Iron Horse (IROH) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IROH SEC filings page.
This page shows Iron Horse (IROH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Financing-led balance sheet dominates, with reported profit disconnected from operating cash generation.
FY2024's$1.4M net income coexisted with a-$1.7M operating loss and operating cash flow of-$1.0M , so the headline profit was not produced by operations. The combination makes earnings quality the central issue: accounting profit and cash generation moved in opposite directions.
From FY2023 to FY2024, liabilities fell from
FY2023's
Financial Health Signals
Iron Horse does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Iron Horse passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Iron Horse used $0.74 of operating cash (-$1.0M OCF vs $1.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Iron Horse generated $5.8M in revenue in Q1 2026. This represents an increase of 20.8% from the same quarter a year earlier.
Iron Horse's EBITDA was $842K in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.8% from the same quarter a year earlier.
Iron Horse reported -$309K in net income in Q1 2026. This represents a decrease of 139.9% from the same quarter a year earlier.
Cash & Balance Sheet
Iron Horse recorded an outflow of $3.6M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 1408.3% from the same quarter a year earlier.
Iron Horse held $29.7M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Margins & Returns
Iron Horse's gross margin was 74.9% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 26.0 percentage points from the same quarter a year earlier.
Iron Horse's operating margin was 12.5% in Q1 2026, reflecting core business profitability. This is down 4.1 percentage points from the same quarter a year earlier.
Iron Horse's net profit margin was -5.3% in Q1 2026, showing the share of revenue converted to profit. This is down 21.3 percentage points from the same quarter a year earlier.
Iron Horse's ROE was -1.6% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 8.2 percentage points from the same quarter a year earlier.
Capital Allocation
Iron Horse invested $38K in research and development in Q1 2026. This represents an increase of 39.6% from the same quarter a year earlier.
Iron Horse invested $2K in capex in Q1 2026, funding long-term assets and infrastructure. This represents a decrease of 97.9% from the same quarter a year earlier.
Not reported for Q1 2026.
IROH 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 | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8M+20.8% | N/A | $7.9M+84.2% | N/A | $4.8M | N/A | $4.3M | N/A |
| Cost of Revenue | $1.5M-40.6% | N/A | $2.3M+73.9% | N/A | $2.5M | N/A | $1.3M | N/A |
| Gross Profit | $4.4M+85.2% | N/A | $5.6M+88.8% | N/A | $2.4M | N/A | $2.9M | N/A |
| R&D Expenses | $38K+39.6% | N/A | $38K | N/A | $27K | N/A | N/A | N/A |
| SG&A Expenses | $3.1M+637.5% | N/A | $438K-13.9% | N/A | $416K | N/A | $509K | N/A |
| Operating Income | $731K-9.3% | N/A | $4.6M+99.5% | -$672K-181.7% | $805K+267.8% | N/A | $2.3M+1775.3% | -$238K-295.2% |
| EBITDA | $842K-1.8% | N/A | N/A | N/A | $857K | N/A | N/A | N/A |
| Interest Expense | $206K | N/A | -$10K-11.0% | N/A | N/A | N/A | -$9K | N/A |
| Income Tax | $851K+579.8% | N/A | $1.4M+85.3% | $146K-17.9% | $125K-40.7% | N/A | $744K | $178K |
| Net Income | -$309K-139.9% | N/A | $3.3M+113.5% | $2.9M+718.9% | $774K+206215.5% | N/A | $1.6M+1242.7% | $357K+691.6% |
| EPS (Basic) | -$0.01-136.4% | N/A | $0.07+75.0% | N/A | $0.02 | N/A | $0.04 | N/A |
| EPS (Diluted) | -$0.01 | N/A | $0.07 | N/A | $0.02 | N/A | $0.04 | N/A |
| Diluted Shares (Avg) | 52M | N/A | 48M | N/A | 48M | N/A | 48M | N/A |
IROH 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 | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $39.1M-46.9% | $44.7M-11.9% | $56.2M-21.6% | $73.3M+3.3% | $73.6M+4.6% | $50.8M-27.2% | $71.8M | $71.0M |
| Current Assets | $31.4M+39258.1% | $36.9M-16.2% | $46.2M+64669.6% | $155K-35.3% | $80K-85.4% | $44.0M+6278.1% | $71K | $239K |
| Cash & Equivalents | $29.7M+33739519.3% | $33.0M-20.3% | $37.2M+1206361.5% | $25K-72.5% | $88-100.0% | $41.4M+6206.6% | $3K | $91K |
| Inventory | $851K | $956K-23.5% | $1.9M | N/A | N/A | $1.3M | N/A | N/A |
| Accounts Receivable | N/A | $287-66.0% | $0 | N/A | N/A | $845 | N/A | N/A |
| Total Liabilities | $19.2M-69.0% | $24.9M-37.8% | $38.5M-38.6% | $75.0M+17.6% | $62.0M-2.3% | $39.9M-42.7% | $62.6M | $63.7M |
| Current Liabilities | $19.0M+466.5% | $24.6M-38.4% | $38.2M+2413.5% | $72.4M+5891.9% | $3.4M+206.2% | $39.9M+4535.6% | $1.5M | $1.2M |
| Non-Current Liabilities | $186K-99.7% | $243K | $298K-99.5% | $2.5M-96.0% | $58.7M-6.0% | $0-100.0% | $61.1M | $62.5M |
| Total Equity | $19.9M+71.0% | $19.9M+83.8% | $17.7M+94.6% | $14.7M+103.1% | $11.6M+67.8% | $10.8M+1081058700.0% | $9.1M+2010.4% | $7.3M+2233.1% |
| Retained Earnings | $12.1M+349.4% | $12.4M+210.5% | $11.0M+440.6% | -$6.1M-103.8% | -$4.9M-72.4% | $4.0M+248.5% | -$3.2M | -$3.0M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill, Long-Term Debt.
