The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/4Weak
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.15.5%
MissProfitable every yearSteady profits, not one good year.4 of 5 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$26.6M
MissShare count not growingNot diluting owners. Falling means buybacks.+97.0% in 3 years
Revenue
$235.2M
+110.2% vs prior year
Total debt
$405.8M
Free cash flow
-$26.6M
-11.3% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 6
Revenue
$73.0M
+29.9% YoY
EPS
$0.07
vs $0.18
Op. margin
29.4%
-10.7 pts
Gross margin
87.6%
-1.6 pts
Free cash flow
$38.4M
Share count
+1.1%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
1.7
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady+1.0%
Institutions added 1.0% to their holdings. 78 bought, 68 sold.
Shares held by institutions27.4M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+16.0%
Cash runwayAt last year's cash burn
11 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.8x · $330.6M debt
Shares outstandingLatest reported
98M
Why high risk
Share count growing 16% a year (dilution)
Bills due within a year exceed short-term assets
Auditor change
Exchange listing notice (a delisting warning or a move to another exchange)
Earnings reports
Last 12
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 7
Results filedMar 12
Results filedNov 6, 2025
Results filedAug 8, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days