The company's equity base remains under pressure from a cumulative retained earnings deficit of $37.2 million, despite a current ratio of 14.15 as of 2025Q4.
| Total Current Assets | 19.53M | 5.52M | 6.75M | 10.98M | 1.4M | 563K | 1.59M |
| Cash & Short-Term Investments | 18.42M | 3.95M | 4.86M | 10.37M | 1.27M | 475K | 1.58M |
| Cash Only | 6.5M | 3.09M | 810K | 10.37M | 1.27M | 475K | 1.58M |
| Short-Term Investments | 11.92M | 862K | 4.04M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 37K | 339K | 865K | 54K | 117K | 68K | 6K |
| Days Sales Outstanding | 20.87 | 237.04 | 3.85K | 438 | 300.74 | 435.44 | 9.05 |
| Inventory | 778K | 1.23M | 1.03M | 6K | 11K | 20K | 0 |
| Days Inventory Outstanding | 418.83 | 1.02K | 6.08K | 86.45 | 259.03 | 811.11 | - |
| Other Current Assets | 293K | 0 | 865K | 543K | 0 | 0 | 0 |
| Total Non-Current Assets | 460K | 460K | 840K | 248K | 43K | 30K | 9K |
| Property, Plant & Equipment | 460K | 460K | 786K | 248K | 43K | 18K | 9K |
| Fixed Asset Turnover | 1.41x | 1.13x | 0.10x | 0.18x | 3.30x | 3.17x | 26.89x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 54K | 0 | 0 | 12K | 12K |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | -12K |
| Total Assets | 19.99M | 5.98M | 7.59M | 11.22M | 1.45M | 593K | 1.6M |
| Asset Turnover | 0.03x | 0.09x | 0.01x | 0.00x | 0.10x | 0.10x | 0.15x |
| Asset Growth % | 234.5% | -21.29% | -32.36% | 676.75% | 143.68% | -63.01% | - |
| Total Current Liabilities | 1.38M | 2.1M | 1.79M | 1.15M | 638K | 3.47M | 3.3M |
| Accounts Payable | 62K | 157K | 410K | 156K | 72K | 32K | 73K |
| Days Payables Outstanding | 33.38 | 131.13 | 2.41K | 2.25K | 1.7K | 1.3K | 1.27K |
| Short-Term Debt | 0 | 770K | 0 | 0 | 0 | 3.05M | 3M |
| Deferred Revenue (Current) | 47K | 392K | 312K | 365K | 297K | 225K | 11K |
| Other Current Liabilities | 333K | 83K | 312K | 0 | 0 | 42K | 46K |
| Current Ratio | 14.15x | 2.63x | 3.78x | 9.54x | 2.20x | 0.16x | 0.48x |
| Quick Ratio | 13.59x | 2.05x | 3.20x | 9.54x | 2.18x | 0.16x | 0.48x |
| Cash Conversion Cycle | 406.33 | 1.13K | 7.51K | -1.72K | -1.14K | -51.23 | - |
| Total Non-Current Liabilities | 57K | 21K | 278K | 94K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 57K | 21K | 278K | 94K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.44M | 2.12M | 2.07M | 1.24M | 638K | 3.47M | 3.3M |
| Total Debt | 366K | 1.08M | 575K | 162K | 0 | 3.05M | 3M |
| Net Debt | -6.13M | -2.01M | -235K | -10.21M | -1.27M | 2.58M | 1.42M |
| Debt / Equity | 0.02x | 0.28x | 0.10x | 0.02x | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - |
| Interest Coverage | - | -150.38x | - | -169.95x | - | -11.33x | -33.89x |
| Total Equity | 18.55M | 3.86M | 5.53M | 9.98M | 807K | -2.88M | -1.7M |
| Equity Growth % | 380.65% | -30.15% | -44.63% | 1136.68% | 128.06% | -69.48% | - |
| Book Value per Share | 185.44 | 1024.42 | 2358.51 | 4586.40 | 501.24 | -1786.34 | -1054.04 |
| Total Shareholders' Equity | 18.55M | 3.86M | 5.53M | 9.98M | 807K | -2.88M | -1.7M |
| Common Stock | 67K | 67K | 57K | 43K | 31K | 17K | 17K |
| Retained Earnings | -37.21M | -29.1M | -21.22M | -13.41M | -6.91M | -4.3M | -3.04M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -12K | -12K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial filings, WLDS's total assets have fluctuated significantly, reaching $20.0 million in 2025Q4, yet this growth is largely offset by a persistent accumulation of retained earnings deficits, which have deepened to -$37.2 million, signaling a precarious long-term value trajectory for shareholders.
The expansion in total assets appears to be driven by external financing rather than organic value creation, as the company continues to struggle with negative margins. Investors should monitor whether this asset growth can eventually translate into commercial scale or if it merely represents a temporary buffer before further capital depletion.
Based on the company's 2025Q4 balance sheet, the cash position of $6.5 million provides a high current ratio of 14.15, yet this metric may be misleading given the company's ongoing operating losses and the absence of a sustainable, recurring revenue stream to support future liquidity needs.
While the current ratio appears robust, the underlying cash burn rate suggests that this liquidity buffer is likely insufficient for long-term operations. The reliance on cash reserves to fund R&D indicates that the company remains highly sensitive to the timing of future capital raises.
According to historical balance sheet data, the company's equity base has been characterized by extreme volatility, including a period of negative equity in 2022Q2, which underscores the significant risk of shareholder dilution as the firm attempts to finance its ongoing research and development activities.
The persistent negative retained earnings suggest that the company has yet to achieve a self-sustaining business model, forcing a reliance on equity financing. This structure implies that existing shareholders may face continued dilution if management is unable to pivot toward profitability in the near term.
As indicated by the 2025Q4 financial statements, the company's asset base is heavily weighted toward cash and minimal PPE, which, while providing short-term flexibility, leaves the firm with little tangible collateral to support debt financing should the current cash reserves be exhausted by operational burn.
The lack of significant tangible assets suggests that the company's value is almost entirely tied to its intellectual property and future growth prospects. This makes the balance sheet particularly vulnerable to shifts in market sentiment or failure to secure additional funding, as there are few hard assets to protect the downside.
Quick answers to the most common questions about buying WLDS stock.
As of 2025, Wearable Devices Ltd. (WLDS) had total assets of $20.0M including $19.5M in current assets.
Wearable Devices Ltd. (WLDS) carries total debt of $0.4M, offset by $18.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Wearable Devices Ltd. (WLDS) has total shareholders' equity (book value) of $18.6M ($185.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Wearable Devices Ltd. (WLDS) reported a current ratio of 14.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.