The capital structure remains highly sensitive to integration risks, with goodwill accounting for $238.7 million of the $861.7 million total asset base as of 2026Q1.
Hadron Energy, Inc. (HDRN) balance sheet — 2-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 |
|---|
| Total Current Assets | 23.1M | 2.09M | 41.89K |
| Cash & Short-Term Investments | 22.22M | 1.76M | 17.28K |
| Cash Only | 22.22M | 1.76M | 17.28K |
| Short-Term Investments | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 24.61K |
| Days Sales Outstanding | - | - | - |
| Inventory | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 883K | 0 | 0 |
| Total Non-Current Assets | 31K | 2M | 4.69K |
| Property, Plant & Equipment | 31K | 118.97K | 4.69K |
| Fixed Asset Turnover | 0.00x | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 1.88M | 0 |
| Total Assets | 23.13M | 4.09M | 46.58K |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 2640.61% | 8682.14% | - |
| Total Current Liabilities | 1.74M | 17.52M | 70.72K |
| Accounts Payable | 937K | 97.94K | 0 |
| Days Payables Outstanding | 28.55K | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 |
| Other Current Liabilities | 729K | 77.95K | 0 |
| Current Ratio | 13.26x | 0.12x | 0.59x |
| Quick Ratio | 13.26x | 0.12x | 0.59x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 2.15M | 46.37M | 566.4K |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 12.5K | 12.5K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.15M | 46.36M | 566.4K |
| Total Liabilities | 3.89M | 63.89M | 637.13K |
| Total Debt | 0 | 50.23K | 0 |
| Net Debt | -22.22M | -1.71M | -17.28K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - |
| Net Debt / EBITDA | 1.46x | - | - |
| Interest Coverage | -1005.04x | - | - |
| Total Equity | 19.24M | -59.8M | -590.55K |
| Equity Growth % | 7926.31% | -10026.04% | - |
| Book Value per Share | 0.33 | -1.31 | -0.03 |
| Total Shareholders' Equity | 19.24M | -59.8M | -590.55K |
| Common Stock | 7K | 255 | 250 |
| Retained Earnings | -41.44M | -72.37M | -593.56K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Quick answers to the most common questions about buying HDRN stock.
As of 2025, Hadron Energy, Inc. (HDRN) had total assets of $4.1M including $2.1M in current assets.
Hadron Energy, Inc. (HDRN) carries total debt of $0.1M, offset by $1.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hadron Energy, Inc. (HDRN) has total shareholders' equity (book value) of $-59.8M ($-1.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hadron Energy, Inc. (HDRN) reported a current ratio of 0.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Operational integration uncertainty
Metrics are mathematically derived from official filings.
Balance Sheet Expansion Amidst Transition
As reported in recent financial filings, GIG's total assets surged from $204.8 million in 2024Q4 to $861.7 million by 2026Q1, a rapid expansion that suggests a fundamental shift in the company's underlying business model following a potential business combination or significant asset acquisition.
The dramatic increase in asset scale indicates that the entity has moved beyond its initial shell company phase, though the concurrent rise in liabilities warrants caution. Investors should monitor whether this growth trajectory reflects sustainable operational assets or merely the temporary accounting consolidation of a newly acquired target.
Goodwill Dominance Signals Integration Risk
Based on the provided balance sheet data, goodwill has reached $238.7 million as of 2026Q1, representing a substantial portion of the total asset base and indicating that the firm's valuation is heavily reliant on the successful integration of acquired intangible assets rather than tangible infrastructure.
The presence of significant goodwill suggests that the company has paid a premium for its recent acquisitions, which may be vulnerable to impairment if the expected synergies fail to materialize. The minimal PPE of $8.6 million further confirms an asset-light model that is highly sensitive to the performance of its acquired intellectual property.
Liquidity Buffer Faces Operational Pressure
According to the 2026Q1 balance sheet, GIG maintains a current ratio of 6.08, yet the absolute cash position of $100.7 million appears modest relative to the company's total liabilities of $71.3 million and the ongoing operational burn observed in previous periods.
While the current ratio suggests a comfortable short-term liquidity position, the volatility in cash levels over the past ten quarters indicates that the company's liquidity is highly dependent on capital market access. The firm's ability to maintain this buffer will likely depend on its success in stabilizing operations and reducing reliance on external financing.
Retained Earnings Reflect Structural Deficits
As indicated by the financial statements, GIG's retained earnings have deteriorated to a deficit of $922.3 million as of 2026Q1, a trend that highlights the significant historical losses accumulated during the company's transition from a shell vehicle to an operating entity.
This deep deficit in retained earnings suggests that the company has been consistently value-destructive on an accounting basis, likely due to transaction costs and operational inefficiencies. Investors should interpret this as a signal that the company must achieve rapid profitability to reverse the erosion of shareholder equity.
Hidden Risks in Liability Composition
Based on the reported figures, the jump in total liabilities to $282.7 million in 2025Q4, followed by a reduction to $71.3 million in 2026Q1, suggests significant volatility in the company's debt or warrant obligations that could mask underlying financial health.
The rapid fluctuation in liabilities may indicate the settlement of acquisition-related debt or the revaluation of complex financial instruments. Analysts should investigate whether these movements represent a permanent deleveraging or merely a temporary accounting adjustment that could reverse in future reporting periods.