DarkHorse Technologies (DRK) Financials
Ticker history: ANY became DRK (DarkHorse Technologies Inc.) on . Earlier news and filings retain their original names and dates. View ANY history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DRK SEC filings page.
DarkHorse Technologies Inc. (DRK) reported $10.1M in revenue over the twelve months to Sep 30, 2026, down 8.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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.
Revenue is shrinking while cash needs remain heavy: margin recovery has not overcome persistent operating losses and capital spending.
FY2025 revenue fell32.7% while gross margin improved by4.0 percentage points , showing some recovery in direct economics despite weaker volume. Yet the operating loss remained$22.0M , so the margin improvement was not large enough to absorb the remaining expense base.
Selling, general and administrative expense fell from
The balance sheet is lightly burdened by reported liabilities: they represented
Financial Health Signals
We do not publish a peer-relative financial health score for DarkHorse Technologies Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
DarkHorse Technologies Inc. scores -23.24, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $478.3M against total assets of $25.1M. 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.
DarkHorse Technologies Inc. passes 5 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, both operating efficiency signals pass.
DarkHorse Technologies Inc. reported a net loss of $21.5M while operations used $16.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
DarkHorse Technologies Inc. generated $3.0M in revenue in Q3 2026. This represents an increase of 15.6% from the same quarter a year earlier. Against the prior quarter it is up 23.6%.
DarkHorse Technologies Inc.'s EBITDA was -$5.2M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
DarkHorse Technologies Inc. reported a net loss of $5.8M in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
DarkHorse Technologies Inc. recorded an outflow of $4.5M in free cash flow in Q3 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
DarkHorse Technologies Inc. held $8.8M in cash as of Q3 2026; no long-term debt figure is on record for that period.
Not reported for Q3 2026.
Margins & Returns
DarkHorse Technologies Inc.'s gross margin was -10.3% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 35.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 17.1 percentage points.
DarkHorse Technologies Inc.'s quarterly ROE was -30.9% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is down 16.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 51.1 percentage points.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
DarkHorse Technologies Inc. reported no capital expenditure in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
Not reported for Q3 2026.
DRK Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'26Filing | Q1'26Filing | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M+15.6% | $2.5M-18.8% | $1.9M-32.0% | $2.7M+3.1% | $2.6M+11.4% | $3.0M-35.3% | $2.8M-59.4% | $2.6M-65.7% |
| Cost of Revenue | $3.3M+70.9% | $2.3M-0.6% | $1.6M-26.9% | $2.1M-11.7% | $2.0M-28.3% | $2.3M-41.9% | $2.2M-49.1% | $2.4M |
| Gross Profit | -$313K-147.0% | $165K-77.0% | $313K-49.8% | $621K+138.8% | $666Kn/m | $717K+1.4% | $623K-76.4% | $260K-90.7% |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% |
| SG&A Expenses | $3.3M+84.2% | $4.8M+127.2% | $2.5M-22.7% | $1.2M-60.1% | $1.8M-41.1% | $2.1M-28.8% | $3.2M-8.2% | $3.0M-45.9% |
| Operating Income | -$5.8Mn/m | -$13.8Mn/m | -$4.1Mn/m | -$10.1Mn/m | -$4.0Mn/m | -$2.6Mn/m | -$5.2Mn/m | -$8.7Mn/m |
| EBITDA | -$5.2Mn/m | -$12.5Mn/m | -$3.0Mn/m | -$8.3Mn/m | -$2.3Mn/m | -$960Kn/m | -$3.6Mn/m | -$6.9Mn/m |
| Income Tax | $0n/m | $2K0.0% | $1Kn/m | $0-100.0% | $0-100.0% | $2K0.0% | $0 | $76K+744.4% |
| Net Income | -$5.8Mn/m | -$13.8M-929.6% | -$4.1Mn/m | -$10.1Mn/m | -$4.2M-4184.6% | $1.7M-21.5% | -$8.8Mn/m | -$7.2Mn/m |
| EPS (Basic) | -$0.65 | -$2.68 | -$1.18 | N/A | -$0.15-1600.0% | $0.60 | -$3.23 | -$0.36n/m |
| EPS (Diluted) | -$0.65 | -$2.68 | N/A | N/A | -$0.15-3100.0% | $0.60 | -$0.32 | -$0.36n/m |
| Diluted Shares (Avg) | 9M | 5M | N/A | N/A | 29M+27.7% | 3M | 27M | N/A |
Not reported in any period shown, so not listed: Interest Expense.
