Wright Investors’ (OTC: IWSH) Q1 2026 loss and going-concern warning as shell company

Rhea-AI Filing Summary

Wright Investors’ Service Holdings, Inc. remains a shell company with no operating revenue and reported a net loss of $261,000, or $0.01 per share, for the three months ended March 31, 2026, similar to the prior-year loss of $256,000.

Total assets were $1.146 million, consisting mainly of investments in money market mutual funds of $1.076 million and cash and cash equivalents of $13,000, with stockholders’ equity of $1.046 million. Interest and other income, net declined to $10,000 from $31,000, while operating expenses edged down to $271,000 from $287,000.

The company discloses substantial doubt about its ability to continue as a going concern, noting that its cash resources may not meet operating requirements through the second quarter of 2027. Management is evaluating strategic options, including acquiring or developing an operating business and potentially distributing some or all cash and investments to stockholders.

Positive

• None.

Negative

• Substantial doubt about going concern: The company notes its cash resources may not meet operating expenditure requirements through the second quarter of 2027, given recurring losses and minimal cash, raising significant going-concern risk.
• Limited operational profile as a shell company: Wright Investors’ Service Holdings has nominal operations and assets aside from cash and investments, constraining organic growth and leaving future value dependent on uncertain strategic transactions or distributions.

Insights

Equity analyst – microcap/special situations

Shell status and going-concern risk dominate this quarter’s picture.

Wright Investors’ Service Holdings continues to function essentially as a cash shell, with $1.076 million in money market mutual funds and only $13,000 in cash at March 31, 2026. Quarterly net loss was modest at $261,000, but recurring.

Management explicitly states that existing cash resources may not cover operating needs through the second quarter of 2027, and auditors highlight substantial doubt about continuing as a going concern. With no revenue-generating operations, the company’s value hinges on how its cash and investment pool is ultimately used.

The board is considering acquiring or developing an operating business or distributing some or all liquid assets to stockholders. Actual outcomes will depend on future strategic decisions and any potential transaction the company is able to execute.

Key Figures

Net loss: $261,000 Net loss prior year: $256,000 Cash and cash equivalents: $13,000 +5 more

8 metrics

Net loss $261,000 Three months ended March 31, 2026

Net loss prior year $256,000 Three months ended March 31, 2025

Cash and cash equivalents $13,000 As of March 31, 2026

Money market mutual funds $1,076,000 Investments at fair value as of March 31, 2026

Total assets $1,146,000 As of March 31, 2026

Stockholders’ equity $1,046,000 As of March 31, 2026

Operating expenses $271,000 Three months ended March 31, 2026

Interest and other income, net $10,000 Three months ended March 31, 2026

Key Terms

shell company, going concern, Investment Company Act of 1940, Rule 3a-2, +2 more

6 terms

shell company regulatory

"Wright Investors’ Service Holdings, Inc. ... is therefore considered a shell company, as defined in U.S. securities laws and regulations."

A shell company is a legal entity that exists on paper but has little or no active business operations or significant assets—think of it like an empty storefront or a mailbox with a business name. Investors should care because shells can be used for legitimate purposes like simplifying a merger, but they also carry higher risks: unclear value, limited revenue or disclosure, potential for fraud, and sudden price swings when a real business is introduced or hidden liabilities surface.

going concern financial

"These factors raise substantial doubt about the Company’s ability to continue as a going concern."

Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.

Investment Company Act of 1940 regulatory

"However, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), a company may fall within the scope of being an “inadvertent investment company”..."

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

Rule 3a-2 regulatory

"The Company is relying on Rule 3a-2 under the Investment Company Act of 1940, which provides a one-year safe harbor..."

fair value hierarchy financial

"A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels"

money market mutual funds financial

"As of March 31, 2026 and December 31, 2025, the Company held investments in equity securities which consist of a money market mutual fund of $1,076,000 and $1,267,000, respectively."

