Recent News
On April 15 the company announced a $3M-per-year FPGA SmartNIC design win with a European secure-communications provider. On May 26 the company disclosed a $5M-per-year design win with a Tier‑1 cyber security leader for its white‑label switch family.
Technical Analysis
ADX at 23.08 signals an emerging trend and supports the near-term directional bias implied by recent commercial announcements.
DI+ sits at 24.69 with a decreasing trend, which reads as a weakening buying pressure relative to earlier momentum; DI- at 19.51 shows a peak & reversal, which contributes a bullish tilt as selling pressure recedes.
MACD displays a dip & reversal, indicating returning bullish momentum, although the MACD value (2.14) remains below its signal line (2.31), so momentum has begun to recover but has not yet generated a confirmed crossover.
MRO registers 34.08 with a peak & reversal; with MRO positive, price sits above WMDST’s target and faces potential decompression back toward that target if momentum stalls.
RSI at 58.49 with a dip & reversal shows renewed buying interest without overbought extremes, supporting the view that momentum can carry into the near term.
Price trades above short- and medium-term averages: 12‑day EMA increasing at $44.73, 20‑day average $43.78, 50‑day average $37.60 and a 200‑day average of $22.26; this alignment favors continuation of the recent uptrend, with the 20‑day band and the super trend upper at $48.45 acting as immediate technical reference points.
Fundamental Analysis
Revenue totaled $19.10M for the period ending 2026-03-31, with quarter-over-quarter revenue growth of 56.29% and year-over-year revenue change of -18.72%. Gross profit reached $5.64M and gross margin measured 29.55%, below the industry peer mean gross margin of 56.89% and the industry peer median of 61.90%.
Operating results remain negative: EBIT and EBITDA each at -$2.81M produce an operating margin of -14.70%, markedly below the industry peer mean operating margin of 26.29% and the industry peer median of 26.17%. Operating margin declined QoQ by 11.53% and YoY by 34.22%.
Earnings per share came in at -$0.25 versus an estimate of -$0.36, producing an EPS surprise of approximately 30.56% relative to the estimate; forward EPS sits at -$0.115. Net income from continuing operations totaled -$2.37M.
Balance-sheet and cash metrics provide a stabilizing counterweight: cash of $30.03M and cash and short‑term investments of $35.01M translate to a cash ratio near 0.995, and current ratio at 3.30 sits above the industry peer mean current ratio of 1.80. Quick ratio at 1.50 also exceeds the industry peer mean quick ratio of 1.45.
Working capital dynamics show strain: inventory at $63.49M produces a cash conversion cycle of 380.35 days, far above the industry peer mean cash conversion cycle of 106.41 days, indicating material capital tied in inventory and longer cash conversion timing.
Leverage remains light: total debt $6.60M yields debt to assets of 4.16% and debt to equity of 5.69%, both below the industry peer means provided. Interest coverage remains negative.