DRK Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'26Filing | Q1'26Filing | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.6M-17.8% | $24.9M-27.8% | $21.7M-36.6% | $25.1M-41.9% | $31.1M-29.7% | $34.4M-21.8% | $34.3M-18.3% | $43.2M-5.3% |
| Current Assets | $12.6M+26.6% | $6.1M-45.9% | $6.7M-30.8% | $8.7M-51.2% | $9.9M-31.6% | $11.3M-34.5% | $9.7M-14.9% | $17.8M+31.7% |
| Cash & Equivalents | $8.8M+67.2% | $2.8M-39.5% | $3.1M+12.8% | $3.7M-31.7% | $5.3M+6.6% | $4.7M+10.3% | $2.8M+36.0% | $5.4M+825.8% |
| Short-Term Investments | $0 | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $351K | $346K | N/A | $0 | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $3.4M | $3.3M | N/A | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $6.8M+328.0% | $8.0M+366.3% | $1.7M-51.1% | $1.8M-53.9% | $1.6M-81.0% | $1.7M-83.9% | $3.6M-75.3% | $3.9M-79.6% |
| Current Liabilities | $4.9M+211.1% | $5.9M+249.6% | $1.7M-51.4% | $1.8M-53.7% | $1.6M-55.5% | $1.7M-57.0% | $3.6M-29.1% | $3.9M-27.1% |
| Non-Current Liabilities | $1.9M+10594.4% | $2.1M+11333.3% | $18K0.0% | $0-100.0% | $18K-99.6% | $18K-99.7% | $18K-99.8% | $18K-99.9% |
| Total Equity | $18.7M-36.6% | $16.9M-48.4% | $20.0M-34.9% | $23.3M-40.7% | $29.5M-17.7% | $32.7M-2.2% | $30.7M+11.8% | $39.3M+48.2% |
| Retained Earnings | -$502.0Mn/m | -$496.2Mn/m | -$482.4Mn/m | -$478.3Mn/m | -$468.2Mn/m | -$463.9Mn/m | -$465.6Mn/m | -$456.8Mn/m |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
DRK Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'26Filing | Q1'26Filing | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.5Mn/m | -$5.3Mn/m | -$3.7Mn/m | -$2.7Mn/m | -$3.5M-1295.5% | -$5.8Mn/m | -$4.1Mn/m | -$1.5Mn/m |
| Depreciation & Amortization | $608K-64.7% | $1.3M-20.9% | $1.1M-28.7% | $1.9M+8.2% | $1.7M-0.7% | $1.7M-8.2% | $1.6M-11.8% | $1.7M-1.3% |
| Stock-Based Compensation | $997K+370.3% | $897K+182.1% | $325K+357.7% | N/A | $212K-58.5% | $318K-58.8% | $71K-93.5% | N/A |
| Capital Expenditures | $0-100.0% | $0-100.0% | $0-100.0% | $4.0M-7.1% | $2.3M-51.0% | $200Kn/m | $1.0Mn/m | $4.3Mn/m |
| Free Cash Flow | -$4.5Mn/m | -$5.3Mn/m | -$3.7Mn/m | -$6.7Mn/m | -$5.7Mn/m | -$6.0Mn/m | -$5.1Mn/m | -$5.8Mn/m |
| Investing Cash Flow | $3.9M+11.6% | $2.9M-62.4% | $2.8M+109.3% | -$2.6Mn/m | $3.5M+781.4% | $7.8M+41.0% | $1.3M-12.5% | -$3.4M-2841.9% |
| Financing Cash Flow | $6.6M+1109.2% | $2.1Mn/m | $368K+240.7% | $3.8M-30.2% | $542Kn/m | $0n/m | $108Kn/m | $5.4M+2527.8% |
| Dividends Paid | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Share Buybacks.
