The company's financial stability is increasingly compromised, evidenced by a debt-to-equity ratio that surged to 8.58 in 2026Q1 alongside $1.6M in potentially impaired goodwill.
| Total Current Assets | 5.68M | 8.27M | 1.28M | 1.71M | 3.24M | 6.4M | 4.08M | 2.5M | 4.18M | 108.99K |
| Cash & Short-Term Investments | 5.37M | 7.95M | 484.37K | 1.44M | 2.91M | 2.44M | 1.02M | 28.54K | 7.21K | 1.43K |
| Cash Only | 5.37M | 7.95M | 484.16K | 1.23M | 2.91M | 2.44M | 1.02M | 28.54K | 7.21K | 1.43K |
| Short-Term Investments | 0 | 0 | 210 | 208.7K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 744.52K | 183.76K | 237.25K | 2.42M | 1.33M | 2.18M | 4.03M | 0 |
| Days Sales Outstanding | 7.98 | - | 15.97 | 2.8 | 6.14 | 88.9 | 415.59 | 1.74K | 305.86 | - |
| Inventory | 0 | 0 | 8.4K | 90.16K | 91.78K | 1.53M | 1.73M | 289.85K | 136.41K | 107.56K |
| Days Inventory Outstanding | 0.2 | - | 0.18 | 1.39 | 2.42 | 62.11 | 1.2K | 1.01K | 25.23 | - |
| Other Current Assets | 312.54K | 0 | -8.4K | 0 | 0 | 0 | 0 | 1.59K | 486.52K | 0 |
| Total Non-Current Assets | 3.3M | 1.84M | 3.6M | 3.32M | 4.9M | 472.77K | 843.66K | 856.55K | 58.7K | 0 |
| Property, Plant & Equipment | 914.56K | 917.73K | 1.39M | 1.55M | 844.61K | 71.25K | 50.93K | 307.98K | 58.7K | 0 |
| Fixed Asset Turnover | 10.20x | 12.02x | 12.22x | 15.45x | 16.70x | 139.59x | 22.98x | 1.48x | 81.99x | - |
| Goodwill | 0 | 0 | 2.08M | 1.66M | 3.91M | 332.04K | 332.04K | 0 | 0 | 0 |
| Intangible Assets | 1.61M | 0 | 97.83K | 114.13K | 130.43K | 0 | 0 | 473.94K | 0 | 0 |
| Long-Term Investments | 2.34M | 924.15K | 27.21K | 0 | 0 | 69.49K | 458.39K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 7.5K | 4.73K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 8.98M | 10.11M | 4.88M | 5.03M | 8.14M | 6.87M | 4.92M | 3.36M | 4.24M | 108.99K |
| Asset Turnover | 1.54x | 1.09x | 3.48x | 4.75x | 1.73x | 1.45x | 0.24x | 0.14x | 1.13x | - |
| Asset Growth % | 141.12% | 107.09% | -3.01% | -38.16% | 18.48% | 39.51% | 46.61% | -20.8% | 3791.36% | - |
| Total Current Liabilities | 709.75K | 685.65K | 639.2K | 1.77M | 1.52M | 2.1M | 2.37M | 2.6M | 2.21M | 113.22K |
| Accounts Payable | 0 | 0 | 0 | 0 | 2.63K | 56.78K | 18.8K | 251.6K | 233.49K | 109.13K |
| Days Payables Outstanding | - | - | - | - | 0.07 | 2.3 | 13.04 | 881.02 | 43.18 | - |
| Short-Term Debt | 31.67K | 23.57K | 6.63K | 487.8K | 214.91K | 144.4K | 720.27K | 23.85K | 3.46K | 0 |
| Deferred Revenue (Current) | 56.33K | 0 | 72.5K | 0 | 0 | 1.05M | 0 | 1.01M | 106.67K | 0 |
| Other Current Liabilities | 354.68K | 147.82K | 76.85K | 1.18M | 1.19M | 371.28K | 1.35M | 664.4K | 1.61M | 4.01K |
| Current Ratio | 8.00x | 12.06x | 2.00x | 0.97x | 2.13x | 3.05x | 1.72x | 0.96x | 1.89x | 0.96x |
| Quick Ratio | 8.00x | 12.06x | 1.99x | 0.92x | 2.07x | 2.32x | 0.99x | 0.85x | 1.83x | 0.01x |
| Cash Conversion Cycle | 8.18 | - | - | - | 8.49 | 148.71 | 1.6K | 1.88K | 287.9 | - |
| Total Non-Current Liabilities | 7.4M | 7.23M | 23.79K | 0 | 436.34K | 0 | 0 | 0 | 80.31K | 0 |
| Long-Term Debt | 7.38M | 7.21M | 23.79K | 0 | 436.34K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 42.16K | 25.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.68K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 8.11M | 7.92M | 662.98K | 1.77M | 1.96M | 2.1M | 2.37M | 2.6M | 2.29M | 113.22K |
| Total Debt | 7.43M | 7.25M | 30.42K | 487.8K | 651.25K | 144.4K | 720.27K | 23.85K | 3.46K | 0 |
| Net Debt | 2.07M | -697.31K | -453.74K | -741.78K | -2.25M | -2.3M | -303.26K | -4.69K | -3.74K | -1.43K |
| Debt / Equity | 8.58x | 3.31x | 0.01x | 0.15x | 0.11x | 0.03x | 0.28x | 0.03x | 0.00x | - |
| Debt / EBITDA | -2.78x | - | - | - | - | - | - | - | 0.00x | - |
| Net Debt / EBITDA | -0.77x | - | - | - | - | - | - | - | -0.00x | - |
| Interest Coverage | - | - | - | - | - | -2336.64x | - | -191.60x | - | - |
| Total Equity | 866.02K | 2.19M | 4.22M | 3.26M | 6.18M | 4.77M | 2.55M | 762.41K | 1.95M | -4.23K |
