The company's financial position appears strained, with the debt-to-equity ratio surging to 5.74 and a current ratio of 0.73, indicating limited liquidity to cover short-term obligations.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Total Current Assets | 38.81M | 39.3M | 26.14M | 25.21M | 35.56M | 35.48M | 40.12M | 34.04M | 27.67M | 29.05M | 25.17M | 27.18M | 32.6M | 26.36M | 22.93M | 22.98M | 12.71M | 9.83M | 8.05M | 11.42M | 16.54M | 13.23M | 5.91M | 10.48M | 2.08M | 1.74M | 5.24M | 1.5M | 1.3M | 3.89M | 1.42M |
| Cash & Short-Term Investments | 961K | 8.04M | 12.89M | 10.15M | 19.13M | 18.85M | 27.58M | 22.51M | 14.66M | 17.12M | 16.4M | 19.57M | 23.89M | 15.81M | 13.86M | 13.87M | 5.42M | 5.1M | 2.69M | 6.41M | 9.9M | 10.35M | 4.18M | 9.85M | 1.81M | 1.35M | 4.65M | 900K | 1M | 3.37M | 847.48K |
| Cash Only | 931K | 7.97M | 4.95M | 8.66M | 12.74M | 13.17M | 23.32M | 18.82M | 11.06M | 12.76M | 13.47M | 18.32M | 23.89M | 15.81M | 13.86M | 13.87M | 5.42M | 5.1M | 2.69M | 6.41M | 9.9M | 10.35M | 4.18M | 9.85M | 1.81M | 1.35M | 4.65M | 600K | 1M | 3.34M | 657.33K |
| Short-Term Investments | 30K | 70K | 7.95M | 1.48M | 6.4M | 5.69M | 4.26M | 3.69M | 3.59M | 4.36M | 2.94M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 | 29.29K | 190.15K |
| Accounts Receivable | 16.7M | 14.59M | 3.73M | 6.21M | 8.38M | 7.68M | 5.44M | 3.64M | 3.92M | 5.93M | 3.41M | 2.12M | 4.28M | 4.96M | 5.52M | 5.1M | 4.19M | 1.43M | 2.21M | 938.23K | 1.95M | 880.28K | 926.75K | 184.16K | 111.49K | 117.58K | 237.91K | 200K | 100K | 307.17K | 195.46K |
| Days Sales Outstanding | 86.91 | 130.69 | 56.66 | 48.56 | 56.57 | 59.65 | 46.18 | 35.97 | 54.36 | 106.62 | 76.05 | 46.02 | 63.59 | 105.91 | 136.15 | 70.2 | 91.57 | 34.38 | 72.1 | 34.59 | 79.09 | 31.41 | 58.8 | 51.1 | 40.26 | 50.18 | 60.6 | 91.25 | 121.67 | 115.9 | 76.41 |
| Inventory | 18.14M | 8.8M | 7.31M | 6.5M | 6.01M | 6.42M | 5.95M | 5.83M | 6.73M | 5.26M | 4.76M | 4.93M | 3.9M | 4.59M | 3.11M | 2.74M | 2.78M | 2.65M | 2.89M | 3.8M | 4.45M | 1.8M | 651.1K | 408.94K | 136.88K | 197.01K | 172.47K | 300K | 100K | 189.81K | 313.93K |
| Days Inventory Outstanding | 141.45 | 135.03 | 193.16 | 95.29 | 81.95 | 99.33 | 106.59 | 114.98 | 181.17 | 191.21 | 200.11 | 217.8 | 131.32 | 189.37 | 155.33 | 94.4 | 135.13 | 123.28 | 155.61 | 213.25 | 264.07 | 112.91 | 66.5 | 96.67 | 73.06 | 124.35 | 76.41 | 219 | 121.67 | 85.59 | 143.74 |
| Other Current Assets | 962K | 38K | 151K | 824K | 344K | 594K | 570K | 503K | 648.07K | 175.27K | 0 | 0 | 0 | 0 | 0 | 612.5K | 112.52K | 452.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 184.48K | 100K | 100K | 0 | 0 |
| Total Non-Current Assets | 22.82M | 24.57M | 27.8M | 24.7M | 36.29M | 54.64M | 26.05M | 13.08M | 14.19M | 9.81M | 11.64M | 12.5M | 1.18M | 1.2M | 1.47M | 1.52M | 460.26K | 1.19M | 1.41M | 1.84M | 2.17M | 1.98M | 1.73M | 1.27M | 1.71M | 2.1M | 2.04M | 700K | 400K | 359.77K | 179.69K |
