Darkhorse Technologies Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $10m, down 10.3% on a year earlier, a smaller fall than the 17.6% decline a quarter earlier. That puts it 23 of 27 for growth among the internet services & infrastructure companies we cover.
Our model value for Darkhorse Technologies is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Darkhorse Technologies Inc.'s trailing-twelve-month revenue fell 10.3% year on year, with a free-cash-flow margin of -221.2%. Where it stands out: change in growth rate of +7.3pp ranks 6 of 34 internet services & infrastructure companies we cover. Where it lags: operating margin of -330.8% ranks 31 of 33 internet services & infrastructure companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 0.8% while net income fell 126.9%: a 126pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Darkhorse Technologies Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Darkhorse Technologies Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.68 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.2 ~$0.8–$6.7 | Left out: out of range vs price (0.12x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Darkhorse Technologies Inc. with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Darkhorse Technologies's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -40.6% of total assets over 8 years.
Gross margin has been a median 23.6%, moving by 23.9 percentage points (standard deviation) across 7 years.
Operating margin has been a median -138.2%; its worst year was -1202.4%.
Free cash flow was positive in 0 of 7 years, at a median -32.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (14 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.55 | +38% | $20m | +31% |
| Next | −$1.31 | +49% | $20m | +1% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2025 | −$0.90 | −$3.77 | −319.2% |
| Sept 2025 | −$1.10 | −$1.07 | +2.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −75.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $11m | $10m | −10.3% |
| P/S multiple | 1.6x | 0.6x | −60.2% |
| Share count | 2m | 4m | −31.2% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| DRK | +118% | −91% | +72% | −72% | −68% | −42% |
| Industry peers (median) | +12% | −80% | +44% | −15% | −10% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| DRK | 58% | 25% | 42% | 25% | 33% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| DRK | −69% | −92% | −81% | −79% | −73% | −72% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from November 3, 2015 to February 19, 2026. Getting back needed a 3532010% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 14, 2026 | +0.5% | −0.7% | +24.9% | +33.0% |
| May 15, 2026 | −30.9% | −1.3% | −22.2% | +43.2% |
| March 9, 2026 | +3.4% | +0.7% | −4.0% | −17.2% |
| November 5, 2025 | −10.6% | −0.7% | −13.9% | −23.6% |
| August 6, 2025 | −5.1% | +0.7% | +12.1% | +21.7% |
| May 15, 2025 | +3.5% | +1.1% | +9.4% | −17.3% |
| March 28, 2025 | −13.3% | −1.4% | +4.1% | +23.9% |
| November 14, 2024 | −3.2% | −1.9% | −15.6% | −18.8% |
| August 13, 2024 | −1.8% | +2.0% | +1.3% | −3.3% |
| May 14, 2024 | +20.8% | +1.7% | +37.6% | +35.9% |
| March 13, 2024 | −14.8% | −0.4% | −5.6% | −33.3% |
| November 13, 2023 | −2.9% | +1.8% | −6.9% | +44.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $15.6M |
| FY23 Q4 | $21.9M |
| FY24 Q1 | $25.8M |
| FY24 Q2 | $25M |
| FY24 Q3 | $21.7M |
