The company's financial position is deteriorating, with equity contracting from $10.1 million in 2025Q1 to $8.0 million by 2026Q1 despite a low debt-to-equity ratio of 0.18.
| Total Current Assets | 5.09M | 5.22M | 2.25M | 2.83M | 2.56M |
| Cash & Short-Term Investments | 836.17K | 1.2M | 557.62K | 1.46M | 744.85K |
| Cash Only | 836.17K | 1.2M | 557.62K | 1.46M | 744.85K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.03M | 3.95M | 1.29M | 1.17M | 1.82M |
| Days Sales Outstanding | 76.51 | 87.05 | 29.38 | 23.7 | 30.88 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | -2.78M | 75K | 398.51K | 206.62K | 750 |
| Total Non-Current Assets | 5.17M | 5.77M | 2.74M | 2.12M | 2.21M |
| Property, Plant & Equipment | 1.7M | 1.74M | 1.95M | 1.12M | 2.21M |
| Fixed Asset Turnover | 7.86x | 9.51x | 8.23x | 16.15x | 9.70x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 403.31K | 470.52K | 739.4K | 798.61K | 0 |
| Long-Term Investments | 11.7M | 3M | 0 | 0 | 0 |
| Other Non-Current Assets | 61K | 561K | 50K | 207.02K | 0 |
| Total Assets | 10.25M | 11M | 4.99M | 4.96M | 4.78M |
| Asset Turnover | 1.52x | 1.51x | 3.22x | 3.64x | 4.50x |
| Asset Growth % | 368.14% | 120.54% | 0.6% | 3.74% | - |
| Total Current Liabilities | 1.6M | 1.62M | 1.78M | 1.6M | 1.47M |
| Accounts Payable | 793.88K | 886.24K | 402.55K | 335.6K | 74.19K |
| Days Payables Outstanding | 15.87 | 22.12 | 10.72 | 7.96 | 1.65 |
| Short-Term Debt | 776.35K | 706.24K | 1.1M | 3.15K | 3.15K |
| Deferred Revenue (Current) | 49.32K | 23.09K | 0 | 862.84K | 862.84K |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 3.19x | 3.23x | 1.26x | 1.77x | 1.75x |
| Quick Ratio | 3.19x | 3.23x | 1.26x | 1.77x | 1.75x |
| Cash Conversion Cycle | 60.65 | - | - | - | - |
| Total Non-Current Liabilities | 689.45K | 758.61K | 665.69K | 991.36K | 1.48M |
| Long-Term Debt | 541K | 608.18K | 146.75K | 146.75K | 146.75K |
| Capital Lease Obligations | 798.21K | 150.43K | 331.83K | 462.39K | 928K |
| Deferred Tax Liabilities | 0 | 0 | 187.11K | 382.22K | 409.83K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.29M | 2.37M | 2.44M | 2.59M | 2.95M |
| Total Debt | 1.47M | 1.46M | 1.71M | 712.25K | 1.22M |
| Net Debt | 629.63K | 262.45K | 1.15M | -743.73K | 479.23K |
| Debt / Equity | 0.18x | 0.17x | 0.67x | 0.30x | 0.67x |
| Debt / EBITDA | -0.21x | - | - | 0.56x | 0.48x |
| Net Debt / EBITDA | -0.09x | - | - | -0.58x | 0.19x |
| Interest Coverage | -25.38x | -20.30x | 1.47x | 90.69x | 123.19x |
| Total Equity | 7.97M | 8.62M | 2.54M | 2.37M | 1.82M |
| Equity Growth % | 734.76% | 239.18% | 7.39% | 29.72% | - |
| Book Value per Share | 0.40 | 0.48 | 0.17 | 0.16 | 0.15 |
| Total Shareholders' Equity | 7.97M | 8.62M | 2.54M | 2.37M | 1.82M |
| Common Stock | 1.97K | 1.97K | 1.5K | 1.5K | 1.5K |
| Retained Earnings | -5.6M | -4.94M | 2.4M | 2.23M | 1.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Liquidity and insolvency risk
According to recent quarterly filings, TOPP's equity base has experienced significant volatility, contracting from $10.1 million in 2025Q1 to $8.0 million by 2026Q1, a trend that suggests the company is struggling to preserve capital while sustaining its current operational model in the trucking sector.
The consistent erosion of retained earnings, which have fallen into negative territory at -$5.6 million, indicates that the business is not generating sufficient returns to offset its operational losses. This trajectory suggests that the company's balance sheet is becoming increasingly fragile, leaving little room for error in its specialized recycling logistics operations.
As reported in financial statements, TOPP's cash and equivalents have dwindled to $836.2K as of 2026Q1, a figure that appears inadequate when measured against the company's persistent operating losses and the capital-intensive nature of maintaining specialized equipment for hazardous and heavy recycling cargo transport.
While the current ratio of 3.19 might superficially suggest liquidity, the composition of current assets warrants caution, as it may be heavily weighted toward receivables that could be difficult to collect. Investors should monitor whether the company can secure additional financing, as the current cash buffer provides minimal protection against further operational shocks.
Based on the provided balance sheet data, TOPP's net PPE has remained relatively stagnant at $1.7 million, which may indicate that the company is failing to invest in fleet modernization necessary to handle the corrosive and heavy materials inherent in its recycling-focused business model.
The presence of $403.3K in goodwill on the balance sheet suggests potential impairment risk, particularly given the company's inability to achieve profitability. If the underlying business units fail to generate positive cash flow, these intangible assets may require write-downs, further pressuring the company's already thin equity base.
Data from recent SEC filings reveals that while the debt-to-equity ratio remains low at 0.18, this metric is potentially misleading because it masks the company's inability to generate internal cash flow, effectively shifting the burden of survival onto external financing or further equity dilution for shareholders.
The reliance on external capital to fund ongoing operations, rather than operational cash flow, suggests that the low leverage is a symptom of limited access to credit markets rather than a strategic choice. This structural reality warrants further investigation into the terms of any existing debt and the potential for future dilutive capital raises.
Quick answers to the most common questions about buying TOPP stock.
As of 2025, Toppoint Holdings Inc. (TOPP) had total assets of $11.0M including $5.2M in current assets.
Toppoint Holdings Inc. (TOPP) carries total debt of $1.5M, offset by $1.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Toppoint Holdings Inc. (TOPP) has total shareholders' equity (book value) of $8.6M ($0.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Toppoint Holdings Inc. (TOPP) reported a current ratio of 3.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.