Cirtran Financials
This page shows Cirtran (CIRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
A revenue rebound is being financed by working-capital absorption and a deeply stretched balance sheet, not by self-funding operations.
The latest year's sales rebound did not improve cash conversion: revenue reached$3.1M while operating cash flow fell to-$1.3M , so added volume consumed cash instead of funding itself. That gap lines up with a working-capital build in inventory and receivables, meaning growth arrived with more stock on hand and slower cash collection rather than cleaner operating leverage.
The business showed mixed operating progress: gross margin fell to
Financing still shapes the outcome more than operations: interest expense was
Financial Health Signals
We are recalculating Cirtran'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.
Cirtran scores -44.35, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($112K) relative to total liabilities ($27.6M). 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.
Cirtran passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cirtran generates $1.91 in operating cash flow (-$1.3M OCF vs -$702K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cirtran earns $-0.2 in operating income for every $1 of interest expense (-$130K vs $823K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cirtran generated $3.1M in revenue in fiscal year 2025. This represents an increase of 141.1% from the prior year.
Cirtran's EBITDA was -$128K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 76.6% from the prior year.
Cirtran reported -$702K in net income in fiscal year 2025. This represents an increase of 73.3% from the prior year.
Cirtran earned $-0.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 73.6% from the prior year.
Cash & Balance Sheet
Cirtran held $10K in cash against $0 in long-term debt as of fiscal year 2025.
Cirtran had 5M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Cirtran's gross margin was 49.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 15.4 percentage points from the prior year.
Cirtran's operating margin was -4.2% in fiscal year 2025, reflecting core business profitability. This is up 38.3 percentage points from the prior year.
Cirtran's net profit margin was -22.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 180.1 percentage points from the prior year.
Capital Allocation
CIRX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M-43.3% | $2.0M+356.9% | $448K+166.3% | $168K-63.4% | $461K+108.7% | $221K-13.8% | $256K-34.4% | $390K |
| Cost of Revenue | $698K-33.0% | $1.0M+284.8% | $271K+224.2% | $83K-56.2% | $191K+11624.4% | $2K-98.8% | $130K-22.8% | $169K |
| Gross Profit | $463K-54.0% | $1.0M+466.6% | $178K+109.3% | $85K-68.6% | $270K+23.3% | $219K+74.0% | $126K-43.2% | $222K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $297K-52.1% | $620K+207.8% | $201K+29.4% | $156K-15.7% | $185K-32.1% | $272K+24.4% | $218K+14.7% | $191K |
| Operating Income | $36K-86.8% | $273K+264.1% | -$167K+13.8% | -$193K-346.6% | -$43K+77.0% | -$188K+15.5% | -$222K-135.7% | -$94K |
| Interest Expense | $212K+0.6% | $211K+2.0% | $206K+1.5% | $203K+0.5% | $202K-11.8% | $229K+20.5% | $190K+2.5% | $186K |
| Income Tax | N/A | N/A | -$25K | N/A | $9K | N/A | N/A | N/A |
| Net Income | $2.2M+408.8% | $436K+203.9% | -$420K+25.4% | -$563K-262.0% | -$155K+80.9% | -$813K+9.7% | -$900K-127.2% | -$396K |
| EPS (Diluted) | $0.45 | N/A | $-0.09+25.0% | $-0.12-300.0% | $-0.03 | N/A | $-0.18-125.0% | $-0.08 |
CIRX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.5M+0.2% | $2.5M+31.1% | $1.9M+16.8% | $1.6M-5.8% | $1.7M+13.8% | $1.5M-30.8% | $2.2M-3.1% | $2.3M |
| Current Assets | $2.3M+0.2% | $2.3M+35.9% | $1.7M+19.8% | $1.4M-6.8% | $1.5M+16.5% | $1.3M-32.7% | $1.9M-3.5% | $2.0M |
| Cash & Equivalents | $11K+18.2% | $10K-50.2% | $19K+344.6% | $4K+258.3% | $1K | N/A | N/A | N/A |
| Inventory | $1.2M+3.6% | $1.1M+59.2% | $714K-14.7% | $836K-0.6% | $842K+14.2% | $737K+6.5% | $692K-13.8% | $802K |
| Accounts Receivable | $297K-18.9% | $366K+562.4% | $55K+230.4% | $17K-86.9% | $128K+397.7% | $26K-81.0% | $135K+20.4% | $112K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $25.4M-8.0% | $27.6M+0.6% | $27.5M+2.6% | $26.8M+1.8% | $26.3M+1.4% | $25.9M+0.5% | $25.8M+3.3% | $25.0M |