| FY24 Q4 | $16.6M |
| FY25 Q1 | $12.5M |
| FY25 Q2 | $10.8M |
| FY25 Q3 | $11.1M |
| FY25 Q4 | $11.2M |
| FY26 Q1 | $10.3M |
| FY26 Q2 | $9.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | -13.1% |
| FY23 Q4 | 260.5% |
| FY24 Q1 | 234.1% |
| FY24 Q2 | 121.9% |
| FY24 Q3 | 38.4% |
| FY24 Q4 | -24.2% |
| FY25 Q1 | -51.7% |
| FY25 Q2 | -56.7% |
| FY25 Q3 | -48.8% |
| FY25 Q4 | -32.7% |
| FY26 Q1 | -17.6% |
| FY26 Q2 | -10.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -841.6% |
| FY23 Q4 | -136.9% |
| FY24 Q1 | -108.9% |
| FY24 Q2 | -116.4% |
| FY24 Q3 | -128.8% |
| FY24 Q4 | -128.9% |
| FY25 Q1 | -198.2% |
| FY25 Q2 | -199.9% |
| FY25 Q3 | -185.0% |
| FY25 Q4 | -196.8% |
| FY26 Q1 | -203.7% |
| FY26 Q2 | -330.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -67.5% |
| FY23 Q4 | -37.2% |
| FY24 Q1 | -25.1% |
| FY24 Q2 | -31.6% |
| FY24 Q3 | -38.1% |
| FY24 Q4 | -81.4% |
| FY25 Q1 | -148.8% |
| FY25 Q2 | -196.8% |
| FY25 Q3 | -204.6% |
| FY25 Q4 | -211.2% |
| FY26 Q1 | -216.3% |
| FY26 Q2 | -221.2% |
| Fiscal year | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||
| Revenue | 13 | 76 | 76 | 82 | 9 | 6 | 5 | 4 | 6 | 22 | 17 | 11 | 10 |
| Gross profit | 5 | 23 | 22 | 3 | 2 | 2 | 2 | 2 | 3 | 6 | 3 | 3 | 2 |
| EBITDA | −9 | −37 | −58 | −12 | −9 | −5 | −5 | −14 | −129 | −24 | −14 | −15 | −26 |
| Operating income | −12 | −45 | −64 | −18 | −13 | −6 | −6 | −20 | −158 | −30 | −21 | −22 | −32 |
| Net income | −13 | −47 | −68 | −26 | −26 | −4 | −6 | −17 | −193 | −23 | −9 | −21 | −32 |
| Diluted EPS | −$2.65 | −$6.20 | −$3855.04 | −$589.12 | −$3.16 | −$0.32 | −$0.20 | −$40.60 | −$203.60 | −$1.93 | −$4.78 | −$7.37 | — |
| Growth (year on year) | |||||||||||||
| Revenue | — | +465.5% | +0.3% | +6.7% | −88.9% | −38.2% | −13.1% | −23.3% | +63.4% | +260.5% | −24.2% | −32.7% | −10.3% |
| Margins | |||||||||||||
| Gross margin | 39.6% | 29.7% | 29.2% | 3.9% | 18.6% | 33.2% | 46.4% | 45.6% | 43.8% | 27.2% | 19.4% | 23.5% | 18.2% |
| EBITDA margin | −63.7% | −49.1% | −75.4% | −14.7% | −97.0% | −89.5% | −103.0% | −377.2% | <−999% | −108.7% | −86.1% | −135.2% | −268.3% |
| Operating margin | −89.4% | −58.9% | −83.5% | −22.2% | −139.8% | −108.0% | −123.0% | −530.1% | <−999% | −136.9% | −128.9% | −196.8% | −330.8% |
| Net margin | −94.5% | −62.0% | −89.6% | −32.1% | −290.2% | −76.7% | −119.2% | −464.8% | <−999% | −106.8% | −57.0% | −192.1% | −332.5% |
| Free-cash-flow margin | −67.1% | −30.9% | −23.2% | −11.1% | −85.0% | −32.5% | −53.3% | <−999% | −796.5% | −37.2% | −81.4% | −211.2% | −221.2% |
| Cash flow | |||||||||||||
| Cash from operations | −9 | −23 | −17 | −9 | −8 | −2 | −3 | −29 | −31 | −7 | −5 | −16 | −15 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 18 | 2 | 9 | 7 | 6 |
| Free cash flow | −9 | −24 | −18 | −9 | −8 | −2 | −3 | −131 | −48 | −8 | −14 | −24 | −21 |
| Stock-based pay | 3 | 7 | 9 | 8 | 2 | 1 | 0 | 0 | 8 | 2 | 3 | 1 | 2 |
| Free cash flow after stock pay | −12 | −31 | −27 | −17 | −9 | −2 | −3 | −131 | −57 | −11 | −16 | −24 | −23 |
| Balance sheet | |||||||||||||
| Cash | 4 | 9 | 5 | 1 | 0 | 0 | 0 | 54 | 1 | 1 | 5 | 4 | 3 |
| Total debt | 5 | 7 | 17 | 18 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 |
| Net debt (negative = net cash) | 1 | −1 | 12 | 18 | −0 | 0 | 1 | −54 | −1 | 0 | −5 | −4 | −3 |
| Diluted shares | — | — | — | 44m | — | — | — | — | — | 1m | 2m | 3m | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2 | 3 | 3 | 3 | 3 | 3 | 2 | 2 |
