Shareholder equity has eroded into a $11.8M deficit as of 2025Q4, compounded by a debt load of $5.6M against a cash balance of only $14.3M.
| Total Current Assets | 15.12M | 2.69M | 13.68K | 237.53K | 45.55K | 601.06K |
| Cash & Short-Term Investments | 14.26M | 2.28M | 9.75K | 232.28K | 19.26K | 429.44K |
| Cash Only | 14.26M | 2.28M | 9.75K | 232.28K | 19.26K | 429.44K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 151.43K | 120K | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 708.79K | 287.8K | 3.93K | 5.25K | 0 | 0 |
| Total Non-Current Assets | 120.59M | 281 | 3.75M | 32.12M | 71.42M | 69.69M |
| Property, Plant & Equipment | 60.12K | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 113.92M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 8.57M | 281 | 3.75M | 32.12M | 71.42M | 69.69M |
| Other Non-Current Assets | 360K | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 135.7M | 2.69M | 3.76M | 32.35M | 71.47M | 70.29M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -191.92% | -28.44% | -88.37% | -54.73% | 1.67% | - |
| Total Current Liabilities | 37.06M | 14.49M | 5.42M | 3.94M | 1.43M | 237.85K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 20.24 | - | - | - | - | - |
| Short-Term Debt | 5.63M | 4.86M | 1M | 974.01K | 913.96K | 0 |
| Deferred Revenue (Current) | 216.01K | 108.01K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 30.28M | 8.52M | 3.53M | 2.41M | 361.48K | 237.85K |
| Current Ratio | 0.41x | 0.19x | 0.00x | 0.06x | 0.03x | 2.53x |
| Quick Ratio | 0.41x | 0.19x | 0.00x | 0.06x | 0.03x | 2.53x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 237.18K | 229.06K | 304.18K | 419.88K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 67K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 237.18K | 229.06K | 237.18K | 419.88K |
| Total Liabilities | 37.06M | 14.49M | 5.66M | 4.17M | 1.74M | 657.73K |
| Total Debt | 5.63M | 4.86M | 1M | 974.01K | 913.96K | 0 |
| Net Debt | -8.63M | 2.58M | 994.24K | 741.74K | 894.7K | -429.44K |
| Debt / Equity | 0.06x | - | - | 0.03x | 0.01x | - |
| Debt / EBITDA | -0.48x | - | - | 3.57x | 3.38x | - |
| Net Debt / EBITDA | 0.74x | - | - | 2.72x | 3.31x | - |
| Interest Coverage | 8.14x | -109.37x | - | - | - | - |
| Total Equity | 98.65M | -11.8M | -1.9M | 28.19M | 69.73M | 69.63M |
| Equity Growth % | -1024.87% | -521.23% | -106.74% | -59.58% | 0.14% | - |
| Book Value per Share | 5.04 | -1.00 | -0.52 | 4.55 | 7.40 | 7.39 |
| Total Shareholders' Equity | 98.65M | -11.8M | -1.9M | 28.19M | 69.73M | 69.63M |
| Common Stock | 203.47K | 145.21K | 4.12M | 31.88M | 71.01M | 58.11M |
| Retained Earnings | -34.95M | -15.11M | -6.01M | -3.68M | -1.27M | -277.2K |
| Treasury Stock | 0 | 0 | -14.38K | -14.38K | -14.38K | -14.38K |
| Accumulated OCI | 66.99M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity exhaustion and insolvency
As reported in recent financial statements, VWAV's equity position shifted from a positive $12.7M in 2024Q2 to a deficit of $11.8M by 2025Q4, signaling a rapid erosion of shareholder value that warrants significant caution regarding the company's long-term viability as a going concern.
The consistent decline in equity, coupled with persistent net losses, suggests that the company is consuming its capital base to fund ongoing R&D without achieving commercial scale. Investors should monitor whether the recent uptick in total assets in 2026Q1 represents a sustainable pivot or merely a temporary accounting adjustment.
Based on the company's reported figures, the current ratio plummeted to 0.19 in 2025Q4, indicating that VWAV lacks the liquid assets necessary to cover its short-term obligations, a trend that underscores the extreme pressure on the firm's ability to fund its immediate operational requirements.
The near-zero current ratios observed throughout 2025 suggest that the company is operating in a state of perpetual liquidity stress. This lack of a cash buffer implies that any delay in contract milestones or funding rounds could lead to an immediate inability to meet payroll or vendor commitments.
According to the 2026Q1 balance sheet, the sudden appearance of $113.9M in goodwill suggests a significant acquisition or accounting revaluation, which may obscure the underlying lack of tangible assets available to support the company's core cognitive radar development and hardware integration efforts.
The reliance on goodwill to inflate the asset base is concerning given the company's history of negative earnings and lack of revenue. Analysts should investigate whether this intangible asset is supported by future cash flows or if it represents a potential future impairment risk that could further erode equity.
As indicated by the financial data, VWAV's debt levels have fluctuated between $1.0M and $5.6M, which, while appearing modest in absolute terms, represents a significant burden for a firm with limited cash reserves and no clear path to generating positive operating cash flow.
The presence of debt on a balance sheet that is otherwise characterized by negative equity and minimal cash suggests that the company is relying on external financing to survive. This leverage may limit management's flexibility and increase the risk of dilution for existing shareholders should a debt-for-equity swap become necessary.
Quick answers to the most common questions about buying VWAV stock.
As of 2025, VisionWave Holdings, Inc. (VWAV) had total assets of $2.7M including $2.7M in current assets.
VisionWave Holdings, Inc. (VWAV) carries total debt of $4.9M, offset by $2.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VisionWave Holdings, Inc. (VWAV) has total shareholders' equity (book value) of $-11.8M ($-1.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VisionWave Holdings, Inc. (VWAV) reported a current ratio of 0.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.