The company has failed to generate any revenue over the last ten quarters while operating expenses surged to $5.1M in 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 5.7M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -5.7M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 12.09M | 6.74M | 664.24K | 1.5M | 1M | 395.7K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 5.08M | 6.58M | 656.94K | 1.5M | 1M | 395.7K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 271.53K | 156.46K | 7.3K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1.68M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.65M | -6.74M | -664.24K | -1.5M | -1M | -395.7K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -914.88% | 55.86% | -50.36% | -152.95% | - |
| EBITDA | -11.73M | -6.49M | -664.24K | 272.79K | 270.39K | -277.2K |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -6937.39% | -876.87% | -343.5% | 0.89% | 197.54% | - |
| D&A (Non-Cash Add-back) | 5.7M | 0 | 0 | 0 | 0 | 0 |
| EBIT | -17.59M | -6.49M | -664.24K | 272.79K | 270.39K | -277.2K |
| Net Interest Income | -2.12M | -58.91K | 781.36K | 1.77M | 1.09M | 1.5K |
| Interest Income | -3.89K | 418 | 781.36K | 1.77M | 1.09M | 1.5K |
| Interest Expense | -2.16M | 59.33K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.68M | 193.09K | 0 | 1.78M | 1.27M | 118.5K |
| Pretax Income | -19.47M | -6.55M | -664.24K | 272.79K | 270.39K | -277.2K |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | -6.41K | 0 | 0 | 329.63K | 223.28K | 0 |
| Effective Tax Rate % | 0.03% | 0% | 0% | 120.84% | 82.58% | 0% |
| Net Income | -19.23M | -6.55M | -664.24K | -56.84K | 47.11K | -277.2K |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -7880.73% | -885.81% | -1068.63% | -220.66% | 116.99% | - |
| Net Income (Continuing) | -19.47M | -6.55M | -664.24K | -56.84K | 47.11K | -277.2K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.98 | -0.56 | -0.18 | -0.01 | 0.01 | -0.03 |
| EPS Growth % | -1775% | -211.11% | - | - | 117.01% | - |
| EPS (Basic) | - | -0.56 | -0.18 | -0.01 | 0.01 | -0.03 |
| Diluted Shares Outstanding | 19.58M | 11.74M | 3.63M | 6.19M | 9.42M | 9.42M |
| Basic Shares Outstanding | 19.58M | 11.74M | 3.63M | 6.19M | 9.42M | 9.42M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Pre-commercial liquidity exhaustion
As indicated by the historical income statement data, VisionWave Holdings has reported zero revenue across the last ten quarters, suggesting the firm remains in a pre-commercial development phase without established market traction or a repeatable sales model for its cognitive radar technology.
The persistent lack of top-line growth highlights the company's reliance on non-recurring funding or developmental grants rather than commercial product sales. Investors should monitor whether the firm can successfully transition from prototype demonstrations to formal government programs of record, as the current trajectory provides no evidence of scalable demand.
According to the most recent quarterly filings, VWAV's operating expenses have surged, with 2026Q1 showing a significant $5.1M in SG&A costs, which represents a substantial departure from the more modest quarterly overhead levels observed throughout the 2024 and 2025 fiscal periods.
This sudden spike in administrative and general spending, coupled with the emergence of COGS despite zero revenue, suggests a potential shift toward operational scaling or a one-time cost event. The lack of corresponding revenue growth implies that this increased spending is not yet yielding tangible commercial output, warranting caution regarding the company's current expense discipline.
Based on reported financial statements, the company's net losses have been exacerbated by stock-based compensation, which reached $2.4M in 2025Q4 and $423.5K in 2026Q1, signaling a reliance on equity-based incentives to manage cash outflows during periods of significant operational deficit.
The use of stock-based compensation appears to be a strategic lever to preserve limited cash reserves, yet it simultaneously dilutes existing shareholders without a clear path to profitability. Analysts should evaluate whether these equity grants are effectively retaining critical engineering talent or merely masking the true cash burn rate of the business.
As reported in recent financial disclosures, the company's operating losses have widened to $11.1M in 2026Q1, which, when contrasted with the reported $2.28M cash balance, suggests a precarious liquidity position that may necessitate immediate external financing to sustain ongoing research and development activities.
Short-sellers would likely focus on the widening gap between operational cash requirements and the lack of revenue-generating milestones. The inability to demonstrate a clear path to self-funding suggests that the company remains highly vulnerable to capital market volatility and potential dilution risks in the near term.
Quick answers to the most common questions about buying VWAV stock.
For fiscal year 2025, VisionWave Holdings, Inc. (VWAV) reported total revenue of $0.0M.
VisionWave Holdings, Inc. (VWAV) reported a net loss of $6.5M for the fiscal year ending 2025.