Money market mutual funds pool many investors’ cash to buy very short-term, low-risk debt such as government bills and commercial paper, aiming to preserve capital while paying a small yield. Think of them as a shared, low-risk parking spot for cash—more accessible than long-term investments and usually safer than individual stocks—so investors use them to hold cash, earn modest returns, and maintain liquidity for trades or withdrawals.

Earnings Snapshot

Net loss: $261,000

Q1 2026

Net loss $261,000

Operating expenses $271,000

Interest and other income, net $10,000

Basic and diluted loss per share $0.01

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Wright Investors’ Service Holdings (IWSH) results for Q1 2026?

Wright Investors’ Service Holdings reported a net loss of $261,000, or $0.01 per share, for the three months ended March 31, 2026, compared with a net loss of $256,000 in the same period of 2025, reflecting continued operating and corporate expenses without revenues.

What is Wright Investors’ Service Holdings’ financial position as of March 31, 2026?

As of March 31, 2026, the company had total assets of $1.146 million, including $1.076 million in money market mutual funds and $13,000 in cash, against total liabilities of $100,000, resulting in stockholders’ equity of $1.046 million.

Does Wright Investors’ Service Holdings face going-concern risk?

Yes. The company states that its cash resources at March 31, 2026 may not meet operating expenditure requirements through Q2 2027. Recurring losses, limited cash, and negative operating cash flows raise substantial doubt about its ability to continue as a going concern without strategic changes.

What is the business status of Wright Investors’ Service Holdings (IWSH)?

The company is a shell company with nominal operations and nominal assets aside from cash and investments. It is evaluating strategic options, including acquiring or developing an operating business, partnerships, joint ventures, or potentially distributing some or all cash and investments to stockholders.

How many Wright Investors’ Service Holdings shares are outstanding?

As of May 15, 2026, Wright Investors’ Service Holdings had 20,620,711 shares of common stock outstanding. The company has also repurchased 2,234,721 shares under its 5,000,000-share repurchase authorization, leaving 2,765,279 shares available for future repurchases.

What are Wright Investors’ Service Holdings’ main expenses in Q1 2026?

For the three months ended March 31, 2026, the company’s main expenses were $122,000 in compensation and benefits and $149,000 in other operating expenses. Total operating expenses were $271,000, slightly lower than $287,000 in the prior-year quarter.

How is Wright Investors’ Service Holdings’ cash invested?

At March 31, 2026, the company held $13,000 in cash and $1.076 million in money market mutual funds. These investments are categorized as Level 1 fair value measurements and are intended to preserve principal, maintain liquidity, and avoid speculation while strategic options are evaluated.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2026
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _____ to _____

Commission File Number: 000-50587

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		13-4005439
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

118 North Bedford Road, Ste. 100, Mount Kisco, NY	10549
(Address of principal executive offices)	(Zip code)

(914) 242-5700

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company”, in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☐ 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  Yes ☐     No ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period. Yes ☐     No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒  No ¨

Securities registered pursuant to Section 12(b) of the Act:              None 

Securities registered pursuant to Section 12(g) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock, $0.01 par value	IWSH	OTC Markets Group Inc. (OTC Pink Sheets)

As of May 15, 2026, there were 20,620,711 shares of the registrant’s common stock, $0.01 par value, outstanding. 

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.

TABLE OF CONTENTS

	Part I.  Financial Information	Page No.
Item 1.	Financial Statements of Wright Investors’ Service Holdings, Inc.	1
	Condensed Consolidated Balance Sheets- March 31, 2026 (Unaudited) and December 31, 2025	1
	Condensed Consolidated Statements of Operations- Three Months Ended March 31, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Stockholders’ Equity- Three Months March 31, 2026 and 2025 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025 (Unaudited)	4
	Notes to Condensed Consolidated Financial Statements - March 31, 2026 and 2025 (Unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	11
Item 4.	Controls and Procedures	11
	Part II. Other Information
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 5.	Other Information	12
Item 6.	Exhibits	13
SIGNATURES		14

 Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

 WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

 CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

		March 31,				December 31,
		2026				2025
			(unaudited)
Assets
Current assets
Cash and cash equivalents		$	13			$	33
Investments			1,076				1,267
Prepaid expenses and other current assets			49				78
Total current assets			1,138				1,378
Other assets			8				8
Total assets		$	1,146			$	1,386
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses		$	100			$	79
Total current liabilities			100				79
Total liabilities			100				79
Stockholders’ equity
Preferred stock, par value $0.01 per share, authorized 10,000,000 shares; none issued			-				-
Common stock, par value $0.01 per share, authorized 30,000,000 shares; issued 21,628,680 as of March 31, 2026 and December 31, 2025; outstanding 20,620,711 at March 31, 2026 and December 31, 2025.			216				216
Additional paid-in capital			34,392				34,392
Accumulated deficit			(31,815	)			(31,554	)
Treasury stock, at cost (1,007,969 shares at March 31, 2026 and December 31, 2025)			(1,747	)			(1,747	)
Total stockholders' equity			1,046				1,307
Total liabilities and stockholders’ equity		$	1,146			$	1,386

See accompanying notes to condensed consolidated financial statements.

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WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)

		Three Months Ended March 31,
		2026				2025
Expenses
Compensation and benefits		$	122			$	115
Other operating			149				172
Total operating expenses			271				287
Loss from operations			(271	)			(287	)
Interest and other income, net			10				31
Net loss		$	(261	)		$	(256	)
Basic and diluted weighted average common shares outstanding			20,620,711				20,620,711
Basic and diluted loss per share		$	(0.01	)		$	(0.01	)

See accompanying notes to condensed consolidated financial statements.

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WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(UNAUDITED)

(in thousands, except per share data)

																						Total
										Additional								Treasury				stock-
		Common stock (Issued)								paid -in				Accumulated				stock, at				Holders’
		shares				amount				capital				deficit				cost				equity
Balance at December 31, 2024			21,628,680			$	216			$	34,392			$	(30,530	)		$	(1,747	)		$	2,331
Net loss			-				-				-				(256	)			-				(256	)
Balance at March 31, 2025			21,628,680			$	216			$	34,392			$	(30,786	)		$	(1,747	)		$	2,075
Balance at December 31, 2025			21,628,680			$	216			$	34,392			$	(31,554	)		$	(1,747	)		$	1,307
Net loss			-				-				-				(261	)			-				(261	)
Balance at March 31, 2026			21,628,680			$	216			$	34,392			$	(31,815	)		$	(1,747	)		$	1,046

See accompanying notes to condensed consolidated financial statements.

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WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

		Three Months Ended March 31,
		2026				2025
Cash flows from operating activities
Net loss		$	(261	)		$	(256	)
Adjustments to reconcile net loss to net cash used in operating activities:
Realized gain on investments			-				(11	)
Changes in other operating items:
Prepaid expenses and other current assets			29				28
Accounts payable and accrued expenses			21				(5	)
Net cash used in operating activities			(211	)			(244	)
Cash flows from investing activities
Proceeds from redemptions and sale of investments			201				35
Purchase of investments			(10	)			(560	)
Net cash provided by (used in) by investing activities			191				(525	)
Net decrease in cash and cash equivalents			(20	)			(769	)
Cash and cash equivalents at the beginning of the period			33				1,440
Cash and cash equivalents at the end of the period		$	13			$	671

See accompanying notes to condensed consolidated financial statements.

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WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2026 and 2025

(unaudited)

1. Basis of presentation and description of activities

Basis of presentation

The accompanying interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from audited financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025 as presented in our Annual Report on Form 10-K. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2026 interim period are not necessarily indicative of results to be expected for the entire year.

