What is INVESTMENT MANAGERS SER TR II's earnings per share (EPS)?

INVESTMENT MANAGERS SER TR II (SNPX) reported diluted earnings per share of $-8.81 for fiscal year 2026. 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.

INVESTMENT MANAGERS SER TR II Financials

SNPX

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

This page shows INVESTMENT MANAGERS SER TR II (SNPX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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 SNPX FY2025 2026-04-22

External funding, not reported revenue, has been the main mechanic keeping this cash-consuming structure operating through FY2025.

From FY2023 to FY2025, cash fell from $28.7M to $5.5M. That pattern means outside capital recently functioned as replacement fuel, because operating burn and a $28.9M investing outflow absorbed the $23.1M of financing cash.

With operating cash outflow at $6.4M, year-end cash of $5.5M would not cover a similar full-year burn without new financing or asset sales. The quality of liquidity is therefore weaker than the headline current-ratio picture suggests: plenty of current assets exist, but only a small portion sits in cash.

The tiny revenue base of $299K against SG&A of $9.0M means profitability is being determined by overhead and capital flows, not by an underlying sales engine. At the same time, liabilities of just $3.9M versus equity of $21.1M suggest the balance sheet is not heavily creditor-funded; the core issue is that the cost base outruns the revenue base.

Financial Health Signals

Financial health score pending refresh

We are recalculating INVESTMENT MANAGERS SER TR II'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.

Altman Z-Score Distress

-3.39

INVESTMENT MANAGERS SER TR II scores -3.39, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.2M) relative to total liabilities ($3.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

1/7

INVESTMENT MANAGERS SER TR II passes 1 of 7 computable financial strength tests (2 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), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.22x

For every $1 of reported earnings, INVESTMENT MANAGERS SER TR II generates $0.22 in operating cash flow (-$6.4M OCF vs -$28.7M 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

INVESTMENT MANAGERS SER TR II generated $0 in revenue in fiscal year 2026.

EBITDA

-$9.0M

YoY-32.9%

INVESTMENT MANAGERS SER TR II's EBITDA was -$9.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 32.9% from the prior year.

Net Income

-$28.7M

YoY-125.1%

INVESTMENT MANAGERS SER TR II reported -$28.7M in net income in fiscal year 2026. This represents a decrease of 125.1% from the prior year.

EPS (Diluted)

$-8.81

INVESTMENT MANAGERS SER TR II earned $-8.81 per diluted share (EPS) in fiscal year 2026.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.5M

YoY-68.9%

5Y CAGR-1.0%

INVESTMENT MANAGERS SER TR II held $5.5M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

INVESTMENT MANAGERS SER TR II had 7M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin

87.2%

INVESTMENT MANAGERS SER TR II's gross margin was 87.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs.

Operating Margin

-3025.2%

INVESTMENT MANAGERS SER TR II's operating margin was -3025.2% in fiscal year 2026, reflecting core business profitability.

Net Margin

-9609.2%

INVESTMENT MANAGERS SER TR II's net profit margin was -9609.2% in fiscal year 2026, showing the share of revenue converted to profit.

Return on Equity

-136.5%

YoY+81.3pp

5Y CAGR+110.7pp

INVESTMENT MANAGERS SER TR II's ROE was -136.5% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 81.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$322K

YoY-79.8%

5Y CAGR-36.3%

INVESTMENT MANAGERS SER TR II invested $322K in research and development in fiscal year 2026. This represents a decrease of 79.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

SNPX Income Statement

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	N/A	N/A	N/A	N/A
Cost of Revenue	$38K	$0	N/A	N/A	N/A	N/A
Gross Profit	-$38K	$0	N/A	N/A	N/A	N/A
R&D Expenses	$322K-79.8%	$1.6M-19.0%	$2.0M-68.8%	$6.3M+45.9%	$4.3M+41.3%	$3.1M
SG&A Expenses	$9.0M+73.1%	$5.2M-17.8%	$6.3M-35.4%	$9.8M+18.5%	$8.3M+2.4%	$8.1M
Operating Income	-$9.0M-32.8%	-$6.8M	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	N/A	N/A	N/A
Net Income	-$28.7M-125.1%	-$12.8M-111.5%	-$6.0M-8.3%	-$5.6M+55.8%	-$12.6M+0.7%	-$12.7M
EPS (Diluted)	$-8.81	$-10.99-137.2%	$29.56	$-0.81-132.3%	$2.51-79.1%	$12.03

