The company's financial position appears increasingly vulnerable as total equity has declined to $3.1 million from $6.7 million in 2024Q3, while the accumulated deficit has ballooned to $201 million.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 |
|---|
| Total Current Assets | 12.1M | 12.65M | 12.55M | 13.8M | 16.43M | 12.98M | 12.38M | 12.5M | 16.25M | 22.64M | 12.89M | 9.65M | 9.54M | 11.53M | 6.96M | 7.81M | 9.05M | 3.94M | 20.95M | 23.87M | 10.23M | 4.88M |
| Cash & Short-Term Investments | 2.4M | 5.37M | 3.13M | 3.82M | 7.4M | 4.22M | 3.69M | 3.69M | 10.07M | 17.46M | 7.47M | 6.14M | 5.48M | 7.9M | 3.35M | 4.37M | 6.26M | 1.92M | 18.82M | 19.05M | 7.45M | 3.29M |
| Cash Only | 2.4M | 5.37M | 3.13M | 3.82M | 7.4M | 4.22M | 3.69M | 3.69M | 10.07M | 17.46M | 7.47M | 6.14M | 5.48M | 7.9M | 3.35M | 4.37M | 6.26M | 1.92M | 18.82M | 19.05M | 7.45M | 3.29M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.53M | 3.76M | 5.99M | 2.57M | 2.41M | 2.81M | 3.97M | 3.48M | 1.54M | 2.11M | 1.51M | 1.52M | 2.33M | 1.71M | 2.16M | 2.12M | 1.42M | 923K | 770K | 1.36M | 1.8M | 227K |
| Days Sales Outstanding | 47.23 | 96.13 | 171.8 | 70.73 | 69.57 | 54.98 | 80.89 | 66.98 | 33.68 | 59.99 | 58.75 | 39.97 | 62.14 | 40.32 | 61.84 | 79.26 | 70.18 | 62.53 | 73.29 | 109.59 | 253.97 | 61.1 |
| Inventory | 3.65M | 2.92M | 2.72M | 2.86M | 2.66M | 2.53M | 2.19M | 3.41M | 2.87M | 2.22M | 1.64M | 1.4M | 1.09M | 992K | 953K | 733K | 565K | 340K | 259K | 282K | 317K | 868K |
| Days Inventory Outstanding | 110.01 | 120.59 | 124.21 | 118.61 | 112.56 | 76.51 | 81.59 | 123.32 | 111.87 | 113.27 | 89.06 | 77.94 | 75.34 | 76.89 | 86.31 | 74.05 | 59.16 | 47.99 | 34.36 | 34.32 | 23.6 | 89.95 |
| Other Current Assets | 3.52M | 360K | 367K | 240K | 218K | 209K | 271K | 223K | 239K | 237K | 811K | 0 | 0 | 0 | 66K | 184K | 0 | 0 | 0 | 2M | 360K | 144K |
| Total Non-Current Assets | 1.86M | 1.04M | 2.19M | 2.43M | 2.42M | 2M | 2.18M | 1.95M | 2.95M | 2.82M | 915K | 5.4M | 11.25M | 1.03M | 878K | 855K | 1.17M | 1.5M | 2.66M | 3.08M | 2.46M | 2.06M |
| Property, Plant & Equipment | 912K | 309K | 651K | 906K | 879K | 1.13M | 1.33M | 727K | 1.14M | 1.24M | 850K | 795K | 971K | 800K | 806K | 802K | 1.11M | 1.43M | 2.3M | 2.21M | 1.94M | 1.96M |
| Fixed Asset Turnover | 21.41x | 46.24x | 19.56x | 14.65x | 14.37x | 16.50x | 13.50x | 26.09x | 14.66x | 10.35x | 11.02x | 17.43x | 14.08x | 19.32x | 15.81x | 12.16x | 6.65x | 3.76x | 1.67x | 2.06x | 1.33x | 0.69x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.54M | 10.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 64K | 147K | 396K | 578K | 707K | 875K | 850K | 1.23M | 1.82M | 1.58M | 65K | 68K | 128K | 231K | 72K | 53K | 60K | 73K | 304K | 875K | 522K | 0 |
| Total Assets | 13.96M | 13.69M | 14.74M | 16.23M | 18.84M | 14.99M | 14.56M | 14.45M | 19.21M | 25.46M | 13.8M | 15.05M | 20.79M | 12.56M | 7.84M | 8.66M | 10.22M | 5.45M | 23.61M | 26.95M | 12.69M | 6.94M |
| Asset Turnover | 1.40x | 1.04x | 0.86x | 0.82x | 0.67x | 1.24x | 1.23x | 1.31x | 0.87x | 0.50x | 0.68x | 0.92x | 0.66x | 1.23x | 1.63x | 1.13x | 0.72x | 0.99x | 0.16x | 0.17x | 0.20x | 0.20x |
| Asset Growth % | 1.95% | -7.1% | -9.19% | -13.87% | 25.74% | 2.93% | 0.78% | -24.77% | -24.56% | 84.45% | -8.27% | -27.62% | 65.47% | 60.31% | -9.53% | -15.21% | 87.59% | -76.93% | -12.39% | 112.39% | 82.84% | - |
| Total Current Liabilities | 4.83M | 4.1M | 3.72M | 3.72M | 5.82M | 4.08M | 4.73M | 3.59M | 3.26M | 3.29M | 3.55M | 2.58M | 7.57M | 5.13M | 4.75M | 4.42M | 2.73M | 2.68M | 7.45M | 10.03M | 5.1M | 4.22M |
| Accounts Payable | 1.92M | 953K | 607K | 841K | 1.64M | 1.77M | 2.07M | 1.25M | 1.27M | 1.25M | 1.34M | 932K | 736K | 808K | 816K | 669K | 981K | 1.56M | 2.98M | 2.55M | 2.77M | 906K |
