A company still losing money with shrinking sales, with high risk. Institutions are adding.
Going well
Sales up 29% last year
Little debt
Watch out for
Sales down 74% in the latest quarter vs a year ago
About 15 months of cash left at its current burn
Share count growing 44.6% a year (dilution)
Money moves
Insiders sold $3.0M in the last 30 days
Institutions added 33% to their holdings in the quarter ending June 2026 (73 bought, 28 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$3.32-4.0% that day
Company value
$276M
Share price times all shares
Price vs sales
28.0x
No profit over the last year, so this compares value with sales instead
Cash vs value
32%
A big cushion: cash is a large part of what the company is worth
Debt vs value
0%
Debt as a share of company value
From IRD's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$755K-74% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $9.9M, down 36% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of IRD. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$6M
Profit in 5 years$1M
Price these guesses point to$0.07-98% vs $3.32 todayAbout -54% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 98% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/5Weak
PassDebt under half of equityNot relying on borrowed money.0.07x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-349.3%
MissProfitable every yearSteady profits, not one good year.1 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$35.3M
MissShare count not growingNot diluting owners. Falling means buybacks.+202.1% in 3 years
Revenue
$14.2M
+29.1% vs prior year
Total debt
$1.1M
0.07x equity
Current ratio
6.43x
short-term assets / bills due
Free cash flow
-$35.3M
-248.3% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 6
Revenue
$755K
-73.8% YoY
EPS
-$0.14
vs -$0.12
Op. margin
-2182.8%
-1873.8 pts
Free cash flow
-$11.9M
Share count
+75.8%
vs a year ago
Insider rating
Last 90 days
20Heavy selling
4 insiders sold $2.9M (not pre-planned)
Pre-planned sales of $50K (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
66/ 100
This week
4
Normal week
2.1
vs normal
1.9x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+33.4%
Institutions added 33.4% to their holdings. 73 bought, 28 sold. 7 quarters of net buying in a row.
Shares held by institutions60.6M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+58.5%
Cash runwayAt last year's cash burn
30 months
Debt to equityLatest balance sheet: debt compared with what owners have
Owes more than it owns
Shares outstandingLatest reported
83M
Why high risk
Losing money, losses are large next to sales
Share count growing 58.5% a year (dilution)
Owes more than it owns (negative equity)
2 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportAround Nov 11 (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedMay 12
Results filedMar 10
Results filedFeb 19
Results filedNov 12, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days