Valuation context: WMDST values the stock as under-valued. Market multiples show EV/Revenue ~5.16 and a price‑to‑book of 1.09; price‑to‑sales stands at 6.65 and forward price ratios remain elevated owing to negative earnings, which reflects a market price that already prices growth and design‑win optionality.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ -8.58 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 2.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 19.1 M | |
| Forward Revenue | $ 1.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 13.5 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 5.3 M | |
| Total Operating Expenses | $ 21.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 5.6 M | |
| EBITDA | $ -2.81 M | |
| EBIT | $ -2.81 M | |
| Operating Income | $ -2.81 M | |
| Interest Income | $ 452.0 K | |
| Interest Expense | — | |
| Net Interest Income | $ 452.0 K | |
| Income Before Tax | $ -2.36 M | |
| Tax Provision | $ 11.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -2.37 M | |
| Net Income From Continuing Operations | $ -2.37 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.36 | |
| EPS Actual | $ -0.25 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 30.556 % | |
| Forward EPS | $ -0.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 158.8 M | |
| Intangible Assets | $ 3.5 M | |
| Net Tangible Assets | $ 112.5 M | |
| Total Current Assets | $ 116.2 M | |
| Cash and Short-Term Investments | $ 35.0 M | |
| Cash | $ 30.0 M | |
| Net Receivables | $ 13.9 M | |
| Inventory | $ 63.5 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 20.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 35.2 M | |
| Net Debt | — | |
| Total Debt | $ 6.6 M | |
| Total Liabilities | $ 42.8 M | |
| EQUITY | ||
| Total Equity | $ 116.0 M | |
| Retained Earnings | $ 93.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.33 | |
| Shares Outstanding | 5.706 M | |
| Revenue Per-Share | $ 3.35 | |
| VALUATION | Market Capitalization | $ 126.9 M |
| Enterprise Value | $ 98.5 M | |
| Enterprise Multiple | -35.082 | |
| Enterprise Multiple QoQ | 116.64 % | |
| Enterprise Multiple YoY | 491.367 % | |
| Enterprise Multiple IPRWA | high: 338.716 mean: 84.574 median: 68.042 SILC: -35.082 low: -157.605 |
|
| EV/R | 5.158 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.369 | |
| Asset To Liability | 3.712 | |
| Debt To Capital | 0.054 | |
| Debt To Assets | 0.042 | |
| Debt To Assets QoQ | 0.874 % | |
| Debt To Assets YoY | -0.12 % | |
| Debt To Assets IPRWA | high: 0.642 median: 0.244 mean: 0.208 SILC: 0.042 low: 0.01 |
|
| Debt To Equity | 0.057 | |
| Debt To Equity QoQ | 6.575 % | |
| Debt To Equity YoY | 13.848 % | |
| Debt To Equity IPRWA | high: 1.77 median: 0.63 mean: 0.527 SILC: 0.057 low: 0.014 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.094 | |
| Price To Book QoQ | 47.144 % | |
| Price To Book YoY | 60.583 % | |
| Price To Book IPRWA | high: 29.004 mean: 7.835 median: 6.366 SILC: 1.094 low: -8.728 |
|
| Price To Earnings (P/E) | -88.973 | |
| Price To Earnings QoQ | 97.62 % | |
| Price To Earnings YoY | 123.503 % | |
| Price To Earnings IPRWA | high: 391.742 mean: 124.495 median: 92.924 SILC: -88.973 low: -227.806 |
|
| PE/G Ratio | 3.361 | |
| Price To Sales (P/S) | 6.646 | |
| Price To Sales QoQ | 28.646 % | |
| Price To Sales YoY | 12.561 % | |
| Price To Sales IPRWA | high: 26.443 median: 19.792 mean: 15.955 SILC: 6.646 low: 0.753 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -161.689 | |
| Forward PE/G | 6.108 | |
| Forward P/S | 95.89 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.005 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.123 | |
| Asset Turnover Ratio QoQ | 10.191 % | |
| Asset Turnover Ratio YoY | 28.121 % | |
| Asset Turnover Ratio IPRWA | high: 0.474 mean: 0.162 median: 0.126 SILC: 0.123 low: 0.043 |
|