| Property, Plant & Equipment | 2.95M | 3.54M | 4.4M | 5.44M | 6.3M | 6.62M | 7.21M | 2.27M | 2.45M | 509.6K | 473.34K | 471.96K | 360.08K | 237.38K | 212.86K | 75.47K | 124.35K | 230.43K | 292.09K | 422.03K | 693.53K | 606.87K | 453.36K | 200.26K | 363.45K | 516.21K | 237.33K | 100K | 200K | 196.42K | 93.41K |
| Fixed Asset Turnover | 17.68x | 11.50x | 5.46x | 8.58x | 8.58x | 7.10x | 5.96x | 16.30x | 10.74x | 39.86x | 34.56x | 35.56x | 68.29x | 71.99x | 69.49x | 351.23x | 134.25x | 66.04x | 38.31x | 23.46x | 12.98x | 16.85x | 12.69x | 6.57x | 2.78x | 1.66x | 6.04x | 8.00x | 1.50x | 4.93x | 10.00x |
| Goodwill | 13.4M | 13.45M | 13.33M | 10.28M | 10.12M | 23.83M | 2.47M | 2.31M | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.99M | 6.15M | 8.51M | 8.43M | 10.51M | 12.8M | 943K | 1.18M | 1.56M | 55.69K | 62.91K | 58.38K | 53.84K | 51.65K | 158.46K | 225.97K | 277.65K | 343.71K | 1.06M | 1.36M | 1.42M | 1.37M | 1.28M | 1.07M | 1.35M | 1.59M | 640.51K | 500K | 200K | 137.44K | 76.2K |
| Long-Term Investments | 585K | 0 | 249K | 0 | 781K | 1.88M | 3.81M | 1.39M | 1.2M | 711.12K | 2.19M | 3.05M | 0 | 0 | 0 | 0 | 0 | 58.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 885K | 1.43M | 1.31M | 551K | 1.22M | 1.47M | 520K | 559K | 580.92K | 203.98K | 391.45K | 578.94K | 766.42K | 914.52K | 1.1M | 1.22M | 58.27K | 553.64K | 58.27K | 58.27K | 58.27K | 0 | 0 | 0 | 0 | 0 | 1.16M | 100K | 0 | 25.9K | 10.07K |
| Total Assets | 61.63M | 63.87M | 53.94M | 49.91M | 71.85M | 90.13M | 66.17M | 47.12M | 41.86M | 38.86M | 36.81M | 39.67M | 33.78M | 27.56M | 24.41M | 24.5M | 13.17M | 11.01M | 9.46M | 13.26M | 18.71M | 15.21M | 7.65M | 11.74M | 3.79M | 3.84M | 7.28M | 2.2M | 1.7M | 4.25M | 1.6M |
| Asset Turnover | 0.95x | 0.64x | 0.45x | 0.94x | 0.75x | 0.52x | 0.65x | 0.78x | 0.63x | 0.52x | 0.44x | 0.42x | 0.73x | 0.62x | 0.61x | 1.08x | 1.27x | 1.38x | 1.18x | 0.75x | 0.48x | 0.67x | 0.75x | 0.11x | 0.27x | 0.22x | 0.20x | 0.36x | 0.18x | 0.23x | 0.59x |
| Asset Growth % | 62.78% | 18.42% | 8.08% | -30.55% | -20.28% | 36.21% | 40.42% | 12.56% | 7.73% | 5.55% | -7.2% | 17.45% | 22.57% | 12.92% | -0.39% | 86.02% | 19.58% | 16.48% | -28.69% | -29.13% | 23.01% | 98.93% | -34.9% | 209.91% | -1.24% | -47.26% | 230.71% | 29.41% | -60.02% | 166.5% | - |
| Total Current Liabilities | 53.16M | 54.44M | 14.09M | 11.26M | 15.37M | 17.47M | 10.32M | 9.27M | 6.58M | 3.67M | 2.08M | 1.57M | 4.92M | 2.65M | 1.62M | 3.95M | 2.55M | 2.97M | 1.94M | 1.64M | 3.88M | 3.7M | 2.44M | 1.99M | 1.52M | 843.79K | 445.74K | 400K | 300K | 172.31K | 367.99K |
| Accounts Payable | 9.65M | 8.18M | 4.03M | 2.79M | 2.33M | 2.16M | 1.37M | 860K | 3.08M | 1.11M | 574.57K | 703.94K | 830.5K | 1.6M | 995.72K | 1.04M | 965.05K | 955.65K | 963.91K | 771.64K | 1.9M | 1.99M | 1.3M | 604.34K | 733.53K | 321.77K | 233.8K | 300K | 200K | 120.87K | 348.19K |
