Cadiz Financials

CDZI

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Cadiz (CDZI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI CDZI FY2025 2026-05-14

Cadiz is still a financing-driven buildout: rising sales improve gross margin, but cash needs and leverage keep expanding.

From FY2023 to FY2025, revenue climbed from $2.0M to $16.3M while gross margin turned positive. Even so, cash ended FY2025 at $8.6M after $60.9M of financing inflows over FY2024-FY2025, showing that capital spending, overhead, and a heavier debt load still absorb more than sales contribute.

The business now earns a positive gross spread on revenue, with gross margin improving from 24.0% to 31.6%. But operating loss still widened to -$25.6M because selling and administrative expense rose faster than gross profit, so fixed corporate costs remain the main barrier to self-funding.

FY2025 left the balance sheet more dependent on outside capital, as debt to equity reached 3.1x and the current ratio narrowed to 1.2x. With free cash flow at -$26.5M and cash at $8.6M, liquidity is increasingly tied to continued financing rather than internally generated cash.

Financial Health Signals

Financial Health Score 39/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Cadiz's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-5.84

Cadiz scores -5.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($292.6M) relative to total liabilities ($117.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Weak

3/9

Cadiz passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.55x

For every $1 of reported earnings, Cadiz generates $0.55 in operating cash flow (-$18.9M OCF vs -$34.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-3.0x

Cadiz earns $-3.0 in operating income for every $1 of interest expense (-$25.6M vs $8.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$16.3M

YoY+69.8%

5Y CAGR+97.6%

10Y CAGR+48.9%

Cadiz generated $16.3M in revenue in fiscal year 2025. This represents an increase of 69.8% from the prior year.

EBITDA

-$24.3M

YoY-10.4%

Cadiz's EBITDA was -$24.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.4% from the prior year.

Net Income

-$34.2M

YoY-9.7%

Cadiz reported -$34.2M in net income in fiscal year 2025. This represents a decrease of 9.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$26.5M

YoY-18.0%

Cadiz generated -$26.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.0% from the prior year.

Cash & Debt

$8.6M

YoY-50.3%

5Y CAGR+3.4%

10Y CAGR+12.3%

Cadiz held $8.6M in cash against $72.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

83M

YoY+10.4%

5Y CAGR+17.7%

10Y CAGR+16.6%

Cadiz had 83M shares outstanding in fiscal year 2025. This represents an increase of 10.4% from the prior year.

Margins & Returns

Gross Margin

31.6%

YoY+7.5pp

10Y CAGR+41.4pp

Cadiz's gross margin was 31.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.5 percentage points from the prior year.

Operating Margin

-156.9%

YoY+85.1pp

5Y CAGR+2015.7pp

10Y CAGR+4451.3pp

Cadiz's operating margin was -156.9% in fiscal year 2025, reflecting core business profitability. This is up 85.1 percentage points from the prior year.

Net Margin

-209.4%

YoY+114.8pp

5Y CAGR+6780.8pp

10Y CAGR+7689.7pp

Cadiz's net profit margin was -209.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 114.8 percentage points from the prior year.

Return on Equity

-146.8%

YoY-55.2pp

Cadiz's ROE was -146.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 55.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$7.6M

YoY+711.1%

5Y CAGR+5.7%

10Y CAGR+23.7%

Cadiz invested $7.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 711.1% from the prior year.

