VisionWave Holdings, Inc Financials
This page shows VisionWave Holdings, Inc (VWAV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
Negative equity and sub-one current coverage make financing dependence, rather than sales execution, the clearest FY2025 business mechanic.
FY2025 combines negative equity with liabilities exceeding assets several-fold, so the balance sheet is not merely lightly capitalized: obligations outweigh the recorded asset base. The current ratio of 0.2x and operating cash flow of-$2.8M point to near-term funding pressure alongside ongoing cash use, not a self-financing operating model.
Operating losses exceed operating cash outflow in absolute terms, with net loss of
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
VisionWave Holdings, Inc 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.
VisionWave Holdings, Inc reported a net loss of $6.5M while operations used $2.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
VisionWave Holdings, Inc reported an operating loss of $6.7M against $59K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
VisionWave Holdings, Inc reported -$6.5M in net income in fiscal year 2025.
VisionWave Holdings, Inc earned -$0.56 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
VisionWave Holdings, Inc held $0 in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
None of these metrics is reported for fiscal year 2025.
Capital Allocation
VisionWave Holdings, Inc invested $156K in research and development in fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
VWAV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $286K | N/A | $10.0M | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | $172K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $115K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $748K+175.4% | $272K-13.8% | $315K | N/A | $9K | N/A | N/A | N/A |
| SG&A Expenses | $6.0M+105.0% | $2.9M-37.6% | $4.7M | N/A | $133K+1.1% | $131K-8.6% | $144K | N/A |
| Operating Income | -$18.1M-64.1% | -$11.1M-68.3% | -$6.6M | N/A | -$146K-2.2% | -$143K+29.8% | -$204K | N/A |
| Interest Expense | $5.2M+138.6% | $2.2M+1438.1% | $143K | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | $336 | N/A | N/A | N/A |
| Net Income | -$25.9M-100.9% | -$12.9M-86.1% | -$6.9M | N/A | -$156K-439.2% | -$29K+85.8% | -$204K | N/A |
| EPS (Diluted) | -$1.19-80.3% | -$0.66-43.5% | -$0.46+11.5% | -$0.52-5100.0% | -$0.01 | $0.00 | -$0.02 | N/A |
VWAV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $179.8M+32.5% | $135.7M+638.7% | $18.4M+582.1% | $2.7M+129.5% | $1.2M+594.3% | -$237K-106.3% | $3.8M+28815.5% | $13K |
| Current Assets | $6.3M-58.2% | $15.1M+277.7% | $4.0M+48.6% | $2.7M+55823.8% | $5K | N/A | $14K+354.0% | $3K |
| Cash & Equivalents | $26K+66.5% | $16K0.0% | $16K | $0 | $0-100.0% | $61K | $0 | $0 |
| Goodwill | $592K0.0% | $592K | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $39.8M+7.3% | $37.1M+142.1% | $15.3M+5.7% | $14.5M+78.3% | $8.1M+12152.0% | $66K-98.4% | $4.0M+4699.4% | $84K |
| Current Liabilities | $39.6M+6.8% | $37.1M+142.1% | $15.3M+5.7% | $14.5M+130.3% | $6.3M+9389.2% | $66K | N/A | $3K |
| Total Equity | $129.7M+31.4% | $98.6M+3121.8% | $3.1M+126.0% | -$11.8M-69.7% | -$7.0M-2188.8% | -$304K-10.5% | -$275K-286.5% | -$71K |
| Retained Earnings | -$60.8M-73.9% | -$35.0M-58.6% | -$22.0M-45.9% | -$15.1M-116.6% | -$7.0M-10420.4% | -$66K+98.9% | -$6.0M-1709.0% | -$332K |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
VWAV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.0M-78.2% | -$3.4M+37.4% | -$5.4M-98.5% | -$2.7M-4650.0% | -$57K+65.2% | -$165K-252.1% | $108K | N/A |
| Investing Cash Flow | -$3.0M+14.7% | -$3.5M-958.2% | -$329K | $0 | $0 | N/A | N/A | N/A |
| Financing Cash Flow | -$389K-102.1% | $18.5M+203.0% | $6.1M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
VWAV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -6336.8% | N/A | -65.7% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -9055.9% | N/A | -69.4% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -20.0%-6.9pp | -13.1%+213.4pp | -226.5% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -14.4%-4.9pp | -9.5%+28.2pp | -37.8% | N/A | -13.3%-25.4pp | 12.2%+17.6pp | -5.4% | N/A |
| Current Ratio | 0.16-0.2x | 0.41+0.1x | 0.26+0.1x | 0.19+0.2x | 0.00 | N/A | N/A | 0.99 |
| Debt-to-Equity | 0.31-0.1x | 0.38-4.6x | 5.00 | N/A | 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.
Note: Shareholder equity is negative (-$11.8M), 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.
Note: The current ratio is below 1.0 (0.19), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where VisionWave Holdings, Inc Ranks
Frequently Asked Questions
Is VisionWave Holdings, Inc profitable?
No, VisionWave Holdings, Inc (VWAV) reported a net income of -$6.5M in fiscal year 2025.
What is VisionWave Holdings, Inc's operating cash flow?
VisionWave Holdings, Inc (VWAV) recorded an outflow of $2.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are VisionWave Holdings, Inc's total assets?
VisionWave Holdings, Inc (VWAV) had $2.7M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does VisionWave Holdings, Inc spend on research and development?
VisionWave Holdings, Inc (VWAV) invested $156K in research and development during fiscal year 2025.
What is VisionWave Holdings, Inc's current ratio?
VisionWave Holdings, Inc (VWAV) had a current ratio of 0.19 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is VisionWave Holdings, Inc's return on assets (ROA)?
VisionWave Holdings, Inc (VWAV) had a return on assets of -243.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does VisionWave Holdings, Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, VisionWave Holdings, Inc (VWAV) held $0 in cash, cash equivalents and investments, and reported an operating cash outflow of $2.8M over that year. Dividing the one by the other, the reported balance equals about 0 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.
Why is VisionWave Holdings, Inc's debt-to-equity ratio negative or not reported?
VisionWave Holdings, Inc (VWAV) has negative shareholder equity of -$11.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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.
Are VisionWave Holdings, Inc's earnings high quality?
VisionWave Holdings, Inc (VWAV) reported a net loss of $6.5M while operations used $2.8M 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.
Can VisionWave Holdings, Inc cover its interest payments?
VisionWave Holdings, Inc (VWAV) reported an operating loss of $6.7M against $59K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.