Cartesian Growth Financials

REEUF

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

This page shows Cartesian Growth (REEUF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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 REEUF FY2025 2026-05-15

A balance-sheet wind-down dominates, with shrinking assets and investing inflows largely offset by financing outflows.

Across FY2023-FY2025, investing cash inflows were repeatedly almost canceled by financing outflows, so asset monetization passed through the balance sheet instead of rebuilding liquidity. The result was an asset base cut from $174.6M to $38.3M, leaving short-term liquidity thin rather than replenished.

FY2022-FY2024 reported net income stayed positive, but operating cash flow remained around -$0.8M to -$0.9M, meaning reported profit was not coming from a cash-generating operating engine. With operating income also negative in each of those years, the recurring activity visible here looks more like ongoing entity costs than a self-funding operating model.

By FY2025, liabilities exceeded assets by about $26.3M and the current ratio was only 0.06x, showing the remaining balance sheet functions more as a residual claim structure than a cash buffer. The same operating burn that looked modest against earlier assets became heavier as total assets shrank to $38.3M, so liquidity tightened even without a large change in annual cash use.

Financial Health Signals

Financial health score pending refresh

We are recalculating Cartesian Growth'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.

Piotroski F-Score Partial

1/5

Cartesian Growth passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.51x

For every $1 of reported earnings, Cartesian Growth generates $0.51 in operating cash flow (-$774K OCF vs -$1.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$1.5M

YoY-118.4%

Cartesian Growth reported -$1.5M in net income in fiscal year 2025. This represents a decrease of 118.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$163K

YoY-31.2%

Cartesian Growth held $163K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

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

$51.2M

YoY-48.6%

Cartesian Growth spent $51.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 48.6% from the prior year.

Capital Expenditures

N/A

REEUF Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A
Operating Income	-$931K+10.1%	-$1.0M+49.0%	-$2.0M-196.7%	-$685K
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A
Net Income	-$1.5M-118.4%	$8.2M-28.3%	$11.4M+132.1%	$4.9M
EPS (Diluted)	N/A	N/A	N/A	$0.24

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$242K	N/A	N/A	N/A	$30K	N/A	N/A	N/A
Operating Income	-$242K	N/A	-$203K+22.5%	-$262K-34.2%	-$195K	N/A	-$217K-9.4%	-$198K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$3.1M	N/A	$338K+322.1%	-$152K-127.2%	$560K	N/A	$2.9M+38.1%	$2.1M
EPS (Diluted)	$0.35	N/A	N/A	N/A	N/A	N/A	N/A	N/A

REEUF Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$38.3M-55.0%	$85.0M-51.3%	$174.6M-27.4%	$240.6M
Current Assets	$363K-17.2%	$439K+33.0%	$330K-61.2%	$850K
Cash & Equivalents	$163K-31.2%	$237K+364.7%	$51K-90.6%	$544K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$64.6M-38.6%	$105.3M-45.5%	$193.1M-25.3%	$258.6M
Current Liabilities	$5.7M+64.9%	$3.5M+127.1%	$1.5M+599.4%	$219K
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	-$26.3M-30.0%	-$20.3M-9.3%	-$18.5M-2.8%	-$18.0M
Retained Earnings	-$26.3M-30.0%	-$20.3M-9.3%	-$18.5M-2.8%	-$18.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$38.4M+0.3%	$38.3M-56.8%	$88.6M+1.4%	$87.4M+1.6%	$86.0M+1.1%	$85.0M-53.5%	$182.8M+1.6%	$179.9M
Current Assets	$244K-32.8%	$363K+217.3%	$115K-68.2%	$360K+26.3%	$285K-35.0%	$439K+74.6%	$251K+40.5%	$179K
Cash & Equivalents	$105K-35.3%	$163K+269.1%	$44K-80.8%	$230K+182.6%	$81K-65.7%	$237K+18.5%	$200K+424.8%	$38K
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	$61.9M-4.3%	$64.6M-42.3%	$112.0M+2.1%	$109.7M+2.7%	$106.8M+1.5%	$105.3M-47.9%	$202.0M+1.4%	$199.3M
Current Liabilities	$5.9M+2.1%	$5.7M+5.9%	$5.4M+15.0%	$4.7M+18.6%	$4.0M+14.1%	$3.5M+18.2%	$2.9M+20.0%	$2.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$23.5M+10.9%	-$26.3M-12.4%	-$23.4M-5.0%	-$22.3M-7.2%	-$20.8M-2.8%	-$20.3M-5.2%	-$19.3M+0.6%	-$19.4M
Retained Earnings	-$23.5M+10.9%	-$26.3M-12.4%	-$23.4M-5.0%	-$22.3M-7.2%	-$20.8M-2.8%	-$20.3M-5.2%	-$19.3M+0.6%	-$19.4M