| Gross profit | −0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
| EBITDA | −3 | −7 | −4 | −1 | −2 | −8 | −3 | −13 |
| Operating income | −5 | −9 | −5 | −3 | −4 | −10 | −4 | −14 |
| Net income | 0 | −7 | −9 | 2 | −4 | −10 | −4 | −14 |
| Diluted EPS | $0.01 | −$4.66 | −$3.20 | $0.60 | −$1.50 | −$6.96 | — | −$2.68 |
| Growth (year on year) | ||||||||
| Revenue | −58.9% | −65.7% | −59.4% | −35.3% | +11.4% | +3.1% | −32.0% | −18.8% |
| Net income | — | — | — | −21.5% | <−999% | — | — | −929.6% |
| Diluted EPS | — | — | — | +500.0% | <−999% | — | — | −546.7% |
| Margins | ||||||||
| Gross margin | −16.0% | 9.8% | 22.1% | 23.8% | 25.4% | 22.8% | 16.3% | 6.7% |
| EBITDA margin | −145.1% | −262.9% | −127.2% | −31.8% | −88.1% | −303.6% | −155.8% | −509.9% |
| Operating margin | −218.8% | −328.7% | −184.2% | −87.0% | −153.8% | −372.7% | −215.6% | −563.7% |
| Net margin | 4.4% | −273.4% | −311.9% | 55.2% | −162.0% | −371.5% | −214.3% | −564.0% |
| Free-cash-flow margin | −184.4% | −220.5% | −181.2% | −200.5% | −218.7% | −247.1% | −194.1% | −216.4% |
| Cash flow | ||||||||
| Cash from operations | 0 | −2 | −4 | −6 | −3 | −3 | −4 | −5 |
| Capital spending | 5 | 4 | 1 | 0 | 2 | 4 | 0 | 0 |
| Free cash flow | −4 | −6 | −5 | −6 | −6 | −7 | −4 | −5 |
| Stock-based pay | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Free cash flow after stock pay | −5 | −6 | −5 | −6 | −6 | −7 | −4 | −6 |
| Last 12 months unless stated | DRK | ZDAI | PWCM | OPNW | ONFO | BTCT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $10m | $9m | $9m | $11m | $8m | $14m | $242m |
| Revenue growth, last 12 months | −10.3% | −53.6% | 16.3% | −49.7% | −22.6% | 20.3% | 8.3% |
| Revenue growth, 3-year average | −4.8% | — | 8.8% | −24.6% | 25.3% | — | 7.6% |
| Revenue growth, latest quarter | −18.8% | — | 9.8% | −57.8% | −52.4% | 338.2% | 5.5% |
| Gross margin | 18.2% | −21.5% | — | 47.0% | 54.5% | −22.5% | 49.5% |
| Operating margin | −330.8% | −153.7% | −324.9% | −49.3% | −40.1% | −62.7% | −56.0% |
| Operating margin, 3-year average | −215.7% | — | −161.0% | −25.3% | −65.3% | — | −25.3% |
| Net margin | −332.5% | −148.8% | −413.9% | −47.1% | −101.9% | −64.5% | −55.8% |
| Cash from operations / revenue | −156.6% | −14.5% | −176.7% | −6.3% | −22.3% | −37.4% | −10.4% |
| Free-cash-flow margin | −221.2% | −15.9% | −200.4% | −6.3% | −22.4% | −98.1% | −25.9% |
| Free-cash-flow margin, 3-year average | −149.9% | — | −142.1% | 0.5% | — | −55.6% | −17.4% |
| Stock pay / revenue | 17.1% | — | 7.5% | 0.2% | −0.3% | 13.0% | 11.9% |
| Change in share count | −96.9% | 108.6% | 138.2% | 13.0% | — | 172.0% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -10.3% | 10.1% | 27 of 34 |
| Change in growth rate Growth | +7.3pp | -0.6pp | 6 of 34 |
| Operating margin Profitability | -330.8% | -49.3% | 31 of 33 |
| Net margin Profitability | -332.5% | -47.1% | 28 of 34 |
| Stock pay as % of revenue Cash generation | 17.1% | 12.4% | 21 of 32 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Kalbfleisch Kurt L. CEO and CFO | March 13, 2026 | Sell | 9,800 | $1.59 | $15,582 |
| Reppas Tiah Norton Chief Accounting Officer | March 12, 2026 | Sell | 6,250 | $1.61 | $10,062 |
| Kalbfleisch Kurt L. Chief Executive Officer | December 9, 2025 | Sell | 90,000 | $0.47 | $42,300 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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