| Days Payables Outstanding | 99.72 | 125.46 | 106.55 | 40.82 | 31.84 | 33.44 | 24.55 | 16.95 | 82.95 | 40.46 | 24.13 | 31.12 | 27.99 | 65.9 | 49.69 | 35.89 | 46.84 | 44.54 | 51.9 | 43.27 | 113 | 124.57 | 132.77 | 142.86 | 391.52 | 203.1 | 103.58 | 219 | 243.33 | 54.5 | 159.43 |
| Short-Term Debt | 15.77M | 18.01M | 0 | 0 | 0 | 296K | 300K | 280K | 296.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.13K | 10.97K | 9.91K | 8.96K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 81.66M | 23.93M | 5.25M | 3.47M | 6.55M | 9.82M | 4.41M | 5.57M | 659.68K | 343.16K | 637.76K | 51.34K | 567.64K | 18.53K | 429 | 5.34K | 1.3K | 330.01K | 275.51K | 286.48K | 351.66K | 395.83K | 322.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 20.85M | 165K | 532K | 935K | 164K | 148K | 202K | 259K | 301.41K | 150.62K | 285.4K | 291.26K | 290.08K | 189.28K | 154.07K | 3.92K | 1.23M | 1.36M | 0 | 0 | 0 | 282K | 0 | 0 | 0 | 0 | 211.94K | 100K | 100K | 0 | 0 |
| Current Ratio | 0.73x | 0.72x | 1.86x | 2.24x | 2.31x | 2.03x | 3.89x | 3.67x | 4.21x | 7.91x | 12.12x | 17.26x | 6.63x | 9.94x | 14.16x | 5.82x | 4.98x | 3.31x | 4.14x | 6.95x | 4.26x | 3.57x | 2.42x | 5.26x | 1.36x | 2.06x | 11.76x | 3.75x | 4.33x | 22.59x | 3.85x |
| Quick Ratio | 0.39x | 0.56x | 1.34x | 1.66x | 1.92x | 1.66x | 3.31x | 3.04x | 3.18x | 6.48x | 9.82x | 14.13x | 5.84x | 8.21x | 12.24x | 5.13x | 3.89x | 2.42x | 2.66x | 4.63x | 3.11x | 3.09x | 2.16x | 5.05x | 1.27x | 1.82x | 11.37x | 3.00x | 4.00x | 21.49x | 2.99x |
| Cash Conversion Cycle | 128.65 | 140.26 | 143.27 | 103.03 | 106.69 | 125.54 | 128.23 | 134 | 152.58 | 257.37 | 252.02 | 232.7 | 166.91 | 229.39 | 241.79 | 128.7 | 179.85 | 113.12 | 175.82 | 204.56 | 230.17 | 19.75 | -7.48 | 4.91 | -278.2 | -28.57 | 33.43 | 91.25 | 0 | 146.99 | 60.73 |
| Total Non-Current Liabilities | 5.44M | 7.27M | 22.29M | 4.83M | 6.1M | 6.7M | 6.71M | 2.46M | 1.79M | 0 | 165.04K | 147.95K | 157.55K | 146.11K | 363.82K | 276.74K | 282.46K | 0 | 0 | 0 | 1.22M | 1.56M | 12.13K | 23.1K | 3.15M | 0 | 0 | 100K | 0 | 386.65K | 0 |
| Long-Term Debt | 0 | 0 | 12.01M | 0 | 0 | 0 | 18K | 33K | 52.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.12M | 0 | 0 | 0 | 0 | 386.65K | 0 |
| Capital Lease Obligations | 8.23M | 2.22M | 3.27M | 4.28M | 5.19M | 5.71M | 6.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.13K | 23.1K | 33.01K | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.01M | 3.57M | 6.64M | 0 | 680K | 687K | 0 | 1.88M | 1.66M | 0 | 165.04K | 122K | 131.72K | 122.63K | 43.43K | 6.6K | 9.31K | 0 | 0 | 0 | 1.22M | 1.56M | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Total Liabilities | 58.6M | 61.7M | 36.37M | 16.09M | 21.46M | 24.17M | 17.03M | 11.74M | 8.37M | 3.67M | 2.24M | 1.72M | 5.08M | 2.8M | 1.98M | 4.23M | 2.83M | 2.97M | 1.94M | 1.64M | 5.1M | 5.27M | 2.45M | 2.02M | 4.67M | 843.79K | 445.74K | 500K | 300K | 558.96K | 367.99K |
