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Nocopi Technolog Financials

NNUP
Trailing 12 months to June 30, 2026
Revenue $2.0M -4.5% YoY
Net Income -$656K +3.3% YoY
EPS (Diluted) -$0.05 +13.8% YoY
Free Cash Flow $542K -31.7% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Nocopi Technolog (NNUP) reported $2.0M in revenue over the twelve months to Jun 30, 2026, down 4.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 NNUP FY2025

Expense reset and unusual cash conversion now matter more than sales volume in explaining Nocopi's reported results.

In FY2025, revenue fell 29.5%, yet gross margin improved to 54.5% and SG&A dropped to $952K from $3.9M; this indicates the narrower operating loss came mainly from an expense reset, not expanding scale. At the same time, operating cash flow reached $714K while net income was -$155K, so reported cash generation did not come from accounting profitability and instead reflects non-income-statement cash effects.

Margin resilience without volume growth is the key commercial pattern: gross margin improved from 51.9% to 54.5% even as revenue contracted, which is more consistent with product mix or cost movement than fixed-cost absorption. However, gross profit of $813K still did not cover operating expenses, leaving an operating loss of -$601K.

Financing dependence appears limited: FY2025 liabilities were $434K against $13.6M of equity, with debt-to-equity at 0.0x. Cash flow also exceeded reported earnings for the second consecutive year, while zero capital expenditures meant FY2025 free cash flow matched operating cash flow rather than reflecting reinvestment after a normal asset-upkeep cycle.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Nocopi Technolog 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.

Altman Z-Score Safe
28.92

Nocopi Technolog scores 28.92, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($21.0M) relative to total liabilities ($434K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
4/8

Nocopi Technolog passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed
N/A

Nocopi Technolog reported a net loss of $155K while generating $714K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk
N/A

Nocopi Technolog reported an operating loss of $601K against $24K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.5M
YoY-29.5%
5Y CAGR-10.9%
10Y CAGR+4.6%

Nocopi Technolog generated $1.5M in revenue in fiscal year 2025. This represents a decrease of 29.5% from the prior year.

EBITDA
-$595K
YoY+81.8%

Nocopi Technolog's EBITDA was -$595K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 81.8% from the prior year.

Net Income
-$155K
YoY+94.2%

Nocopi Technolog reported -$155K in net income in fiscal year 2025. This represents an increase of 94.2% from the prior year.

EPS (Diluted)
-$0.01
YoY+94.4%

Nocopi Technolog earned -$0.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 94.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$714K
YoY+22.1%
5Y CAGR+1.5%
10Y CAGR+36.0%

Nocopi Technolog generated $714K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 22.1% from the prior year.

Cash & Debt
$11.6M
YoY+6.6%
5Y CAGR+53.3%
10Y CAGR+99.8%

Nocopi Technolog held $11.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding
11M
YoY+2.9%

Nocopi Technolog had 11M shares outstanding in fiscal year 2025. This represents an increase of 2.9% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
54.4%
YoY+2.5pp
5Y CAGR-3.3pp
10Y CAGR-10.5pp

Nocopi Technolog's gross margin was 54.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.

Operating Margin
-40.3%
5Y CAGR-58.3pp
10Y CAGR-36.2pp

Nocopi Technolog's operating margin was -40.3% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin
-10.4%
5Y CAGR-29.5pp
10Y CAGR-8.5pp

Nocopi Technolog's net profit margin was -10.4% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity
-1.1%
YoY+18.5pp
5Y CAGR-15.9pp

Nocopi Technolog's ROE was -1.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 18.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$180K
YoY+1.0%
5Y CAGR+0.7%
10Y CAGR+3.5%

Nocopi Technolog invested $180K in research and development in fiscal year 2025. This represents an increase of 1.0% from the prior year.

