The company's financial position appears fragile, with $3.2M in goodwill representing a significant portion of total assets and an accumulated deficit of $95.3M that continues to weigh on the equity base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 6.24M | 6.61M | 164.92K | 11.4M | 29.56M | 52.43M | 27.68M | 13.15M | 11.73M | 8.24M | 8.26M | 6.09M | 3.94M | 3.67M | 5.1M | 5.03M | 5.47M | 4.23M | 5.51M |
| Cash & Short-Term Investments | 4.58M | 3.08M | 30.16K | 709.32K | 530.11K | 12.57M | 771.76K | 1.22M | 126K | 229K | 180K | 1.85M | 138K | 55K | 240K | 726.64K | 1.34M | 1.22M | 1.2M |
| Cash Only | 4.58M | 3.08M | 30.16K | 709.32K | 530.11K | 12.57M | 771.76K | 1.22M | 126K | 229K | 180K | 1.85M | 138K | 55K | 196K | 644.37K | 1.01M | 1.22M | 1.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44K | 82.28K | 328.7K | 0 | 0 |
| Accounts Receivable | 1.42M | 2.11M | 0 | 701.38K | 2.76M | 4.88M | 9.2M | 4.07M | 2.76M | 2.23M | 2.5M | 1.08M | 1.81M | 1.67M | 1.97M | 1.4M | 1.25M | 1.2M | 1.16M |
| Days Sales Outstanding | 51.25 | 124.39 | - | 9.81 | 19.89 | 32.14 | 70 | 39.5 | 31.17 | 27.66 | 51.13 | 36.5 | 55.54 | 54.38 | 48.85 | 40.3 | 34.19 | 40.77 | 29.36 |
| Inventory | 0 | 0 | 0 | 9.95M | 25.42M | 33.89M | 16.5M | 7.44M | 7.93M | 5.2M | 4.93M | 2.79M | 1.73M | 1.71M | 2.63M | 2.72M | 2.71M | 1.59M | 2.9M |
| Days Inventory Outstanding | - | - | - | 141.71 | 239.73 | 326.45 | 175.22 | 101.68 | 139.94 | 99.01 | 144.25 | 137.59 | 74.87 | 76.87 | 86.82 | 106.07 | 109.83 | 74.8 | 92.4 |
| Other Current Assets | 236.93K | 1.42M | 134.76K | 35.77K | 860.74K | 500K | 800K | 417.91K | 194.95K | 578.41K | 0 | 381.2K | 0 | 225.15K | 261.69K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 5.6M | 4.16M | 142.12K | 960.85K | 1.4M | 1.87M | 1.93M | 755.15K | 483K | 554K | 765K | 778K | 67K | 51K | 26K | 20.17K | 43.07K | 223.93K | 1.06M |
| Property, Plant & Equipment | 915.6K | 397.44K | 119.87K | 455.02K | 810.45K | 1M | 542.01K | 405.82K | 261K | 162K | 176K | 205K | 67K | 51K | 26K | 20.17K | 43.07K | 57.79K | 102.49K |
| Fixed Asset Turnover | 16.56x | 15.58x | 5.34x | 57.37x | 62.46x | 55.18x | 88.54x | 92.69x | 123.84x | 181.59x | 101.33x | 52.63x | 177.63x | 220.41x | 565.04x | 628.34x | 308.76x | 185.86x | 141.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 58.87K | 58.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.21M | 3.53M | 0 | 33.25K | 73.3K | 262.7K | 388.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 347.15K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 960K |
| Other Non-Current Assets | 1.45M | 231.68K | 22.25K | 472.59K | 511.8K | 544.74K | 942.4K | 349.33K | 222K | 392K | 589K | 573K | 0 | 0 | 0 | 0 | -347.15K | 166.14K | 0 |
| Total Assets | 11.84M | 10.77M | 307.04K | 12.36M | 30.96M | 54.3M | 29.61M | 13.9M | 12.22M | 8.79M | 9.02M | 6.87M | 4.01M | 3.72M | 5.12M | 5.05M | 5.51M | 4.46M | 6.57M |
| Asset Turnover | 0.87x | 0.58x | 2.08x | 2.11x | 1.64x | 1.02x | 1.62x | 2.71x | 2.65x | 3.35x | 1.98x | 1.57x | 2.97x | 3.02x | 2.87x | 2.51x | 2.41x | 2.41x | 2.20x |
| Asset Growth % | 9119.95% | 3408.11% | -97.52% | -60.08% | -42.98% | 83.38% | 112.99% | 13.81% | 38.93% | -2.54% | 31.32% | 71.28% | 7.82% | -27.4% | 1.39% | -8.34% | 23.71% | -32.14% | - |
| Total Current Liabilities | 2.94M | 4.18M | 437.03K | 12.24M | 13.82M | 23.27M | 21.78M | 7.79M | 8.34M | 5.62M | 4.86M | 1.72M | 1.85M | 1.33M | 2.22M | 1.43M | 1.26M | 1.39M | 1.61M |
