Management has improved the capital structure by reducing the debt-to-equity ratio from 1.57 in 2024Q4 to 0.60 in 2025Q4, despite a substantial accumulated deficit of -$2.9B.
| Total Current Assets | 1B | 947.49M | 1.01B | 652.58M |
| Cash & Short-Term Investments | - | - | - | - |
| Cash Only | 541.55M | 456.77M | 427.97M | 263.1M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - |
| Days Sales Outstanding | - | - | - | - |
| Inventory | 336.16M | 206.64M | 183.9M | 69.84M |
| Days Inventory Outstanding | 480.89 | 208.81 | 231.38 | 104.13 |
| Other Current Assets | 110.58K | 42K | 1.06M | 463K |
| Total Non-Current Assets | 95.9M | 287.27M | 138.34M | 47.94M |
| Property, Plant & Equipment | 37.53M | 33.31M | 31.4M | 18.39M |
| Fixed Asset Turnover | 14.58x | 23.55x | 17.82x | 37.09x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 48.04M | 33.49M | 11.94M | 16.16M |
| Long-Term Investments | 5.66M | 3M | 3M | 3M |
| Other Non-Current Assets | - | - | - | - |
| Total Assets | 1.1B | 1.23B | 1.15B | 700.51M |
| Asset Turnover | 0.50x | 0.64x | 0.49x | 0.97x |
| Asset Growth % | -10.86% | 7.44% | 64.05% | - |
| Total Current Liabilities | 470.82M | 435M | 366.67M | 206.49M |
| Accounts Payable | 36.41M | 84.12M | 62.84M | 37.55M |
| Days Payables Outstanding | 52.09 | 85.01 | 79.07 | 55.98 |
| Short-Term Debt | - | - | - | - |
| Deferred Revenue (Current) | - | - | - | - |
| Other Current Liabilities | 96.05M | 7.53M | 6.24M | 4.61M |
| Current Ratio | 2.13x | 2.18x | 2.76x | 3.16x |
| Quick Ratio | 1.42x | 1.70x | 2.26x | 2.82x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 154.08M | 444.97M | 86.55M | 26.1M |
| Long-Term Debt | 12.38M | 328.28M | 26.28M | 4.62M |
| Capital Lease Obligations | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - |
| Total Liabilities | 624.9M | 879.96M | 453.22M | 232.59M |
| Total Debt | 286.88M | 557.18M | 252.07M | 110.74M |
| Net Debt | -254.67M | 100.41M | -175.9M | -152.36M |
| Debt / Equity | 0.60x | 1.57x | 0.36x | 0.24x |
| Debt / EBITDA | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - |
| Interest Coverage | -29.00x | -14.47x | - | - |
| Total Equity | 475.8M | 354.79M | 695.99M | 467.92M |
| Equity Growth % | 34.11% | -49.02% | 48.74% | - |
| Book Value per Share | 13.74 | 431.20 | 845.89 | 568.70 |
| Total Shareholders' Equity | 475.8M | 354.79M | 695.99M | 467.92M |
| Common Stock | 60.75M | 100M | 2.31M | 2.08M |
| Retained Earnings | -2.86B | -2.2B | -1.72B | -1.09B |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Unsustainable operating cash burn
As reported in recent financial filings, PicoCELA's total assets expanded to $1.1B by 2025Q4, yet this growth appears largely driven by capital accumulation rather than operational scaling, as evidenced by the persistent accumulation of negative retained earnings which reached -$2.9B in the most recent period.
The trajectory of the balance sheet suggests a company that is well-capitalized but struggling to translate its asset base into productive, self-sustaining growth. Investors should monitor whether the recent increase in total assets represents a strategic pivot toward higher-value infrastructure or merely the retention of cash that is not being effectively deployed.
Based on the provided balance sheet data, PicoCELA maintains a disciplined capital structure with a debt-to-equity ratio of 0.60 as of 2025Q4, reflecting a significant reduction from the 1.57 level observed in 2024Q4, which suggests management is prioritizing balance sheet flexibility over aggressive debt-funded expansion.
The reduction in leverage indicates a potential shift toward a more conservative financial posture, likely intended to preserve liquidity during periods of operational volatility. This low reliance on debt provides a buffer against interest rate sensitivity, though it does not mitigate the underlying risks associated with the company's negative earnings profile.
According to the latest quarterly figures, PicoCELA holds $541.5M in cash, which, when paired with a current ratio of 2.13, suggests a robust liquidity position that appears sufficient to cover near-term operational requirements despite the company's ongoing cash burn and negative net margins.
The current liquidity buffer is a critical strength, offering the company significant time to refine its business model or pursue new market opportunities without immediate financing pressure. However, the reliance on this cash pile to fund operations warrants investigation into how long this runway can realistically support the current cost structure.
As indicated by the financial statements, PicoCELA's equity base of $475.8M is heavily pressured by a substantial accumulated deficit of -$2.9B, which highlights the long-term impact of consistent operating losses on the company's book value and overall financial health.
The persistent negative retained earnings suggest that the company has yet to achieve a profitable scale, effectively eroding the equity base over time. Investors should consider whether future equity value will be driven by a turnaround in operational performance or if further capital dilution may be required to sustain the business.
Based on reported figures, the increase in deferred revenue to $55.8M in 2025Q4 may indicate a shift toward recurring service models, potentially masking the true underlying demand for PicoManager services amidst the broader volatility in hardware-driven revenue streams observed in recent periods.
This metric is a vital, non-obvious indicator of future performance that may be overlooked when focusing solely on headline revenue declines. If this trend continues, it could suggest that the company is successfully transitioning toward a more predictable, high-margin software-as-a-service model, which would be a positive development for long-term valuation.
Quick answers to the most common questions about buying PCLA stock.
As of 2025, PicoCELA Inc. (PCLA) had total assets of $1.10B including $1.00B in current assets.
PicoCELA Inc. (PCLA) carries total debt of $286.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PicoCELA Inc. (PCLA) has total shareholders' equity (book value) of $475.8M ($13.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PicoCELA Inc. (PCLA) reported a current ratio of 2.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.