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$389K	N/A	$203K+5033.0%	$4K	N/A	N/A	N/A	N/A
Cost of Revenue	$17K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$371K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$29K	N/A	$54K-63.4%	$149K+144.3%	$61K	N/A	$223K-34.8%	$342K
SG&A Expenses	$1.7M	N/A	$1.9M-11.1%	$2.2M+117.3%	$1.0M	N/A	$1.1M-8.2%	$1.2M
Operating Income	-$1.3M	N/A	-$1.8M+40.7%	-$3.0M-183.9%	-$1.1M	N/A	-$2.0M-25.1%	-$1.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	$4.3M	N/A	-$3.9M+77.6%	-$17.5M-4647.6%	$385K	N/A	-$5.7M-351.0%	-$1.3M
EPS (Diluted)	$0.43	N/A	$-1.56+86.1%	$-11.26-28250.0%	$0.04	N/A	$-5.01-324.6%	$-1.18

SNPX Balance Sheet

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Total Assets	$25.8M+45.7%	$17.7M-43.0%	$31.1M-19.4%	$38.6M+8.7%	$35.5M+426.2%	$6.8M
Current Assets	$25.4M+43.2%	$17.7M-42.0%	$30.5M-20.9%	$38.6M+8.7%	$35.5M+427.6%	$6.7M
Cash & Equivalents	$5.5M-68.9%	$17.7M-38.4%	$28.7M-23.5%	$37.5M+9.5%	$34.2M+490.4%	$5.8M
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	$3.9M-64.1%	$11.0M+98.2%	$5.5M+73.2%	$3.2M+60.1%	$2.0M+23.7%	$1.6M
Current Liabilities	$1.8M+78.8%	$1.0M-76.3%	$4.3M+225.7%	$1.3M-34.2%	$2.0M+23.7%	$1.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$21.1M+259.0%	$5.9M-75.9%	$24.3M-25.5%	$32.7M-2.5%	$33.5M+552.5%	$5.1M
Retained Earnings	-$76.2M-61.5%	-$47.2M-40.3%	-$33.6M-69.5%	-$19.8M-40.2%	-$14.1M-824.0%	-$1.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$31.0M+20.2%	$25.8M+40.7%	$18.4M-7.2%	$19.8M+29.1%	$15.3M-13.6%	$17.7M-22.3%	$22.8M-19.6%	$28.4M
Current Assets	$30.2M+19.2%	$25.4M+38.3%	$18.3M-7.2%	$19.8M+29.1%	$15.3M-13.6%	$17.7M-20.5%	$22.3M-19.9%	$27.8M
Cash & Equivalents	$3.6M-33.7%	$5.5M+280.3%	$1.4M-89.9%	$14.4M-3.1%	$14.8M-16.0%	$17.7M-10.0%	$19.6M-21.4%	$25.0M
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	$4.9M+24.0%	$3.9M+132.9%	$1.7M-7.5%	$1.8M-79.4%	$8.9M-18.9%	$11.0M+12.8%	$9.7M+1.3%	$9.6M
Current Liabilities	$1.1M-39.1%	$1.8M+74.1%	$1.0M+8.1%	$964K+357.7%	$211K-79.2%	$1.0M+197.5%	$341K-96.4%	$9.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$23.3M+10.5%	$21.1M+31.0%	$16.1M-6.9%	$17.2M+233.7%	$5.2M-11.9%	$5.9M-54.2%	$12.8M-31.9%	$18.8M
Retained Earnings	-$72.1M+5.3%	-$76.2M-11.3%	-$68.5M-6.2%	-$64.5M-37.6%	-$46.9M+0.6%	-$47.2M-13.6%	-$41.5M-17.1%	-$35.5M

SNPX Cash Flow Statement

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$6.4M-30.9%	-$4.9M+5.6%	-$5.2M+53.9%	-$11.2M-28.7%	-$8.7M-7.5%	-$8.1M
Capital Expenditures	N/A	N/A	$3K-63.5%	$7K+131.8%	$3K-40.9%	$5K
Free Cash Flow	N/A	N/A	-$5.2M+53.9%	-$11.2M-28.7%	-$8.7M-7.5%	-$8.1M
Investing Cash Flow	-$28.9M-2789.5%	-$1.0M+50.1%	-$2.0M-26912.5%	-$7K-131.8%	-$3K+40.9%	-$5K
Financing Cash Flow	$23.1M+551.7%	-$5.1M-212.1%	-$1.6M-111.3%	$14.5M-61.0%	$37.1M+1167.3%	-$3.5M
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	-$1.7M+31.3%	-$2.5M-105.2%	-$1.2M-59.5%	-$749K+62.6%	-$2.0M-71.3%	-$1.2M-13.3%	-$1.0M-20.8%	-$854K
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	-$11.3M+13.4%	-$13.1M	N/A	N/A	$0	$0+100.0%	-$500K
Financing Cash Flow	-$169K-100.9%	$17.8M+1230.0%	$1.3M-72.0%	$4.8M+681.9%	-$822K-2.6%	-$802K	N/A	N/A
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

