Qs Energy Inc Financials
This page shows Qs Energy Inc (QSEP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 27 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).
External financing, not operations, appears to keep QS Energy alive as liquidity evaporates and liabilities stay largely unchanged.
FY2025 tightened an already strained funding model: cash fell to$6K from$150K . At the same time, current ratio slipped to 0.0093x from 0.0275x while shares outstanding expanded, suggesting each additional round of capital is buying less liquidity buffer rather than restoring a workable cash position.
The balance sheet is extremely liability-heavy: FY2025 assets were only
Lower interest expense did not fix the structure. Even after falling to
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 Qs Energy Inc'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.
Qs Energy Inc carries a low D/E ratio of -1.01, meaning only $-1.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
Qs Energy Inc's current ratio of 0.01 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
Earnings & Revenue
Qs Energy Inc generated $0 in revenue in fiscal year 2025.
Cash & Balance Sheet
Qs Energy Inc held $6K in cash against $0 in long-term debt as of fiscal year 2025.
Qs Energy Inc had 543M shares outstanding in fiscal year 2025. This represents an increase of 26.8% from the prior year.
Margins & Returns
Capital Allocation
Qs Energy Inc 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.
QSEP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | N/A | $0 | $0 | $0 | N/A | $0 | $0 |
| 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 | $2K | N/A | N/A | $104K+121.3% | $47K | N/A | $48K0.0% | $48K |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | -$2.0M | N/A | N/A | -$279K-12.0% | -$249K |
| Interest Expense | $39K | N/A | $74K-48.3% | $143K+150.9% | $57K | N/A | $86K+2.4% | $84K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | -$2.1M | N/A | N/A | -$365K-9.6% | -$333K |
| EPS (Diluted) | $0.00 | N/A | $0.00 | $0.00+100.0% | $-0.02 | N/A | $0.00 | $0.00 |
QSEP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $80K+45.5% | $55K-47.1% | $104K-87.2% | $813K+42.9% | $569K+247.0% | $164K-34.4% | $250K+72.4% | $145K |
| Current Assets | $80K+45.5% | $55K-46.6% | $103K-87.3% | $810K+43.1% | $566K+251.6% | $161K-35.3% | $249K+72.9% | $144K |
| Cash & Equivalents | $33K+450.0% | $6K-87.8% | $49K-93.7% | $778K+47.9% | $526K+250.7% | $150K-36.7% | $237K+79.5% | $132K |
| Inventory | N/A | N/A | N/A | N/A | N/A | 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 | $5.9M-1.1% | $5.9M+6.9% | $5.5M+13.4% | $4.9M-0.4% | $4.9M-16.1% | $5.9M+1.0% | $5.8M+2.0% | $5.7M |
| Current Liabilities | $5.9M-1.1% | $5.9M+6.9% | $5.5M+13.4% | $4.9M-0.4% | $4.9M-16.1% | $5.9M+1.0% | $5.8M+2.0% | $5.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$5.8M+1.5% | -$5.9M-8.0% | -$5.4M-33.4% | -$4.1M+6.1% | -$4.3M+23.7% | -$5.7M-2.6% | -$5.6M-0.2% | -$5.5M |
| Retained Earnings | -$143.4M-0.5% | -$142.6M-1.1% | -$141.1M-1.4% | -$139.1M-1.6% | -$137.0M-7.6% | -$127.3M-0.6% | -$126.5M-0.3% | -$126.1M |
QSEP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | -$1.2M-4.2% | -$1.2M-100.0% | -$578K-114.1% | -$270K-81.2% | -$149K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $2K | $0 | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$580K-114.8% | -$270K | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | -$2K | $0 | N/A |
| Financing Cash Flow | N/A | N/A | $289K-80.2% | $1.5M-5.0% | $1.5M+210.8% | $493K+31.5% | $375K+84.7% | $203K |
| 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 |
QSEP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | -263.1% | N/A | N/A | -146.0%+83.7pp | -229.7% |
| Current Ratio | 0.010.0 | 0.010.0 | 0.02-0.1 | 0.17+0.1 | 0.12+0.1 | 0.03-0.0 | 0.04+0.0 | 0.03 |
| Debt-to-Equity | -1.010.0 | -1.010.0 | -1.02+0.2 | -1.20-0.1 | -1.13-0.1 | -1.03+0.0 | -1.04-0.0 | -1.03 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$5.9M), 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 (0.01), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Qs Energy Inc's annual revenue?
Qs Energy Inc (QSEP) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
What are Qs Energy Inc's total assets?
Qs Energy Inc (QSEP) had $55K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Qs Energy Inc's capital expenditures?
Qs Energy Inc (QSEP) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Qs Energy Inc's current ratio?
Qs Energy Inc (QSEP) had a current ratio of 0.01 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Qs Energy Inc's debt-to-equity ratio?
Qs Energy Inc (QSEP) had a debt-to-equity ratio of -1.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
Why is Qs Energy Inc's debt-to-equity ratio negative or unusual?
Qs Energy Inc (QSEP) has negative shareholder equity of -$5.9M 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 Qs Energy Inc?
Qs Energy Inc (QSEP) scores 15 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.