IROH 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 | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.6M-2076.3% | N/A | -$3.7M-116.4% | -$1.9M-3463.0% | -$165K+55.8% | -$22.9M | $22.3M | -$53K |
| Depreciation & Amortization | $111K+114.2% | N/A | N/A | N/A | $52K | N/A | N/A | N/A |
| Capital Expenditures | $2K-97.9% | N/A | N/A | N/A | $73K | N/A | N/A | N/A |
| Free Cash Flow | -$3.6M-1408.3% | N/A | N/A | N/A | -$239K | N/A | N/A | N/A |
| Investing Cash Flow | -$2K+97.8% | N/A | -$1.7M+38.9% | $1.2M+116815400.0% | -$75K-2355.3% | $2.6M | -$2.8M | $1 |
| Financing Cash Flow | $116K-75.4% | N/A | $35K | $510K+1557.8% | $471K+540.6% | $725K | $0 | -$35K |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
IROH 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 | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9%+26.0pp | N/A | 70.4%+1.7pp | N/A | 48.9% | N/A | 68.7% | N/A |
| Operating Margin | 12.5%-4.1pp | N/A | 58.0%+4.5pp | N/A | 16.7% | N/A | 53.5% | N/A |
| Net Margin | -5.3%-21.3pp | N/A | 42.3%+5.8pp | N/A | 16.0% | N/A | 36.5% | N/A |
| Return on Equity | -1.6%-8.2pp | N/A | 18.9%+1.7pp | 19.8%+14.9pp | 6.7%+6.6pp | N/A | 17.2% | 4.9% |
| Return on Assets | -0.8%-1.8pp | N/A | 5.9%+3.8pp | 4.0%+3.5pp | 1.1%+1.1pp | N/A | 2.2% | 0.5% |
| Current Ratio | 1.65+1.6x | 1.50+0.4x | 1.21+1.2x | 0.00-0.2x | 0.02-0.5x | 1.10+0.3x | 0.05 | 0.20 |
| Debt-to-Equity | 0.97-4.4x | 1.25-2.4x | 2.17-4.7x | 5.09-3.7x | 5.33-3.8x | 3.69-999996.3x | 6.87 | 8.78 |
| Asset Turnover | 0.15+0.1x | N/A | 0.14+0.1x | N/A | 0.07 | N/A | 0.06 | N/A |
| FCF Margin | -61.8%-56.8pp | N/A | N/A | N/A | -5.0% | N/A | N/A | N/A |
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.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Iron Horse IROH | FY2024 | N/A | $1.4M | N/A | $20.8M | — |
| DT Cloud Acquisition DYCQ | FY2024 | N/A | $2.3M | N/A | $32.4M | — |
| Bayview Acqsn BAYA | FY2025 | N/A | $203K | N/A | $33.2M | — |
| Quetta Acquisition QETA | FY2025 | $5.0M | $323K | 6.5% | $44.0M | 22/100 |
| Bowen Acquisition Corp BOWN | FY2024 | N/A | $3.0M | N/A | $27.7M | — |
| Melar Acquisition Corp. I MACIW | FY2025 | N/A | $5.5M | N/A | N/A | — |
Where Iron Horse Ranks
Frequently Asked Questions
Is Iron Horse profitable?
Yes, Iron Horse (IROH) reported a net income of $1.4M in fiscal year 2024.
What is Iron Horse's return on equity (ROE)?
Iron Horse (IROH) has a return on equity of 12.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Iron Horse's operating cash flow?
Iron Horse (IROH) recorded an outflow of $1.0M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Iron Horse's total assets?
Iron Horse (IROH) had $50.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What is Iron Horse's current ratio?
Iron Horse (IROH) had a current ratio of 1.10 as of fiscal year 2024, which is considered adequate.
What is Iron Horse's debt-to-equity ratio?
Iron Horse (IROH) had a debt-to-equity ratio of 3.69 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Iron Horse's return on assets (ROA)?
Iron Horse (IROH) had a return on assets of 2.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Iron Horse's Piotroski F-Score?
Iron Horse (IROH) has a Piotroski F-Score of 3 out of 6 computable signals; 3 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 Iron Horse's earnings high quality?
For every $1 of reported earnings, Iron Horse (IROH) used $0.74 of operating cash (-$1.0M OCF vs $1.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.