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 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.

INVESTMENT MANAGERS SER TR II (SNPX) Financials

SNPX

FY2025 annual

Revenue $0 YoY not available

Net Income -$28.7M -125.1% YoY

EPS (Diluted) -$8.81 YoY not available

Operating Cash Flow -$6.4M -30.9% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 13, 2026 Currency USD FYE December

Newest figures come from the 10-K for Q1 FY2026, filed May 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SNPX SEC filings page.

INVESTMENT MANAGERS SER TR II (SNPX) reported $0 in revenue for fiscal year 2025. This page shows its 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 FY2026 2026-08-30

The reported ETF economics are dominated by capital flows and financing, not a conventional revenue-driven operating model.

In FY2026, the net loss was -$28.7M while operating cash flow was -$6.4M; the gap means reported earnings and cash movement were shaped by different items. The investing outflow of -$28.9M alongside financing inflow of $23.1M shows that external capital, rather than operations, financed most of that period’s largest cash demand.

The capital structure changed sharply: debt-to-equity fell from 1.9x in FY2024 to 0.2x in FY2026, indicating less leverage relative to the reported equity base. Total liabilities also fell from $11.0M in FY2024 to $3.9M in FY2026, so the ratio improvement reflects a smaller liability base as well as higher equity.

The current ratio was 14.0x in FY2026, but that strength is a balance-sheet relationship rather than evidence that recurring operations generated cash. Operating cash flow remained negative across the reported periods, showing that financing and asset movements were more important than internally generated cash.

Financial Health Signals

Financial health score not available

INVESTMENT MANAGERS SER TR II does not currently provide enough eligible data for a peer-relative financial health score, so none is published. 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 No Cash Backing

N/A

INVESTMENT MANAGERS SER TR II reported a net loss of $28.7M while operations used $6.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$389K

INVESTMENT MANAGERS SER TR II generated $389K in revenue in Q1 2026.

EBITDA

-$1.3M

YoY-23.3%

INVESTMENT MANAGERS SER TR II's EBITDA was -$1.3M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 23.3% from the same quarter a year earlier.

Net Income

$4.3M

YoY+1004.6%

INVESTMENT MANAGERS SER TR II reported $4.3M in net income in Q1 2026. This represents an increase of 1004.6% from the same quarter a year earlier.

EPS (Diluted)

$0.43

INVESTMENT MANAGERS SER TR II earned $0.43 per diluted share (EPS) in Q1 2026.

Cash & Balance Sheet

Cash & Debt

$3.6M

YoY-75.4%

QoQ-33.7%

5Y CAGR-24.5%

INVESTMENT MANAGERS SER TR II held $3.6M in cash as of Q1 2026; long-term debt is not reported for that period.

Shares Outstanding

QoQ+0.3%

5Y CAGR-11.8%

INVESTMENT MANAGERS SER TR II had 7M shares outstanding in Q1 2026. Against the prior quarter it is up 0.3%.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

95.5%

INVESTMENT MANAGERS SER TR II's gross margin was 95.5% in Q1 2026, indicating the percentage of revenue retained after direct costs.

Return on Equity

18.3%

YoY+10.8pp

INVESTMENT MANAGERS SER TR II's ROE was 18.3% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 10.8 percentage points from the same quarter a year earlier.

Operating Margin

Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q1 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$29K

YoY-53.0%

INVESTMENT MANAGERS SER TR II invested $29K in research and development in Q1 2026. This represents a decrease of 53.0% from the same quarter a year earlier.

Share Buybacks

Not reported for Q1 2026.

Capital Expenditures

Not reported for Q1 2026.

SNPX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SNPX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	$0	$0	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	$38K	$0	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	-$38K	$0	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$322K-79.8%	$1.6M-19.0%	$2.0M-68.8%	$6.3M+45.9%	$4.3M+41.3%	$3.1M-45.9%	$5.7M
SG&A Expenses	N/A	$9.0M+73.1%	$5.2M-17.8%	$6.3M-35.4%	$9.8M+18.5%	$8.3M+2.4%	$8.1M-15.5%	$9.6M
Operating Income	N/A	-$9.0M-32.8%	-$6.8M	N/A	N/A	N/A	N/A	N/A
EBITDA	N/A	-$9.0M-32.9%	-$6.8M	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	N/A	N/A	N/A	N/A
Net Income	N/A	-$28.7M-125.1%	-$12.8M-111.5%	-$6.0M-8.3%	-$5.6M+55.8%	-$12.6M+0.7%	-$12.7M+16.1%	-$15.1M
EPS (Basic)	N/A	-$8.81+19.8%	-$10.99-137.2%	$29.56+3749.4%	-$0.81-132.3%	$2.51-79.1%	$12.03	N/A
EPS (Diluted)	—	-$8.81	-$10.99-137.2%	$29.56	-$0.81-132.3%	$2.51-79.1%	$12.03	N/A
Diluted Shares (Avg)	N/A	3M	1M+164.7%	466,100	7M+39.4%	5M+298.8%	1M	N/A

