MindForge Inc. MF
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Market cap
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52-week range
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.37
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $29.7M | $51.6M | $94.3M | $86.7M | — |
| Cost of revenue | $29.4M | $50.9M | $92.7M | $85.2M | — |
| Gross profit | $251.7K | $694.3K | $1.6M | $1.5M | — |
| SG&A | $3.4M | $1.6M | $1.5M | $1.3M | — |
| Total operating expenses | $3.4M | $1.6M | $1.5M | $1.3M | — |
| Operating income | -$3.1M | -$872.9K | $153.9K | $126.6K | — |
| Interest expense | $33.5K | $12.9K | $1.3K | — | — |
| Pre-tax income | -$3.0M | -$606.1K | $244.0K | $223.5K | — |
| Income tax | $236.0K | $142.4K | $38.1K | $272.5K | — |
| Net income | -$2.7M | -$748.5K | $205.9K | -$49.0K | — |
| EPS, basic | -0.37 | -0.48 | 0.16 | 0.00 | — |
| EPS, diluted | -0.37 | -0.48 | 0.16 | 0.00 | — |
| Shares, diluted (wtd. avg.) | 7.3M | 1.6M | 1.5M | 23.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $11.2M | $4.8M | $1.3M | $1.5M | $789.0K |
| Receivables | $227.0K | $396.3K | $264.8K | — | — |
| Total current assets | $15.1M | $16.7M | $4.6M | — | — |
| Property, plant and equipment | $4.1K | $7.5K | $3.7K | — | — |
| Other intangibles | $5.3K | $5.7K | — | — | — |
| Total assets | $21.0M | $16.8M | $4.9M | — | — |
| Accounts payable | $201.4K | $718.1K | $573.6K | — | — |
| Short-term debt | $389.7K | $701.6K | $138.4K | — | — |
| Total current liabilities | $1.5M | $2.9M | $3.8M | — | — |
| Total liabilities | $2.0M | $2.9M | $3.8M | — | — |
| Retained earnings | -$3.8M | -$1.2M | -$214.3K | — | — |
| Total equity | $19.0M | $13.9M | $1.1M | $910.9K | $75.5K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$2.8M | -$1.4M | -$283.2K | $363.1K | — |
| Depreciation and amortisation | $1.6K | $3.1K | — | — | — |
| Capital expenditure | — | $12.8K | $2.6K | $2.9K | — |
| Investing cash flow | $3.8M | -$9.5M | -$2.6K | -$2.9K | — |
| Financing cash flow | $5.4M | $14.3M | $156.9K | $421.2K | — |
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 0001213900-25-102251.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $86.7M | $94.3M | $51.6M | $29.7M |
| Gross profit | — | $1.5M | $1.6M | $694.3K | $251.7K |
| Net income | — | -$49.0K | $205.9K | -$748.5K | -$2.7M |
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