REEUF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$774K+5.0%	-$814K+11.8%	-$923K-9.5%	-$843K
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	$49.1M-49.8%	$97.8M+26.8%	$77.1M+132.6%	-$236.9M
Financing Cash Flow	-$48.4M+50.0%	-$96.8M-26.2%	-$76.7M-132.2%	$238.3M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$51.2M-48.6%	$99.6M+28.6%	$77.4M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$58K+82.6%	-$331K-78.6%	-$186K-82.6%	-$102K+34.6%	-$155K+66.4%	-$463K-424.4%	-$88K-6.8%	-$83K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$450K-100.9%	$51.0M+6896.0%	-$750K-15.4%	-$650K-44.4%	-$450K-100.5%	$99.2M+22136.4%	-$450K0.0%	-$450K
Financing Cash Flow	$450K+100.9%	-$50.5M-6836.0%	$750K-16.7%	$900K+100.0%	$450K+100.5%	-$98.7M-14194.8%	$700K+55.6%	$450K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$51.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

REEUF Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	-4.0%-13.6pp	9.7%+3.1pp	6.6%+4.5pp	2.1%
Current Ratio	0.06-0.1	0.13-0.1	0.22-3.7	3.88
Debt-to-Equity	-2.45+2.7	-5.20+5.2	-10.42+3.9	-14.34
FCF Margin	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	8.1%	N/A	0.4%+0.5pp	-0.2%-0.8pp	0.7%	N/A	1.6%+0.4pp	1.2%
Current Ratio	0.04-0.0	0.06+0.0	0.02-0.1	0.080.0	0.07-0.1	0.13+0.0	0.09+0.0	0.07
Debt-to-Equity	-2.64-0.2	-2.45+2.3	-4.78+0.1	-4.92+0.2	-5.13+0.1	-5.20+5.3	-10.49-0.2	-10.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$26.3M), 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 (0.06), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Is Cartesian Growth profitable?

No, Cartesian Growth (REEUF) reported a net income of -$1.5M in fiscal year 2025.

What is Cartesian Growth's operating cash flow?

Cartesian Growth (REEUF) generated -$774K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Cartesian Growth's total assets?

Cartesian Growth (REEUF) had $38.3M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Cartesian Growth buy back shares?

Yes, Cartesian Growth (REEUF) spent $51.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Cartesian Growth's current ratio?

Cartesian Growth (REEUF) had a current ratio of 0.06 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Cartesian Growth's debt-to-equity ratio?

Cartesian Growth (REEUF) had a debt-to-equity ratio of -2.45 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cartesian Growth's return on assets (ROA)?

Cartesian Growth (REEUF) had a return on assets of -4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Cartesian Growth's cash runway?

Based on fiscal year 2025 data, Cartesian Growth (REEUF) had $163K in cash against an annual operating cash burn of $774K. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Cartesian Growth's debt-to-equity ratio negative or unusual?

Cartesian Growth (REEUF) has negative shareholder equity of -$26.3M 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.

What is Cartesian Growth's Piotroski F-Score?

Cartesian Growth (REEUF) has a Piotroski F-Score of 1 out of 5 computable signals; 4 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 Cartesian Growth's earnings high quality?

Cartesian Growth (REEUF) has an earnings quality ratio of 0.51x, considered low quality (accrual-driven). 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.