| Total Debt | 17.39M | 21.35M | 16.3M | 5.29M | 6.14M | 6.9M | 7.48M | 313K | 348.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.13K | 23.1K | 33.01K | 3.16M | 0 | 0 | 0 | 0 | 386.65K | 0 |
| Net Debt | 16.46M | 13.38M | 11.36M | -3.37M | -6.6M | -6.26M | -15.84M | -18.51M | -10.71M | -12.76M | -13.47M | -18.32M | -23.89M | -15.81M | -13.86M | -13.87M | -5.42M | -5.1M | -2.69M | -6.41M | -9.9M | -10.34M | -4.16M | -9.82M | 1.35M | -1.35M | -4.65M | -600K | -1M | -2.95M | -657.33K |
| Debt / Equity | 5.74x | 9.85x | 0.93x | 0.16x | 0.12x | 0.10x | 0.15x | 0.01x | 0.01x | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x | 0.00x | 0.00x | - | - | - | - | - | 0.10x | - |
| Debt / EBITDA | -1581.27x | - | - | - | - | 2.05x | 1.01x | 0.08x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1496.64x | - | - | - | - | -1.86x | -2.13x | -4.67x | - | - | - | -12.57x | -6.76x | -14.22x | -10.11x | -2.71x | -2.04x | -1436.52x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -2.18x | -10.67x | -52.29x | - | - | - | - | - | - | - | - | - | - | - | - | - | 1566.89x | -177.95x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 3.03M | 2.17M | 17.56M | 33.81M | 50.39M | 65.96M | 49.14M | 35.38M | 33.49M | 35.18M | 34.57M | 37.95M | 28.7M | 24.76M | 22.42M | 20.28M | 10.34M | 8.04M | 7.51M | 11.62M | 13.6M | 9.94M | 5.19M | 9.73M | -884.88K | 2.99M | 6.83M | 1.7M | 1.4M | 3.69M | 1.23M |
| Equity Growth % | -325.77% | -87.66% | -48.06% | -32.9% | -23.6% | 34.22% | 38.89% | 5.65% | -4.82% | 1.77% | -8.9% | 32.21% | 15.92% | 10.43% | 10.59% | 96.13% | 28.51% | 7.06% | -35.31% | -14.61% | 36.83% | 91.45% | -46.62% | 1199.37% | -129.56% | -56.17% | 301.76% | 21.43% | -62.09% | 200.86% | - |
| Book Value per Share | 0.07 | 0.05 | 0.40 | 0.92 | 1.38 | 1.85 | 1.44 | 1.06 | 1.03 | 1.10 | 1.08 | 1.13 | 0.86 | 0.75 | 0.68 | 0.62 | 0.33 | 0.26 | 0.25 | 0.38 | 0.54 | 0.46 | 0.26 | 0.61 | -0.06 | 0.22 | 0.58 | 0.15 | 0.13 | 0.40 | 0.16 |
| Total Shareholders' Equity | 3.03M | 2.17M | 17.56M | 33.81M | 50.39M | 65.96M | 49.14M | 35.38M | 33.49M | 35.18M | 34.57M | 37.95M | 28.7M | 24.76M | 22.42M | 20.28M | 10.34M | 8.04M | 7.51M | 11.62M | 13.6M | 9.94M | 5.19M | 9.73M | -884.88K | 2.99M | 6.83M | 1.7M | 1.4M | 3.69M | 1.23M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 332 | 322 | 318 | 329 | 332 | 329 | 324 | 324 | 306 | 306 | 305 | 305 | 301 | 243 | 198 | 193 | 144 | 137 | 133 | 100K | 0 | 98 | 86 |
| Retained Earnings | -126M | -125.9M | -107.79M | -76.06M | -57.37M | -41.15M | -41.86M | -53.73M | -56.52M | -52.77M | -51.9M | -49.66M | -59.35M | -62.67M | -63.94M | -65.4M | -70.42M | -74.9M | -73.86M | -67.5M | -61.06M | -52.85M | -42.33M | -36.37M | -28.14M | -19.92M | -14.87M | -11.8M | -8.8M | -4.17M | -2.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 635K | 687K | -335K | -505K | -792K | 2K | -250K | -459K | -245.38K | -1.27K | -1.55K | -301 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.89K | 300K | 0 | 29.09K | 189.95K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency pressure
