A company still losing money with growing sales, with high risk.
Going well
Sales up 114% in the latest quarter vs a year ago
Watch out for
About 3 months of cash left at its current burn
Share count growing 35.1% a year (dilution)
Losing money, losses are large next to sales
Money moves
No insider buying or selling in the last 30 days
Institutions cut 3.6% from their holdings in the quarter ending June 2026 (108 bought, 87 sold)
Held by Dan Loeb (Third Point)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$3.92-2.7% that day
Company value
$390M
Share price times all shares
Price vs sales
3.3x
No profit over the last year, so this compares value with sales instead
Cash vs value
2%
Cash as a share of company value
Debt vs value
25%
Debt as a share of company value
From SPRY'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
$33.7M+114% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $116.9M, up 4.1% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of SPRY. 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$142M
Profit in 5 years$14M
Price these guesses point to$1.33-66% vs $3.92 todayAbout -19% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 29% 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.
0/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-92.3%
MissDebt under half of equityNot relying on borrowed money.0.84x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-203.3%
MissProfitable every yearSteady profits, not one good year.1 of 6 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$171.2M
MissShare count not growingNot diluting owners. Falling means buybacks.+146.7% in 3 years
Revenue
$84.3M
-5.5% vs prior year
Total debt
$96.4M
0.84x equity
Current ratio
7.28x
short-term assets / bills due
Free cash flow
-$171.2M
-203.1% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 13
Revenue
$33.7M
+114.2% YoY
EPS
-$0.63
vs -$0.46
Op. margin
-182.6%
+120.3 pts
Free cash flow
-$60.9M
Share count
+1.0%
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
1.7
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady-3.6%
Institutions cut 3.6% from their holdings. 108 bought, 87 sold.
Shares held by institutions90.7M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+1.3%
Cash runwayAt last year's cash burn
1 months
Debt to equityLatest balance sheet: debt compared with what owners have
7.7x · $96.7M debt
Shares outstandingLatest reported
99M
Why elevated risk
Losing money, losses are large next to sales
About 1 month of cash left at its current burn
High debt: 7.73x equity
Earnings reports
Last 12
Next reportAround Nov 9 (est.)Estimated from the same quarter last year
Results filedAug 13
Results filedMay 15
Results filedMar 9
Results filedNov 10, 2025
Results filedAug 13, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days
No offerings, red flags or new big holders. Clean record.
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.