CDZI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$16.3M+69.8%	$9.6M+382.6%	$2.0M+32.6%	$1.5M+166.1%	$564K+4.3%	$541K
Cost of Revenue	$11.2M+53.0%	$7.3M+152.8%	$2.9M+39.7%	$2.1M	$0	N/A
Gross Profit	$5.2M+122.9%	$2.3M+357.8%	-$896K-58.3%	-$566K-200.4%	$564K	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$29.5M+21.1%	$24.3M+29.5%	$18.8M+22.5%	$15.3M-13.1%	$17.7M+48.2%	$11.9M
Operating Income	-$25.6M-10.1%	-$23.2M-11.0%	-$20.9M-26.4%	-$16.6M+5.4%	-$17.5M-49.0%	-$11.8M
Interest Expense	$8.6M+8.9%	$7.9M+59.4%	$4.9M-40.2%	$8.3M-27.4%	$11.4M-1.2%	$11.5M
Income Tax	$11K0.0%	$11K0.0%	$11K+57.1%	$7K-30.0%	$10K+42.9%	$7K
Net Income	-$34.2M-9.7%	-$31.1M+1.0%	-$31.4M-26.8%	-$24.8M+20.7%	-$31.2M+17.4%	-$37.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.6M-67.9%	$5.1M+22.5%	$4.1M+0.6%	$4.1M+39.7%	$3.0M-37.8%	$4.8M+47.3%	$3.2M+528.5%	$513K
Cost of Revenue	$1.2M-64.6%	$3.4M+12.9%	$3.0M+13.1%	$2.7M+28.2%	$2.1M-31.5%	$3.0M+25.9%	$2.4M+182.7%	$852K
Gross Profit	$425K-74.7%	$1.7M+48.1%	$1.1M-22.4%	$1.5M+66.8%	$876K-49.0%	$1.7M+110.7%	$815K+340.4%	-$339K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$6.9M-21.1%	$8.7M+52.2%	$5.7M-17.4%	$6.9M-14.5%	$8.1M+0.9%	$8.0M+52.3%	$5.3M-16.3%	$6.3M
Operating Income	-$6.8M+7.5%	-$7.4M-51.0%	-$4.9M+15.3%	-$5.8M+23.3%	-$7.5M-13.7%	-$6.6M-39.0%	-$4.8M+31.4%	-$6.9M
Interest Expense	$2.5M+2.8%	$2.4M+10.4%	$2.2M+11.4%	$2.0M-5.2%	$2.1M+3.0%	$2.0M-1.3%	$2.0M+5.3%	$1.9M
Income Tax	N/A	N/A	N/A	N/A	N/A	$3K0.0%	$3K+50.0%	$2K
Net Income	-$8.6M+11.5%	-$9.8M-38.0%	-$7.1M+8.5%	-$7.7M+19.4%	-$9.6M-11.2%	-$8.6M-27.0%	-$6.8M+23.4%	-$8.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CDZI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$140.9M+4.8%	$134.5M+25.3%	$107.4M-3.1%	$110.8M-1.5%	$112.5M+51.3%	$74.4M
Current Assets	$16.1M-37.8%	$25.8M+221.5%	$8.0M-35.5%	$12.4M-5.9%	$13.2M+64.4%	$8.0M
Cash & Equivalents	$8.6M-50.3%	$17.3M+284.1%	$4.5M-55.0%	$10.0M-8.8%	$11.0M+50.4%	$7.3M
Inventory	$1.1M-62.3%	$3.0M+43.4%	$2.1M+566.5%	$316K	$0	N/A
Accounts Receivable	$5.6M+22.4%	$4.6M+407.3%	$904K+99.1%	$454K+68.1%	$270K+390.9%	$55K
Goodwill	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M+49.9%	$3.8M0.0%	$3.8M
Total Liabilities	$117.7M+17.0%	$100.5M+49.1%	$67.4M-12.0%	$76.6M+6.5%	$71.9M-27.9%	$99.7M
Current Liabilities	$13.2M-8.5%	$14.4M+146.9%	$5.8M+3.5%	$5.6M+124.4%	$2.5M-19.8%	$3.1M
Long-Term Debt	$72.7M+28.2%	$56.7M+50.4%	$37.7M-23.0%	$49.0M+5.3%	$46.5M-40.9%	$78.6M
Total Equity	$23.3M-31.5%	$34.0M-15.0%	$40.0M+16.8%	$34.2M-15.7%	$40.6M+260.5%	-$25.3M
Retained Earnings	-$692.2M-2.4%	-$676.1M-5.7%	-$639.9M-6.1%	-$603.3M-5.2%	-$573.4M-6.3%	-$539.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$146.1M+3.7%	$140.9M+10.1%	$128.0M-6.1%	$136.4M-6.3%	$145.6M+8.2%	$134.5M+19.5%	$112.6M-4.7%	$118.1M
Current Assets	$23.7M+47.8%	$16.1M+37.0%	$11.7M-44.3%	$21.0M-31.2%	$30.6M+18.6%	$25.8M+114.8%	$12.0M-30.3%	$17.2M
Cash & Equivalents	$16.5M+92.3%	$8.6M+94.1%	$4.4M-66.5%	$13.2M-38.8%	$21.6M+24.7%	$17.3M+419.9%	$3.3M-67.1%	$10.1M
Inventory	$1.5M+29.0%	$1.1M-59.3%	$2.8M-7.2%	$3.0M-1.3%	$3.1M+1.1%	$3.0M-30.5%	$4.3M-3.4%	$4.5M
Accounts Receivable	$4.7M-15.6%	$5.6M+53.9%	$3.6M-10.8%	$4.1M-17.7%	$5.0M+8.3%	$4.6M+41.4%	$3.2M+100.3%	$1.6M
Goodwill	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M0.0%	$5.7M
Total Liabilities	$130.5M+10.9%	$117.7M+17.3%	$100.3M-0.5%	$100.8M-0.7%	$101.5M+1.0%	$100.5M+9.4%	$91.9M+1.5%	$90.5M
Current Liabilities	$12.6M-4.2%	$13.2M+41.4%	$9.3M-19.5%	$11.6M-17.1%	$14.0M-2.9%	$14.4M+62.9%	$8.8M-3.0%	$9.1M
Long-Term Debt	$85.6M+17.7%	$72.7M+21.5%	$59.8M+1.9%	$58.8M+1.8%	$57.7M+1.8%	$56.7M+1.8%	$55.7M+1.8%	$54.7M
Total Equity	$15.6M-32.9%	$23.3M-16.1%	$27.7M-22.0%	$35.6M-19.2%	$44.0M+29.7%	$34.0M+64.1%	$20.7M-24.9%	$27.6M
Retained Earnings	-$700.8M-1.2%	-$692.2M-1.4%	-$682.4M-1.0%	-$675.4M+1.7%	-$687.0M-1.6%	-$676.1M-1.5%	-$666.2M-1.2%	-$658.1M