| Accounts Payable | 263.97K | 511.21K | 143.41K | 11.14M | 2.84M | 12.46M | 11.74M | 5.02M | 4.37M | 3.53M | 2.5M | 1.42M | 726.63K | 693.55K | 931.61K | 1.06M | 911.3K | 1.01M | 1.21M |
| Days Payables Outstanding | 57.36 | 222.13 | 120.99 | 158.67 | 26.76 | 120 | 124.68 | 68.67 | 77.12 | 67.13 | 73.26 | 70.33 | 31.54 | 31.1 | 30.75 | 41.25 | 36.88 | 47.87 | 38.55 |
| Short-Term Debt | 14.95K | 30.35K | 0 | 0 | 5.76M | 5.1M | 2.51M | 0 | 1.74M | 90.26K | 1.31M | 0 | 840.59K | 318.32K | 910.81K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 4.6M | 0 | 0 | 0 | 633.54K | 291.3K | 0 | 901.2K | 439 | 1.17M | 384 | 0 | 264 | -410 | 159 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 2.67M | 26.91K | 697.88K | 1.23M | 1.96M | 1.56M | 0 | 611.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.12x | 1.58x | 0.38x | 0.93x | 2.14x | 2.25x | 1.27x | 1.69x | 1.41x | 1.47x | 1.70x | 3.55x | 2.13x | 2.75x | 2.29x | 3.51x | 4.35x | 3.04x | 3.42x |
| Quick Ratio | 2.12x | 1.58x | 0.38x | 0.12x | 0.30x | 0.80x | 0.51x | 0.73x | 0.46x | 0.54x | 0.69x | 1.93x | 1.20x | 1.47x | 1.11x | 1.61x | 2.19x | 1.90x | 1.62x |
| Cash Conversion Cycle | -6.1 | - | - | -7.15 | 232.86 | 238.59 | 120.53 | 72.51 | 93.99 | 59.55 | 122.12 | 103.77 | 98.87 | 100.14 | 104.92 | 105.11 | 107.13 | 67.7 | 83.21 |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 794.25K | 542.26K | 37.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 15.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 22.51K | 98.81K | 22.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.94M | 4.18M | 437.03K | 12.24M | 14.62M | 23.81M | 21.82M | 7.79M | 8.34M | 5.62M | 4.86M | 1.72M | 1.85M | 1.33M | 2.22M | 1.43M | 1.26M | 1.39M | 1.61M |
| Total Debt | 14.95K | 30.35K | 0 | 22.51K | 5.93M | 5.34M | 2.61M | 102.72K | 1.74M | 90K | 1.31M | 0 | 840K | 318K | 911K | 0 | 0 | 0 | 0 |
| Net Debt | -4.56M | -3.05M | -30.16K | -686.81K | 5.4M | -7.23M | 1.84M | -1.11M | 1.61M | -139K | 1.13M | -1.85M | 702K | 263K | 715K | -644.37K | -1.01M | -1.22M | -1.2M |
| Debt / Equity | 0.00x | 0.00x | - | 0.19x | 0.36x | 0.18x | 0.34x | 0.02x | 0.45x | 0.03x | 0.31x | - | 0.39x | 0.13x | 0.31x | - | - | - | - |
| Debt / EBITDA | 0.00x | 0.01x | - | - | - | - | - | - | 4.37x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.45x | -1.50x | - | - | - | - | - | - | 4.06x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 804.69x | 173.18x | - | -44.58x | -38.12x | -6.90x | -77.92x | -66.16x | 0.38x | -12.69x | -52.74x | -10.41x | 2.68x | - | - | - | - | - | - |
| Total Equity | 8.9M | 6.59M | -130K | 115.92K | 16.34M | 30.49M | 7.79M | 6.11M | 3.88M | 3.17M | 4.16M | 5.15M | 2.16M | 2.39M | 2.9M | 3.62M | 4.26M | 3.07M | 4.96M |
| Equity Growth % | 8657.69% | 5168.75% | -212.15% | -99.29% | -46.39% | 291.33% | 27.52% | 57.61% | 22.19% | -23.77% | -19.27% | 138.72% | -9.51% | -17.78% | -19.87% | -14.92% | 38.8% | -38.14% | - |
| Book Value per Share | 0.85 | 0.93 | -0.04 | 0.06 | 8.81 | 19.17 | 7.70 | 8.46 | 6.07 | 5.32 | 7.48 | 13.60 | 6.76 | 7.77 | 9.98 | 15.46 | 49.23 | 37.54 | 63.59 |
| Total Shareholders' Equity | 8.9M | 6.59M | -130K | 115.92K | 16.34M | 30.49M | 7.79M | 6.11M | 3.88M | 3.17M | 4.16M | 5.15M | 2.16M | 2.39M | 2.9M | 3.62M | 4.26M | 3.07M | 4.96M |
| Common Stock | 83.29K | 79.34K | 490.14K | 479.33K | 469.49K | 458.85K | 350.75K | 209.3K | 41.2M | 40.42M | 146.85K | 134.78K | 34.27M | 34.26M | 69.74K | 69.74K | 54.51K | 19.81K | 2 |