Description of activities

Wright Investors’ Service Holdings, Inc. (the “Company”) has nominal operations and nominal assets aside from its cash and cash equivalents and investments in money market mutual funds, and is therefore considered a shell company, as defined in U.S. securities laws and regulations. The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities.

The Company intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value. Such strategic options may include acquisition of an investment advisory business, acquisition of a financial services business, creating partnerships or joint ventures for those or other businesses and investing in other businesses that provide attractive opportunities for growth. The directors will also consider alternatives for distributing some or all of the Company’s cash and cash equivalents, and investments to stockholders. Until such time as a decision is made as to how the liquid assets of the Company are so deployed, the Company intends to invest its liquid assets in high-grade, short- term investments (such as cash and cash equivalents and investments in money market mutual funds) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation.

The Company may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of its total assets (exclusive of government securities, and cash and certain cash equivalents). As of March 31, 2026, the Company is not considered an inadvertent investment company.

The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. However, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of the Company’s investment securities (as defined in the Investment Company Act) is more than 40% of the Company’s total assets (exclusive of government securities, and cash and certain cash equivalents). The investment Company Act of 1940 Rule 3a-2 provides a one-year safe harbor from the definition of “investment company” under Section 3(a)(1) for issuers that are temporarily engaged in investing, reinvesting, owning, holding, or trading in securities while they transition to an operating business. The Company is relying on Rule 3a-2 under the Investment Company Act of 1940, which provides a one-year safe harbor from being deemed an “investment company” for issuers that have a bona fide intent to be engaged primarily in a non-investment business as soon as reasonably possible.

Going Concern

The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At March 31, 2026, the Company had working capital of approximately $1,038,000. At March 31, 2026, the Company had an accumulated deficit of approximately $31,815,000. The Company held cash and cash equivalents of approximately $13,000, and investments in money market mutual funds of $1,076,000, respectively, as of March 31, 2026.

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The Company believes that its cash resources at March 31, 2026 may not meet its operating expenditure requirements through the second quarter of 2027.

These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company continues to face significant challenges and uncertainties and intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value, including a continued evaluation of possible business ventures deemed to provide attractive opportunities for growth. The directors will also consider alternatives for distributing some or all of the Company’s cash and cash equivalents and investments. Until such time as a decision is made as to how its liquid assets are so deployed, the Company intends to invest its liquid assets in high-grade, short-term investments consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation. During the period in which we are seeking to complete such a transaction, substantially all of our assets consist of cash, cash equivalents and/or short-term investments.

2. Per share data

Loss per share for the three months ended March 31, 2026 and 2025 is calculated based on 20,620,711 weighted average outstanding shares of common stock. The Company had no dilutive or potentially dilutive securities during the periods presented.

3. Segment Disclosure

The Company's operations are reported within one reportable segment and constitutes the Company and its wholly-owned subsidiaries, all of which are inactive, which are reported in the condensed consolidated financial statements. The Company currently has no or nominal operations, no revenues from operations and is considered a shell company, as defined in the U.S. securities laws and regulations.

The Company's chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM evaluates the results and performance of the reporting segment and decides how to allocate resources based on condensed consolidated net loss which is reported on the Condensed Consolidated Statements of Operations. Additionally, the measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total assets.

The accounting policies for the reportable segment are the same as those described above in the summary of significant accounting policies. The expenses and net loss for the one reportable segment are the same as those presented on the Condensed Consolidated Statements of Operations. Significant expense categories, including compensation and benefits, other operating expenses, and interest and other income, net are included on the Company's Condensed Consolidated Statements of Operations.

4. New accounting standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliations as well as expanded information on income taxes by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024, on a prospective basis. The Company discloses its income tax rate reconciliation in its annual consolidated financial statements only and the adoption, effective January 1, 2025, did not have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard update improves the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including compensation and benefits and other operating expenses) included within income statement expense captions. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard will be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact of adoption of the standard on its financial statement disclosures.

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5. Investment valuation

The Company’s investments in marketable securities consist of investments in equity securities which are money market mutual funds. The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs.

