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NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0001591956
$2.03
0.00% · delayed ~15 min
Last price from Oct 20, 2026
$6.9M market value
From DarkHorse Technologies Inc.'s FY2025 10-K, filed Mar 27, 2026 · read the filing
DarkHorse Technologies lends money and provides credit. It took in $11.2M last year, which makes it a small company. It spends more than it earns — losing about 192 cents on every dollar of sales.
The financial picture is mixed, with debt needing attention and profitability and growth weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Several areas of financial weakness.
From DarkHorse Technologies Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
-$9.5M → -$21.5M
Operating margin
-128.9% → -196.8%
Profit margin
-57.0% → -192.1%
Free cash flow
-$13.5M → -$23.6M
Measured against FY2024, from the 10-K filed Mar 27, 2026
Deteriorated: $12.0M wider
-$9.5M to -$21.5MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
DRK was unchanged on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −0.34%. That is 1.1 points below its sector and in line with the market.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 5 analysts covering this company, as of . Their views, not this site's.
Of 5 analysts publishing on this company, 1 say strong buy, 3 say buy and 1 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $21.5M last year, losing about 192 cents on every dollar of sales.
No. Sales shrank 32.7% last year.
For every $1 it owes, it owns $13.80 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $21.5M and generated -$16.1M of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Mar 27, 2026Filing for FY2025 | FY202410-K · Mar 27, 2026Filing for FY2024 | FY202310-K · Mar 13, 2024Filing for FY2023 | FY202210-K · Mar 13, 2024Filing for FY2022 | FY202110-K · Mar 31, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $11.2M | $16.6M | $21.9M | $6.1M | $3.7M | −32.7% |
| Cost of revenue | $8.6M | $13.4M | — | — | $2.0M | −36.1% |
| Gross profit | $2.6M† | $3.2M† | $6.0M | $2.7M | $1.7M | −18.7% |
| Gross marginGross profit ÷ revenueWhat is this? | 23.5% | 19.4% | 27.2% | 43.8% | 45.6% | +4.0 pts |
| Selling, general and administrative | $8.3M | $12.4M | $15.8M | $24.1M | $12.9M | −33.6% |
| Operating income | -$22.0M | -$21.4M | -$30.0M | -$157.7M | -$19.7M | −2.7% |
| Operating marginOperating income ÷ revenueWhat is this? | -196.8% | -128.9% | -136.9% | -2594.3% | -530.1% | −67.8 pts |
| Interest expense | — | $0.00 | $1.2M | $0.00 | $21.0K | — |
| Net income | -$21.5M | -$9.5M | -$23.3M | -$192.8M | -$17.3M | −126.8% |
| Net marginNet income ÷ revenueWhat is this? | -192.1% | -57.0% | -106.5% | -3172.6% | -464.8% | −135.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-6.33 | $-3.72 | $-1.52 | $-19.66 | $-0.272 | −70.2% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 6,250 shares
Holds 84,486 shares after this filing.
Had shares withheld to cover taxes — 1,941 shares at $2.98 ($5.8K)
Holds 82,545 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Amended its charter or changed its financial year · Made a Regulation FD disclosure · Reported another event
Read the filingMade a Regulation FD disclosure
Read the filingWrite down why you are following DarkHorse Technologies Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 4 subsidiaries named in its 10-K, incorporated across 4 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Source: Exhibit 21 of the 10-K filed 2026-03-27. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from DRK's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Mar 27, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 3.3 | 4/8 | 10-K, filed Mar 27, 2026 |
| FY2024 | 3.3 | 3/7 | 10-K, filed Mar 28, 2025 |
| FY2023 | 4.7 | 4/8 | 10-K, filed Mar 13, 2024 |
| FY2022 | 6.0 | 2/7 | 10-K, filed Mar 31, 2023 |
| FY2021 | 2.0 | 1/8 | 20-F, filed Mar 31, 2022 |
| FY2020 | 2.0 | 3/8 | 20-F, filed Apr 9, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
4 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −67.8 pts
-128.9% to -196.8%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −135.1 pts
-57.0% to -192.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $10.1M wider
-$13.5M to -$23.6MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: $2.61 wider
-$3.72 to -$6.33Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +33.3%
2.5M to 3.4MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Deteriorated: -32.7%
$16.6M to $11.2MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -18.7%
$3.2M to $2.6MSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +4.0 pts
19.4% to 23.5%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: -31.7%
$5.4M to $3.7MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: -16.2%
$8.9M to $7.5MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: $588.0K wider
-$21.4M to -$22.0MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 14, 2026 — read it.
Deteriorated: -77.0%
$717.0K to $165.0KCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: $11.2M wider
-$2.6M to -$13.8MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$1.7M to -$13.8MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −17.0 pts
23.8% to 6.7%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −476.7 pts
-87.0% to -563.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −619.2 pts
55.2% to -564.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$0.06 to -$1.81Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -72.7%
28.0M to 7.6MCritical
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Deteriorated: -18.8%
$3.0M to $2.5MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -39.5%
$4.7M to $2.8MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 14, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -47.3%
$313.0K to $165.0KCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: $9.7M wider
-$4.1M to -$13.8MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: $9.7M wider
-$4.1M to -$13.8MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −9.6 pts
16.3% to 6.7%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −348.1 pts
-215.6% to -563.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −349.7 pts
-214.3% to -564.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $0.72 wider
-$1.09 to -$1.81Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +102.8%
3.8M to 7.6MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +28.0%
$1.9M to $2.5MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -9.5%
$3.1M to $2.8MNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.4% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
Was granted or awarded shares — 166,666 shares at $3.00 ($500.0K)
Holds 1,029,476 shares after this filing.
Was granted or awarded shares — 133,333 shares at $3.00 ($400.0K)
Holds 189,888 shares after this filing.
Was granted or awarded shares — 33,333 shares at $3.00 ($100.0K)
Holds 115,934 shares after this filing.
Exercised stock options — 17,188 shares
Holds 443,003 shares after this filing.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Sold shares outside a public offering · Made a Regulation FD disclosure
Signed a material agreement
Read the filingHeld a shareholder vote · Made a Regulation FD disclosure · Reported another event
Read the filingQuarterly report for Q2 FY2026
Revenue -18.8% · Operating margin −476.7 pts · Gross profit -77.0% — against Q2 FY2025
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Changed the rights attached to its shares · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Reported another event
Read the filingProxy statement for a shareholder meeting
Read the filingSigned a material agreement · Completed an acquisition or disposal · Sold shares outside a public offering · Changed the rights attached to its shares · Had a director or senior officer leave or join · Amended its charter or changed its financial year · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote · Made a Regulation FD disclosure
Read the filingPublished results
Read the filingQuarterly report for Q1 FY2026
Revenue -32.0% · Operating margin −31.4 pts · Gross profit -49.8% — against Q1 FY2025
Read the filingHeld a shareholder vote
Read the filingMade a Regulation FD disclosure
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue -32.7% · Operating margin −67.8 pts · Profit $12.0M wider — against FY2024
Read the filingSigned a material agreement · Sold shares outside a public offering · Made a Regulation FD disclosure
Read the filingPublished results
Read the filingCoverage from the last 30 days
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Primary sources and further research