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VisionWave Holdings, Inc Financials

VWAV
Source SEC Filings (10-K/10-Q) Updated Feb 17, 2026 Currency USD FYE September

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).

Rhea AI VWAV FY2025

VisionWave’s visible mechanic is external funding dependence as near-term liabilities overwhelm its asset and cash base.

FY2025 depended on external financing: a $5.0M financing inflow more than covered the $2.8M operating cash burn, yet cash still sat at $0 and the current ratio was only 0.2x. That combination means funding was being consumed as it arrived, while the -$6.5M net loss running well ahead of cash burn suggests part of the reported loss came from non-cash or accrued charges.

Because current liabilities equal total liabilities, the balance-sheet pressure is not a distant maturity issue; obligations are concentrated near term. With only $2.7M of current assets against $14.5M of current liabilities, the company has little working-capital cushion for routine operations.

Liabilities of $14.5M against assets of $2.7M produce negative equity of -$11.8M, so the asset base is effectively financed by obligations rather than residual shareholder capital. The cost structure also looks overhead-heavy: SG&A of $5.4M dwarfed R&D of $156K and helps explain why the operating loss reached -$6.7M in FY2025.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 0 / 100
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 VisionWave Holdings, Inc'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
0

VisionWave Holdings, Inc's current ratio of 0.19 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Earnings Quality Low Quality
0.43x

For every $1 of reported earnings, VisionWave Holdings, Inc generates $0.43 in operating cash flow (-$2.8M OCF vs -$6.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-113.6x

VisionWave Holdings, Inc earns $-113.6 in operating income for every $1 of interest expense (-$6.7M vs $59K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$6.5M

VisionWave Holdings, Inc reported -$6.5M in net income in fiscal year 2025.

EPS (Diluted)
$-0.56

VisionWave Holdings, Inc earned $-0.56 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$16K

VisionWave Holdings, Inc held $16K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
15M

VisionWave Holdings, Inc had 15M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
N/A

Capital Allocation

R&D Spending
$156K

VisionWave Holdings, Inc invested $156K in research and development in fiscal year 2025.

Share Buybacks
N/A
Capital Expenditures
N/A

VWAV Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $10-100.0% $10.0M N/A N/A N/A N/A N/A 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 $315K0.0% $315K N/A N/A N/A N/A N/A N/A
SG&A Expenses $4.7M0.0% $4.7M N/A N/A $131K-8.6% $144K N/A N/A
Operating Income $6.6M+200.0% -$6.6M N/A -$341K-138.3% -$143K+29.8% -$204K N/A -$348K
Interest Expense $143K0.0% $143K N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A $336 N/A N/A N/A $9K
Net Income $6.9M+200.0% -$6.9M N/A -$434K-1405.8% -$29K+85.8% -$204K N/A -$153K
EPS (Diluted) N/A $-0.46 N/A $-0.17 $0.00 $-0.02 N/A $-0.04

VWAV Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets N/A $18.4M+582.1% $2.7M+129.5% $1.2M+594.3% -$237K-106.3% $3.8M+28815.5% $13K N/A
Current Assets N/A $4.0M+48.6% $2.7M+55823.8% $5K N/A $14K+354.0% $3K N/A
Cash & Equivalents N/A $16K0.0% $16K $0-100.0% $61K $0 $0-100.0% $30K
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 N/A $15.3M+5.7% $14.5M+78.3% $8.1M+12152.0% $66K-98.4% $4.0M+4699.4% $84K N/A
Current Liabilities N/A $15.3M+5.7% $14.5M+130.3% $6.3M+9389.2% $66K N/A $3K N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity N/A $3.1M+126.0% -$11.8M-69.7% -$7.0M-2188.8% -$304K-10.5% -$275K-286.5% -$71K+98.5% -$4.7M
Retained Earnings N/A -$22.0M-45.9% -$15.1M-116.6% -$7.0M-10420.4% -$66K+98.9% -$6.0M-1709.0% -$332K N/A

VWAV Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow $5.4M+200.0% -$5.4M N/A N/A -$165K-252.1% $108K N/A N/A
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 $329K+200.0% -$329K N/A N/A N/A N/A N/A N/A
Financing Cash Flow $6.1M0.0% $6.1M N/A N/A N/A N/A 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

VWAV Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 65676810.0%+65676875.7pp -65.7% N/A N/A N/A N/A N/A N/A
Net Margin 69359150.0%+69359219.4pp -69.4% N/A N/A N/A N/A N/A N/A
Return on Equity N/A -226.5% N/A N/A N/A N/A N/A N/A
Return on Assets N/A -37.8% N/A -37.0%-49.2pp 12.2%+17.6pp -5.4% N/A N/A
Current Ratio N/A 0.26+0.1 0.19+0.2 0.00 N/A N/A 0.99 N/A
Debt-to-Equity N/A 5.00+6.2 -1.23-0.1 -1.17-1.0 -0.22+14.5 -14.69-13.5 -1.18 N/A
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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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Frequently Asked Questions

No, VisionWave Holdings, Inc (VWAV) reported a net income of -$6.5M in fiscal year 2025.

VisionWave Holdings, Inc (VWAV) reported diluted earnings per share of $-0.56 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.

VisionWave Holdings, Inc (VWAV) generated -$2.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

VisionWave Holdings, Inc (VWAV) had $2.7M in total assets as of fiscal year 2025, including both current and long-term assets.

VisionWave Holdings, Inc (VWAV) invested $156K in research and development during fiscal year 2025.

VisionWave Holdings, Inc (VWAV) had 15M shares outstanding as of fiscal year 2025.

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.

VisionWave Holdings, Inc (VWAV) had a debt-to-equity ratio of -1.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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.

Based on fiscal year 2025 data, VisionWave Holdings, Inc (VWAV) had $16K in cash against an annual operating cash burn of $2.8M. This gives an estimated cash runway of approximately 0 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.

VisionWave Holdings, Inc (VWAV) has negative shareholder equity of -$11.8M 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.

VisionWave Holdings, Inc (VWAV) has an earnings quality ratio of 0.43x, 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.

VisionWave Holdings, Inc (VWAV) has an interest coverage ratio of -113.6x, meaning it can struggle to cover its interest obligations. 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.

VisionWave Holdings, Inc (VWAV) 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.

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