Capital Expenditures
$0
YoY-100.0%

Nocopi Technolog reported no capital expenditure in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

NNUP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NNUP quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$961K+146.6%$390K+44.9%$269K-30.3%$386K+7.2%$360K-24.8%$479K-19.1%$592K-11.4%$668K
Cost of Revenue$604K+203.2%$199K+102.5%$98K-52.8%$208K+23.6%$169K-17.9%$205K-23.4%$268K-7.0%$288K
Gross Profit$357K+87.5%$191K+11.7%$171K-3.8%$178K-7.3%$192K-30.0%$274K-15.6%$324K-14.8%$380K
R&D Expenses$48K-13.4%$56K+16.0%$48K+10.3%$44K+0.9%$43K-4.0%$45K-11.9%$51K+17.2%$44K
SG&A Expenses$237K+6.7%$222K-51.6%$458K+123.2%$205K+214.4%$65K-70.8%$224K-68.2%$703K-3.3%$727K
Operating Income-$568K-251.5%-$162K+19.4%-$200K-40.4%-$143K+17.3%-$173K-101.0%-$86K+83.4%-$516K-7.0%-$482K
Interest Expense$6K+3.3%$6K0.0%$6K-1.6%$6K0.0%$6K+3.4%$6K-1.7%$6K+3.4%$6K
Income Tax$0$0$0$0$0$0$0$0
Net Income-$472K-657.5%-$62K+34.4%-$95K-254.5%-$27K+54.3%-$59K-329.8%$26K+106.5%-$394K-57.0%-$251K
EPS (Diluted)-$0.04-566.7%-$0.01$0.00$0.00+100.0%-$0.01$0.00+106.7%-$0.03-50.0%-$0.02

NNUP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NNUP quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$16.0M+11.6%$14.3M+2.1%$14.0M-0.5%$14.1M-0.7%$14.2M+1.2%$14.0M+0.8%$13.9M-1.8%$14.2M
Current Assets$13.8M+2.2%$13.5M+3.4%$13.1M+0.8%$13.0M+0.6%$12.9M+0.8%$12.8M+1.8%$12.6M-0.8%$12.7M
Cash & Equivalents$10.7M-10.3%$11.9M+3.1%$11.6M+0.5%$11.5M+1.8%$11.3M+0.8%$11.2M+3.4%$10.8M-0.9%$10.9M
Inventory$1.7M+323.7%$404K-11.6%$457K+13.0%$404K+8.6%$372K+14.9%$324K-7.4%$350K-0.5%$352K
Accounts Receivable$1.3M+12.0%$1.1M+20.8%$937K-5.1%$987K-13.0%$1.1M-3.8%$1.2M-4.5%$1.2M-1.5%$1.3M
Goodwill$490KN/A$0N/AN/AN/AN/AN/A
Total Liabilities$1.6M+300.0%$390K-10.1%$434K+1.1%$429K-27.2%$589K+61.8%$364K+29.3%$282K-92.9%$4.0M
Current Liabilities$1.1M+312.2%$278K-4.3%$291K+13.9%$255K-41.7%$438K+56.2%$281K+46.7%$191K-95.1%$3.9M
Total Equity$14.4M+3.6%$13.9M+2.5%$13.6M-0.5%$13.7M+0.5%$13.6M-0.4%$13.7M+0.2%$13.6M+33.9%$10.2M
Retained Earnings-$12.7M-3.8%-$12.3M-0.5%-$12.2M-0.8%-$12.1M-0.2%-$12.1M-0.5%-$12.0M+0.2%-$12.0M-3.4%-$11.7M

Not reported in any period shown, so not listed: Long-Term Debt.

