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Darkhorse Technologies Inc. key statistics and ratios

In fiscal 2025, Darkhorse Technologies Inc. had return on equity of -68.6%, an operating margin of -196.8%, debt equal to 0.0% of equity and a current ratio of 4.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin39.6%29.7%29.2%3.9%18.6%33.2%46.4%45.6%43.8%27.2%19.4%23.5%18.2%
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%
Return on equity−14.9%−61.6%−154.6%−169.4%——−185.0%−14.9%−147.1%−76.2%−28.8%−68.6%−160.8%
Return on assets−8.5%−32.8%−59.1%−29.8%−55.4%−43.5%−57.1%−12.0%−107.4%−36.4%−21.3%−62.9%−129.2%
Asset turnover0.090.530.660.930.190.570.480.030.030.340.370.330.39
Current ratio0.870.790.711.080.360.290.3615.061.662.534.574.821.03
Debt to equity5.7%10.8%84.6%173.9%—39.6%21.5%0.0%0.0%4.0%0.0%0.0%0.0%
Interest cover (operating income ÷ interest)n/mn/mn/mn/m—n/mn/mn/m—n/m———
R&D as % of revenue4.9%13.0%11.5%7.2%37.9%36.8%24.8%26.1%10.0%4.7%0.0%——
Capital spending as % of revenue3.6%0.5%0.3%0.2%0.6%0.0%0.0%>999%290.1%7.1%53.9%67.1%64.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

9 /100

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.

  • Returns on capital 0 / 20

    Net income has been a median -40.6% of total assets over 8 years.

  • Pricing power 1 / 20

    Gross margin has been a median 23.6%, moving by 23.9 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -138.2%; its worst year was -1202.4%.

  • Cash conversion 0 / 20

    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).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Darkhorse Technologies Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Darkhorse Technologies Inc.