What is Nocopi Technolog's earnings per share (EPS)?

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 Financials

NNUP

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

This page shows Nocopi Technolog (NNUP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 2026-05-15

Cash-rich balance sheet is masking a very small operating engine that still depends on cost resets to approach breakeven.

By FY2025, cash conversion looked better than earnings: the company posted only a -$155K net loss but generated $714K of operating cash because reinvestment needs were almost nonexistent and working capital released cash. The deeper point is that the $11.6M cash position was not built by the current sales base alone; from FY2023 to FY2025 cumulative operating cash was only about $1.3M, so today’s liquidity reflects past financing and other cash inflows more than recurring profit.

FY2025’s loss narrowed not because the business scaled up, but because overhead was cut back sharply while revenue fell to $1.5M. With gross margin still above 54.0% but operating margin at -40.3%, the bottleneck is fixed overhead relative to tiny sales volume, not product-level economics alone.

The balance sheet is unusually lightly leveraged: liabilities were just $434K against cash of $11.6M, so day-to-day survival is not being financed by suppliers or lenders. That also means the main operating question is whether sales can cover the cost structure, not whether the company can raise near-term liquidity.

Financial Health Signals

Financial health score pending refresh

We are recalculating Nocopi Technolog'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.

Altman Z-Score Safe

24.88

Nocopi Technolog scores 24.88, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($18.1M) 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

-4.61x

For every $1 of reported earnings, Nocopi Technolog generates $-4.61 in operating cash flow ($714K OCF vs -$155K net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-25.0x

Nocopi Technolog earns $-25.0 in operating income for every $1 of interest expense (-$601K vs $24K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

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

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+0.4%

Nocopi Technolog had 11M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

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%

YoY+115.6pp

5Y CAGR-58.3pp

10Y CAGR-36.2pp

Nocopi Technolog's operating margin was -40.3% in fiscal year 2025, reflecting core business profitability. This is up 115.6 percentage points from the prior year.

Net Margin

-10.4%

YoY+116.1pp

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. This is up 116.1 percentage points from the prior year.

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.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Nocopi Technolog invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

NNUP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.5M-29.5%	$2.1M+1.6%	$2.1M-55.0%	$4.6M+137.1%	$2.0M-26.6%	$2.7M
Cost of Revenue	$680K-33.1%	$1.0M+3.6%	$982K+34.9%	$728K-1.4%	$738K-34.3%	$1.1M
Gross Profit	$813K-26.1%	$1.1M-0.1%	$1.1M-71.7%	$3.9M+221.3%	$1.2M-20.9%	$1.5M
R&D Expenses	$180K+1.0%	$178K+9.1%	$163K+16.4%	$140K-22.6%	$182K+4.6%	$174K
SG&A Expenses	$952K-75.6%	$3.9M+53.6%	$2.5M+108.2%	$1.2M+69.5%	$719K+36.7%	$526K
Operating Income	-$601K+81.8%	-$3.3M-76.4%	-$1.9M-191.5%	$2.0M+8016.7%	$25K-94.7%	$479K
Interest Expense	$24K+3.4%	$23K+56.4%	$15K+645.0%	$2K-9.1%	$2K-68.1%	$7K
Income Tax	$0	$0+100.0%	-$123K-141.7%	$295K+5266.7%	-$6K+68.5%	-$18K
Net Income	-$155K+94.2%	-$2.7M-86.6%	-$1.4M-179.2%	$1.8M+3570.2%	$49K-90.3%	$508K
EPS (Diluted)	$-0.01+94.4%	$-0.25-66.7%	$-0.15-162.5%	$0.24+2300.0%	$0.01	$0.01

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$390K+44.9%	$269K-30.3%	$386K+7.2%	$360K-24.8%	$479K-19.1%	$592K-11.4%	$668K+45.6%	$459K
Cost of Revenue	$199K+102.5%	$98K-52.8%	$208K+23.6%	$169K-17.9%	$205K-23.4%	$268K-7.0%	$288K+26.0%	$229K
Gross Profit	$191K+11.7%	$171K-3.8%	$178K-7.3%	$192K-30.0%	$274K-15.6%	$324K-14.8%	$380K+65.1%	$230K
R&D Expenses	$56K+16.0%	$48K+10.3%	$44K+0.9%	$43K-4.0%	$45K-11.9%	$51K+17.2%	$44K+3.6%	$42K
SG&A Expenses	$222K-14.7%	$260K+26.6%	$205K-22.1%	$264K+17.9%	$224K-68.2%	$703K-3.3%	$727K-42.0%	$1.3M
Operating Income	-$162K+19.4%	-$200K-40.4%	-$143K+17.3%	-$173K-101.0%	-$86K+83.4%	-$516K-7.0%	-$482K+57.8%	-$1.1M
Interest Expense	$6K0.0%	$6K-1.6%	$6K0.0%	$6K+3.4%	$6K-1.7%	$6K+3.4%	$6K0.0%	$6K
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$62K+34.4%	-$95K-254.5%	-$27K+54.3%	-$59K-329.8%	$26K+106.5%	-$394K-57.0%	-$251K+75.0%	-$1.0M
EPS (Diluted)	$-0.01	N/A	$0.00+100.0%	$-0.01-600.0%	$0.00	N/A	$-0.02+80.0%	$-0.10

