Every 10-Q 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-Q covers the quarterly report filed between annual reports, 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. amended its quarterly report to correct the weighted average share count and basic/diluted net loss per share for the three and nine months ended September 30, 2025. Net loss amounts, balance sheet, cash flows, and equity figures are unchanged.
For the quarter, net sales were $13.7 million and net loss attributable to stockholders was $2.0 million, or $(0.34) per share. For the nine months, net sales were $34.4 million with a $5.1 million net loss, or $(1.22) per share, compared with a $1.4 million loss in the prior-year period. Operating cash flow for the nine months was an outflow of $4.0 million.
Total assets rose to $58.5 million from $47.2 million at year-end 2024, reflecting the Carolina Stone Holdings acquisition with preliminary consideration of $4.8 million and goodwill of $2.7 million. Capstone completed an IPO raising about $3.3 million net and added senior secured convertible notes providing gross proceeds of $3.0 million in July 2025 and another $3.25 million in October 2025.
Leverage is significant, with $11.7 million of long-term debt (including current portion) and $8.3 million drawn on the revolver. Management discloses material weaknesses in internal control over financial reporting, including controls over earnings-per-share calculations and segregation of duties, though a remediation plan and added accounting staff are in place.
Capstone Holding Corp., a masonry products distributor operating through subsidiary TotalStone, filed an amended quarterly report for the period ended June 30, 2025 to correct the weighted average share count and net loss per share. Previously, the company used period-end shares instead of time-weighted averages required under ASC 260. For the three months, weighted average shares were restated from 5,406,305 to 5,235,240 with net loss per share unchanged at $(0.13). For the six months, weighted average shares were restated from 5,406,305 to 3,405,568, changing net loss per share from $(0.58) to $(0.92), while net loss of $2.4 million remained the same.
As of June 30, 2025, Capstone reported net sales of $20.8 million, a net loss of $2.4 million, cash of $0.8 million, total assets of $51.9 million, total liabilities of $25.6 million and equity of $26.3 million. The company relies on an asset-based revolver with a balance of $8.7 million and long-term debt of $9.6 million. Management and the audit committee concluded prior financial statements should not be relied upon for the affected per-share data, and a material weakness was identified in controls over EPS calculations, in addition to existing control weaknesses. Management reports remediation efforts, including adding accounting staff and enhanced review layers, and believes liquidity is sufficient for at least one year, supported by the revolver, a $20 million equity line, and a $3.0 million initial senior secured convertible note financing.
Capstone Holding Corp. filed an amended quarterly report for the three months ended March 31, 2026 to correct prior-period share and EPS data. The company restated the weighted average common shares for the comparative quarter ended March 31, 2025 from 5,190,251 to 1,555,566, changing basic and diluted net loss per share from $(0.47) to $(1.56), with net loss unchanged at $2.4 million. Pro forma loss per share for that period was revised from $(0.29) to $(0.97).
For the current quarter, net sales were $12.6 million, up from $7.9 million a year earlier, driven partly by the 2025 acquisitions of Carolina Stone and the Fraser Canyon/Canadian Stone Industries business, which together contributed about $4.9 million of revenue. Gross profit was $3.0 million, but higher selling, general and administrative expenses of $4.5 million led to an operating loss of $1.5 million and a net loss of $1.9 million (basic and diluted loss per share of $(0.21) on 9.3 million weighted average shares).
Capstone remains highly leveraged and liquidity-constrained. At March 31, 2026, cash was $0.4 million, total assets $53.8 million, total liabilities $42.6 million, and total debt (including a Stream Finance mezzanine loan, seller notes and senior convertible notes) $13.2 million net of discounts. Revolving credit borrowings totaled $12.7 million, and the company obtained a waiver for a U.S. revolver covenant breach. Management discloses conditions that could raise substantial doubt about the ability to continue as a going concern, citing recurring losses, negative operating cash flows and upcoming debt maturities, but points to an undrawn $19.2 million equity line of credit and planned cost and revenue initiatives as its basis for concluding that liquidity will be adequate for at least one year.
