Technical Analysis
Directional Indicators (ADX/DI+/DI-): ADX at 12.1 signals no established trend, but directional readings show bullish bias: DI+ exhibits a dip-and-reverse and DI- shows a peak-and-reverse, both consistent with renewed upside pressure that could help reprice toward the current valuation assessment.
MACD: MACD sits negative at -0.14 but has turned up and trades above the signal line (-0.18), a bullish momentum confirmation. That combination implies momentum improving from a negative base and increases the probability of short-term gains if momentum persists.
MRO (Momentum/Regression Oscillator): MRO at -5.22 indicates the price sits below the model target, implying upward potential; the MRO dip-and-reverse trend reinforces the technical case for near-term catch-up toward fair-value anchors.
RSI: RSI reads 45.97 with a dip-and-reverse, leaving room to move higher without reaching overbought territory; the RSI pattern aligns with the MACD and MRO signals for a modest bullish bias.
Price Structure & Overhead/Support: Price closed at $6.98, above the 12-day EMA ($6.76) and the 20-day average ($6.64) but below the 50-day ($7.19) and 200-day ($9.29) averages. Bollinger bands show the price sitting above the 1× upper band ($6.89) but below the 2× upper band ($7.15), suggesting a short-term push with nearby resistance. Ichimoku readings place the cloud (Senkou A/B) at $7.59–$7.74, creating a clear overhead supply zone; the supertrend upper at $7.36 offers a nearer resistance level. Volume traded at 123,838 versus a 10-day average of 92,155, indicating above-average participation on recent moves.
Fundamental Analysis
Liquidity & Balance Sheet: Cash and short-term investments total $143,384,000, representing roughly 56% of the $253,741,134 market capitalization and yielding a cash ratio of 10.39 and a current ratio of 10.67. The exceptionally high liquidity metrics provide a cushion for continued deal-sourcing and operating needs while operating cash flows remain negative.
Profitability & Cash Flow: Operating loss (EBIT) equals -$21,066,000 and EBITDA equals -$20,460,000, producing an operating margin of -46.61% (operating margin QoQ -36.32%; YoY -25.42%). Net income sits at -$35,902,000 and free cash flow equals -$16,892,000 (free cash flow yield -6.66%). EPS came in at -$1.38 versus an estimate of -$0.84, a negative surprise of -64.29%. Those negative profitability metrics weigh on near-term valuation despite a healthy cash balance.
Revenue Base and Growth Metrics: Reported total revenue stands at $452,000 with a provided revenue growth metric of 51.68%; the quarter-over-quarter growth figure shows -170.88% and the year-over-year growth shows -152.28%, reflecting an extremely small revenue base with large percentage swings. Forward revenue reads $52,790, underscoring the limited current operating scale.
Capital Structure and Book Metrics: Book value per share reads -$1.37861 and price-to-book equals -7.08, which sits below the industry peer mean of 0.23903 and below the industry peer median of 0.39909 but inside the provided industry peer range (low -10.20231 to high 2.85148). Enterprise multiple registers at -6.01 while enterprise value equals $122,960,134 versus market cap $253,741,134, reflecting negative operating earnings driving valuation multiples into negative territory.
Other Efficiency & Return Measures: Asset turnover remains extremely low at 0.00119, cash conversion cycle about 108.6 days, and research & development expense of $13,802,000. Return on equity appears at 100.16% on the provided basis, while return on assets registers -9.43%—these mixed signs reflect atypical base effects and the company’s negative tangible equity position.
Valuation Conclusion: WMDST values the stock as under-valued. The valuation narrative rests on a large cash balance relative to market capitalization and a small revenue base; significant operating losses and negative cash flow act as counterweights. Price-to-book sits well below peer central tendencies, driven by negative book value.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 162.1 M |
| Operating Cash Flow | $ -15.60 M | |
| Capital Expenditures | $ -1.29 M | |
| Change In Working Capital | $ 530.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -16.94 M | |
| End Period Cash Flow | $ 145.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 452.0 K | |
| Forward Revenue | $ 52.8 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 606.0 K | |
| Depreciation and Amortization | $ 606.0 K | |
| Research and Development | $ 13.8 M | |
| Total Operating Expenses | $ 21.5 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -20.46 M | |
| EBIT | $ -21.07 M | |
| Operating Income | $ -21.07 M | |
| Interest Income | $ 1.5 M | |
| Interest Expense | — | |
| Net Interest Income | $ 1.5 M | |
| Income Before Tax | $ -35.90 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -35.90 M | |
| Net Income From Continuing Operations | $ -35.90 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.84 | |
| EPS Actual | $ -1.38 | |
| EPS Difference | $ -0.54 | |
| EPS Surprise | -64.286 % | |
| Forward EPS | $ -0.65 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 372.7 M | |