NNUP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.0M+0.8%	$13.9M-0.5%	$14.0M+45.5%	$9.6M+153.8%	$3.8M-2.2%	$3.9M
Current Assets	$13.1M+4.1%	$12.6M+3.9%	$12.1M+72.2%	$7.0M+106.8%	$3.4M+10.9%	$3.1M
Cash & Equivalents	$11.6M+6.6%	$10.8M+377.7%	$2.3M+147.4%	$917K-50.3%	$1.8M+35.5%	$1.4M
Inventory	$457K+30.7%	$350K-22.0%	$448K-7.9%	$486K+15.1%	$423K+30.1%	$325K
Accounts Receivable	$937K-24.1%	$1.2M+10.2%	$1.1M+1.6%	$1.1M+13.7%	$971K-24.2%	$1.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$434K+54.0%	$282K-82.6%	$1.6M+102.2%	$799K+181.3%	$284K-32.4%	$420K
Current Liabilities	$291K+52.1%	$191K-87.1%	$1.5M+144.1%	$609K+200.5%	$203K-23.5%	$265K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.6M-0.3%	$13.6M+10.2%	$12.4M+40.4%	$8.8M+151.6%	$3.5M+1.5%	$3.5M
Retained Earnings	-$12.2M-1.3%	-$12.0M-28.6%	-$9.4M-18.1%	-$7.9M+18.6%	-$9.7M+0.5%	-$9.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$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+1.7%	$13.9M
Current Assets	$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+3.3%	$12.3M
Cash & Equivalents	$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+133.9%	$4.7M
Inventory	$404K-11.6%	$457K+13.0%	$404K+8.6%	$372K+14.9%	$324K-7.4%	$350K-0.5%	$352K+10.1%	$319K
Accounts Receivable	$1.1M+20.8%	$937K-5.1%	$987K-13.0%	$1.1M-3.8%	$1.2M-4.5%	$1.2M-1.5%	$1.3M+14.1%	$1.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$390K-10.1%	$434K+1.1%	$429K-27.2%	$589K+61.8%	$364K+29.3%	$282K-92.9%	$4.0M+11.3%	$3.6M
Current Liabilities	$278K-4.3%	$291K+13.9%	$255K-41.7%	$438K+56.2%	$281K+46.7%	$191K-95.1%	$3.9M+11.9%	$3.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-1.6%	$10.3M
Retained Earnings	-$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-2.2%	-$11.4M

NNUP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$714K+20.0%	$595K+3181.9%	-$19K+55.4%	-$43K-108.4%	$513K-27.0%	$702K
Capital Expenditures	$0-100.0%	$10K-65.3%	$29K+3462.5%	$800-97.5%	$32K-18.1%	$39K
Free Cash Flow	$714K+22.1%	$585K+1323.6%	-$48K-8.4%	-$44K-109.2%	$481K-27.5%	$664K
Investing Cash Flow	$0-100.0%	$8.0M+319.8%	-$3.6M+17.3%	-$4.4M-13779.7%	-$32K+18.1%	-$39K
Financing Cash Flow	N/A	N/A	$5.0M+42.9%	$3.5M+124900.0%	$3K-74.5%	$11K
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	-$27K-148.2%	$56K-72.4%	$203K+136.7%	$86K-76.8%	$370K+465.3%	-$101K-122.9%	$441K+4745.3%	-$10K
Capital Expenditures	$14K	$0	$0	$0	$0	$0-100.0%	$1K+71.4%	$700
Free Cash Flow	-$41K-172.5%	$56K-72.4%	$203K+136.7%	$86K-76.8%	$370K+465.3%	-$101K-123.0%	$440K+4414.7%	-$10K
Investing Cash Flow	-$14K	$0	$0	$0	$0	$0-100.0%	$5.8M+435.5%	$1.1M
Financing Cash Flow	$400K	N/A	N/A	N/A	$0	N/A	N/A	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

