The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/3Weak
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.68.3%
MissProfitable every yearSteady profits, not one good year.1 of 5 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$11.8M
Revenue
$27.5M
+86.6% vs prior year
Total debt
$187.4M
Free cash flow
-$11.8M
-43.0% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity, share count not growing, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 12
Revenue
$9.9M
+49.6% YoY
EPS
-$0.04
vs $0.18
Op. margin
-68.7%
+45.6 pts
Free cash flow
-$317K
Share count
-55.7%
vs a year ago
Insider rating
Last 90 days
67Buying
1 insider bought $65K
Top executive buying (Chief Financial Officer)
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
0/ 100
This week
0
Normal week
1.2
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+4.1%
Institutions added 4.1% to their holdings. 54 bought, 23 sold. 3 quarters of net buying in a row.
Shares held by institutions11.8M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+34.0%
Cash runwayAt last year's cash burn
843 months
Debt to equityLatest balance sheet: debt compared with what owners have
1.1x · $187.4M debt
Shares outstandingLatest reported
34M
Why elevated risk
Share count growing 34% a year (dilution)
Debt above equity: 1.14x
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 12
Results filedMay 14
Results filedMar 19
Results filedNov 12, 2025
Results filedAug 12, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days