| Intangible Assets | $ 198.8 M | |
| Net Tangible Assets | $ -234.61 M | |
| Total Current Assets | $ 147.3 M | |
| Cash and Short-Term Investments | $ 143.4 M | |
| Cash | $ 143.4 M | |
| Net Receivables | $ 722.0 K | |
| Inventory | — | |
| Long-Term Investments | $ 7.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 13.8 M | |
| Net Debt | — | |
| Total Debt | $ 12.6 M | |
| Total Liabilities | $ 408.5 M | |
| EQUITY | ||
| Total Equity | $ -35.84 M | |
| Retained Earnings | $ -729.80 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -1.38 | |
| Shares Outstanding | 26.004 M | |
| Revenue Per-Share | $ 0.02 | |
| VALUATION | Market Capitalization | $ 253.7 M |
| Enterprise Value | $ 123.0 M | |
| Enterprise Multiple | -6.01 | |
| Enterprise Multiple QoQ | -16.195 % | |
| Enterprise Multiple YoY | -41.656 % | |
| Enterprise Multiple IPRWA | high: 2.028 median: 2.028 mean: -2.113 RNAC: -6.01 low: -295.802 |
|
| EV/R | 272.036 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -10.397 | |
| Asset To Liability | 0.912 | |
| Debt To Capital | -0.542 | |
| Debt To Assets | 0.034 | |
| Debt To Assets QoQ | -1.486 % | |
| Debt To Assets YoY | 456.25 % | |
| Debt To Assets IPRWA | high: 1.287 mean: 0.201 median: 0.181 RNAC: 0.034 low: 0.009 |
|
| Debt To Equity | -0.352 | |
| Debt To Equity QoQ | -93.344 % | |
| Debt To Equity YoY | -109.546 % | |
| Debt To Equity IPRWA | high: 0.013 RNAC: -0.352 median: -0.417 mean: -0.548 low: -0.852 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -7.079 | |
| Price To Book QoQ | -94.02 % | |
| Price To Book YoY | -101.151 % | |
| Price To Book IPRWA | high: 2.851 median: 0.399 mean: 0.239 RNAC: -7.079 low: -10.202 |
|
| Price To Earnings (P/E) | -13.369 | |
| Price To Earnings QoQ | -14.618 % | |
| Price To Earnings YoY | -21.96 % | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | 2.573 | |
| Price To Sales (P/S) | 561.374 | |
| Price To Sales QoQ | -44.081 % | |
| Price To Sales YoY | -53.035 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -12.338 | |
| Forward PE/G | 2.375 | |
| Forward P/S | 3553.797 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.066 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.001 | |
| Asset Turnover Ratio QoQ | 58.667 % | |
| Asset Turnover Ratio YoY | 23.958 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 0.84 | |
| Receivables Turnover Ratio QoQ | 198.709 % | |
| Receivables Turnover Ratio YoY | 3902.62 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 108.612 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 108.612 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.003 | |
| CapEx To Revenue | -2.858 | |
| CapEx To Depreciation | -2.132 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ -35.84 M | |
| Net Invested Capital | $ -35.84 M | |
| Invested Capital | $ -35.84 M | |
| Net Tangible Assets | $ -234.61 M | |
| Net Working Capital | $ 133.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 10.388 | |
| Current Ratio | 10.669 | |
| Current Ratio QoQ | -19.976 % | |
| Current Ratio YoY | -0.337 % | |
| Current Ratio IPRWA | RNAC: 10.669 high: 1.406 median: 0.821 mean: 0.806 low: 0.013 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.616 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | -2.455 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -4.17 % | |
| Revenue Growth | 51.678 % | |
| Revenue Growth QoQ | -170.88 % | |
| Revenue Growth YoY | -152.283 % | |
| Revenue Growth IPRWA | RNAC: 51.678 % high: 16.493 % median: 16.493 % mean: 16.233 % low: -50.227 % |
|
| Earnings Growth | -5.195 % | |
| Earnings Growth QoQ | -128.139 % | |
| Earnings Growth YoY | -98.32 % | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -4660.619 % | |
| EBIT Margin QoQ | -36.323 % | |
| EBIT Margin YoY | -25.416 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | -4660.619 % | |
| Return On Sales QoQ | -36.323 % | |
| Return On Sales YoY | -25.416 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -16.89 M | |
| Free Cash Flow Yield | -6.657 % | |
| Free Cash Flow Yield QoQ | -0.996 % | |
| Free Cash Flow Yield YoY | -510.926 % | |
| Free Cash Flow Yield IPRWA | high: -0.225 % median: -1.637 % mean: -3.351 % RNAC: -6.657 % low: -13.153 % |
|
| Free Cash Growth | -16.027 % | |
| Free Cash Growth QoQ | -4.703 % | |
| Free Cash Growth YoY | -89.077 % | |
| Free Cash Growth IPRWA | high: 161.219 % median: 161.219 % mean: 157.65 % RNAC: -16.027 % low: -23.044 % |
|
| Free Cash To Net Income | 0.47 | |
| Cash Flow Margin | -7498.451 % | |
| Cash Flow To Earnings | 0.944 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -9.428 % | |
| Return On Assets QoQ | -336.825 % | |
| Return On Assets YoY | 56.533 % | |
| Return On Assets IPRWA | high: 0.341 % median: 0.341 % mean: 0.184 % RNAC: -9.428 % low: -11.854 % |
|
| Return On Capital Employed (ROCE) | -5.87 % | |
| Return On Equity (ROE) | 1.002 | |
| Return On Equity QoQ | -115.933 % | |
| Return On Equity YoY | -103.115 % | |
| Return On Equity IPRWA | RNAC: 1.002 high: 0.056 median: 0.056 mean: 0.055 low: -0.12 |
|
| DuPont ROE | 187.6 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |