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LUDWIG ENTERPRISES (LUDG) Financials

LUDG
Trailing 12 months to March 31, 2026
Revenue Not reported for the trailing 12 months
Net Income Not reported for the trailing 12 months
EPS (Diluted) $0.00 n/m YoY
Operating Cash Flow -$708K n/m YoY
Market Cap $585K as of Oct 15, 2026
Price / Sales n/m no revenue reported
Price / Earnings n/m no net income reported
Price / Book n/m negative shareholder equity, so no book multiple, Q1 FY2026

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 Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LUDG SEC filings page.

This page shows LUDWIG ENTERPRISES (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

The business is funded primarily by financing inflows while liabilities vastly exceed assets and operations continue consuming cash.

Operating cash flow remained negative at -$645K in FY2025 while financing supplied $647K, showing that reported funding roughly offset cash absorbed by operations rather than operations funding themselves. That relationship persisted even as the balance sheet became more burdened.

By FY2025, liabilities were $4.6M against only $248K of assets, roughly 19x as much. The resulting negative equity balance was -$4.4M, indicating obligations—not operating assets—dominate the reported capital structure.

The current ratio was just 0.1x in FY2025, so reported current assets covered only a small fraction of current liabilities. The supplied liquidity comparison was 0 months against the latest annual operating outflow, reinforcing the recorded dependence on financing for cash needs.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

LUDWIG ENTERPRISES does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The metrics below are current.

Key Financial Metrics

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Earnings & Revenue

Net Income
$219K
YoYn/m

LUDWIG ENTERPRISES reported $219K in net income in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.

EPS (Diluted)
$0.00
QoQn/m

LUDWIG ENTERPRISES earned $0.00 per diluted share (EPS) in Q1 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Revenue

Not reported for Q1 2026.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt
$18K
YoY+10.6%
QoQn/m

LUDWIG ENTERPRISES held $18K in cash as of Q1 2026; no long-term debt figure is on record for that period.

Shares Outstanding
167M
QoQ+2.8%

LUDWIG ENTERPRISES had 167M shares outstanding in Q1 2026. Against the prior quarter it is up 2.8%.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

None of these metrics is reported for Q1 2026.

Capital Allocation

R&D Spending
$9K
YoY-87.5%

LUDWIG ENTERPRISES invested $9K in research and development in Q1 2026. This represents a decrease of 87.5% from the same quarter a year earlier.

Share Buybacks

Not reported for Q1 2026.

Capital Expenditures

Not reported for Q1 2026.

LUDG 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.

LUDG quarterly income statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
RevenueN/AN/AN/AN/AN/AN/A$207N/A
R&D Expenses$9K-87.5%N/A$80K+90.8%$76K+6.3%$74KN/A$42K+22.0%$72K
SG&A Expenses$556K+23.3%N/A$291K-6.9%$510K+121.8%$451K+23.3%N/A$313K$230K-16.1%
Operating Income-$565Kn/mN/A-$371Kn/m-$586Kn/m-$525Kn/mN/A-$355K-$301Kn/m
Interest Expense$92K+349.8%N/A$33K+94.1%$6K-56.2%$20K+166.6%N/A$17K+320.1%$14K+444.7%
Net Income$219Kn/mN/A$31K-$649Kn/m-$541Kn/mN/AN/A-$364Kn/m
EPS (Basic)$0.00$0.00n/m$0.00$0.00n/m$0.00n/m$0.00n/m$0.00$0.00
EPS (Diluted)$0.00$0.00n/m$0.00$0.00n/m$0.00n/m$0.00n/m$0.00$0.00
Diluted Shares (Avg)865MN/A862M162M+1.6%161M+3.7%N/A159M159M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, EBITDA, Income Tax.

LUDG 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.