| Days Payables Outstanding | 57.94 | 39.42 | 27.73 | 34.9 | 69.36 | 53.49 | 76.94 | 45.4 | 49.67 | 64 | 72.61 | 51.81 | 50.97 | 62.63 | 73.91 | 67.59 | 102.72 | 220.89 | 394.99 | 310.48 | 206.55 | 93.89 |
| Short-Term Debt | 222K | 220K | 323K | 431K | 808K | 596K | 481K | 322K | 230K | 123K | 114K | 87K | 143K | 1.26M | 1.42M | 907K | 204K | 255K | 2.01M | 6.06M | 519K | 977K |
| Deferred Revenue (Current) | 284K | 641K | 478K | 160K | 1.28M | 319K | 273K | 102K | 206K | 521K | 574K | 769K | 2.63M | 2.32M | 1.62M | 1.81M | 328K | 425K | 523K | 0 | 156K | 1.5M |
| Other Current Liabilities | 2.25M | 487K | 694K | 566K | 784K | 367K | 0 | 814K | 589K | 0 | 300K | 248K | 3.55M | 285K | 602K | 852K | 462K | 0 | 0 | 0 | 421K | 612K |
| Current Ratio | 2.50x | 3.09x | 3.37x | 3.71x | 2.82x | 3.18x | 2.62x | 3.48x | 4.98x | 6.89x | 3.63x | 3.74x | 1.26x | 2.25x | 1.47x | 1.77x | 3.31x | 1.47x | 2.81x | 2.38x | 2.01x | 1.16x |
| Quick Ratio | 1.75x | 2.38x | 2.64x | 2.94x | 2.37x | 2.56x | 2.16x | 2.53x | 4.11x | 6.21x | 3.17x | 3.19x | 1.12x | 2.06x | 1.26x | 1.60x | 3.10x | 1.34x | 2.78x | 2.35x | 1.94x | 0.95x |
| Cash Conversion Cycle | 99.3 | 177.3 | 268.28 | 154.44 | 112.77 | 77.99 | 85.54 | 144.9 | 95.88 | 109.26 | 75.2 | 66.09 | 86.52 | 54.58 | 74.24 | 85.72 | 26.63 | -110.38 | -287.34 | -166.57 | 71.03 | 57.16 |
| Total Non-Current Liabilities | 6.03M | 5.19M | 4.88M | 4.54M | 4.33M | 5.55M | 4.21M | 368K | 619K | 740K | 112K | 413K | 1.16M | 3.36M | 3.96M | 2.55M | 438K | 499K | 734K | 2.02M | 251K | 520K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 1.31M | 0 | 12K | 32K | 45K | 0 | 0 | 4K | 676K | 1.82M | 1.64M | 110K | 74K | 205K | 1.99M | 210K | 460K |
| Capital Lease Obligations | 469K | 27K | 87K | 162K | 309K | 529K | 235K | 0 | 144K | 168K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 25K | 41K | 60K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -144K | -168K | 0 | 0 | 0 | 0 | 0 | 0 | -328K | -425K | 523K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.56M | 5.14M | 4.71M | 4.24M | 3.84M | 3.48M | 3.73M | 0 | 144K | 0 | 0 | 0 | 0 | 62K | 2M | 750K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 10.87M | 9.28M | 8.6M | 8.25M | 10.15M | 9.62M | 8.94M | 3.96M | 3.88M | 4.03M | 3.66M | 2.99M | 8.73M | 8.48M | 8.71M | 6.96M | 3.17M | 3.18M | 8.18M | 12.05M | 5.35M | 4.74M |
| Total Debt | 842K | 305K | 608K | 849K | 1.37M | 2.67M | 850K | 475K | 553K | 410K | 114K | 87K | 147K | 1.94M | 3.24M | 2.54M | 314K | 335K | 2.22M | 8.08M | 770K | 1.5M |
| Net Debt | -1.56M | -5.07M | -2.52M | -2.97M | -6.03M | -1.54M | -2.84M | -3.21M | -9.51M | -17.05M | -7.36M | -6.05M | -5.33M | -5.96M | -112K | -1.83M | -5.94M | -1.59M | -16.6M | -10.97M | -6.68M | -1.79M |
| Debt / Equity | 0.27x | 0.07x | 0.10x | 0.11x | 0.16x | 0.50x | 0.15x | 0.05x | 0.04x | 0.02x | 0.01x | 0.01x | 0.01x | 0.47x | - | 1.50x | 0.04x | 0.15x | 0.14x | 0.54x | 0.10x | 0.68x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -540.80x | -287.42x | -220.50x | -342.64x | -355.95x | -4311.33x | -4907.00x | -2733.33x | 4.53x | -3.91x | -6.87x | -18.49x | -890.67x | -39.60x | -22.07x | -20.38x | -121.23x | -43.85x |
| Total Equity | 3.1M | 4.41M | 6.14M | 7.98M | 8.7M | 5.36M | 5.62M | 10.49M | 15.33M | 21.43M | 10.14M | 12.05M | 12.06M | 4.08M | -868K | 1.7M | 7.04M | 2.27M | 15.43M | 14.9M | 7.34M | 2.2M |
| Equity Growth % | -29.83% | -28.12% | -23.07% | -8.28% | 62.17% | -4.64% | -46.38% | -31.56% | -28.49% | 111.35% | -15.88% | -0.07% | 195.59% | 570.16% | -151.03% | -75.86% | 210.49% | -85.29% | 3.54% | 103.07% | 233.24% | - |
| Book Value per Share | 1.84 | 3.55 | 6.75 | 23.50 | 32.78 | 26.87 | 38.08 | 113.52 | 304.50 | 456.64 | 117.56 | 191.11 | 379.13 | 368.99 | -46.64 | 100.30 | 436.30 | 184.32 | 3815.51 | 8615.67 | 2784.82 | 866.93 |
| Total Shareholders' Equity | 3.1M | 4.41M | 6.14M | 7.98M | 8.7M | 5.36M | 5.62M | 10.49M | 15.33M | 21.43M | 10.14M | 12.05M | 12.06M | 4.08M | -868K | 1.7M | 7.04M | 2.27M | 15.43M | 14.9M | 7.34M | 2.2M |
| Common Stock | 0 | 0 | 2K | 5K | 2K | 2K | 2K | 2K | 1K | 1K | 2K | 2K | 1K | 1K | 3K | 3K | 3K | 2K | 2K | 1K | 3.4M | 3.1M |
| Retained Earnings | -200.98M | -197.81M | -194.35M | -189.51M | -184.36M | -179.28M | -175.33M | -169.24M | -157.44M | -143.1M | -152.38M | -142.21M | -134.01M | -137.75M | -132.31M | -124.98M | -117.04M | -108.48M | -90.83M | -70.49M | -50.3M | -27.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.24M | -4.38M | -2.72M | -3.42M | -4.31M | -4.58M | -5.61M | -4.35M | -3.98M | -4.18M | -3.85M | -3.51M | -3.07M | -2.99M | -3.05M | -2.9M | -2.99M | -3.05M | -2.77M | -364K | -795K | -817K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in financial statements, Sonoma's total equity has declined from $6.7 million in 2024Q3 to $3.1 million by 2026Q4, reflecting a persistent erosion of the balance sheet driven by cumulative operating losses that continue to outpace the company's ability to generate internal capital.
The consistent contraction in equity suggests that the business model has yet to reach a self-sustaining inflection point. Investors should monitor whether this downward trajectory in net assets necessitates further dilutive equity raises to maintain basic operational solvency.
Based on the most recent quarterly data, Sonoma's cash position has dwindled to $2.4 million, a significant reduction from the $5.4 million peak observed in 2025Q4, which leaves the company with a limited buffer against ongoing operating cash burn and potential working capital volatility.
While the current ratio of 2.50 appears superficially healthy, the absolute cash balance is low relative to the company's historical burn rate. This suggests that liquidity is highly sensitive to the timing of distributor collections and may require near-term external financing to avoid operational disruption.
According to historical balance sheet data, the company's accumulated deficit has ballooned to $201 million as of 2026Q4, underscoring a long-term inability to translate commercial activity into retained earnings, which effectively limits the company's capacity to absorb future financial shocks without further shareholder dilution.
The massive accumulated deficit serves as a stark reminder of the historical capital intensity required to support the current product portfolio. This structural imbalance suggests that equity holders remain at significant risk of further dilution as the company attempts to bridge the gap toward profitability.
As disclosed in recent filings, deferred revenue has fluctuated significantly, dropping from $750,000 in 2026Q2 to $284,000 in 2026Q4, which may indicate that headline revenue growth is being supported by the recognition of past obligations rather than a consistent acceleration in new end-user demand.
This volatility in unearned revenue warrants further investigation, as it suggests that the company's revenue recognition may be subject to lumpy international contract milestones. Relying on these figures to project future growth could be misleading if the underlying sell-through rates do not match the timing of these accounting adjustments.
Quick answers to the most common questions about buying SNOA stock.
As of 2026, Sonoma Pharmaceuticals, Inc. (SNOA) had total assets of $14.0M including $12.1M in current assets.
Sonoma Pharmaceuticals, Inc. (SNOA) carries total debt of $0.8M, offset by $2.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sonoma Pharmaceuticals, Inc. (SNOA) has total shareholders' equity (book value) of $3.1M ($1.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sonoma Pharmaceuticals, Inc. (SNOA) reported a current ratio of 2.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.