Metric	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$389K	N/A	$203K	$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-53.0%	N/A	$54K-75.6%	$149K-56.6%	$61K-90.0%	N/A	$223K+5.1%	$342K+11.3%
SG&A Expenses	$1.7M+66.4%	N/A	$1.9M+71.4%	$2.2M+76.9%	$1.0M-6.8%	N/A	$1.1M-6.6%	$1.2M-18.6%
Operating Income	-$1.3M-23.3%	N/A	-$1.8M+9.0%	-$3.0M-92.0%	-$1.1M	N/A	-$2.0M	-$1.6M
EBITDA	-$1.3M-23.3%	N/A	N/A	N/A	-$1.1M	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+1004.6%	N/A	-$3.9M+31.7%	-$17.5M-1275.6%	$385K+286.3%	N/A	-$5.7M-852.4%	-$1.3M+68.9%
EPS (Basic)	$0.45+275.0%	N/A	-$1.56+68.9%	-$11.26-854.2%	$0.12+129.3%	N/A	-$5.01-696.4%	-$1.18-103.4%
EPS (Diluted)	$0.43	N/A	-$1.56	-$11.26	$0.04	N/A	-$5.01	-$1.18
Diluted Shares (Avg)	8M	N/A	3M	2M	1M	N/A	1M	1M

Not reported in any period shown, so not listed: Interest Expense.

SNPX Balance Sheet

SNPX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Total Assets	$25.8M+45.7%	$17.7M-43.0%	$31.1M-19.4%	$38.6M+8.7%	$35.5M+426.2%	$6.8M-62.3%	$17.9M
Current Assets	$25.4M+43.2%	$17.7M-42.0%	$30.5M-20.9%	$38.6M+8.7%	$35.5M+427.6%	$6.7M-62.4%	$17.9M
Cash & Equivalents	$5.5M-68.9%	$17.7M-38.4%	$28.7M-23.5%	$37.5M+9.5%	$34.2M+490.4%	$5.8M-66.7%	$17.4M
Short-Term Investments	$0	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	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+236.6%	$479K
Current Liabilities	$1.8M+78.8%	$1.0M-76.3%	$4.3M+225.7%	$1.3M-34.2%	$2.0M+23.7%	$1.6M+236.6%	$479K
Non-Current Liabilities	$2.1M-78.6%	$9.9M+693.5%	$1.3M-33.4%	$1.9M	$0	$0	$0
Total Equity	$21.1M+259.0%	$5.9M-75.9%	$24.3M-25.5%	$32.7M-2.5%	$33.5M+552.5%	$5.1M-70.5%	$17.4M
Retained Earnings	-$76.2M-61.5%	-$47.2M-40.3%	-$33.6M-69.5%	-$19.8M-40.2%	-$14.1M-824.0%	-$1.5M	N/A

Metric	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$31.0M+102.5%	$25.8M+45.7%	$18.4M-19.6%	$19.8M-30.3%	$15.3M-47.9%	$17.7M-43.0%	$22.8M-29.5%	$28.4M-15.1%
Current Assets	$30.2M+97.4%	$25.4M+43.2%	$18.3M-17.6%	$19.8M-28.9%	$15.3M-46.9%	$17.7M-42.0%	$22.3M-31.1%	$27.8M-16.7%
Cash & Equivalents	$3.6M-75.4%	$5.5M-68.9%	$1.4M-92.6%	$14.4M-42.5%	$14.8M-43.7%	$17.7M-38.4%	$19.6M-38.1%	$25.0M-24.1%
Total Liabilities	$4.9M-45.0%	$3.9M-64.1%	$1.7M-82.6%	$1.8M-80.9%	$8.9M+36.2%	$11.0M+98.2%	$9.7M+147.0%	$9.6M+46.8%
Current Liabilities	$1.1M+423.9%	$1.8M+78.8%	$1.0M+205.7%	$964K-89.7%	$211K-96.7%	$1.0M-76.3%	$341K-81.2%	$9.4M+237.3%
Non-Current Liabilities	$3.8M-56.4%	$2.1M-78.6%	$648K-93.1%	$863K+265.7%	$8.7M+3788.3%	$9.9M+693.5%	$9.4M+343.2%	$236K-93.7%
Total Equity	$23.3M+350.0%	$21.1M+259.0%	$16.1M+25.5%	$17.2M-8.2%	$5.2M-76.6%	$5.9M-75.9%	$12.8M-52.1%	$18.8M-24.3%
Retained Earnings	-$72.1M-53.9%	-$76.2M-61.5%	-$68.5M-64.9%	-$64.5M-81.9%	-$46.9M-37.8%	-$47.2M-40.3%	-$41.5M-28.2%	-$35.5M-10.8%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Long-Term Debt.

