What is Qs Energy Inc's earnings per share (EPS)?

Qs Energy Inc (QSEP) reported diluted earnings per share of $-0.03 for fiscal year 2025. 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.

Qs Energy Inc Financials

QSEP

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

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).

Rhea AI QSEP FY2025 2026-05-15

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 $55K against liabilities of $5.93M. That gap means the company’s staying power comes more from creditor and financing support than from assets already on hand, and with current assets equal to total assets there is little hidden cushion elsewhere.

Lower interest expense did not fix the structure. Even after falling to $146K from $213K, the accumulated deficit kept deepening and the asset base kept shrinking, which points to a business still consuming capital faster than the balance sheet can be rebuilt; the rising share count therefore looks like a funding tool, not a repair mechanism.

Financial Health Signals

Financial health score pending refresh

We are recalculating Qs Energy Inc'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.

Key Financial Metrics

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Earnings & Revenue

Revenue

Qs Energy Inc generated $0 in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

$-0.03

Qs Energy Inc earned $-0.03 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$6K

YoY-96.0%

5Y CAGR-35.1%

10Y CAGR-33.4%

Qs Energy Inc held $6K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

543M

YoY+26.8%

5Y CAGR+11.1%

10Y CAGR+11.4%

Qs Energy Inc had 543M shares outstanding in fiscal year 2025. This represents an increase of 26.8% 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

N/A

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

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	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	$0	$0	$0	$0
Cost of Revenue	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
R&D Expenses	N/A	$191K-5.9%	$203K-58.2%	$486K+38.9%	$350K-1.4%	$355K
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	-$1.2M	N/A
Interest Expense	$146K-31.5%	$213K-36.0%	$333K-7.5%	$360K+54.5%	$233K+60.7%	$145K
Income Tax	$2K	$0	$0	$0	$0	$0
Net Income	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	$-0.03	$0.00	$0.00	$0.00	$0.00	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$55K-66.5%	$164K+95.2%	$84K-46.8%	$158K-43.6%	$280K+145.6%	$114K
Current Assets	$55K-65.8%	$161K+96.3%	$82K-46.1%	$152K+18.8%	$128K+30.6%	$98K
Cash & Equivalents	$6K-96.0%	$150K+114.3%	$70K-47.4%	$133K+16.7%	$114K+119.2%	$52K
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.9M+1.2%	$5.9M+10.0%	$5.3M+9.9%	$4.8M+8.9%	$4.5M+23.0%	$3.6M
Current Liabilities	$5.9M+1.2%	$5.9M+10.0%	$5.3M+9.9%	$4.8M+11.5%	$4.3M+20.0%	$3.6M
Long-Term Debt	N/A	N/A	N/A	N/A	$106K	N/A
Total Equity	-$5.9M-3.2%	-$5.7M-8.7%	-$5.2M-11.8%	-$4.7M-12.4%	-$4.2M-19.0%	-$3.5M
Retained Earnings	-$142.6M-12.0%	-$127.3M-1.5%	-$125.4M-1.0%	-$124.1M-1.3%	-$122.6M-1.1%	-$121.2M

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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	N/A	N/A	N/A	-$722K	N/A
Capital Expenditures	$0-100.0%	$2K	$0-100.0%	$1K	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	-$722K	N/A
Investing Cash Flow	$0+100.0%	-$2K	$0+100.0%	-$1K	$0	$0
Financing Cash Flow	N/A	N/A	N/A	N/A	$784K+44.6%	$542K
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	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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	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
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.01-0.0	0.03+0.0	0.02-0.0	0.030.0	0.030.0	0.03
Debt-to-Equity	-1.01+0.0	-1.03-0.0	-1.02+0.0	-1.03-1.0	-0.03+1.0	-1.03
FCF Margin	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
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.

How many shares does Qs Energy Inc have outstanding?

Qs Energy Inc (QSEP) had 543M shares outstanding as of fiscal year 2025.

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.