As reported in recent financial statements, Genasys's equity base has contracted significantly to $3.0 million in 2026Q2 from $40.6 million in 2024Q1, signaling a rapid erosion of book value that underscores the company's struggle to achieve sustainable profitability while scaling its operations.
The consistent decline in retained earnings, which reached -$126.0 million, suggests that the company's growth initiatives are currently value-destructive from a balance sheet perspective. Investors should monitor whether the recent revenue acceleration can eventually stabilize this downward trajectory in shareholder equity.
According to quarterly filings, the current ratio has compressed to 0.73 in 2026Q2, reflecting a precarious liquidity position where current liabilities significantly outweigh current assets, leaving the firm with minimal buffer to absorb operational shocks or delays in government contract payments.
With cash reserves dwindling to $931,000, the company appears to be operating with an extremely thin margin for error. This liquidity constraint may necessitate dilutive financing or further debt accumulation if the current cash burn rate is not addressed immediately.
Based on the provided balance sheet data, the debt-to-equity ratio has surged to 5.74 in 2026Q2, indicating that the company is increasingly reliant on debt financing to sustain its operations as its equity base continues to shrink under persistent operating losses.
The reliance on debt in the face of negative earnings suggests that the company's capital structure is becoming increasingly fragile. This leverage profile warrants close scrutiny, as it may limit the company's financial flexibility and increase the cost of capital in future periods.
As indicated by the company's balance sheet, goodwill remains a substantial asset at $13.4 million, which is more than four times the total equity of $3.0 million, creating a significant risk of future impairment charges if the software pivot fails to meet performance expectations.
The presence of such a large intangible asset relative to the total equity base suggests that the balance sheet is highly sensitive to management's assumptions regarding future growth. Any downward revision in the valuation of these assets could further erode the company's already thin equity position.
Quick answers to the most common questions about buying GNSS stock.
As of 2025, Genasys Inc. (GNSS) had total assets of $63.9M including $39.3M in current assets.
Genasys Inc. (GNSS) carries total debt of $21.4M, offset by $8.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Genasys Inc. (GNSS) has total shareholders' equity (book value) of $2.2M ($0.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Genasys Inc. (GNSS) reported a current ratio of 0.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.