Change Agents Corporation. CHGA
strategic focus on developing innovative products and services that serve growing consumer health and technology markets. Throughout our
operating history, we have maintained our corporate identity, management team and original mission while strategically evolving our business
in response to market conditions and commercial opportunities, with each such evolution being the product of deliberate decisions. We
are actively seeking complementary bolt-on AI acquisitions that could generate near-term revenue to supplement our current operations
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $1.3M | $1.3M | $1.2M | $1.4M | $1.4M | $1.5M | $1.6M | $1.1M | $616.4K |
| Gross profit | — | — | — | $272.7K | $414.5K | $390.2K | $339.9K | $388.0K | $49.8K | -$543.4K |
| R&D | — | — | $109.6K | $731.3K | $1.0M | $883.9K | $1.8M | $39.1K | — | — |
| Total operating expenses | — | $1.1M | $1.0M | $929.4K | $9.2M | $12.8M | $19.7M | $8.0M | $4.1M | $466.4K |
| Operating income | -$7.6M | -$4.8M | -$15.8M | -$8.8M | -$8.8M | -$12.5M | -$19.4M | -$7.6M | -$3.9M | $76.9K |
| Interest expense | $1.5M | $1.7M | $1.4M | $176.0K | — | — | $33.7K | $314.7K | $138.1K | $575 |
| Pre-tax income | -$17.5M | -$7.0M | -$16.7M | -$11.9M | -$9.1M | -$12.7M | -$18.1M | -$8.1M | -$4.0M | $77.5K |
| Income tax | — | — | — | — | — | — | — | — | — | $21.9K |
| Net income | -$18.3M | -$7.9M | -$16.7M | -$11.9M | -$9.1M | -$12.7M | -$18.1M | -$8.1M | -$4.0M | $55.6K |
| EPS, basic | -5.64 | -8.44 | -23.80 | -1.28 | -1.07 | — | — | — | — | — |
| EPS, diluted | -5.64 | -8.44 | -23.80 | -1.28 | -1.07 | — | — | — | — | — |
| Shares, diluted (wtd. avg.) | $3.2M | $936.6K | $701.9K | $9.3M | $8.5M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $109.1K | $2.7M | $76.5K | $2.0M | $807.5K | $726.6K | $764.9K | $2.3M | $3.0M | $2.9M |
| Receivables | — | — | — | — | — | — | $23.8K | $42.5K | $38.5K | — |
| Inventory | — | — | — | — | — | — | — | $13.0K | $2.7K | — |
| Total current assets | $1.5M | $3.2M | $850.9K | $2.4M | $1.3M | $1.3M | $1.6M | $3.6M | $3.2M | $3.7M |
| Property, plant and equipment | $727 | $1.3K | $38.1K | $138.3K | $361.5K | $479.1K | $601.4K | $249.6K | $48.0K | $295 |
| Goodwill | $12.8M | — | — | — | — | — | — | — | — | — |
| Other intangibles | $2.2M | $8.7M | $9.4M | — | — | — | — | $1.3M | $1.6M | — |
| Total assets | $23.4M | $21.0M | $20.6M | $19.8M | $10.2M | $10.4M | $10.5M | $13.4M | $12.7M | $3.7M |
| Accounts payable | — | — | — | — | — | $87.2K | $84.3K | $6.7K | $29 | $22.3K |
| Short-term debt | — | — | $1.0M | $1.0M | — | — | — | — | — | — |
| Total current liabilities | $14.1M | $13.9M | $6.8M | $3.6M | $4.4M | $2.6M | $2.8M | $1.1M | $5.4M | $160.3K |
| Long-term debt | — | — | — | — | $3.0M | — | — | — | — | — |
| Total liabilities | $14.2M | $13.9M | $13.2M | $8.6M | $7.2M | $6.2M | $6.0M | $2.1M | $5.4M | — |
| Retained earnings | -$105.9M | -$87.7M | -$79.8M | -$63.1M | -$51.1M | -$42.0M | -$29.4M | -$11.3M | -$3.5M | -$53.4K |
| Total equity | $9.2M | $7.1M | $7.4M | $11.2M | $3.1M | $4.1M | $4.5M | $11.3M | $7.3M | $3.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.6M | -$4.7M | -$6.5M | -$7.0M | -$5.0M | -$7.5M | -$7.1M | -$4.4M | -$1.3M | $14.0K |
| Depreciation and amortisation | $94.4K | $611 | $211.7K | $330.7K | $311.8K | $314.8K | $100.5K | $59.9K | $10.4K | $26 |
| Stock-based compensation | $1.8M | $521.5K | $1.2M | $1.1M | $2.1M | $5.5M | $9.2M | $3.1M | $993.0K | $52.5K |
| Capital expenditure | — | — | $22.2K | $1.7K | $17.5K | — | $377.5K | $113.1K | $148.0K | $334 |
| Investing cash flow | $1.1M | -$100.0K | -$22.2K | -$9.1M | -$68.1K | -$169.2K | -$553.0K | -$1.3M | -$8.0M | -$930.3K |
| Financing cash flow | $1.4M | $7.6M | $4.8M | $17.3M | $5.2M | $7.7M | $6.2M | $5.0M | $9.5M | $3.8M |
| Buybacks | — | — | — | — | — | — | — | $522.5K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-093149.
Others in SIC 7371
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| RGTI | Rigetti Computing, Inc. | $5.07B | — | -34.3% |
| DOCS | Doximity, Inc. | $4.81B | 26.9x | 13.1% |
| IA | INNOVATIVE SOLUTIONS & SUPPORT INC | $331.5M | 21.0x | 78.6% |
| RDNW | RideNow Group, Inc. | $225.6M | — | -10.5% |