Churchill Financials
This page shows Churchill (CCIX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
With no reported revenue, results are driven by balance-sheet movements while liquidity tightened inside a liability-heavy structure.
In FY2025, net income remained positive at$8.6M even though operating cash flow was-$3.4M and the operating loss was-$3.9M ; that mismatch means reported earnings were not coming from cash-generating operations. Across FY2024-FY2025, equity worsened from-$7.1M to-$10.1M while assets stayed near$300M , so the entity kept its asset base without rebuilding an equity cushion.
FY2025 showed a near-term liquidity squeeze: current assets fell to
The cost structure looks administrative, not operating: SG&A matched the operating loss in both FY2024 and FY2025, and there was still no reported revenue, inventory, receivables, or capex. That pattern suggests the ongoing cash burn is largely the overhead of maintaining the vehicle rather than the cost of producing and selling goods or services.
Financial Health Signals
We are recalculating Churchill's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Churchill passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Churchill generates $-0.40 in operating cash flow (-$3.4M OCF vs $8.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Churchill reported $8.6M in net income in fiscal year 2025. This represents a decrease of 2.7% from the prior year.
Cash & Balance Sheet
Churchill held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Capital Allocation
CCIX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.2M | N/A | $916K-60.8% | $2.3M+725.1% | $283K | N/A | $258K-13.5% | $298K |
| Operating Income | -$1.2M | N/A | -$916K+60.8% | -$2.3M-725.1% | -$283K | N/A | -$258K+13.5% | -$298K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $1.5M | N/A | $2.3M+175.8% | $842K-69.0% | $2.7M | N/A | $3.6M+81.5% | $2.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CCIX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $310.5M+0.9% | $307.8M+0.9% | $305.0M+0.6% | $303.2M+0.4% | $301.9M+0.9% | $299.1M+1.1% | $295.8M+1.2% | $292.3M |
| Current Assets | $281K+73.6% | $162K-65.6% | $470K-44.7% | $849K-68.7% | $2.7M-4.7% | $2.8M+43.0% | $2.0M-7.1% | $2.1M |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $1.5M-7.3% | $1.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $321.8M+1.2% | $317.9M+1.0% | $314.7M+0.9% | $311.9M+0.8% | $309.3M+1.0% | $306.3M+1.2% | $302.7M+1.3% | $298.9M |
| Current Liabilities | $945K+446.4% | $173K+112.9% | $81K-85.1% | $545K+361.7% | $118K+57.3% | $75K0.0% | $75K-2.2% | $77K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$11.2M-11.4% | -$10.1M-4.1% | -$9.7M-10.5% | -$8.8M-18.0% | -$7.4M-4.0% | -$7.1M-3.6% | -$6.9M-3.9% | -$6.6M |
| Retained Earnings | -$11.2M-11.4% | -$10.1M-4.1% | -$9.7M-10.5% | -$8.8M-18.0% | -$7.4M-4.0% | -$7.1M-3.6% | -$6.9M-3.9% | -$6.6M |
CCIX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$335K-89.8% | -$176K+85.9% | -$1.2M+30.5% | -$1.8M-831.5% | -$193K-40.9% | -$137K-12.0% | -$122K+88.5% | -$1.1M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | $0 | N/A | N/A | N/A | $1.0M | $0 | N/A |
| Financing Cash Flow | $500K | N/A | N/A | N/A | $0 | $0 | $0 | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CCIX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.5% | N/A | 0.8%+0.5pp | 0.3%-0.6pp | 0.9% | N/A | 1.2%+0.5pp | 0.7% |
| Current Ratio | 0.30-0.6 | 0.93-4.9 | 5.79+4.2 | 1.56-21.5 | 23.04-15.0 | 38.00+11.4 | 26.57-1.4 | 27.97 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$10.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.93), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
Is Churchill profitable?
Yes, Churchill (CCIX) reported a net income of $8.6M in fiscal year 2025.
What is Churchill's operating cash flow?
Churchill (CCIX) generated -$3.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Churchill's total assets?
Churchill (CCIX) had $307.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Churchill's current ratio?
Churchill (CCIX) had a current ratio of 0.93 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Churchill's return on assets (ROA)?
Churchill (CCIX) had a return on assets of 2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Churchill's cash runway?
Based on fiscal year 2025 data, Churchill (CCIX) had $0 in cash against an annual operating cash burn of $3.4M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Churchill's debt-to-equity ratio negative or not reported?
Churchill (CCIX) has negative shareholder equity of -$10.1M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Churchill's Piotroski F-Score?
Churchill (CCIX) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Churchill's earnings high quality?
Churchill (CCIX) has an earnings quality ratio of -0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.