Here are the 10-Q quarterly reports from Ludwig Enterprises (LUDG) in our archive since June 2025, 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 LUDG 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 LUDG filings page.
Ludwig Enterprises, Inc. reported unaudited results for the three months ended March 31, 2026, showing net income of $218,847 despite generating no revenue. Profit was driven mainly by non-cash items, including an $825,000 gain on exchanging an equity investment and a $175,000 unrealized gain on equity securities.
Operating expenses rose to $564,979, producing an operating loss, while interest expense and amortization of debt discount totaled $237,759. At March 31, 2026, the company had cash of $18,323, a working capital deficit of $5,037,861, total liabilities of $5,293,267, and a stockholders’ deficit of $4,028,695. Management disclosed substantial doubt about the company’s ability to continue as a going concern and is seeking additional debt or equity financing. Convertible notes, warrant and derivative liabilities, and large preferred share conversion rights create significant potential dilution.
Ludwig Enterprises (LUDG) reported Q3 2025 results. The company posted net income of $31,252 for the quarter, driven largely by a $630,586 gain from the change in fair value of a derivative liability, while operations remained unprofitable. For the nine months, it recorded a net loss of $1,159,135 on $0 revenue as it continues developing mRNA-based diagnostics.
Liquidity is tight. Cash was $3,317 at September 30, 2025, with a working capital deficit of $3,319,663, notes payable of $1,270,009 and convertible notes payable of $687,593. Total liabilities were $3,572,502 and stockholders’ deficit was $(3,310,908). Management disclosed substantial doubt about the company’s ability to continue as a going concern.
Operating expenses reached $1,481,907 year-to-date, reflecting increased consulting, professional fees, and R&D. Financing provided $637,150 net cash year-to-date. The derivative liability stood at $267,473 at quarter-end. Shares outstanding were 162,569,807 as of November 5, 2025. Management said potential product sales could begin in Q4 2025, assuming approximately $10,000,000 of funding, with no assurance.