Seafarer Expl Corp Financials

SFRX

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

This page shows Seafarer Expl Corp (SFRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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 SFRX FY2025 2026-05-12

A micro-revenue cost base and extreme working-capital deficit make this business function more like a financed project than an operating company.

From FY2023 to FY2025, the current ratio fell from 0.3x to 0.016x even as shares outstanding climbed from 8.31B to 10.13B, indicating that added capital has not translated into a stronger liquid buffer. The balance sheet also moved deeper into a negative-equity position, from -$1.6M to -$3.4M, with FY2025 liabilities of $3.7M against only $276K of assets.

The cost structure remains far larger than the sales base: FY2024 revenue was just $16K, while R&D plus SG&A totaled about $950K, and FY2025 still carried roughly $922K of those two expenses. That points to an organization being funded to pursue development activity rather than one whose operating expenses are covered by current customer demand.

The only recent year with full cash-flow visibility shows the same mechanic from another angle: FY2023 operating cash burn was -$2.3M, offset by $2.7M of financing inflow. Combined with the steady increase in share count, that suggests outside capital has historically served as the bridge when operations did not produce cash.

Financial Health Signals

Financial Profile 0/100

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 Seafarer Expl Corp'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.

Liquidity

Seafarer Expl Corp's current ratio of 0.02 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

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$50K

YoY+113.0%

5Y CAGR-23.0%

10Y CAGR+25.8%

Seafarer Expl Corp held $50K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

10.13B

YoY+13.3%

5Y CAGR+13.8%

10Y CAGR+23.1%

Seafarer Expl Corp had 10.13B shares outstanding in fiscal year 2025. This represents an increase of 13.3% 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

$575K

YoY+17.3%

5Y CAGR+4.4%

Seafarer Expl Corp invested $575K in research and development in fiscal year 2025. This represents an increase of 17.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

SFRX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$16K-15.2%	$19K+48.3%	$13K-45.4%	$24K+123.7%	$11K
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	$575K+17.3%	$490K+50.7%	$325K+88.1%	$173K-60.7%	$440K-5.1%	$463K
SG&A Expenses	$347K-24.6%	$460K+28.2%	$359K-11.7%	$407K+7.9%	$377K+54.2%	$244K
Operating Income	N/A	N/A	-$3.1M	N/A	N/A	-$2.7M
Interest Expense	-$152K+58.7%	-$369K-251.6%	-$105K-68.3%	-$62K+64.9%	-$177K+38.1%	-$287K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	-$3.2M	N/A	N/A	-$2.7M
EPS (Diluted)	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
Revenue	N/A	N/A	N/A	N/A	$0	N/A	$7K	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	$83K	N/A	$184K+36.6%	$135K-12.5%	$154K	N/A	$110K-29.8%	$157K
SG&A Expenses	$101K	N/A	$76K-20.2%	$95K+9.6%	$87K	N/A	$101K-5.6%	$107K
Operating Income	-$625K	N/A	-$644K-6.5%	-$604K+7.9%	-$656K	N/A	-$733K+10.9%	-$823K
Interest Expense	-$40K	N/A	-$37K-7.3%	-$34K+21.3%	-$43K	N/A	-$36K+70.6%	-$123K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$894K	N/A	-$680K-5.6%	-$644K+11.9%	-$731K	N/A	-$769K+21.6%	-$981K
EPS (Diluted)	$0.00	N/A	N/A	N/A	$0.00	N/A	N/A	N/A

