets YoY | 12583.478 % | |
| Debt To Assets IPRWA | high: 0.407 median: 0.375 mean: 0.344 BOC: 0.146 low: 0.002 |
|
| Debt To Equity | 0.201 | |
| Debt To Equity QoQ | 3.066 % | |
| Debt To Equity YoY | 12683.439 % | |
| Debt To Equity IPRWA | high: 1.539 median: 1.539 mean: 1.322 BOC: 0.201 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.807 | |
| Price To Book QoQ | -7.543 % | |
| Price To Book YoY | -2.852 % | |
| Price To Book IPRWA | high: 1.625 BOC: 0.807 mean: 0.218 low: 0.006 median: 0.006 |
|
| Price To Earnings (P/E) | -198.773 | |
| Price To Earnings QoQ | -73.122 % | |
| Price To Earnings YoY | -0.61 % | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | -0.795 | |
| Price To Sales (P/S) | 15.184 | |
| Price To Sales QoQ | -9.49 % | |
| Price To Sales YoY | -6.609 % | |
| Price To Sales IPRWA | high: 17.521 BOC: 15.184 mean: 0.665 low: 0.046 median: 0.046 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -2882.602 | |
| Forward PE/G | -11.53 | |
| Forward P/S | 896.016 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 75.404 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.039 | |
| Asset Turnover Ratio QoQ | 1.552 % | |
| Asset Turnover Ratio YoY | 5.464 % | |
| Asset Turnover Ratio IPRWA | high: 0.226 BOC: 0.039 mean: 0.035 median: 0.034 low: 0.033 |
|
| Receivables Turnover | 2.179 | |
| Receivables Turnover Ratio QoQ | -1.896 % | |
| Receivables Turnover Ratio YoY | 3.895 % | |
| Receivables Turnover Ratio IPRWA | high: 3.083 BOC: 2.179 mean: 1.411 low: 1.405 median: 1.405 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 41.882 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.444 | |
| CapEx To Revenue | -0.259 | |
| CapEx To Depreciation | -0.964 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 574.8 M | |
| Net Invested Capital | $ 576.7 M | |
| Invested Capital | $ 576.7 M | |
| Net Tangible Assets | $ 293.8 M | |
| Net Working Capital | $ 63.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.23 | |
| Current Ratio | 2.046 | |
| Current Ratio QoQ | -7.758 % | |
| Current Ratio YoY | 1.546 % | |
| Current Ratio IPRWA | high: 3.173 median: 2.777 mean: 2.237 BOC: 2.046 low: 0.011 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 37.617 | |
| Cost Of Debt | 0.468 % | |
| Interest Coverage Ratio | -8.271 | |
| Interest Coverage Ratio QoQ | 116.152 % | |
| Interest Coverage Ratio YoY | 82.351 % | |
| Interest Coverage Ratio IPRWA | high: 15.914 BOC: -8.271 mean: -27.789 median: -40.091 low: -85.673 |
|
| Operating Cash Flow Ratio | 0.098 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 199.487 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.029 % | |
| Revenue Growth | 1.706 % | |
| Revenue Growth QoQ | -334.663 % | |
| Revenue Growth YoY | -71.6 % | |
| Revenue Growth IPRWA | high: 74.758 % median: 30.374 % mean: 22.422 % BOC: 1.706 % low: -87.96 % |
|
| Earnings Growth | 250.0 % | |
| Earnings Growth QoQ | -323.684 % | |
| Earnings Growth YoY | -1225.011 % | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 66.078 % | |
| Gross Margin QoQ | -1.747 % | |
| Gross Margin YoY | -3.121 % | |
| Gross Margin IPRWA | high: 93.583 % BOC: 66.078 % mean: 0.766 % low: -15.245 % median: -15.245 % |
|
| EBIT Margin | -16.806 % | |
| EBIT Margin QoQ | 124.829 % | |
| EBIT Margin YoY | 172.471 % | |
| EBIT Margin IPRWA | high: 300.802 % BOC: -16.806 % mean: -80.507 % low: -120.054 % median: -120.054 % |
|
| Return On Sales (ROS) | -3.179 % | |
| Return On Sales QoQ | -57.472 % | |
| Return On Sales YoY | -48.46 % | |
| Return On Sales IPRWA | high: 57.541 % BOC: -3.179 % mean: -39.902 % low: -55.263 % median: -55.263 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -2.74 M | |
| Free Cash Flow Yield | -0.64 % | |
| Free Cash Flow Yield QoQ | -30.811 % | |
| Free Cash Flow Yield YoY | -34.694 % | |
| Free Cash Flow Yield IPRWA | high: 4.394 % BOC: -0.64 % mean: -0.918 % low: -1.926 % median: -1.926 % |
|
| Free Cash Growth | -36.308 % | |
| Free Cash Growth QoQ | -95.431 % | |
| Free Cash Growth YoY | 27.791 % | |
| Free Cash Growth IPRWA | high: -5.403 % BOC: -36.308 % mean: -302.586 % low: -427.778 % median: -427.778 % |
|
| Free Cash To Net Income | 1.181 | |
| Cash Flow Margin | 21.114 % | |
| Cash Flow To Earnings | -2.567 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.317 % | |
| Return On Assets QoQ | 244.565 % | |
| Return On Assets YoY | 4.967 % | |
| Return On Assets IPRWA | high: 9.324 % median: 0.634 % mean: 0.094 % BOC: -0.317 % low: -12.302 % |
|
| Return On Capital Employed (ROCE) | -0.708 % | |
| Return On Equity (ROE) | -0.004 | |
| Return On Equity QoQ | 246.825 % | |
| Return On Equity YoY | 3.8 % | |
| Return On Equity IPRWA | high: 0.026 median: 0.026 mean: 0.017 BOC: -0.004 low: -0.173 |
|
| DuPont ROE | -0.436 % | |
| Return On Invested Capital (ROIC) | -0.707 % | |
| Return On Invested Capital QoQ | 111.677 % | |
| Return On Invested Capital YoY | -125.071 % | |
| Return On Invested Capital IPRWA | high: 12.778 % BOC: -0.707 % mean: -5.208 % low: -8.423 % median: -8.423 % |
|