NNUP Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NNUP quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow$324K+1301.0%-$27K-148.2%$56K-72.4%$203K+136.7%$86K-76.8%$370K+465.3%-$101K-122.9%$441K
Capital Expenditures$0-100.0%$14K$0$0$0$0$0-100.0%$1K
Free Cash Flow$324K+898.7%-$41K-172.5%$56K-72.4%$203K+136.7%$86K-76.8%$370K+465.3%-$101K-123.0%$440K
Investing Cash Flow-$1.8M-12767.6%-$14K$0$0$0$0$0-100.0%$5.8M
Financing Cash Flow$200K-50.0%$400KN/AN/A$0$0N/AN/A

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

NNUP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

NNUP quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Gross Margin37.2%-11.7pp48.9%-14.6pp63.5%+17.5pp46.0%-7.2pp53.2%-3.9pp57.1%+2.4pp54.7%-2.2pp56.9%
Operating Margin-59.1%-17.6pp-41.4%+33.1pp-74.5%-37.5pp-37.0%+10.9pp-47.9%-30.0pp-17.9%+69.2pp-87.2%-15.0pp-72.2%
Net Margin-49.1%-33.1pp-16.0%+19.3pp-35.3%-28.4pp-7.0%+9.3pp-16.3%-21.6pp5.3%+71.9pp-66.6%-29.0pp-37.6%
Return on Equity-3.3%-2.8pp-0.4%+0.2pp-0.7%-0.5pp-0.2%+0.2pp-0.4%-0.6pp0.2%+3.1pp-2.9%-0.4pp-2.5%
Return on Assets-2.9%-2.5pp-0.4%+0.2pp-0.7%-0.5pp-0.2%+0.2pp-0.4%-0.6pp0.2%+3.0pp-2.8%-1.1pp-1.8%
Current Ratio12.07-36.6x48.66+3.6x45.02-5.9x50.87+21.4x29.48-16.2x45.66-20.1x65.79+62.5x3.26
Debt-to-Equity0.11+0.1x0.030.0x0.030.0x0.030.0x0.040.0x0.030.0x0.02-0.4x0.39
FCF Margin33.7%+44.2pp-10.4%-31.2pp20.8%-31.7pp52.5%+28.7pp23.8%-53.4pp77.2%+94.3pp-17.1%-82.9pp65.8%

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Frequently Asked Questions

What is Nocopi Technolog's annual revenue?

Nocopi Technolog (NNUP) reported $1.5M in total revenue for fiscal year 2025. This represents a -29.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nocopi Technolog's revenue growing?

Nocopi Technolog (NNUP) revenue declined by 29.5% year-over-year, from $2.1M to $1.5M in fiscal year 2025.

Is Nocopi Technolog profitable?

No, Nocopi Technolog (NNUP) reported a net income of -$155K in fiscal year 2025, with a net profit margin of -10.4%.

Nocopi Technolog (NNUP) reported diluted earnings per share of -$0.01 for fiscal year 2025. This represents a 94.4% 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.

Nocopi Technolog (NNUP) had EBITDA of -$595K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Nocopi Technolog (NNUP) had a gross margin of 54.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Nocopi Technolog (NNUP) had an operating margin of -40.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Nocopi Technolog (NNUP) had a net profit margin of -10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Nocopi Technolog (NNUP) has a return on equity of -1.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Nocopi Technolog (NNUP) generated $714K in free cash flow during fiscal year 2025. This represents a 22.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Nocopi Technolog (NNUP) generated $714K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Nocopi Technolog (NNUP) had $14.0M in total assets as of fiscal year 2025, including both current and long-term assets.

Nocopi Technolog (NNUP) reported no capital expenditure during fiscal year 2025.

Nocopi Technolog (NNUP) invested $180K in research and development during fiscal year 2025.

Nocopi Technolog (NNUP) had 11M shares outstanding as of fiscal year 2025.

Nocopi Technolog (NNUP) had a current ratio of 45.02 as of fiscal year 2025, which is generally considered healthy.

Nocopi Technolog (NNUP) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Nocopi Technolog (NNUP) had a return on assets of -1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Nocopi Technolog (NNUP) has an Altman Z-Score of 28.92, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Nocopi Technolog (NNUP) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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.

Nocopi Technolog (NNUP) reported a net loss of $155K while generating $714K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.

Nocopi Technolog (NNUP) reported an operating loss of $601K against $24K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

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