What is Ludwig Enter's earnings per share (EPS)?

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 Financials

LUDG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 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 2026-04-22

External financing is sustaining a development-stage operation while liabilities and funding costs outpace the company's asset base.

By FY2025, financing dependence was visible in the cash flow statement: financing inflow of $647K nearly matched operating cash use of -$645K. Combined with year-end cash of $0 after $516K in FY2022, that points to a refill-and-spend cycle in which new capital keeps the business running but does not rebuild liquidity.

Balance-sheet posture is being driven by obligations, not operating assets: FY2025 liabilities reached $4.6M against only $248K of assets. Because almost all of those obligations are current and the current ratio compressed to 0.05x by FY2025, the strain is immediate liquidity rather than distant maturities; rising interest expense to $92K from $14K shows financing itself is becoming a larger operating burden.

Operating model still looks pre-commercial: in FY2024, revenue was only $217 while R&D spending was $166K. FY2025 R&D remained substantial at $232K with no year-end cash, making fundraising part of the operating model rather than an occasional balance-sheet event.

Financial Health Signals

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

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

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	FY25	FY24	FY23	FY22
Revenue	N/A	$217	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	$232K+39.8%	$166K-59.7%	$411K+262.9%	$113K
SG&A Expenses	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	$561K
Interest Expense	$92K+61.9%	$57K+261.4%	$16K+11.7%	$14K
Income Tax	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	-$965K
EPS (Diluted)	$-0.01+50.0%	$-0.02-100.0%	$-0.01	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	$207	N/A	$10
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	N/A	$80K+5.6%	$76K+2.5%	$74K	N/A	$42K-41.2%	$72K	N/A
SG&A Expenses	N/A	$291K-42.9%	$510K+13.1%	$451K	N/A	$313K+36.1%	$230K-37.1%	$366K
Operating Income	N/A	-$371K+36.6%	-$586K-11.6%	-$525K	N/A	-$355K-17.7%	-$301K+17.6%	-$366K
Interest Expense	N/A	$33K+426.1%	$6K-69.5%	$20K	N/A	$17K+18.7%	$14K+85.5%	$8K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	$31K+104.8%	-$649K-20.1%	-$541K	N/A	N/A	-$364K+77.4%	-$1.6M
EPS (Diluted)	N/A	$0.00	$0.00	$0.00	N/A	$0.00	$0.00+100.0%	$-0.01

LUDG Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$248K+25.3%	$198K+75.7%	$112K-78.2%	$516K
Current Assets	$238K+20.7%	$198K+75.7%	$112K-78.2%	$516K
Cash & Equivalents	$0-100.0%	$217-99.8%	$108K-79.0%	$516K
Inventory	$5K+48.6%	$3K	N/A	$0
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$4.6M+80.0%	$2.6M+63.6%	$1.6M+17.3%	$1.3M
Current Liabilities	$4.6M+80.0%	$2.6M+63.6%	$1.6M+17.3%	$1.3M
Long-Term Debt	N/A	N/A	$100K-91.9%	$1.2M
Total Equity	-$4.4M-84.5%	-$2.4M-62.7%	-$1.5M-76.9%	-$826K
Retained Earnings	-$9.5M-30.8%	-$7.3M-71.1%	-$4.2M-137.6%	-$1.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$248K-5.4%	$262K-34.8%	$401K+58.6%	$253K+28.0%	$198K+44.3%	$137K-44.4%	$246K-29.6%	$350K
Current Assets	$238K-5.7%	$253K-36.9%	$401K+58.4%	$253K+28.0%	$198K+44.3%	$137K-44.4%	$246K-29.6%	$350K
Cash & Equivalents	$0-100.0%	$3K-97.7%	$142K+759.8%	$17K+7536.4%	$217-99.5%	$43K-78.5%	$202K-41.6%	$345K
Inventory	$5K0.0%	$5K+48.6%	$3K0.0%	$3K0.0%	$3K	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	$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+13.1%	$2.0M
Current Liabilities	$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+13.1%	$2.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$405K
Total Equity	-$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-22.1%	-$1.6M
Retained Earnings	-$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-6.2%	-$5.9M

LUDG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$645K+2.3%	-$660K	N/A	-$445K
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	-$9K	N/A	N/A	N/A
Financing Cash Flow	$647K+15.9%	$559K+132.8%	$240K-71.3%	$836K
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$13K+90.1%	-$131K+68.1%	-$411K-359.2%	-$90K+34.3%	-$136K+29.2%	-$193K+15.8%	-$229K-122.2%	-$103K
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	-$411+94.9%	-$8K	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$10K	$0-100.0%	$538K+441.0%	$99K-0.3%	$100K+193.3%	$34K-60.0%	$85K-75.0%	$340K
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	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	-187.0%
Current Ratio	0.05-0.0	0.080.0	0.07-0.3	0.38
Debt-to-Equity	-1.06+0.0	-1.08-1.0	-0.07+1.4	-1.49
FCF Margin	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	-171275.4%	N/A	-3655790.0%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-16108800.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	11.9%+173.8pp	-161.8%+52.0pp	-213.9%	N/A	N/A	-148.0%+312.8pp	-460.8%
Current Ratio	0.05-0.0	0.07-0.0	0.11+0.0	0.080.0	0.08+0.0	0.06-0.1	0.11-0.1	0.17
Debt-to-Equity	-1.06+0.0	-1.08+0.0	-1.12-0.0	-1.090.0	-1.08-0.0	-1.06+0.1	-1.12-0.9	-0.25
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

What is Ludwig Enter's operating cash flow?

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

What are Ludwig Enter's total assets?

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

How much does Ludwig Enter spend on research and development?

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

How many shares does Ludwig Enter have outstanding?

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

What is Ludwig Enter's current ratio?

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.

What is Ludwig Enter's debt-to-equity ratio?

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.

What is Ludwig Enter's cash runway?

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.

Why is Ludwig Enter's debt-to-equity ratio negative or unusual?

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.

How financially healthy is Ludwig Enter?

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.