| Retained Earnings | -95.27M | -95.62M | -96.69M | -92.47M | -74.83M | -59.29M | -57.09M | -40.6M | -37.32M | -37.25M | -35.88M | -32.95M | -32.11M | -32.24M | -31.17M | -30.44M | -29.57M | -29.84M | -27.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -44.74K | -8.44K | 0 | 0 | 0 | 0 | 0 | 0 | -891.99K | -754.98K | -641.02K | -553.47K | -522.87K | 364K | 368K | 125.57K | 381.67K | 362.9K | 345.17K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient Liquidity Runway
As reported in recent financial filings, FIEE's total assets fluctuated from a low of $307K in 2024Q4 to $11.8M by 2026Q1, indicating that the company's balance sheet trajectory is currently driven by erratic capital injections and restructuring events rather than consistent, organic asset accumulation or business growth.
The extreme variance in asset levels suggests a lack of structural stability, which may complicate long-term financial planning. Investors should monitor whether the recent increase in asset base represents a sustainable expansion of the business or merely a temporary accounting artifact from the ongoing pivot.
Based on the company's latest quarterly data, FIEE maintains a cash position of $4.6M against a history of significant cash burn, which suggests that the current liquidity buffer may be insufficient to support the firm's high-fixed-cost software development model without further external capital infusions or dilution.
While the current ratio of 2.12 appears improved compared to historical lows, the absolute cash balance remains precarious for a technology firm in a high-growth phase. This limited runway may force management to prioritize short-term cash preservation over the long-term strategic investments required to scale the MinimOS platform.
According to reported financial statements, FIEE carries a massive accumulated deficit of $95.3M as of 2026Q1, which highlights the severe historical value destruction that continues to weigh on the company's equity base despite recent efforts to pivot toward a higher-margin software-as-a-service business model.
The persistent negative retained earnings suggest that the company has struggled to achieve profitability at scale, casting doubt on the long-term viability of the current capital structure. Shareholders should be wary of the potential for future equity dilution as the company attempts to bridge the gap between its current losses and sustainable operational profitability.
As noted in the balance sheet data, FIEE holds $3.2M in goodwill as of 2026Q1, representing a substantial portion of total assets that may be subject to future impairment charges if the software-defined networking strategy fails to deliver the anticipated market penetration and recurring revenue growth.
The presence of significant intangible assets on a balance sheet with limited tangible backing warrants further investigation into the underlying valuation assumptions. If the company's pivot to software does not yield the expected competitive moat, these assets could be written down, further eroding the already fragile equity position.
Quick answers to the most common questions about buying FIEE stock.
As of 2025, FiEE, Inc. (FIEE) had total assets of $10.8M including $6.6M in current assets.
FiEE, Inc. (FIEE) carries total debt of $0.0M, offset by $3.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FiEE, Inc. (FIEE) has total shareholders' equity (book value) of $6.6M ($0.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FiEE, Inc. (FIEE) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.