| Current Liabilities | $22.5M-9.1% | $24.7M+0.5% | $24.6M+2.8% | $23.9M+1.9% | $23.5M+1.5% | $23.1M+0.6% | $23.0M+3.7% | $22.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$22.9M+8.8% | -$25.1M+1.7% | -$25.5M-1.7% | -$25.1M-2.3% | -$24.6M-0.6% | -$24.4M-3.4% | -$23.6M-4.0% | -$22.7M |
| Retained Earnings | -$60.1M+3.6% | -$62.3M+0.7% | -$62.8M-0.7% | -$62.4M-0.9% | -$61.8M-0.3% | -$61.6M-1.3% | -$60.8M-1.5% | -$59.9M |
CIRX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$59K+80.7% | -$306K+24.3% | -$405K-154.9% | -$159K+66.1% | -$468K-1135.0% | -$38K-88.5% | -$20K-490.8% | -$3K |
| 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 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $61K-79.5% | $297K-29.3% | $420K+159.2% | $162K-65.5% | $470K+1985.0% | $23K+12.0% | $20K+4818.3% | $409 |
| 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 |
CIRX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.9%-9.3pp | 49.2%+9.5pp | 39.6%-10.8pp | 50.4%-8.2pp | 58.7%-40.6pp | 99.3%+50.1pp | 49.2%-7.6pp | 56.8% |
| Operating Margin | 3.1%-10.2pp | 13.3%+50.5pp | -37.1%+77.6pp | -114.7%-105.3pp | -9.4%+75.7pp | -85.0%+1.7pp | -86.8%-62.6pp | -24.1% |
| Net Margin | 191.2%+169.9pp | 21.3%+114.9pp | -93.6%+240.5pp | -334.1%-300.4pp | -33.7%+334.3pp | -368.0%-16.6pp | -351.4%-250.0pp | -101.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 88.2%+70.8pp | 17.4%+39.3pp | -21.9%+12.4pp | -34.3%-25.4pp | -8.9%+44.1pp | -53.0%-12.4pp | -40.6%-23.3pp | -17.3% |
| Current Ratio | 0.100.0 | 0.09+0.0 | 0.070.0 | 0.060.0 | 0.060.0 | 0.06-0.0 | 0.080.0 | 0.09 |
| Debt-to-Equity | -1.110.0 | -1.10-0.0 | -1.070.0 | -1.070.0 | -1.070.0 | -1.06+0.0 | -1.090.0 | -1.10 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$25.1M), 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 (0.09), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Cirtran's annual revenue?
Cirtran (CIRX) reported $3.1M in total revenue for fiscal year 2025. This represents a 141.1% 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 Cirtran's revenue growing?
Cirtran (CIRX) revenue grew by 141.1% year-over-year, from $1.3M to $3.1M in fiscal year 2025.
Is Cirtran profitable?
No, Cirtran (CIRX) reported a net income of -$702K in fiscal year 2025, with a net profit margin of -22.4%.
What is Cirtran's EBITDA?
Cirtran (CIRX) had EBITDA of -$128K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cirtran's gross margin?
Cirtran (CIRX) had a gross margin of 49.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cirtran's operating margin?
Cirtran (CIRX) had an operating margin of -4.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cirtran's net profit margin?
Cirtran (CIRX) had a net profit margin of -22.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cirtran's operating cash flow?
Cirtran (CIRX) generated -$1.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cirtran's total assets?
Cirtran (CIRX) had $2.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Cirtran's current ratio?
Cirtran (CIRX) had a current ratio of 0.09 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Cirtran's debt-to-equity ratio?
Cirtran (CIRX) had a debt-to-equity ratio of -1.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cirtran's return on assets (ROA)?
Cirtran (CIRX) had a return on assets of -27.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cirtran's cash runway?
Based on fiscal year 2025 data, Cirtran (CIRX) had $10K in cash against an annual operating cash burn of $1.3M. 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 Cirtran's debt-to-equity ratio negative or unusual?
Cirtran (CIRX) has negative shareholder equity of -$25.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Cirtran's Altman Z-Score?
Cirtran (CIRX) has an Altman Z-Score of -44.35, 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 Cirtran's Piotroski F-Score?
Cirtran (CIRX) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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 Cirtran's earnings high quality?
Cirtran (CIRX) has an earnings quality ratio of 1.91x, 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 Cirtran cover its interest payments?
Cirtran (CIRX) has an interest coverage ratio of -0.2x, 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.