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Ludwig Enter Financials

LUDG
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Ludwig Enter (LUDG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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 LUDG FY2025

External financing, not internal cash generation, is sustaining operations as recurring cash burn feeds rising liabilities.

Across FY2024-FY2025, financing cash inflows of $1.2M almost matched operating and investing outflows of $1.3M, yet cash still ended FY2025 at $0. With liabilities rising from $2.6M to $4.6M over the same span, new funding appears to be replacing consumed cash rather than expanding the asset base.

The liquidity squeeze is severe: FY2025 current assets of $238K covered only 0.1x current liabilities of $4.6M, down from 0.4x in FY2022. Because total assets were just $248K against negative equity of -$4.4M, the balance sheet is being financed mainly by obligations rather than retained operating resources.

The cost structure still looks development-stage: in FY2024, reported revenue was only $217 while R&D spending was $166K, and R&D stayed elevated at $232K in FY2025. Meanwhile interest expense rose from $14K in FY2022 to $92K in FY2025, showing that financing obligations are becoming a larger part of the cash burden.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 0 / 100
Financial Profile 0/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ludwig Enter'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.

Liquidity
0

Ludwig Enter's current ratio of 0.05 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
N/A
EPS (Diluted)
$-0.01
YoY+50.0%

Ludwig Enter earned $-0.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$0
YoY-100.0%

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

Dividends Per Share
N/A
Shares Outstanding
163M
YoY+1.3%

Ludwig Enter had 163M shares outstanding in fiscal year 2025. This represents an increase of 1.3% 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
$232K
YoY+39.8%

Ludwig Enter invested $232K in research and development in fiscal year 2025. This represents an increase of 39.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
N/A

LUDG Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A N/A N/A N/A N/A N/A $207 N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses $9K N/A $80K+5.6% $76K+2.5% $74K N/A $42K-41.2% $72K
SG&A Expenses $556K N/A $291K-42.9% $510K+13.1% $451K N/A $313K+36.1% $230K
Operating Income -$565K N/A -$371K+36.6% -$586K-11.6% -$525K N/A -$355K-17.7% -$301K
Interest Expense $92K N/A $33K+426.1% $6K-69.5% $20K N/A $17K+18.7% $14K
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income $219K N/A $31K+104.8% -$649K-20.1% -$541K N/A N/A -$364K
EPS (Diluted) $0.00 N/A $0.00 $0.00 $0.00 N/A $0.00 $0.00

LUDG Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $1.3M+410.9% $248K-5.4% $262K-34.8% $401K+58.6% $253K+28.0% $198K+44.3% $137K-44.4% $246K
Current Assets $255K+7.2% $238K-5.7% $253K-36.9% $401K+58.4% $253K+28.0% $198K+44.3% $137K-44.4% $246K
Cash & Equivalents $18K $0-100.0% $3K-97.7% $142K+759.8% $17K+7536.4% $217-99.5% $43K-78.5% $202K
Inventory $5K0.0% $5K0.0% $5K+48.6% $3K0.0% $3K0.0% $3K 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 $5.3M+14.2% $4.6M+29.8% $3.6M-6.1% $3.8M+26.5% $3.0M+16.7% $2.6M+4.5% $2.5M+9.2% $2.3M
Current Liabilities $5.3M+14.2% $4.6M+29.8% $3.6M-6.1% $3.8M+26.5% $3.0M+16.7% $2.6M+4.5% $2.5M+9.2% $2.3M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity -$4.0M+8.2% -$4.4M-32.5% -$3.3M+2.7% -$3.4M-23.6% -$2.8M-15.8% -$2.4M-2.1% -$2.3M-15.8% -$2.0M
Retained Earnings -$9.3M+2.3% -$9.5M-12.8% -$8.4M+0.4% -$8.4M-8.3% -$7.8M-7.5% -$7.3M-2.2% -$7.1M-14.2% -$6.2M

LUDG Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$153K-1072.2% -$13K+90.1% -$131K+68.1% -$411K-359.2% -$90K+34.3% -$136K+29.2% -$193K+15.8% -$229K
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 -$411+94.9% -$8K N/A N/A N/A N/A N/A
Financing Cash Flow $171K+1590.0% $10K $0-100.0% $538K+441.0% $99K-0.3% $100K+193.3% $34K-60.0% $85K
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

LUDG Financial Ratios

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 -171275.4% 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 17.3% N/A 11.9%+173.8pp -161.8%+52.0pp -213.9% N/A N/A -148.0%
Current Ratio 0.050.0 0.05-0.0 0.07-0.0 0.11+0.0 0.080.0 0.08+0.0 0.06-0.1 0.11
Debt-to-Equity -1.31-0.3 -1.06+0.0 -1.08+0.0 -1.12-0.0 -1.090.0 -1.08-0.0 -1.06+0.1 -1.12
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Note: Shareholder equity is negative (-$4.4M), 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 (0.05), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Ludwig Enter (LUDG) reported diluted earnings per share of $-0.01 for fiscal year 2025. This represents a 50.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ludwig Enter (LUDG) generated -$645K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Ludwig Enter (LUDG) had $248K in total assets as of fiscal year 2025, including both current and long-term assets.

Ludwig Enter (LUDG) invested $232K in research and development during fiscal year 2025.

Ludwig Enter (LUDG) had 163M shares outstanding as of fiscal year 2025.

Ludwig Enter (LUDG) had a current ratio of 0.05 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Ludwig Enter (LUDG) had a debt-to-equity ratio of -1.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Based on fiscal year 2025 data, Ludwig Enter (LUDG) had $0 in cash against an annual operating cash burn of $645K. 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.

Ludwig Enter (LUDG) has negative shareholder equity of -$4.4M 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.

Ludwig Enter (LUDG) scores 0 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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