Stablecoin Development Corporation Financials

SDEV

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

This page shows Stablecoin Development Corporation (SDEV) 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 SDEV FY2025 2026-04-22

Liquidity was rebuilt through external balance-sheet expansion, while operating losses remained cash losses rather than accounting-only charges.

From FY2024 to FY2025, cash jumped from $430K to $8.0M, but equity moved much deeper below zero as liabilities climbed. The key tell is that operating cash flow still ran at -$8.4M while the current ratio improved to 7.6x, so the better liquidity came from financing structure, not from the business funding itself.

FY2025's operating loss of -$8.4M was almost matched by operating cash outflow of -$8.4M, which means the burn is showing up in cash rather than being softened by non-cash accounting items. For this kind of small, loss-making operation, that makes access to outside capital more important than any accounting adjustment that does not change cash.

Near-term obligations look lighter, with a 7.6x current ratio. But the balance sheet is bifurcated: total liabilities reached $31.9M against only $9.0M of assets, so short-term breathing room improved even as the overall capital structure became more stretched.

Financial Health Signals

Financial Profile 28/100

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 Stablecoin Development Corporation'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.

Leverage

Stablecoin Development Corporation 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 67/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 7.60, Stablecoin Development Corporation holds $7.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Piotroski F-Score Weak

2/9

Stablecoin Development Corporation passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.38x

For every $1 of reported earnings, Stablecoin Development Corporation generates $0.38 in operating cash flow (-$8.4M OCF vs -$22.1M 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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$22.1M

YoY-206.5%

Stablecoin Development Corporation reported -$22.1M in net income in fiscal year 2025. This represents a decrease of 206.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$8.0M

YoY+1750.7%

5Y CAGR-7.8%

10Y CAGR+12.8%

Stablecoin Development Corporation held $8.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$4.00

Stablecoin Development Corporation paid $4.00 per share in dividends in fiscal year 2025.

Shares Outstanding

25M

Stablecoin Development Corporation had 25M shares outstanding in fiscal year 2025. This represents an increase of 2481.0% 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

N/A

SDEV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$9.8M-6.4%	$10.5M-27.4%	$14.4M+41.2%	$10.2M+2.7%	$9.9M
Cost of Revenue	N/A	$3.3M-24.5%	$4.4M-34.0%	$6.6M+79.5%	$3.7M-7.1%	$4.0M
Gross Profit	N/A	$6.5M+6.5%	$6.1M-21.8%	$7.8M+19.4%	$6.5M+9.2%	$6.0M
R&D Expenses	N/A	$42K+23.5%	$34K-80.5%	$174K+295.5%	$44K-84.6%	$285K
SG&A Expenses	$7.6M+2.8%	$7.4M+35.5%	$5.4M-27.3%	$7.5M+3.4%	$7.2M+22.0%	$5.9M
Operating Income	-$8.4M-14.4%	-$7.4M-79.9%	-$4.1M+71.5%	-$14.4M-62.7%	-$8.9M-37.9%	-$6.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0-100.0%	$5K
Net Income	-$22.1M-206.5%	-$7.2M+25.1%	-$9.6M+9.1%	-$10.6M-82.1%	-$5.8M+47.2%	-$11.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$-0.31

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.5M	N/A	$521K	N/A	$0	N/A	$0-100.0%	$2.4M
Cost of Revenue	N/A	N/A	$479K	N/A	N/A	N/A	$0-100.0%	$808K
Gross Profit	N/A	N/A	$42K	N/A	N/A	N/A	$0-100.0%	$1.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$4K-55.6%	$9K
SG&A Expenses	$2.8M	N/A	$1.2M-36.0%	$1.9M-30.0%	$2.7M	N/A	$1.7M+5.3%	$1.6M
Operating Income	$22.3M	N/A	-$1.3M+33.6%	-$1.9M+42.5%	-$3.3M	N/A	-$1.7M-5.3%	-$1.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$3.5M	N/A	$0-100.0%	$100K	$0	N/A	$0	$0
Net Income	$552.4M	N/A	-$1.3M+32.7%	-$1.9M-125.1%	$7.7M	N/A	-$1.2M+23.5%	-$1.6M
EPS (Diluted)	$3.33	N/A	$-0.22	$-0.33-104.7%	$7.08	N/A	$-1.92-40.1%	$-1.37

