DRK Nasdaq Finance Services Financials FY2016βFY2025
DarkHorse Technologies Inc. had $11.2M of revenue in fiscal 2025, down 32.7% on the year before.
Last close Β· Oct 23, 2026
$1.96
1.6%Hi! I read DarkHorse Technologies Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β32.7%
No. Sales fell 32.7% last year.
Does it make a profit?
β192.1%
No. It lost money last year.
Does profit turn into cash?
β211.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days DarkHorse Technologies Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 3, 2026
Tuesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 14, 2026 | Q2 '26 | During market hours | 8-K β |
| May 15, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 6, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 4, 2025 | Q3 '25 | Time not announced | 8-K β |
| Aug 5, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 14, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 28, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· DarkHorse Technologies Inc. had $11.2M of revenue in fiscal 2025, down 32.7% on the year before. Its operating margin was β196.8%, down 67.8Β pts: of every 100 in sales, about β197 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· DarkHorse Technologies Inc. lost $21.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$23.6M in fiscal 2025, β211.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably DarkHorse Technologies Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $54.4M | $1.3M | $0.6M | $5.4M | $3.7M |
| Interest coverage | β | β | β25.4x | β | β |
| Current ratio | 15.1x | 1.7x | 2.5x | 4.6x | 4.8x |
| Quick ratio | 15.1x | 1.7x | 2.5x | 4.6x | 4.8x |
| Total assets | $276M | $83.0M | $45.7M | $43.2M | $25.1M |
| Total liabilities | $6.3M | $12.0M | $5.3M | $3.9M | $1.8M |
| Shareholders' equity | $227M | $34.9M | $26.5M | $39.3M | $23.3M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· DarkHorse Technologies Inc. passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 2 / 7 | 3 / 7 | β / 4 | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | β55.1% | β19.6% | β39.3% | β25.1% | β90.3% | β26.0% | β11.0% | β15.7% |
| Altman Z'' | β9.99 | β7.17 | β65.54 | β82.61 | β25.87 | β29.97 | β25.12 | β52.59 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $76.4M | $12.6M | $9.0M | $5.6M | β | $6.1M | $21.9M | $16.6M | $11.2M |
| Gross profit | $22.3M | $3.1M | $1.7M | $1.9M | β | $2.7M | $6.0M | $3.2M | $2.6M |
| Research and development | $8.8M | $5.9M | $3.4M | $2.1M | β | $0.6M | $1.0M | $0.0M | β |
| Operating income | β$63.8M | β$18.1M | β$12.6M | β$6.0M | β | β$158M | β$30.0M | β$21.4M | β$22.0M |
| Interest expense | $2.0M | $3.4M | $0.0M | $0.0M | β | $0.0M | $1.2M | $0.0M | β |
| Pretax income | β$67.6M | β$16.3M | β$12.7M | β$4.3M | β | β$190M | β$23.0M | β$9.3M | β$20.1M |
| Income tax | $0.8M | β$0.9M | $0.0M | $0.0M | β | $0.2M | $0.0M | $0.2M | $0.0M |
| Net income | β$68.5M | β$26.2M | β$26.2M | β$4.3M | β | β$193M | β$23.3M | β$9.5M | β$21.5M |
| Net income to common | β | β | β | β | β | β$193M | β$23.4M | β$9.5M | β |
| Diluted EPS | β$34.42 | β$42.08 | β$15.80 | β$1.59 | β | β$20.36 | β$1.93 | β$4.78 | β$7.37 |
| Diluted shares | β | β | β | β | β | 0.01B | 0.01B | 0.00B | 0.00B |
| Cash flow | |||||||||
| Cash from operations | β$17.5M | β$9.0M | β$7.6M | β$1.8M | β | β$30.8M | β$6.6M | β$4.6M | β$16.1M |
| Capital expenditure | $0.2M | $0.1M | $0.1M | $0.0M | β | $17.6M | $1.6M | $8.9M | $7.5M |