SNPX Financial Ratios

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Gross Margin	87.2%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3025.2%	N/A	N/A	N/A	N/A	N/A
Net Margin	-9609.2%	N/A	N/A	N/A	N/A	N/A
Return on Equity	-136.5%+81.3pp	-217.8%-193.0pp	-24.8%-7.7pp	-17.1%+20.6pp	-37.6%+209.6pp	-247.2%
Return on Assets	-111.2%-39.2pp	-72.0%-52.6pp	-19.4%-5.0pp	-14.4%+21.1pp	-35.5%+152.7pp	-188.2%
Current Ratio	13.99-3.5	17.47+10.3	7.14-22.3	29.39+11.6	17.80+13.6	4.17
Debt-to-Equity	0.19-1.7	1.87+1.6	0.23+0.1	0.10+0.0	0.06-0.3	0.31
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	95.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-338.9%	N/A	-884.8%+75738.9pp	-76623.8%	N/A	N/A	N/A	N/A
Net Margin	1094.3%	N/A	-1929.1%+440172.8pp	-442101.9%	N/A	N/A	N/A	N/A
Return on Equity	18.3%	N/A	-24.4%+77.1pp	-101.5%-109.0pp	7.4%	N/A	-44.9%-38.1pp	-6.8%
Return on Assets	13.7%	N/A	-21.4%+67.1pp	-88.5%-91.0pp	2.5%	N/A	-25.2%-20.7pp	-4.5%
Current Ratio	27.40+13.4	13.99-3.6	17.61-2.9	20.51-52.2	72.71+55.2	17.47-47.9	65.36+62.4	2.98
Debt-to-Equity	0.21+0.0	0.19+0.1	0.110.0	0.11-1.6	1.72-0.2	1.87+1.1	0.76+0.2	0.51
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is INVESTMENT MANAGERS SER TR II's annual revenue?

INVESTMENT MANAGERS SER TR II (SNPX) reported $0 in total revenue for fiscal year 2026. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is INVESTMENT MANAGERS SER TR II profitable?

No, INVESTMENT MANAGERS SER TR II (SNPX) reported a net income of -$28.7M in fiscal year 2026, with a net profit margin of -9609.2%.

What is INVESTMENT MANAGERS SER TR II's EBITDA?

INVESTMENT MANAGERS SER TR II (SNPX) had EBITDA of -$9.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is INVESTMENT MANAGERS SER TR II's gross margin?

INVESTMENT MANAGERS SER TR II (SNPX) had a gross margin of 87.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is INVESTMENT MANAGERS SER TR II's operating margin?

INVESTMENT MANAGERS SER TR II (SNPX) had an operating margin of -3025.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is INVESTMENT MANAGERS SER TR II's net profit margin?

INVESTMENT MANAGERS SER TR II (SNPX) had a net profit margin of -9609.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is INVESTMENT MANAGERS SER TR II's return on equity (ROE)?

INVESTMENT MANAGERS SER TR II (SNPX) has a return on equity of -136.5% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is INVESTMENT MANAGERS SER TR II's operating cash flow?

INVESTMENT MANAGERS SER TR II (SNPX) generated -$6.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are INVESTMENT MANAGERS SER TR II's total assets?

INVESTMENT MANAGERS SER TR II (SNPX) had $25.8M in total assets as of fiscal year 2026, including both current and long-term assets.

How much does INVESTMENT MANAGERS SER TR II spend on research and development?

INVESTMENT MANAGERS SER TR II (SNPX) invested $322K in research and development during fiscal year 2026.

How many shares does INVESTMENT MANAGERS SER TR II have outstanding?

INVESTMENT MANAGERS SER TR II (SNPX) had 7M shares outstanding as of fiscal year 2026.

What is INVESTMENT MANAGERS SER TR II's current ratio?

INVESTMENT MANAGERS SER TR II (SNPX) had a current ratio of 13.99 as of fiscal year 2026, which is generally considered healthy.

What is INVESTMENT MANAGERS SER TR II's debt-to-equity ratio?

INVESTMENT MANAGERS SER TR II (SNPX) had a debt-to-equity ratio of 0.19 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is INVESTMENT MANAGERS SER TR II's return on assets (ROA)?

INVESTMENT MANAGERS SER TR II (SNPX) had a return on assets of -111.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is INVESTMENT MANAGERS SER TR II's cash runway?

Based on fiscal year 2026 data, INVESTMENT MANAGERS SER TR II (SNPX) had $5.5M in cash against an annual operating cash burn of $6.4M. This gives an estimated cash runway of approximately 10 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.

What is INVESTMENT MANAGERS SER TR II's Altman Z-Score?

INVESTMENT MANAGERS SER TR II (SNPX) has an Altman Z-Score of -3.39, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is INVESTMENT MANAGERS SER TR II's Piotroski F-Score?

INVESTMENT MANAGERS SER TR II (SNPX) has a Piotroski F-Score of 1 out of 7 computable signals; 2 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 INVESTMENT MANAGERS SER TR II's earnings high quality?

INVESTMENT MANAGERS SER TR II (SNPX) has an earnings quality ratio of 0.22x, 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.