The company's capital structure is severely impaired, featuring a negative equity position of -$37.1M and a constrained current ratio of 0.49 as of 2025Q4.
| Total Current Assets | 21.16M | 27.06M | 23.3M | 25.43M | 33.67M |
| Cash & Short-Term Investments | 1.94M | 3.23M | 3.23M | 3.31M | 3.16M |
| Cash Only | 1.94M | 3.23M | 3.23M | 3.31M | 3.16M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.25M | 11.52M | 5.83M | 14.04M | 15.31M |
| Days Sales Outstanding | 18.86 | 65.22 | 38.7 | 104.53 | 117.64 |
| Inventory | 7.05M | 7.83M | 8.24M | 4.79M | 10.64M |
| Days Inventory Outstanding | 83.93 | 82.36 | 147.1 | 72.09 | 201.38 |
| Other Current Assets | 8.93M | 4.07M | 6M | 3.29M | 4.55M |
| Total Non-Current Assets | 5.59M | 8.68M | 12.43M | 8.59M | 5.11M |
| Property, Plant & Equipment | 4.36M | 5M | 5M | 5.72M | 1.87M |
| Fixed Asset Turnover | 14.43x | 12.90x | 11.01x | 8.58x | 25.36x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.51M | 2.51M | 2.18M | 2.01M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.23M | 1.17M | 4.93M | 695K | 1.22M |
| Total Assets | 26.75M | 35.73M | 35.73M | 34.02M | 38.78M |
| Asset Turnover | 2.35x | 1.80x | 1.54x | 1.44x | 1.23x |
| Asset Growth % | -25.14% | 0% | 5.04% | -12.27% | - |
| Total Current Liabilities | 42.86M | 44.95M | 44.95M | 48.84M | 42.99M |
| Accounts Payable | 3.36M | 4.3M | 4.3M | 3.58M | 5.2M |
| Days Payables Outstanding | 39.97 | 45.28 | 76.81 | 53.85 | 98.34 |
| Short-Term Debt | 3.12M | 0 | 1.57M | 17.08M | 14.03M |
| Deferred Revenue (Current) | 6.81M | 15.77M | 5.21M | 0 | 0 |
| Other Current Liabilities | 29.57M | 3.18M | 28.65M | 22.52M | 20.42M |
| Current Ratio | 0.49x | 0.60x | 0.52x | 0.52x | 0.78x |
| Quick Ratio | 0.33x | 0.43x | 0.33x | 0.42x | 0.54x |
| Cash Conversion Cycle | 62.83 | 102.29 | 108.99 | 122.76 | 220.69 |
| Total Non-Current Liabilities | 21.03M | 23.33M | 23.33M | 11.6M | 11.97M |
| Long-Term Debt | 8.84M | 11.46M | 11.46M | 1.71M | 3.06M |
| Capital Lease Obligations | 0 | 2.92M | 2.92M | 3.1M | 0 |
| Deferred Tax Liabilities | 221K | 112K | 112K | 0 | 0 |
| Other Non-Current Liabilities | 11.97M | 4.17M | 4.17M | 6.79M | 8.91M |
| Total Liabilities | 63.89M | 68.28M | 68.28M | 60.44M | 54.96M |
| Total Debt | 11.96M | 15.95M | 15.95M | 23.63M | 17.09M |
| Net Debt | 10.02M | 12.72M | 12.72M | 20.32M | 13.94M |
| Debt / Equity | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -15.34x | -3.77x | -0.28x | -20.23x | - |
| Total Equity | -37.13M | -32.55M | -32.55M | -26.42M | -16.18M |
| Equity Growth % | -14.1% | 0% | -23.18% | -63.25% | - |
| Book Value per Share | -25.96 | -30.84 | -32.55 | -19.97 | -12.23 |
| Total Shareholders' Equity | -37.13M | -32.55M | -32.55M | -26.42M | -16.18M |
| Common Stock | 0 | 0 | 3K | -30.5M | -18.9M |
| Retained Earnings | -43.89M | -35.21M | -35.21M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.48M | 50K | 50K | 4.08M | 2.71M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial filings, DHAI's balance sheet trajectory reflects a deteriorating position, with total assets declining from $38.2M in 2025Q1 to $26.8M by 2025Q4, signaling that the company is struggling to maintain its capital base amidst persistent operational losses and negative equity.
The consistent decline in total assets suggests that the company is consuming its resource base to fund ongoing operations rather than reinvesting for growth. This trend warrants close monitoring, as the erosion of the asset base limits the firm's ability to secure future financing or support long-term R&D initiatives.
Based on the most recent quarterly data, DHAI's cash position has dwindled to $1.9M, while the current ratio remains severely constrained at 0.49, indicating that the company lacks the necessary liquid buffers to cover its short-term obligations without immediate external capital intervention or significant operational restructuring.
A current ratio below 1.0 is a significant red flag, suggesting that current liabilities far exceed the company's ability to pay them with existing liquid assets. Investors should interpret this as a high risk of near-term dilutive financing, as the current cash burn rate appears unsustainable relative to the available liquidity.
According to the company's balance sheet, DHAI has fallen into a deep negative equity position of -$37.1M as of 2025Q4, a trend driven by the accumulation of -$43.9M in retained earnings, which highlights the severe impact of historical operating losses on the firm's capital structure.
The persistent negative equity indicates that the company has effectively exhausted its initial capital, leaving it entirely dependent on external funding to remain a going concern. This structural deficit suggests that any future value creation for shareholders is contingent upon a complete turnaround in profitability, which remains unproven.
As indicated by the latest financial statements, DHAI carries $12.0M in total debt, a figure that appears increasingly burdensome given the company's negative equity and limited cash reserves, suggesting that debt service requirements may further exacerbate the firm's already precarious liquidity position in the coming quarters.
While the absolute debt level has fluctuated, the lack of positive cash flow to service these obligations implies that the company may be forced to refinance under unfavorable terms. The reliance on debt in a period of revenue contraction suggests that leverage is being used for survival rather than strategic growth.
Quick answers to the most common questions about buying DHAI stock.
As of 2025, DIH Holding US, Inc. (DHAI) had total assets of $26.8M including $21.2M in current assets.
DIH Holding US, Inc. (DHAI) carries total debt of $12.0M, offset by $1.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DIH Holding US, Inc. (DHAI) has total shareholders' equity (book value) of $-37.1M ($-25.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DIH Holding US, Inc. (DHAI) reported a current ratio of 0.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.