SDEV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.0M+163.9%	$3.4M-62.1%	$9.0M-44.9%	$16.4M-31.6%	$24.0M+57.4%	$15.2M
Current Assets	$8.7M+348.3%	$1.9M-73.0%	$7.2M-36.9%	$11.3M-14.0%	$13.2M-7.5%	$14.2M
Cash & Equivalents	$8.0M+1750.7%	$430K-85.3%	$2.9M-45.5%	$5.4M-28.5%	$7.5M-37.2%	$12.0M
Inventory	N/A	$0-100.0%	$501K-85.4%	$3.4M+6.7%	$3.2M+429.6%	$608K
Accounts Receivable	N/A	N/A	$680K-65.5%	$2.0M	N/A	N/A
Goodwill	N/A	N/A	$0-100.0%	$348K-92.3%	$4.5M	$0
Total Liabilities	$640.5M+17932.1%	$3.6M-37.9%	$5.7M-2.1%	$5.8M-57.7%	$13.8M+372.8%	$2.9M
Current Liabilities	$1.1M-59.8%	$2.8M-33.5%	$4.3M+0.5%	$4.3M+23.7%	$3.4M+21.5%	$2.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$631.8M-489679.1%	-$129K-103.9%	$3.3M-68.6%	$10.6M+3.8%	$10.2M-17.4%	$12.3M
Retained Earnings	-$819.1M-346.5%	-$183.5M-4.9%	-$174.8M-10.6%	-$158.2M-11.5%	-$141.9M-4.3%	-$136.1M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$179.7M+1889.4%	$9.0M+159.1%	$3.5M-49.5%	$6.9M-30.0%	$9.9M+188.4%	$3.4M-11.7%	$3.9M-1.2%	$3.9M
Current Assets	$19.1M+119.6%	$8.7M+199.3%	$2.9M-52.6%	$6.1M-32.3%	$9.0M+367.1%	$1.9M-15.1%	$2.3M+1.2%	$2.3M
Cash & Equivalents	$18.4M+131.3%	$8.0M+244.7%	$2.3M-56.8%	$5.3M-36.9%	$8.5M+1869.1%	$430K-44.6%	$776K+3.3%	$751K
Inventory	N/A	N/A	N/A	$467K	N/A	$0-100.0%	$473K-32.4%	$700K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	$704K+28.7%	$547K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$40.9M-93.6%	$640.5M+34465.6%	$1.9M-30.5%	$2.7M-28.0%	$3.7M+4.3%	$3.6M+26.6%	$2.8M-38.2%	$4.5M
Current Liabilities	$3.6M+213.1%	$1.1M-21.1%	$1.4M-32.5%	$2.1M-30.1%	$3.1M+7.9%	$2.8M+43.3%	$2.0M-45.0%	$3.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$138.8M+122.0%	-$631.8M-57071.6%	$1.1M-73.9%	$4.2M-31.2%	$6.2M+4880.6%	-$129K-112.0%	$1.1M+273.7%	-$617K
Retained Earnings	-$266.7M+67.4%	-$819.1M-345.6%	-$183.8M-3.4%	-$177.7M-1.1%	-$175.8M+4.2%	-$183.5M-0.7%	-$182.2M-1.2%	-$180.0M