CDZI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$18.9M+12.1%	-$21.5M-2.9%	-$20.9M-12.5%	-$18.6M-21.8%	-$15.3M-13.7%	-$13.4M
Capital Expenditures	$7.6M+711.1%	$934K-83.9%	$5.8M+71.4%	$3.4M-85.3%	$22.9M+299.9%	$5.7M
Free Cash Flow	-$26.5M-18.0%	-$22.5M+15.9%	-$26.7M-21.6%	-$22.0M+42.4%	-$38.2M-99.3%	-$19.2M
Investing Cash Flow	-$12.6M-962.2%	-$1.2M+79.5%	-$5.8M-40.4%	-$4.1M+82.4%	-$23.5M-138.6%	-$9.8M
Financing Cash Flow	$25.4M-28.4%	$35.5M+102.1%	$17.6M+5.5%	$16.6M-67.5%	$51.2M+244.1%	$14.9M
Dividends Paid	$5.1M0.0%	$5.1M0.0%	$5.1M0.0%	$5.1M+252.4%	$1.4M	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$5.5M+20.4%	-$6.9M+1.3%	-$7.0M-417.0%	-$1.4M+62.8%	-$3.6M+41.3%	-$6.2M-15.3%	-$5.4M+23.7%	-$7.1M
Capital Expenditures	$242K-81.7%	$1.3M+194.7%	$450K-90.0%	$4.5M+250.0%	$1.3M+212.9%	$412K+649.1%	$55K-80.4%	$281K
Free Cash Flow	-$5.8M+30.2%	-$8.2M-10.5%	-$7.5M-27.2%	-$5.9M-18.9%	-$4.9M+25.5%	-$6.6M-21.7%	-$5.4M+25.9%	-$7.3M
Investing Cash Flow	-$242K+81.7%	-$1.3M-194.7%	-$450K+90.0%	-$4.5M+28.3%	-$6.3M-850.0%	-$662K-1103.6%	-$55K+80.4%	-$281K
Financing Cash Flow	$13.7M+10.3%	$12.4M+1044.1%	-$1.3M+47.3%	-$2.5M-114.8%	$16.8M-19.2%	$20.8M+1660.9%	-$1.3M+24.4%	-$1.8M
Dividends Paid	$1.3M0.0%	$1.3M-1.8%	$1.3M+1.8%	$1.3M-1.8%	$1.3M+1.8%	$1.3M-1.8%	$1.3M+1.8%	$1.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CDZI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	31.6%+7.5pp	24.0%+69.0pp	-45.0%-7.3pp	-37.7%-137.7pp	100.0%	N/A
Operating Margin	-156.9%+85.1pp	-242.0%+809.8pp	-1051.7%+51.7pp	-1103.4%+2001.6pp	-3105.0%-932.3pp	-2172.6%
Net Margin	-209.4%+114.8pp	-324.1%+1255.3pp	-1579.4%+72.3pp	-1651.7%+3888.9pp	-5540.6%+1449.6pp	-6990.2%
Return on Equity	-146.8%-55.2pp	-91.7%-13.0pp	-78.7%-6.2pp	-72.4%+4.5pp	-77.0%	N/A
Return on Assets	-24.2%-1.1pp	-23.2%+6.1pp	-29.3%-6.9pp	-22.4%+5.4pp	-27.8%+23.1pp	-50.8%
Current Ratio	1.22-0.6	1.79+0.4	1.37-0.8	2.21-3.1	5.26+2.7	2.56
Debt-to-Equity	3.13+1.5	1.67+0.7	0.94-0.5	1.43+0.3	1.14+4.3	-3.11
FCF Margin	-162.5%+71.3pp	-233.8%+1107.8pp	-1341.6%+122.4pp	-1464.0%+5305.8pp	-6769.9%-3228.8pp	-3541.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	26.0%-7.0pp	33.0%+5.7pp	27.3%-8.1pp	35.4%+5.8pp	29.6%-6.5pp	36.1%+10.9pp	25.3%+91.4pp	-66.1%
Operating Margin	-418.8%-273.4pp	-145.4%-27.4pp	-118.0%+22.0pp	-140.0%+115.0pp	-255.0%-115.5pp	-139.5%+8.4pp	-147.9%+1206.7pp	-1354.6%
Net Margin	-529.2%-337.3pp	-191.9%-21.5pp	-170.4%+16.9pp	-187.3%+137.4pp	-324.8%-143.2pp	-181.6%+29.1pp	-210.7%+1518.7pp	-1729.4%
Return on Equity	-55.3%-13.4pp	-42.0%-16.5pp	-25.5%-3.8pp	-21.7%+0.1pp	-21.8%+3.6pp	-25.4%+7.4pp	-32.8%-0.6pp	-32.2%
Return on Assets	-5.9%+1.0pp	-6.9%-1.4pp	-5.5%+0.2pp	-5.7%+0.9pp	-6.6%-0.2pp	-6.4%-0.4pp	-6.0%+1.5pp	-7.5%
Current Ratio	1.88+0.7	1.22-0.0	1.26-0.6	1.81-0.4	2.19+0.4	1.79+0.4	1.36-0.5	1.89
Debt-to-Equity	5.48+2.4	3.13+1.0	2.16+0.5	1.65+0.3	1.31-0.4	1.67-1.0	2.69+0.7	1.98
FCF Margin	-352.5%-190.3pp	-162.2%+17.6pp	-179.8%-37.6pp	-142.2%+24.8pp	-167.0%-27.6pp	-139.4%+29.4pp	-168.8%+1262.8pp	-1431.6%

