A company still losing money with shrinking sales, with high risk. Institutions are adding.
Watch out for
About 2 months of cash left at its current burn
Share count growing 13.6% a year (dilution)
Losing money, losses are large next to sales
Money moves
No insider buying or selling in the last 30 days
Institutions added 19% to their holdings in the quarter ending June 2026 (42 bought, 22 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$19.78+0.6% that day
Company value
$2.8B
Share price times all shares
Cash vs value
3%
Cash as a share of company value
From SLN'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 10 quarters, from SEC filings
Sales, Jun '26
$0
Mar '24Tap a barJun '26
Last 12 months: $615K, down 98% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of SLN. 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$0M
Profit in 5 years$0M
Price these guesses point to$0.00-100% vs $19.78 todayAbout -84% a year, before dividends
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
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-90.3%
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.Losses many times its sales
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$62.3M
MissShare count not growingNot diluting owners. Falling means buybacks.+46.7% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.61.5%
Revenue
$559K
-98.7% vs prior year
Current ratio
8.72x
short-term assets / bills due
Free cash flow
-$62.3M
-11149.6% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: debt under half of equity, profitable every year. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 10
Revenue
$0
-100.0% YoY
EPS
-$0.09
vs -$0.19
Free cash flow
$1.5M
Share count
0.0%
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
1.2
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+18.5%
Institutions added 18.5% to their holdings. 42 bought, 22 sold. 2 quarters of net buying in a row.
Shares held by institutions23.6M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+13.6%
Cash runwayAt last year's cash burn
14 months
Debt to equityLatest balance sheet: debt compared with what owners have
Total liabilities $67.9M
Shares outstandingLatest reported
142M
Why elevated risk
Losing money, losses are large next to sales
About 14 months of cash left at its current burn
Revenue down 98.7% from the year before
4 offering filings in 6 months (may sell new shares)
Earnings reports
Last 7
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 10
Results filedMay 7
Results filedMar 5
Results filedNov 6, 2025
Results filedAug 7, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days