The capital structure is severely compromised, evidenced by a negative equity position of $14.3 million and total liabilities reaching $17.0 million as of 2026Q1.
Rain Enhancement Technologies Holdco Inc (RAIN) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Assets | 2.41M | 1.79M | 1.28M | 517.79K | 320.8K | 151.59M | 61.08M | 7.39M |
| Asset Growth % | 194.31% | 40.49% | 146.51% | 61.4% | -99.79% | 148.18% | 725.96% | - |
| PP&E (Net) | 1.49M | 1.39M | 414.03K | 368.21K | 104.05K | 551K | 546K | 692K |
| PP&E / Total Assets % | 61.85% | 77.79% | 32.44% | 71.11% | 32.43% | 0.36% | 0.89% | 9.36% |
| Total Current Assets | 431.39K | 317.48K | 769.94K | 45.48K | 100K | 1.32M | 59.52M | 6.27M |
| Cash & Equivalents | 32.61K | 213.69K | 32.6K | 37.34K | 100K | 801.95K | 58.86M | 5.79M |
| Receivables | 0 | 0 | 650K | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 75K | 0 | 0 | 519.81K | 640K | 480K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 150.03M | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 74.91K | 80.75K | 92.43K | 104.1K | 116.75K | 0 | 0 | 0 |
| Other Assets | 414.35K | 0 | 0 | 0 | 0 | 233.15K | 1.01M | 429K |
| Total Liabilities | 14.57M | 14.54M | 6.57M | 1.15M | 534.51K | 12.51M | 98.5M | 24.64M |
| Total Debt | 8.98M | 9.5M | 3.51M | 611.26K | 170.39K | 412K | 453K | 3.31M |
| Net Debt | 8.95M | 9.29M | 3.48M | 573.92K | 70.39K | -801.95K | -58.41M | -2.48M |
| Long-Term Debt | 71.91K | 0 | 0 | 0 | 0 | 0 | 312K | 3.17M |
| Short-Term Borrowings | 8.87M | 9.5M | 3.51M | 611.26K | 170.39K | 160K | 141K | 137K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 13.57M | 13.29M | 6.22M | 1.15M | 534.51K | 27K | 3.42M | 1.22M |
| Accounts Payable | 2.17M | 1.53M | 1.95M | 505.38K | 220.15K | 6.11M | 816K | 261K |
| Accrued Expenses | 3.86M | 0 | 0 | 37.79K | 143.75K | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 58.01K | 2.25M | 758.83K | 543.4K | 195.5K | 27K | 2.46M | 826K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 925K | 1.25M | 350K | 0 | 5.95M | 12.48M | 94.77M | 20.24M |
| Total Equity | -12.16M | -12.75M | -5.29M | -636.88K | -213.71K | 139.07M | -37.42M | -17.25M |
| Equity Growth % | -310.22% | -140.97% | -730.54% | -198.01% | -100.15% | 471.69% | -116.94% | - |
| Shareholders Equity | -12.16M | -12.75M | -5.29M | -636.88K | -213.71K | 139.07M | -37.42M | -17.25M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 1.03K | 819 | 759 | 177 | 152.35M | 3.75K | 4K | 3K |
| Additional Paid-in Capital | 8.29M | 2.6M | 964.34K | 1.08M | 1.07M | 0 | 0 | 0 |
| Retained Earnings | -20.45M | -15.35M | -6.25M | -1.72M | -1.28M | -10.96M | -38.57M | -17.49M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | -94.7K | -20.15K |
| Return on Assets (ROA) | -536.28% | -592.35% | -505.38% | -104.22% | -99.7% | 4.13% | -56.07% | -144.46% |
| Return on Equity (ROE) | 96.37% | - | - | - | -109.06% | 8.63% | - | - |
| Debt / Equity | -0.74x | - | - | - | - | 0.00x | - | - |
| Debt / Assets | 372.04% | 529.93% | 275% | 118.05% | 53.11% | 0.27% | 0.74% | 44.79% |
| Net Debt / EBITDA | -0.87x | - | - | - | - | -0.17x | - | - |
| Book Value per Share | -1.55 | -1.69 | -2.68 | -0.09 | -0.05 | 31.5 | -21.07 | -9.71 |
Quick answers to the most common questions about buying RAIN stock.
As of 2025, Rain Enhancement Technologies Holdco Inc (RAIN) had total assets of $1.8M including $0.3M in current assets.
Rain Enhancement Technologies Holdco Inc (RAIN) carries total debt of $9.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rain Enhancement Technologies Holdco Inc (RAIN) has total shareholders' equity (book value) of $-12.7M ($-1.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rain Enhancement Technologies Holdco Inc (RAIN) reported a current ratio of 0.02x. 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
Imminent insolvency and dilution
Metrics are mathematically derived from official filings.
Asset Base Erosion and Obsolescence
As reported in recent financial statements, RAIN's net PPE has effectively collapsed to zero as of 2026Q1, indicating that the company is failing to maintain or expand the physical infrastructure required to support a regulated utility model or generate meaningful precipitation-based service revenue.
The rapid decline in net PPE from $1.4 million in 2025Q4 to zero suggests either significant asset impairment or a strategic pivot away from hardware deployment. This lack of tangible rate base assets implies that the company currently possesses no foundation for regulated cost recovery or long-term service contract fulfillment.
Negative Equity and Debt Overhang
Based on the latest quarterly filings, RAIN's equity has plummeted to a negative $14.3 million, a trend that highlights a severe capital structure imbalance where total liabilities of $17.0 million significantly outweigh the company's ability to generate value through its ionization technology.
The persistent negative equity position suggests that the company has been funding its operations through debt and equity dilution that has failed to create productive assets. Investors should monitor whether this capital structure can support any future regulatory rate cases, as the current leverage profile appears unsustainable for a utility-sector entity.
Critical Liquidity and Insolvency Risk
According to recent SEC filings, RAIN's cash reserves have dwindled to a precarious $580.6K, a figure that provides minimal runway for a company with a high fixed-cost structure and no established revenue stream to cover its ongoing operational and research obligations.
The current ratio of 0.07 reflects an inability to meet short-term obligations, suggesting that the company is likely facing an imminent liquidity crisis. Without a significant capital injection or immediate commercial contract execution, the company appears to be at high risk of insolvency or further dilutive financing.
Binary Risk of Technological Failure
As indicated by the company's financial trajectory, the primary risk is not traditional utility regulation but the potential for total asset write-downs if the ionization technology fails to prove scientific causation, as suggested by the lack of revenue growth despite years of capital investment.
The absence of revenue despite significant historical capital expenditure suggests that the company's core technology may not be commercially viable. This creates a binary risk profile where the balance sheet could be wiped out if the company fails to secure government procurement contracts based on its unproven precipitation attribution claims.