LUDG quarterly balance sheet
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Total Assets$1.3M+400.0%$248K+25.3%$262K+91.1%$401K+63.0%$253K-27.7%$198K+75.7%$137K+1171.4%$246K
Current Assets$255K+1.0%$238K+20.7%$253K+84.7%$401K+62.8%$253K-27.7%$198K+75.7%$137K+1171.4%$246K
Cash & Equivalents$18K+10.6%$0-100.0%$3K-92.3%$142K-29.4%$17K-95.2%$217-99.8%$43K+553.9%$202K+135.4%
Short-Term Investments$175Kn/m$0n/m$0n/m$0n/m$0n/m$0n/m$0n/m$0n/m
Inventory$5K+48.6%$5K+48.6%$5K$3K$3K$3KN/AN/A
Long-Term Investments$1.0Mn/m$0n/m$0n/m$0n/m$0n/m$0n/m$0n/m$0n/m
Total Liabilities$5.3M+76.1%$4.6M+80.0%$3.6M+44.9%$3.8M+68.4%$3.0M+50.5%$2.6M+63.6%$2.5M+81.9%$2.3M
Current Liabilities$5.3M+76.1%$4.6M+80.0%$3.6M+44.9%$3.8M+68.4%$3.0M+50.5%$2.6M+63.6%$2.5M+81.9%$2.3M
Non-Current Liabilities$0n/m$0n/m$0n/m$0n/m$0n/m$0n/m$0n/m$0
Long-Term DebtN/AN/AN/AN/AN/AN/A$584K-8.8%$490K-29.3%
Total Equity-$4.0Mn/m-$4.4Mn/m-$3.3Mn/m-$3.4Mn/m-$2.8Mn/m-$2.4Mn/m-$2.3Mn/m-$2.0Mn/m
Retained Earnings-$9.3Mn/m-$9.5Mn/m-$8.4Mn/m-$8.4Mn/m-$7.8Mn/m-$7.3Mn/m-$7.1Mn/m-$6.2M

Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.

LUDG 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.

LUDG quarterly cash flow statement
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating Cash Flow-$153Kn/m-$13Kn/m-$131Kn/m-$411Kn/m-$90Kn/m-$136Kn/m-$193K-$229Kn/m
Stock-Based Compensation-$39KN/AN/AN/AN/AN/AN/AN/A
Investing Cash FlowN/A-$411-$8KN/AN/AN/AN/AN/A
Financing Cash Flow$171K+72.0%$10K-89.9%$0-100.0%$538K+532.7%$99K-70.8%$100K-41.3%$34Kn/m$85Kn/m

Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

LUDG 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.

LUDG quarterly financial ratios
MetricQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-QQ2'2410-Q
Operating MarginN/AN/AN/AN/AN/AN/A-171275.4%N/A
Return on Assets17.3%+231.2ppN/A11.9%-161.8%-13.9pp-213.9%+246.9ppN/AN/A-148.0%
Current Ratio0.050.0x0.050.0x0.070.0x0.110.0x0.08-0.1x0.080.0x0.060.0x0.11
Asset TurnoverN/AN/AN/AN/AN/AN/A0.00N/A

Not reported in any period shown, so not listed: Gross Margin, Net Margin, Return on Equity, Debt-to-Equity, Liabilities-to-Equity, FCF Margin.

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.

Note: Shareholder equity is negative (-$4.4M), which causes the debt-to-equity, liabilities-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.

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
LUDWIG ENTERPRISES LUDG FY2025 N/A N/A N/A $585K —
CS DIAGNOSTICS CORP CSDX FY2024 N/A $761 N/A $1.8M —
BIOTRICITY INC BTCY FY2026 $16.0M -$2.4M -15.0% N/A —

Frequently Asked Questions

What is LUDWIG ENTERPRISES's earnings per share (EPS)?

LUDWIG ENTERPRISES (LUDG) reported diluted earnings per share of -$0.01 for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.

What is LUDWIG ENTERPRISES's operating cash flow?

LUDWIG ENTERPRISES (LUDG) recorded an outflow of $645K in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are LUDWIG ENTERPRISES's total assets?

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

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

LUDWIG ENTERPRISES (LUDG) had 163M shares outstanding as of fiscal year 2025.

LUDWIG ENTERPRISES (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 ENTERPRISES (LUDG) has no price-to-earnings ratio at the moment: no net income reported. The market capitalization is $585K as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

LUDWIG ENTERPRISES (LUDG) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $585K as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

At the end of fiscal year 2025, LUDWIG ENTERPRISES (LUDG) held $0 in cash, cash equivalents and investments, and reported an operating cash outflow of $645K over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

LUDWIG ENTERPRISES (LUDG) has negative shareholder equity of -$4.4M as of fiscal year 2025, so no debt-to-equity or liabilities-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.

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