Capstone Holding Corp. reported strong top-line growth but continued losses for the quarter ended June 30, 2026. Net sales rose to $21.5 million from $12.9 million a year earlier, driven by its expanded stone distribution and installation platform, including Carolina Stone and the Canadian CSI business. Gross profit improved to $6.0 million from $3.1 million, and a $438 thousand tariff refund related to IEEPA duties reduced cost of goods sold.
Despite higher sales, the company recorded a quarterly net loss of $1.4 million (vs. $0.7 million loss in 2025) and a six‑month loss of $3.3 million. Operating cash outflow was $3.2 million for the first half, leaving cash at $225 thousand. The balance sheet shows $54.7 million in assets and $42.3 million in liabilities, including $12.6 million drawn on revolving credit facilities, $12.8 million of long‑term debt, and $2.1 million of mandatorily redeemable related‑party Series Z preferred stock. Goodwill totals $18.5 million with no new impairment, and a prior $6.2 million charge was recorded in 2025. The company notes Nasdaq minimum bid‑price pressure but maintains covenant compliance on its credit lines.
Capstone Holding Corp. reported higher net sales but continued losses for the quarter ended March 31, 2026. Net sales rose to $12.6 million from $7.9 million a year earlier, driven by acquisitions and growth in stone distribution and installation.
Gross profit increased to $3.0 million, but higher selling and administrative costs of $4.5 million led to an operating loss of $1.5 million and a net loss of $1.9 million, or $(0.21) per share. Operating cash flow was negative $2.8 million, and cash declined to $419 thousand.
Capstone ended the quarter with $53.8 million in assets, including $18.5 million of goodwill, and total debt of about $13.2 million plus $12.7 million drawn on revolving credit facilities. Recent Carolina Stone and Fraser Canyon acquisitions contributed a combined $4.9 million of Q1 2026 revenue.
The company is not currently in compliance with Nasdaq’s $1.00 minimum bid price rule and faces upcoming debt maturities and recurring losses. Management plans to use a $20.0 million equity line of credit, banking facilities, cost measures, and a potential reverse stock split to support liquidity and maintain its listing, and concludes these plans alleviate substantial doubt about continuing as a going concern.
Capstone Holding Corp. (CAPS) reported higher sales but wider losses for the quarter ended September 30, 2025. Net sales rose to $13.7 million from $12.3 million a year earlier, helped by the acquisition of Carolina Stone Holdings, but gross margin slipped slightly as costs increased. Selling, general and administrative expenses climbed to $3.4 million, including heavier investor relations spending and public company costs, and transaction expenses of $0.7 million plus a $0.7 million loss on debt extinguishment pushed the quarter to a $2.0 million net loss versus a small profit in 2024.
For the first nine months of 2025, revenue was roughly flat at $34.4 million while the net loss deepened to $4.4 million from $1.5 million, driven mainly by higher overhead, transaction costs and interest on new debt. During the period Capstone completed a $3.25 million IPO, put in place a $20 million equity line, issued senior secured convertible notes with $3.0 million of initial proceeds, and bought Carolina Stone for about $4.8 million of cash, seller note and earn-out. Cash ended at $0.7 million, with $8.3 million outstanding on the revolver and $11.7 million of total long-term debt, leaving the company reliant on its asset-based credit facility and capital market access, though management believes current liquidity will support at least the next year.
Capstone Holding Corp. (CAPS) reported interim financial and restructuring disclosures showing significant financing activity, elevated leverage, and continued operating losses. The report discloses a public offering of 1,250,000 shares at $4.00 generating approximately $3,252,000 net proceeds, Convertible Notes issued with an aggregate principal of $10,909,885 (initial note ~$3,272,966) convertible at $1.72 per share, and a line of credit balance of $8.7 million at June 30, 2025 (up from $6.3 million at December 31, 2024) with maturity December 17, 2025. TotalStone restructuring resulted in issuance of 3,782,641 common shares representing ~96% of outstanding shares on the Restructuring Date and changes in ownership percentages among related parties. The company reported operating losses and negative earnings per share figures including $(0.13) and $(8.43) per share in cited periods and disclosed long-term debt of $5.8 million with $2.9 million current portion. Supplemental details include depreciation, inventory reserves ($596k at June 30, 2025), lease liabilities and various amendment fees and accrued interest balances.