A company still losing money with steady sales, with high risk. Institutions are adding.
Watch out for
About 2 months of cash left at its current burn
Owes more than it owns (negative equity)
Share count growing 37.5% a year (dilution)
Money moves
No insider buying or selling in the last 30 days
Institutions added 58% to their holdings in the quarter ending June 2026 (39 bought, 33 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$0.72-7.7% that day
Company value
$72M
Share price times all shares
Price vs sales
0.65x
No profit over the last year, so this compares value with sales instead
Cash vs value
25%
Cash as a share of company value
Debt vs value
24%
Debt as a share of company value
From SRFM'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
$29.5M+7.6% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $110.7M, up 3.1% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of SRFM. 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$128M
Profit in 5 years$13M
Price these guesses point to$1.19+65% vs $0.72 todayAbout +11% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales could shrink about 6.9% a year for 5 years and still 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.
0/4Weak
MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-103.8%
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$70.1M
MissShare count not growingNot diluting owners. Falling means buybacks.+160.2% in 3 years
Revenue
$106.6M
-10.8% vs prior year
Total debt
$17.1M
Current ratio
0.23x
short-term assets / bills due
Free cash flow
-$70.1M
-65.8% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, profitable every year, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 10
Revenue
$29.5M
+7.6% YoY
EPS
-$0.29
vs -$1.34
Op. margin
-63.7%
-5.6 pts
Free cash flow
-$8.0M
Share count
+370.7%
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
1.0
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+57.5%
Institutions added 57.5% to their holdings. 39 bought, 33 sold. 4 quarters of net buying in a row.
Shares held by institutions19.2M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+121.8%
Cash runwayAt last year's cash burn
3 months
Debt to equityLatest balance sheet: debt compared with what owners have
Owes more than it owns
Shares outstandingLatest reported
100M
Why high risk
Losing money, losses are large next to sales
About 3 months of cash left at its current burn
Share count growing 121.8% a year (dilution)
Owes more than it owns (negative equity)
Bills due within a year exceed short-term assets
Revenue down 10.8% from the year before
4 offering filings in 6 months (may sell new shares)
Exchange listing notice (a delisting warning or a move to another exchange)