| Free cash flow | β$17.7M | β$9.1M | β$7.7M | β$1.8M | β | β$48.4M | β$8.1M | β$13.5M | β$23.6M |
| Depreciation and amortization | $6.2M | $6.1M | $3.9M | $1.0M | β | $28.3M | $6.2M | $7.1M | $6.9M |
| Stock-based compensation | $9.1M | $7.8M | $1.6M | $0.6M | β | $8.5M | $2.4M | $2.8M | $0.8M |
| Acquisitions | $0.0M | $1.1M | $0.0M | β | β | β | β | β | β |
| Balance sheet | |||||||||
| Cash and short-term investments | $5.1M | $0.6M | $0.3M | $0.1M | $54.4M | $1.3M | $0.6M | $5.4M | $3.7M |
| Total debt | $17.3M | $18.2M | β | β | β | β | β | β | β |
| Current assets | $30.3M | $76.4M | $3.5M | $1.9M | $78.4M | $10.3M | $13.5M | $17.8M | $8.7M |
| Current liabilities | $42.9M | $70.6M | $9.6M | $6.6M | $5.2M | $6.2M | $5.3M | $3.9M | $1.8M |
| Inventory | $10.0M | $1.4M | $1.2M | $0.8M | β | β | β | β | β |
| Property and equipment, net | $3.1M | $0.0M | $0.0M | $0.0M | $0.0M | $34.3M | $24.2M | $22.0M | $14.6M |
| Goodwill | $0.9M | $1.4M | $1.4M | $1.4M | β | β | β | β | $0.0M |
| Intangible assets | $47.7M | $5.2M | $3.3M | $2.3M | $63.0M | $9.5M | $4.6M | $3.1M | $1.6M |
| Total assets | $92.6M | $83.3M | $11.3M | $8.4M | $276M | $83.0M | $45.7M | $43.2M | $25.1M |
| Total liabilities | $72.1M | $72.8M | $16.9M | $7.2M | $6.3M | $12.0M | $5.3M | $3.9M | $1.8M |
| Preferred stock | β | β | $0.0M | $6.8M | β | β | β | β | β |
| Shareholders' equity | $20.4M | $10.5M | β$5.6M | $1.2M | $227M | $34.9M | $26.5M | $39.3M | $23.3M |
| Margins | |||||||||
| Gross margin | 29.2% | 25.0% | 18.6% | 33.2% | β | 43.8% | 27.2% | 19.4% | 23.5% |
| Operating margin | β83.5% | β143.4% | β139.8% | β108.0% | β | β2,594.3% | β136.9% | β128.9% | β196.8% |
| EBITDA margin | β75.4% | β95.1% | β97.0% | β89.5% | β | β2,129.2% | β108.7% | β86.1% | β135.2% |
| Net margin | β89.6% | β207.8% | β290.2% | β76.7% | β | β3,172.6% | β106.5% | β57.0% | β192.1% |
| FCF margin | β23.2% | β72.1% | β85.0% | β32.5% | β | β796.5% | β37.2% | β81.4% | β211.2% |
| Returns | |||||||||
| Return on capital | β154.2% | β50.9% | β | β | β | β | β | β | β |
| Return on capital employed | β128.4% | β142.3% | β766.2% | β342.3% | β | β205.2% | β74.4% | β54.4% | β94.3% |
| Return on equity | β334.8% | β169.4% | β1,079.4% | β | β | β147.1% | β76.0% | β28.8% | β68.6% |
| Return on assets | β74.0% | β29.8% | β55.4% | β43.5% | β | β107.4% | β36.3% | β21.3% | β62.9% |
| Return on tangible equity | β | β674.8% | β | β | β | β759.2% | β106.7% | β26.1% | β99.0% |
| Growth | |||||||||
| Revenue growth | β | β83.5% | β28.3% | β38.2% | β | β | 260.5% | β24.2% | β32.7% |
| Share count change | β | β | β | β | β | β | 28.1% | β83.7% | 47.2% |
| Financial health | |||||||||
| Debt / equity | 0.8x | 1.7x | β | β | β | β | β | β | β |
| Interest coverage | β32.2x | β5.3x | β | β273.8x | β | β | β25.4x | β | β |
| Current ratio | 0.7x | 1.1x | 0.4x | 0.3x | 15.1x | 1.7x | 2.5x | 4.6x | 4.8x |
| Quick ratio | 0.5x | 1.1x | 0.2x | 0.2x | 15.1x | 1.7x | 2.5x | 4.6x | 4.8x |
| Capital allocation | |||||||||
| Capex / revenue | 0.3% | 1.0% | 0.6% | 0.0% | β | 290.1% | 7.1% | 53.9% | 67.1% |
| Stock comp / revenue | 12.0% | 61.9% | 18.1% | 11.4% | β | 139.2% | 11.1% | 17.1% | 7.4% |
| Quality scores | |||||||||
| Piotroski F-score | β | 3.0 | 2.0 | 3.0 | β | β | 4.0 | 4.0 | 4.0 |
| Altman Z'' | β10.0 | β7.2 | β65.5 | β82.6 | β | β25.9 | β30.0 | β25.1 | β52.6 |
| Accruals ratio | β55.1% | β19.6% | β39.3% | β25.1% | β | β90.3% | β26.0% | β11.0% | β15.7% |
Source: SEC EDGAR XBRL filings (CIK 0001591956). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.