DRK Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'26Filing | Q1'26Filing | Q4'25Filing | Q3'25Filing | Q2'25Filing | Q1'25Filing | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -10.3%-35.7pp | 6.7%-17.0pp | 16.3%-5.8pp | 22.8%+13.0pp | 25.4%+41.4pp | 23.8%+8.6pp | 22.1%-15.9pp | 9.8%-26.6pp |
| Operating Margin | -191.0% | -563.7% | -215.6% | -372.7% | -153.8% | -87.0% | -184.2% | -328.7% |
| Net Margin | -190.6% | -564.0% | -214.3% | -371.5% | -161.9% | 55.2%+9.7pp | -311.9% | -273.4% |
| Return on Equity | -30.9%-16.5pp | -82.0%-87.1pp | -20.5%+8.1pp | -43.4%-25.0pp | -14.4%-14.7pp | 5.1%-1.3pp | -28.6%-12.3pp | -18.4%+15.0pp |
| Return on Assets | -22.6%-8.9pp | -55.6%-60.5pp | -18.9%+6.7pp | -40.3%-23.6pp | -13.7%-13.9pp | 4.8%0.0pp | -25.6%-15.0pp | -16.7%+2.7pp |
| Current Ratio | 2.56-3.7x | 1.03-5.7x | 3.90+1.2x | 4.82+0.2x | 6.28+2.2x | 6.69+2.3x | 2.74+0.5x | 4.57+2.0x |
| Liabilities-to-Equity | 0.37+0.3x | 0.47+0.4x | 0.090.0x | 0.080.0x | 0.05-0.2x | 0.05-0.3x | 0.12-0.4x | 0.10-0.6x |
| Asset Turnover | 0.120.0x | 0.100.0x | 0.090.0x | 0.110.0x | 0.080.0x | 0.090.0x | 0.08-0.1x | 0.06-0.1x |
| FCF Margin | -147.9% | -216.4% | -194.0% | -247.1% | -218.7% | -200.5% | -181.2% | -220.5% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| DarkHorse Technologies Inc. DRK | FY2025 | $11.2M | -$21.5M | N/A | $16.6M | — |
| Intrusion Inc New INTZ | FY2025 | $7.0M | -$9.1M | N/A | $15.9M | 53/100 |
| Exyn Technologies, Inc. EXYN | FY2025 | $5.8M | -$12.2M | N/A | $17.8M | 13/100 |
| Smartbird, Inc. BIRD | FY2025 | $152.5M | -$77.3M | -50.7% | $15.5M | 21/100 |
| Helport AI Limited HPAI | FY2025 | $34.9M | $1.9M | 5.3% | $14.1M | 67/100 |
| ChowChow Cloud International Holdings Limited CHOW | FY2025 | $32.2M | -$3.0M | -9.4% | $11.8M | 57/100 |
Where DarkHorse Technologies Inc. Ranks
Frequently Asked Questions
DarkHorse Technologies Inc. (DRK) reported $11.2M in total revenue for fiscal year 2025. This represents a -32.7% 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.
DarkHorse Technologies Inc. (DRK) revenue declined by 32.7% year-over-year, from $16.6M to $11.2M in fiscal year 2025.
No, DarkHorse Technologies Inc. (DRK) reported a net loss of $33.8M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net loss of $21.5M.
DarkHorse Technologies Inc. (DRK) had EBITDA of -$15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
DarkHorse Technologies Inc. (DRK) had a gross margin of 23.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
DarkHorse Technologies Inc. (DRK) has a return on equity of -92.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
DarkHorse Technologies Inc. (DRK) recorded an outflow of $23.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
DarkHorse Technologies Inc. (DRK) recorded an outflow of $16.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
DarkHorse Technologies Inc. (DRK) had $25.1M in total assets as of fiscal year 2025, including both current and long-term assets.
DarkHorse Technologies Inc. (DRK) invested $7.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
DarkHorse Technologies Inc. (DRK) had a current ratio of 4.82 as of fiscal year 2025, which is generally considered healthy.
DarkHorse Technologies Inc. (DRK) had a liabilities-to-equity ratio of 0.08 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
DarkHorse Technologies Inc. (DRK) had a return on assets of -85.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
DarkHorse Technologies Inc. (DRK) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to September 30, 2026). The market capitalization is $16.6M as of Nov 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
DarkHorse Technologies Inc. (DRK) trades at 1.6x sales, its market capitalization divided by $10.1M revenue, trailing 12 months to September 30, 2026. The market capitalization is $16.6M as of Nov 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
DarkHorse Technologies Inc. (DRK) has an Altman Z-Score of -23.24, 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.
DarkHorse Technologies Inc. (DRK) has a Piotroski F-Score of 5 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.
DarkHorse Technologies Inc. (DRK) reported a net loss of $21.5M while operations used $16.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.