Every 10-K that Capstone Holding Corp. (CAPS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow CAPS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CAPS filings page.
Capstone Holding Corp. filed an amendment to its annual report for the year ended December 31, 2024 to correct headings on key financial statements. The amendment removes an inadvertent “unaudited” label from the consolidated balance sheets, statements of operations and cash flows, which are fully audited.
The company distributes masonry stone products through subsidiary TotalStone. For 2024, Capstone reported net sales of $44.9 million, gross profit of $9.6 million, and a net loss attributable to common stockholders of $5.5 million. Total assets were $47.2 million, including $23.3 million of goodwill and $9.6 million of inventories with a $576,000 reserve for slow-moving and obsolete stock.
Operating activities generated $3.8 million of cash in 2024, while financing activities used $3.7 million, leaving year-end cash of $11,000. Subsequent to year-end, Capstone completed a public offering of 1,250,000 shares at $4.00 per share, raising net proceeds of about $3.48 million, and restructured TotalStone’s equity, exchanging preferred interests for common stock.
Capstone Holding Corp. filed Amendment No. 1 to its Annual Report for the year ended December 31, 2025. The amendment’s sole purpose is to include a revised Consent of Independent Registered Public Accounting Firm with a correct list of registration statement numbers and updated CEO/CFO certifications.
The company states that this amendment does not modify or update its previously reported financial position, results of operations, cash flows, or other disclosures, and does not reflect events after the original report. As of April 15, 2026, Capstone had 11,453,707 shares of common stock outstanding.
Capstone Holding Corp. files its annual report describing a fast-growing, technology-enabled distributor and installer of stone and masonry products operating across 38 U.S. states and two Canadian provinces through Instone, CSI and Carolina Stone. The company offers over 3,000 SKUs from nine distribution and warehouse locations and is pursuing a roll‑up strategy in a fragmented market.
In 2025 Capstone completed two material acquisitions: Canadian distributor Fraser Canyon/CSI for cash, seller notes and up to C$3.0 million in earn‑outs, and Carolina Stone for roughly $4.2 million including an earn‑out, adding Canadian and Southeast U.S. coverage and installation services. It also closed a 1,250,000‑share public offering at $4.00 per share, uplisted to Nasdaq under “CAPS,” and put in place up to $10.9 million of senior secured convertible notes, with about $3.9 million outstanding at year‑end at conversion prices as low as $0.75 per share.
The report highlights meaningful leverage, including a 14% mezzanine facility, U.S. and Canadian revolving credit lines, and seller notes, alongside an accumulated deficit and a 2025 net loss of about $12.9 million. Management positions the business for long‑term growth via acquisitions, new products such as its Toro manufactured stone line, and operational efficiencies, but details extensive risks tied to cyclical construction demand, integration of recent deals, raw‑material and freight volatility, cybersecurity, and potential dilution from convertible securities and a sizable equity incentive plan.