SFRX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$276K-4.4%	$288K-68.7%	$920K+168.0%	$343K+18.8%	$289K-47.4%	$550K
Current Assets	$58K+117.9%	$27K-95.8%	$641K+259.8%	$178K+108.2%	$86K-72.5%	$311K
Cash & Equivalents	$50K+113.0%	$24K-96.1%	$606K+241.7%	$177K+116.9%	$82K-56.2%	$187K
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	$3.7M+19.4%	$3.1M+21.9%	$2.5M+38.3%	$1.8M+4.2%	$1.8M+17.9%	$1.5M
Current Liabilities	$3.6M+19.9%	$3.0M+24.6%	$2.4M+32.2%	$1.8M+4.8%	$1.8M+19.4%	$1.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$3.4M-21.9%	-$2.8M-73.3%	-$1.6M-8.5%	-$1.5M-1.3%	-$1.5M-55.9%	-$947K
Retained Earnings	-$35.0M-8.5%	-$32.2M-13.7%	-$28.3M-12.6%	-$25.2M-11.6%	-$22.6M-13.2%	-$19.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$206K-25.5%	$276K+1.4%	$272K+21.5%	$224K-14.8%	$262K-9.0%	$288K-58.3%	$692K-17.1%	$834K
Current Assets	$37K-35.8%	$58K+90.9%	$30K+163.5%	$12K-54.6%	$25K-4.6%	$27K-94.2%	$464K-21.3%	$589K
Cash & Equivalents	$30K-40.1%	$50K+104.7%	$25K+661.6%	$3K-86.3%	$24K-0.1%	$24K-94.2%	$407K-14.1%	$474K
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	$3.4M-8.0%	$3.7M+3.3%	$3.6M+9.6%	$3.3M+4.1%	$3.1M+1.4%	$3.1M+3.3%	$3.0M+0.2%	$3.0M
Current Liabilities	$3.4M-7.3%	$3.6M+3.7%	$3.5M+8.9%	$3.2M+4.4%	$3.1M+1.7%	$3.0M+3.6%	$2.9M+0.4%	$2.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$3.2M+6.6%	-$3.4M-3.4%	-$3.3M-8.7%	-$3.0M-5.8%	-$2.9M-2.5%	-$2.8M-21.7%	-$2.3M-6.8%	-$2.2M
Retained Earnings	-$35.9M-2.6%	-$35.0M-2.0%	-$34.3M-2.0%	-$33.6M-2.0%	-$33.0M-2.3%	-$32.2M-2.7%	-$31.4M-2.5%	-$30.6M

SFRX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	N/A	-$2.3M	N/A	N/A	-$1.9M
Capital Expenditures	N/A	$58K	N/A	$145	N/A	$12K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$1.9M
Investing Cash Flow	N/A	-$58K	N/A	-$145-100.7%	$20K+407.7%	-$7K
Financing Cash Flow	N/A	N/A	$2.7M	N/A	N/A	$1.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$2K+380.0%	$500	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$663K-41.1%	-$470K-1.9%	-$461K+6.3%	-$492K+17.1%	-$593K+3.3%	-$613K+7.4%	-$663K+12.7%	-$759K
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$643K+29.7%	$495K+2.8%	$482K+2.3%	$471K-20.6%	$593K+105.6%	$289K-51.6%	$596K-20.3%	$748K
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

SFRX 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	-15864.3%	N/A	N/A	-25411.5%
Net Margin	N/A	N/A	-16535.7%	N/A	N/A	-25050.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	-345.7%	N/A	N/A	-483.8%
Current Ratio	0.020.0	0.01-0.3	0.26+0.2	0.10+0.0	0.05-0.2	0.21
Debt-to-Equity	-1.08+0.0	-1.10+0.5	-1.57-0.3	-1.23-0.0	-1.20+0.4	-1.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	-17866.6%

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	-11089.3%	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-11628.0%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-435.0%	N/A	-250.2%+37.8pp	-288.0%-9.3pp	-278.7%	N/A	-111.2%+6.4pp	-117.5%
Current Ratio	0.010.0	0.020.0	0.010.0	0.000.0	0.010.0	0.01-0.1	0.16-0.0	0.20
Debt-to-Equity	-1.06+0.0	-1.080.0	-1.080.0	-1.07+0.0	-1.09+0.0	-1.10+0.2	-1.30+0.1	-1.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$3.4M), 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 (0.02), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What are Seafarer Expl Corp's total assets?

Seafarer Expl Corp (SFRX) had $276K in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Seafarer Expl Corp spend on research and development?

Seafarer Expl Corp (SFRX) invested $575K in research and development during fiscal year 2025.

How many shares does Seafarer Expl Corp have outstanding?

Seafarer Expl Corp (SFRX) had 10.13B shares outstanding as of fiscal year 2025.

What is Seafarer Expl Corp's current ratio?

Seafarer Expl Corp (SFRX) had a current ratio of 0.02 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Seafarer Expl Corp's debt-to-equity ratio?

Seafarer Expl Corp (SFRX) had a debt-to-equity ratio of -1.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Why is Seafarer Expl Corp's debt-to-equity ratio negative or unusual?

Seafarer Expl Corp (SFRX) has negative shareholder equity of -$3.4M 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 Seafarer Expl Corp?

Seafarer Expl Corp (SFRX) scores 0 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.