Nocopi Technolog Financials
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).
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
The balance sheet is unusually lightly leveraged: liabilities were just
Financial Health Signals
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 Nocopi Technolog'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.
Nocopi Technolog has an operating margin of -40.3%, meaning the company retains $-40 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -155.8% the prior year.
Nocopi Technolog's revenue declined 29.5% year-over-year, from $2.1M to $1.5M. This contraction results in a growth score of 8/100.
Nocopi Technolog carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 45.02, Nocopi Technolog holds $45.02 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Nocopi Technolog converts 47.8% of revenue into free cash flow ($714K). This strong cash generation earns a score of 100/100.
Nocopi Technolog generates a -1.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -19.6% the prior year.
Nocopi Technolog passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
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.
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
Earnings & Revenue
Nocopi Technolog generated $1.5M in revenue in fiscal year 2025. This represents a decrease of 29.5% from the prior year.
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.
Nocopi Technolog reported -$155K in net income in fiscal year 2025. This represents an increase of 94.2% from the prior year.
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
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.
Nocopi Technolog held $11.6M in cash against $0 in long-term debt as of fiscal year 2025.
Nocopi Technolog had 11M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Margins & Returns
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.
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.
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.
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
Nocopi Technolog invested $180K in research and development in fiscal year 2025. This represents an increase of 1.0% from the prior year.
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 | 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 | 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 | 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 | 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.
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 Piotroski F-Score?
Nocopi Technolog (NNUP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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.
How financially healthy is Nocopi Technolog?
Nocopi Technolog (NNUP) scores 51 out of 100 on our Financial Profile, indicating moderate 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.