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Frequently Asked Questions

What is Cadiz's annual revenue?

Cadiz (CDZI) reported $16.3M in total revenue for fiscal year 2025. This represents a 69.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Cadiz's revenue growing?

Cadiz (CDZI) revenue grew by 69.8% year-over-year, from $9.6M to $16.3M in fiscal year 2025.

Is Cadiz profitable?

No, Cadiz (CDZI) reported a net income of -$34.2M in fiscal year 2025, with a net profit margin of -209.4%.

What is Cadiz's EBITDA?

Cadiz (CDZI) had EBITDA of -$24.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Cadiz have?

As of fiscal year 2025, Cadiz (CDZI) had $8.6M in cash and equivalents against $72.7M in long-term debt.

What is Cadiz's gross margin?

Cadiz (CDZI) had a gross margin of 31.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Cadiz's operating margin?

Cadiz (CDZI) had an operating margin of -156.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Cadiz's net profit margin?

Cadiz (CDZI) had a net profit margin of -209.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Cadiz's return on equity (ROE)?

Cadiz (CDZI) has a return on equity of -146.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Cadiz's free cash flow?

Cadiz (CDZI) generated -$26.5M in free cash flow during fiscal year 2025. This represents a -18.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Cadiz's operating cash flow?

Cadiz (CDZI) generated -$18.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Cadiz's total assets?

Cadiz (CDZI) had $140.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Cadiz's capital expenditures?

Cadiz (CDZI) invested $7.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Cadiz have outstanding?

Cadiz (CDZI) had 83M shares outstanding as of fiscal year 2025.

What is Cadiz's current ratio?

Cadiz (CDZI) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.

What is Cadiz's debt-to-equity ratio?

Cadiz (CDZI) had a debt-to-equity ratio of 3.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cadiz's return on assets (ROA)?

Cadiz (CDZI) had a return on assets of -24.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Cadiz's cash runway?

Based on fiscal year 2025 data, Cadiz (CDZI) had $8.6M in cash against an annual operating cash burn of $18.9M. This gives an estimated cash runway of approximately 5 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.

What is Cadiz's Altman Z-Score?

Cadiz (CDZI) has an Altman Z-Score of -5.84, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Cadiz's Piotroski F-Score?

Cadiz (CDZI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 Cadiz's earnings high quality?

Cadiz (CDZI) has an earnings quality ratio of 0.55x, 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.

Can Cadiz cover its interest payments?

Cadiz (CDZI) has an interest coverage ratio of -3.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Cadiz?

Cadiz (CDZI) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.