| Receivables Turnover | 1.656 | |
| Receivables Turnover Ratio QoQ | 2.431 % | |
| Receivables Turnover Ratio YoY | 44.507 % | |
| Receivables Turnover Ratio IPRWA | high: 3.425 mean: 2.084 median: 1.96 SILC: 1.656 low: 0.512 |
|
| Inventory Turnover | 0.232 | |
| Inventory Turnover Ratio QoQ | -4.193 % | |
| Inventory Turnover Ratio YoY | -7.223 % | |
| Inventory Turnover Ratio IPRWA | high: 1.771 median: 1.093 mean: 1.057 SILC: 0.232 low: 0.204 |
|
| Days Sales Outstanding (DSO) | 55.09 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 380.347 | |
| Cash Conversion Cycle Days QoQ | -0.728 % | |
| Cash Conversion Cycle Days YoY | 2.325 % | |
| Cash Conversion Cycle Days IPRWA | SILC: 380.347 high: 272.087 mean: 106.406 median: 55.19 low: -108.637 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.236 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 116.0 M | |
| Net Invested Capital | $ 116.0 M | |
| Invested Capital | $ 116.0 M | |
| Net Tangible Assets | $ 112.5 M | |
| Net Working Capital | $ 81.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.995 | |
| Current Ratio | 3.301 | |
| Current Ratio QoQ | -20.465 % | |
| Current Ratio YoY | -55.527 % | |
| Current Ratio IPRWA | high: 6.25 SILC: 3.301 mean: 1.798 median: 1.121 low: 0.73 |
|
| Quick Ratio | 1.497 | |
| Quick Ratio QoQ | -32.522 % | |
| Quick Ratio YoY | -71.035 % | |
| Quick Ratio IPRWA | high: 3.505 SILC: 1.497 mean: 1.448 median: 0.931 low: 0.548 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.351 | |
| Cost Of Debt | 2.787 % | |
| Interest Coverage Ratio | -9.391 | |
| Interest Coverage Ratio QoQ | -0.071 % | |
| Interest Coverage Ratio YoY | -12.659 % | |
| Interest Coverage Ratio IPRWA | high: 48.917 mean: 12.873 median: 10.854 SILC: -9.391 low: -29.31 |
|
| Operating Cash Flow Ratio | -0.244 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 121.172 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.37 % | |
| Revenue Growth | 12.952 % | |
| Revenue Growth QoQ | 56.293 % | |
| Revenue Growth YoY | -1871.819 % | |
| Revenue Growth IPRWA | high: 33.034 % SILC: 12.952 % median: 3.131 % mean: 0.649 % low: -71.127 % |
|
| Earnings Growth | -26.471 % | |
| Earnings Growth QoQ | 376.44 % | |
| Earnings Growth YoY | -26.89 % | |
| Earnings Growth IPRWA | high: 100.0 % median: 4.0 % mean: -3.197 % SILC: -26.471 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 29.548 % | |
| Gross Margin QoQ | -0.852 % | |
| Gross Margin YoY | -0.572 % | |
| Gross Margin IPRWA | high: 74.628 % median: 61.897 % mean: 56.89 % SILC: 29.548 % low: 16.069 % |
|
| EBIT Margin | -14.703 % | |
| EBIT Margin QoQ | -11.529 % | |
| EBIT Margin YoY | -34.215 % | |
| EBIT Margin IPRWA | high: 43.259 % mean: 26.285 % median: 26.165 % SILC: -14.703 % low: -43.884 % |
|
| Return On Sales (ROS) | -14.703 % | |
| Return On Sales QoQ | -11.529 % | |
| Return On Sales YoY | -34.215 % | |
| Return On Sales IPRWA | high: 42.739 % mean: 25.66 % median: 24.868 % SILC: -14.703 % low: -43.884 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | -44.947 % | |
| Cash Flow To Earnings | 3.627 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -1.522 % | |
| Return On Assets QoQ | -8.917 % | |
| Return On Assets YoY | -18.61 % | |
| Return On Assets IPRWA | high: 4.977 % mean: 2.776 % median: 2.597 % SILC: -1.522 % low: -5.098 % |
|
| Return On Capital Employed (ROCE) | -2.271 % | |
| Return On Equity (ROE) | -0.02 | |
| Return On Equity QoQ | -5.424 % | |
| Return On Equity YoY | -9.374 % | |
| Return On Equity IPRWA | high: 0.239 median: 0.067 mean: 0.066 SILC: -0.02 low: -0.295 |
|
| DuPont ROE | -2.027 % | |
| Return On Invested Capital (ROIC) | -1.452 % | |
| Return On Invested Capital QoQ | -23.134 % | |
| Return On Invested Capital YoY | -6.141 % | |
| Return On Invested Capital IPRWA | high: 6.911 % median: 4.495 % mean: 4.322 % SILC: -1.452 % low: -8.258 % |
|