A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2	Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.
Level 3	Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities.

As of March 31, 2026 and December 31, 2025, the Company held investments in equity securities which consist of a money market mutual fund of $1,076,000 and $1,267,000, respectively. Money market mutual funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. Money market mutual funds are categorized in Level 1 of the fair value hierarchy, depending on the unadjusted quoted prices in active markets for identical assets.

The Company follows the guidance in ASC 321, “Investments – Equity Securities” (“ASC 321”) for its investments in equity securities with unrealized and realized gains and losses recorded as Interest and other income, net, on the Consolidated Statements of Operations.

The following table presents the Company’s financial instruments measured at fair value (in thousands):

		Fair Value Measurements as of March 31, 2026
		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Investments in Money Market Mutual Funds		$	1,076			$	1,076			$	-			$	-

		Fair Value Measurements as of December 31, 2025
		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Investments in Money Market Mutual Funds		$	1,267			$	1,267			$	-			$	-

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Investments in equity securities as of March 31, 2026 and December 31, 2025 are summarized by type below (in thousands).

		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Money Market Mutual Funds		$	1,076			$	-			$	-			$	1,076
Total		$	1,076			$	-			$	-			$	1,076

		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Money Market Mutual Funds		$	1,267			$	-			$	-			$	1,267
Total		$	1,267			$	-			$	-			$	1,267

6. Income taxes

No tax benefit has been recorded in relation to the pre-tax loss for the three months ended March 31, 2026 and 2025, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses. As of March 31, 2026, the Company had no material uncertain income tax positions.

7. Capital Stock

The Company’s Board of Directors, without any vote or action by the holders of common stock, is authorized to issue preferred stock from time to time in one or more series and to determine the number of shares and to fix the powers, designations, preferences and relative, participating, optional or other special rights of any series of preferred stock.

The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. The Company did not repurchase any common stock during the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and 2025, the Company had repurchased 2,234,721 shares of its common stock and a total of 2,765,279 of the authorized shares, remained available for repurchase as of March 31, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “could,” “project,” “predict,” “expect,” “estimate,” “continue,” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward-looking statements.

Factors that may cause actual results to differ from those results expressed or implied, include, but are not limited to, those listed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 30, 2026.

These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts.  These statements are based upon our opinions and estimates as of the date they are made.  Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied by the forward-looking statements.  While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this report and you are urged to consider all such risks and uncertainties. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. 

General Overview

The Company is a “shell company”, as defined in Rule 12b-2 of the Exchange Act.  Because we are a shell company, our stockholders are unable to utilize Rule 144 to sell “restricted stock” as defined in Rule 144 or to otherwise use Rule 144 to sell our securities, and we are ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as we remain a shell company and for 12 months thereafter.  As a consequence, among other things, the offering, issuance and sale of our securities is likely to be more expensive and time consuming and may make our securities less attractive to investors.

The Company’s Board of Directors is considering strategic uses for its funds to develop or acquire interests in one or more operating businesses.  While we have focused our development or acquisition efforts on sectors in which our management has expertise, we do not wish to limit ourselves to, or to foreclose any opportunities in, any particular industry or sector.  Prior to this use, the Company’s funds have been, and we anticipate will continue to be, invested in high-grade, short-term investments (such as cash and cash equivalents, U.S. Treasury Bills and mutual funds) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation, until such time as we need to utilize such funds, or any portion thereof, for the purposes described above. The directors will also consider alternatives for distributing some or all of its cash and cash equivalents and Investments in U.S. Treasury Bills and mutual funds to stockholders.

Results of operations

Three months ended March 31, 2026 compared to the three months ended March 31, 2025

For the three months ended March 31, 2026, the Company had a loss from operations of $261,000 compared to a loss from operations of $256,000 for the three months ended March 31, 2025.