NNUP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	54.4%+2.5pp	51.9%-0.9pp	52.9%-31.4pp	84.3%+22.1pp	62.2%+4.5pp	57.7%
Operating Margin	-40.3%+115.6pp	-155.8%-66.1pp	-89.8%-134.0pp	44.2%+42.9pp	1.3%-16.7pp	18.0%
Net Margin	-10.4%+116.1pp	-126.5%-57.6pp	-68.9%-108.1pp	39.2%+36.6pp	2.5%-16.6pp	19.1%
Return on Equity	-1.1%+18.5pp	-19.6%-8.0pp	-11.6%-32.2pp	20.6%+19.1pp	1.4%-13.3pp	14.7%
Return on Assets	-1.1%+18.1pp	-19.2%-9.0pp	-10.3%-29.1pp	18.9%+17.5pp	1.3%-11.8pp	13.1%
Current Ratio	45.02-20.8	65.79+57.7	8.14-3.4	11.54-5.2	16.77+5.2	11.57
Debt-to-Equity	0.03+0.0	0.02-0.1	0.13+0.0	0.090.0	0.08-0.0	0.12
FCF Margin	47.8%+20.2pp	27.6%+29.9pp	-2.3%-1.3pp	-0.9%-25.6pp	24.6%-0.3pp	25.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	48.9%-14.6pp	63.5%+17.5pp	46.0%-7.2pp	53.2%-3.9pp	57.1%+2.4pp	54.7%-2.2pp	56.9%+6.7pp	50.2%
Operating Margin	-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%+176.7pp	-248.9%
Net Margin	-16.0%+19.3pp	-35.3%-28.4pp	-7.0%+9.3pp	-16.3%-21.6pp	5.3%+71.9pp	-66.6%-29.0pp	-37.6%+181.5pp	-219.0%
Return on Equity	-0.4%+0.2pp	-0.7%-0.5pp	-0.2%+0.2pp	-0.4%-0.6pp	0.2%+3.1pp	-2.9%-0.4pp	-2.5%+7.2pp	-9.7%
Return on Assets	-0.4%+0.2pp	-0.7%-0.5pp	-0.2%+0.2pp	-0.4%-0.6pp	0.2%+3.0pp	-2.8%-1.1pp	-1.8%+5.5pp	-7.2%
Current Ratio	48.66+3.6	45.02-5.9	50.87+21.4	29.48-16.2	45.66-20.1	65.79+62.5	3.26-0.3	3.53
Debt-to-Equity	0.030.0	0.030.0	0.03-0.0	0.04+0.0	0.030.0	0.02-0.4	0.39+0.0	0.35
FCF Margin	-10.4%-31.2pp	20.8%-31.7pp	52.5%+28.7pp	23.8%-53.4pp	77.2%+94.3pp	-17.1%-82.9pp	65.8%+68.1pp	-2.2%

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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%.

What is Nocopi Technolog's EBITDA?

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

What is Nocopi Technolog's gross margin?

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.

What is Nocopi Technolog's operating margin?

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.

What is Nocopi Technolog's net profit margin?

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.

What is Nocopi Technolog's return on equity (ROE)?

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.

What is Nocopi Technolog's free cash flow?

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.

What is Nocopi Technolog's operating cash flow?

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

What are Nocopi Technolog's total assets?

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

What are Nocopi Technolog's capital expenditures?

Nocopi Technolog (NNUP) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Nocopi Technolog spend on research and development?

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

How many shares does Nocopi Technolog have outstanding?

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

What is Nocopi Technolog's current ratio?

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

What is Nocopi Technolog's debt-to-equity ratio?

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.

What is Nocopi Technolog's return on assets (ROA)?

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.

What is Nocopi Technolog's Altman Z-Score?

Nocopi Technolog (NNUP) has an Altman Z-Score of 24.88, 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.

What is Nocopi Technolog's Piotroski F-Score?

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.

Are Nocopi Technolog's earnings high quality?

Nocopi Technolog (NNUP) has an earnings quality ratio of -4.61x, considered mixed quality. 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.

Can Nocopi Technolog cover its interest payments?

Nocopi Technolog (NNUP) has an interest coverage ratio of -25.0x, meaning it can struggle to cover its interest obligations. 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.