SDEV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$8.4M-12.4%	-$7.5M-81.5%	-$4.1M+37.9%	-$6.7M+27.6%	-$9.2M-94.7%	-$4.7M
Capital Expenditures	N/A	$6K-68.4%	$19K-83.0%	$112K+115.4%	$52K+100.0%	$26K
Free Cash Flow	N/A	-$7.5M-80.8%	-$4.2M+38.7%	-$6.8M+26.8%	-$9.2M-94.7%	-$4.7M
Investing Cash Flow	N/A	$1.1M+5700.0%	-$19K+83.0%	-$112K+99.1%	-$12.0M-46226.9%	-$26K
Financing Cash Flow	$4.6M+207.9%	$1.5M-21.5%	$1.9M-58.8%	$4.6M-72.4%	$16.8M+72.0%	$9.8M
Dividends Paid	$4.8M	$0	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	-$1.8M+20.7%	-$2.3M-23.6%	-$1.8M+38.5%	-$3.0M-125.9%	-$1.3M+21.0%	-$1.7M+31.4%	-$2.4M-74.4%	-$1.4M
Capital Expenditures	N/A	N/A	$0	$0	$0-100.0%	$4K	$0	$0
Free Cash Flow	N/A	N/A	-$1.8M+38.5%	-$3.0M-125.9%	-$1.3M+21.2%	-$1.7M+31.2%	-$2.4M-74.4%	-$1.4M
Investing Cash Flow	-$25.9M	N/A	$0	$0	$0-100.0%	$1.1M	$0	$0
Financing Cash Flow	$38.3M+390.5%	$7.8M+692.6%	-$1.3M-658.0%	-$174K+89.8%	-$1.7M-441.6%	$500K-76.1%	$2.1M+524.4%	-$492K
Dividends Paid	N/A	$17K-99.6%	$4.8M	N/A	N/A	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SDEV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	66.3%+8.1pp	58.2%+4.2pp	54.0%-9.8pp	63.8%+3.8pp	60.0%
Operating Margin	N/A	-75.4%-36.2pp	-39.2%+60.9pp	-100.1%-13.2pp	-86.9%-22.2pp	-64.7%
Net Margin	N/A	-73.9%+18.4pp	-92.2%-18.6pp	-73.7%-16.6pp	-57.1%+54.0pp	-111.1%
Return on Equity	N/A	N/A	-290.9%-190.4pp	-100.5%-43.3pp	-57.3%+32.4pp	-89.6%
Return on Assets	-245.1%-34.1pp	-211.0%-104.3pp	-106.7%-42.0pp	-64.7%-40.4pp	-24.3%+48.2pp	-72.4%
Current Ratio	7.60+6.9	0.68-1.0	1.67-1.0	2.66-1.2	3.83-1.2	5.03
Debt-to-Equity	-1.01+26.5	-27.53-29.3	1.73+1.2	0.55-0.8	1.36+1.1	0.24
FCF Margin	N/A	-76.7%-37.0pp	-39.7%+7.3pp	-47.0%+43.6pp	-90.6%-42.8pp	-47.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	8.1%	N/A	N/A	N/A	N/A	66.3%
Operating Margin	905.0%	N/A	-241.1%	N/A	N/A	N/A	N/A	-67.4%
Net Margin	22428.1%	N/A	-248.2%	N/A	N/A	N/A	N/A	-66.0%
Return on Equity	397.9%	N/A	-116.6%-71.3pp	-45.3%-169.6pp	124.4%	N/A	-113.1%	N/A
Return on Assets	307.3%	N/A	-37.1%-9.3pp	-27.8%-105.5pp	77.7%	N/A	-31.3%+9.1pp	-40.4%
Current Ratio	5.33-2.3	7.60+5.6	2.00-0.9	2.85-0.1	2.95+2.3	0.68-0.5	1.15+0.5	0.62
Debt-to-Equity	0.29+1.3	-1.01-2.7	1.67+1.0	0.63+0.0	0.60+28.1	-27.53-30.2	2.62+10.0	-7.36
FCF Margin	N/A	N/A	-353.2%	N/A	N/A	N/A	N/A	-58.3%

Note: Shareholder equity is negative (-$631.8M), 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.

Frequently Asked Questions

Is Stablecoin Development Corporation profitable?

No, Stablecoin Development Corporation (SDEV) reported a net income of -$22.1M in fiscal year 2025.

Does Stablecoin Development Corporation pay dividends?

Yes, Stablecoin Development Corporation (SDEV) paid $4.00 per share in dividends during fiscal year 2025.

What is Stablecoin Development Corporation's operating cash flow?

Stablecoin Development Corporation (SDEV) generated -$8.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Stablecoin Development Corporation's total assets?

Stablecoin Development Corporation (SDEV) had $9.0M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Stablecoin Development Corporation have outstanding?

Stablecoin Development Corporation (SDEV) had 25M shares outstanding as of fiscal year 2025.

What is Stablecoin Development Corporation's current ratio?

Stablecoin Development Corporation (SDEV) had a current ratio of 7.60 as of fiscal year 2025, which is generally considered healthy.

What is Stablecoin Development Corporation's debt-to-equity ratio?

Stablecoin Development Corporation (SDEV) 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.

What is Stablecoin Development Corporation's return on assets (ROA)?

Stablecoin Development Corporation (SDEV) had a return on assets of -245.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Stablecoin Development Corporation's cash runway?

Based on fiscal year 2025 data, Stablecoin Development Corporation (SDEV) had $8.0M in cash against an annual operating cash burn of $8.4M. This gives an estimated cash runway of approximately 11 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 Stablecoin Development Corporation's debt-to-equity ratio negative or unusual?

Stablecoin Development Corporation (SDEV) has negative shareholder equity of -$631.8M 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 Stablecoin Development Corporation's Piotroski F-Score?

Stablecoin Development Corporation (SDEV) has a Piotroski F-Score of 2 out of 9, indicating weak 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 Stablecoin Development Corporation's earnings high quality?

Stablecoin Development Corporation (SDEV) has an earnings quality ratio of 0.38x, 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.

How financially healthy is Stablecoin Development Corporation?

Stablecoin Development Corporation (SDEV) scores 28 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.