The increased loss from operations of $5,000 was primarily a result of a decrease in Interest and other income, net of $21,000, an increase in Compensation and benefits of $7,000, offset by a decrease in Other operating expenses of $23,000 during the three months ended March 31, 2026 as compared to March 31, 2025.

Compensation and benefits

For the three months ended March 31, 2026, Compensation and benefits were $122,000 as compared to $115,000 for the three months ended March 31, 2025. The increased Compensation and benefits of $7,000 was the result of increased payroll benefits.

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Other operating expenses

For the three months ended March 31, 2026, Other operating expenses were $149,000 as compared to $172,000 for the three months ended March 31, 2025. The decreased operating expenses of $23,000 were primarily the result of decreased professional fees of $14,000, decreased travel and entertainment of $13,000, decreased other expenses of $7,000, offset by increased fees related to the repair and maintenance of Company owned dam properties of $11,000. The dam properties were fully impaired as of December 31, 2018.

Interest and other income, net

For the three months ended March 31, 2026, Interest and other income, net was $10,000 as compared to $31,000 for the three months ended March 31, 2025. The decreased interest and other income, net of $21,000 was primarily the result of the lower yields related to the investments in mutual funds and lower balances on such investments during the three months ended March 31, 2026.

Income taxes

For the three months ended March 31, 2026 and 2025, the Company recorded no income tax expense from operations.

The Company recorded a full valuation allowance against its net deferred tax assets as of March 31, 2026 and 2025. Due to a full valuation allowance on the deferred tax assets related to net operating loss carryforwards, no tax benefit has been recorded in relation to the pre-tax loss for the years ended March 31, 2026 and 2025.

Financial condition

Liquidity and Capital Resources

At March 31, 2026, the Company had cash and cash equivalents totaling $13,000 and investments in mutual funds totaling $1,076,000 which it intends to use to acquire interests in one or more operating businesses and to fund the Company’s general and administrative expenses. The directors will also consider alternatives for distributing some or all of its cash and cash equivalents and investments to stockholders. The Company acknowledges that its working capital may not be sufficient to support its operating requirements through May 31, 2027.

Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Please refer to note 5 of the Notes to Condensed Consolidated Financial Statements for classification of Investments.

The decrease in cash and cash equivalents of $20,000 for the three months ended March 31, 2026 was primarily the result of $211,000 used in operating activities, $10,000 used in the purchase of mutual funds, offset by the sale and the redemption of investments of $201,000.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 4. Controls and Procedures

The Company’s principal executive officer and principal financial officer, with the assistance of other members of the Company’s management, have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon such evaluation, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this quarterly report.

The Company’s principal executive officer and principal financial officer have also concluded that there was no change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Purchases of Equity Securities

The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At March 31, 2026, the Company had repurchased 2,234,721 shares of its common stock and, a total of 2,765,279 shares remained available for repurchase at March 31, 2026, pursuant to the 5,000,000 shares repurchase plans. The Company did not repurchase shares of common stock during the quarter ended March 31, 2026.

Item 5. Other Information

None

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Item 6. Exhibits.

Exhibit No.		Description
31.1	*	Certification of principal executive officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a)
31.2	*	Certification of principal financial officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a)
32.1	*	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by the principal executive officer of the Company and the principal financial officer of the Company
101.INS	**	XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	**	XBRL tags are embedded within the Inline XBRL document
101.CAL	**	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	**	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	**	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	**	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	**	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Filed herewith

**Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Act of 1934 and otherwise are not subject to liability.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	WRIGHT INVESTORS’ SERVICE HOLDINGS, INC
Date:  May 15, 2026	By:	/s/ HARVEY P. EISEN
		Name:	Harvey P. Eisen
		Title:	Chairman, President, and Chief Executive Officer (Principal Executive Officer)

Date:  May 15, 2026	By:	/s/ HAROLD D. KAHN
		Name:	Harold D. Kahn
		Title:	Acting Chief Financial Officer and Acting Principal Accounting Officer (Principal Financial Officer)

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