| Equity Growth % | -143.36% | -48% | 29.29% | -47.21% | 29.61% | 87.03% | 234.52% | -60.94% | 46290.32% | - |
| Book Value per Share | 0.06 | 0.15 | 0.32 | 0.33 | 0.78 | 0.78 | 0.33 | 0.09 | 0.29 | -0.00 |
| Total Shareholders' Equity | 866.02K | 2.19M | 4.18M | 3.18M | 6.04M | 4.77M | 2.55M | 733.34K | 1.85M | -4.18K |
| Common Stock | 15.3K | 14.43K | 14.05K | 11.16K | 9.24K | 10.61K | 9.13K | 12.35K | 12.35K | 10K |
| Retained Earnings | -27.46M | -26.19M | -21.24M | -19.05M | -14.75M | -9.92M | -293.16K | 339.2K | 1.6M | -4.17K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 283.52K | 282.14K | 203.63K | 290.13K | 294.81K | 205.13K | 141.45K | 109.87K | 129.71K | -8 |
| Minority Interest | 0 | 0 | 40.43K | 84.33K | 141.05K | 0 | 0 | 29.07K | 98.68K | -43 |
Rapid capital structure deterioration
According to recent quarterly filings, Nocera's equity base has plummeted from $4.7M in 2024Q2 to just $866.0K by 2026Q1, signaling a severe and persistent erosion of shareholder value driven by the company's inability to stem recurring operational losses and stabilize its financial position.
The consistent decline in retained earnings, which have deepened to -$27.5M, suggests that the business model is structurally incapable of generating the returns necessary to preserve capital. This trajectory indicates that the company is consuming its own equity to fund ongoing operations, which warrants significant concern regarding long-term solvency.
As reported in financial statements, Nocera's debt-to-equity ratio surged to 8.58 in 2026Q1, a dramatic increase from the 0.01 levels observed in late 2025, suggesting that the firm has resorted to debt financing to bridge the widening gap between its operating cash outflows and revenue.
The rapid accumulation of $7.4M in total debt relative to a shrinking equity base implies that the company is facing heightened refinancing risk. Investors should monitor whether this debt is being utilized for essential working capital or if it represents a desperate attempt to maintain liquidity in a distressed state.
Based on the 2026Q1 balance sheet, Nocera maintains a cash position of $5.4M, yet the current ratio of 8.00 appears misleading when viewed against the backdrop of rising liabilities and the company's inability to generate positive cash flow from its core aquaculture engineering activities.
While the headline liquidity figures might appear sufficient in isolation, the rapid depletion of cash reserves over the last several quarters suggests that the current runway is shorter than the raw numbers imply. The lack of recurring revenue streams means that this cash buffer is likely to be exhausted quickly if the current project-based losses persist.
As indicated by the company's reported figures, the presence of $1.6M in goodwill on the balance sheet as of 2026Q1, despite a history of negative margins and contracting revenue, suggests a significant risk of future impairment charges that could further devastate the company's already thin equity.
The valuation of these intangible assets appears disconnected from the firm's current operational reality and market performance. Investors should be wary that these assets may not provide the underlying value suggested by the balance sheet, potentially leading to sudden write-downs that would exacerbate the existing capital deficiency.
Quick answers to the most common questions about buying NCRA stock.
As of 2025, Nocera, Inc. (NCRA) had total assets of $10.1M including $8.3M in current assets.
Nocera, Inc. (NCRA) carries total debt of $7.3M, 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.
Nocera, Inc. (NCRA) has total shareholders' equity (book value) of $2.2M ($0.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nocera, Inc. (NCRA) reported a current ratio of 12.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.