Iwallet Financials

IWAL

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

This page shows Iwallet (IWAL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 IWAL FY2025 2026-05-15

In recent filings, liabilities, not operating assets, appear to be carrying the business as liquidity thinned to almost nothing.

By FY2025, operating cash burn of -$53K was almost matched by financing inflow of $50K, a sign that day-to-day funding is coming from capital sources rather than operations. That dependence sits on a balance sheet with just $80K of assets against $896K of liabilities, so the constraint is not merely profitability but the absence of a real working-capital cushion.

The unusual wrinkle is cash conversion changed direction: FY2021 produced $38K of operating cash flow even with a net loss of -$347K, which usually points to non-cash charges or a temporary working-capital release. By FY2022, operating cash flow had slipped to -$37K, suggesting that earlier cash support was not a durable feature of the model.

Share count expansion from 52.8M to 106.4M shares coincided with cash falling to $0, so added equity did not rebuild liquidity. With negative equity of -$816K and no current-asset buffer, obligations appear to be carried forward rather than covered by a self-funding operation.

Financial Health Signals

Financial health score pending refresh

We are recalculating Iwallet'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.

Key Financial Metrics

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Earnings & Revenue

Revenue

Iwallet generated $0 in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

YoY-100.0%

Iwallet held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

106M

YoY+36.8%

5Y CAGR+23.0%

Iwallet had 106M shares outstanding in fiscal year 2025. This represents an increase of 36.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$267K

Iwallet invested $267K in research and development in fiscal year 2025.

Share Buybacks

N/A

Capital Expenditures

N/A

IWAL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	$0-100.0%	$10K-85.5%	$69K	$0
Cost of Revenue	$0	$0	$0	$0-100.0%	$27K	$0
Gross Profit	$0	$0	$0-100.0%	$10K-76.0%	$42K	$0
R&D Expenses	$267K	$0	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	$46K-81.1%	$246K+3054.8%	$8K
Operating Income	N/A	N/A	N/A	-$36K+82.1%	-$204K-1936.4%	-$10K
Interest Expense	-$49K	N/A	N/A	N/A	$65K	N/A
Income Tax	$0	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	-$347K	N/A
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	$0	N/A	$0	$0	$0	N/A	$0	$0
Cost of Revenue	$0	N/A	$0	$0	$0	N/A	$0	$0
Gross Profit	$0	N/A	$0	$0	$0	N/A	$0	$0
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
SG&A Expenses	$24K	N/A	N/A	N/A	$7K	N/A	$8K+6.4%	$7K
Operating Income	-$24K	N/A	N/A	N/A	-$7K	N/A	-$8K-6.4%	-$7K
Interest Expense	-$13K	N/A	N/A	N/A	-$12K	N/A	-$11K	N/A
Income Tax	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$37K	N/A	N/A	N/A	N/A	N/A	-$19K	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IWAL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$80K+3193.8%	$2K+56.2%	$2K-88.0%	$13K-73.7%	$50K+314.2%	$12K
Current Assets	$0-100.0%	$2K+56.2%	$2K-88.0%	$13K-73.7%	$50K+314.2%	$12K
Cash & Equivalents	$0-100.0%	$2K+56.2%	$2K-88.0%	$13K-73.7%	$50K+314.2%	$12K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$896K+51.7%	$590K+14.5%	$515K-44.1%	$922K+8.2%	$851K+8.9%	$782K
Current Liabilities	$849K+43.7%	$590K+14.5%	$515K-44.1%	$922K+8.2%	$851K+8.9%	$782K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$816K-38.7%	-$588K-14.4%	-$514K+43.4%	-$909K-13.3%	-$802K-4.1%	-$770K
Retained Earnings	-$6.7M-19.7%	-$5.6M-2.0%	-$5.5M-5.1%	-$5.2M-2.1%	-$5.1M-7.3%	-$4.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$74K-8.3%	$80K+34952.0%	$229+1.3%	$226-93.2%	$3K+35.6%	$2K-45.8%	$4K+180.9%	$2K
Current Assets	$16	$0-100.0%	$229+1.3%	$226-93.2%	$3K+35.6%	$2K-45.8%	$4K+180.9%	$2K
Cash & Equivalents	$16	$0-100.0%	$229+1.3%	$226-93.2%	$3K+35.6%	$2K-45.8%	$4K+180.9%	$2K
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	$926K+3.3%	$896K+29.1%	$694K+13.1%	$614K+0.6%	$610K+3.4%	$590K+6.0%	$557K+2.1%	$546K
Current Liabilities	$886K+4.4%	$849K+22.3%	$694K+13.1%	$614K+0.6%	$610K+3.4%	$590K+6.0%	$557K+2.1%	$546K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$852K-4.5%	-$816K-17.5%	-$694K-13.1%	-$614K-1.1%	-$607K-3.2%	-$588K-6.4%	-$553K-1.6%	-$544K
Retained Earnings	-$6.7M-0.5%	-$6.7M-12.1%	-$6.0M-3.2%	-$5.8M-3.1%	-$5.6M-0.3%	-$5.6M-0.4%	-$5.6M-0.3%	-$5.5M

IWAL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$53K	N/A	N/A	-$37K-197.2%	$38K+566.3%	-$8K
Capital Expenditures	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
Investing Cash Flow	$0	$0	$0	$0	$0	$0
Financing Cash Flow	$50K	N/A	N/A	$0	$0	$0
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$5K-133.8%	-$2K	N/A	N/A	N/A	-$12K-69.8%	-$7K	N/A
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	$0	$0	$0	$0	$0	$0	$0	$0
Financing Cash Flow	$5K+161.4%	$2K	N/A	N/A	N/A	$10K0.0%	$10K	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

IWAL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	100.0%+39.5pp	60.5%	N/A
Operating Margin	N/A	N/A	N/A	-362.6%-69.0pp	-293.6%	N/A
Net Margin	N/A	N/A	N/A	N/A	-499.7%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	-698.4%	N/A
Current Ratio	0.000.0	0.000.0	0.00-0.0	0.01-0.0	0.06+0.0	0.02
Debt-to-Equity	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

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	-49.6%	N/A	N/A	N/A	N/A	N/A	-412.1%	N/A
Current Ratio	0.000.0	0.000.0	0.000.0	0.000.0	0.010.0	0.000.0	0.010.0	0.00
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 (-$816K), 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 (0.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Iwallet's annual revenue?

Iwallet (IWAL) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

What is Iwallet's operating cash flow?

Iwallet (IWAL) generated -$53K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Iwallet's total assets?

Iwallet (IWAL) had $80K in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Iwallet spend on research and development?

Iwallet (IWAL) invested $267K in research and development during fiscal year 2025.

How many shares does Iwallet have outstanding?

Iwallet (IWAL) had 106M shares outstanding as of fiscal year 2025.

What is Iwallet's current ratio?

Iwallet (IWAL) had a current ratio of 0.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Iwallet's cash runway?

Based on fiscal year 2025 data, Iwallet (IWAL) had $0 in cash against an annual operating cash burn of $53K. 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 Iwallet's debt-to-equity ratio negative or not reported?

Iwallet (IWAL) has negative shareholder equity of -$816K 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.