SNPX Cash Flow Statement

SNPX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$6.1M	-$6.4M-30.9%	-$4.9M+5.6%	-$5.2M+53.9%	-$11.2M-28.7%	-$8.7M-7.5%	-$8.1M+31.8%	-$11.9M
Depreciation & Amortization	N/A	$4K-35.2%	$6K-12.1%	$6K+11.1%	$6K+15.1%	$5K+1.9%	$5K+11.1%	$4K
Stock-Based Compensation	N/A	N/A	$25K-97.5%	$1.0M-43.2%	$1.8M+74.0%	$1.0M	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	$3K-63.5%	$7K+131.8%	$3K-40.9%	$5K+3.8%	$5K
Free Cash Flow	N/A	N/A	N/A	-$5.2M+53.9%	-$11.2M-28.7%	-$8.7M-7.5%	-$8.1M+31.8%	-$11.9M
Investing Cash Flow	N/A	-$28.9M-2789.5%	-$1.0M+50.1%	-$2.0M-26912.5%	-$7K-131.8%	-$3K+40.9%	-$5K-3.8%	-$5K
Financing Cash Flow	$23.8M	$23.1M+551.7%	-$5.1M-212.1%	-$1.6M-111.3%	$14.5M-61.0%	$37.1M+1167.3%	-$3.5M-928.7%	$420K

Metric	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	-$1.7M+15.9%	-$2.5M-109.9%	-$1.2M-15.9%	-$749K+12.2%	-$2.0M-9.2%	-$1.2M-9.6%	-$1.0M+12.0%	-$854K+31.1%
Depreciation & Amortization	$816-20.9%	N/A	N/A	N/A	$1K-26.2%	N/A	N/A	N/A
Stock-Based Compensation	N/A	N/A	N/A	N/A	$4K-74.3%	N/A	$4K-74.8%	$3K-99.0%
Investing Cash Flow	N/A	-$11.3M	-$13.1M	N/A	N/A	$0+100.0%	$0	-$500K-74638.4%
Financing Cash Flow	-$169K+79.4%	$17.8M+2323.7%	$1.3M	$4.8M	-$822K	-$802K-1571849.0%	N/A	N/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

SNPX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SNPX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY23	FY22	FY21	FY20	FY19
Gross Margin	87.2%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3025.2%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-9609.2%	N/A	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%-160.3pp	-86.9%
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%-103.6pp	-84.6%
Current Ratio	13.99-3.5x	17.47+10.3x	7.14-22.3x	29.39+11.6x	17.80+13.6x	4.17-33.1x	37.32
Debt-to-Equity	0.19-1.7x	1.87+1.6x	0.23+0.1x	0.100.0x	0.06-0.3x	0.31+0.3x	0.03
Asset Turnover	0.000.0x	0.00	N/A	N/A	N/A	N/A	N/A

Metric	Q1'2610-K	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-K	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
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%	-76623.8%	N/A	N/A	N/A	N/A
Net Margin	1094.3%	N/A	-1929.1%	-442101.9%	N/A	N/A	N/A	N/A
Return on Equity	18.3%+10.8pp	N/A	-24.4%+20.4pp	-101.5%-94.8pp	7.4%+8.4pp	N/A	-44.9%-47.7pp	-6.8%+9.7pp
Return on Assets	13.7%+11.2pp	N/A	-21.4%+3.8pp	-88.5%-84.0pp	2.5%+3.2pp	N/A	-25.2%-27.5pp	-4.5%+7.7pp
Current Ratio	27.40-45.3x	13.99-3.5x	17.61-47.8x	20.51+17.5x	72.71+68.1x	17.47+10.3x	65.36+47.6x	2.98-9.1x
Debt-to-Equity	0.21-1.5x	0.19-1.7x	0.11-0.7x	0.11-0.4x	1.72+1.4x	1.87+1.6x	0.76+0.6x	0.51+0.2x
Asset Turnover	0.01	N/A	0.01	0.00	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Where INVESTMENT MANAGERS SER TR II Ranks

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 2025. 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 2025.

What is INVESTMENT MANAGERS SER TR II's EBITDA?

INVESTMENT MANAGERS SER TR II (SNPX) had EBITDA of -$9.0M in fiscal year 2025, 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 2025, indicating the percentage of revenue retained after direct costs of goods sold.

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 2025, 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) recorded an outflow of $6.4M in operating cash flow during fiscal year 2025, representing cash used by 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 2025, 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 2025.

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 2025.

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 2025, 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 2025, 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 2025, measuring how efficiently the company uses its assets to generate profit.

How does INVESTMENT MANAGERS SER TR II's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, INVESTMENT MANAGERS SER TR II (SNPX) held $5.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $6.4M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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) reported a net loss of $28.7M while operations used $6.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.