Empery Digital Inc. is a US-listed company in the asset management & custody banks 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.
Empery Digital has little or no product revenue yet; it used $21m of cash in the twelve months to June 2026.
Our model value for Empery Digital is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 7, 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.
Empery Digital Inc.'s trailing-twelve-month revenue fell 95.3% year on year, with a free-cash-flow margin of 13290.7%.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 37.2% while net income fell 979.2%: a 942pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Empery Digital Inc. at the moment. Current status: data-quality checks not passed. 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 Empery Digital Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 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. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$6.1 ~$6.5–$16 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| 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 Empery Digital Inc. with asset managers 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 6, 2026, after the close. Analysts expect revenue of $100000 and EPS of −$0.06 (range −$0.06 to −$0.06) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.43 | — | $500000 | — |
| Next | $0.16 | +137% | $400000 | −20% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.11 | −$1.53 | −1290.9% |
| Mar 2026 | −$0.10 | −$2.59 | −2490.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| EMPD | −91% | −98% | −100% | −87% | −46% |
| Industry peers (median) | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| EMPD | 25% | 25% | 8% | 33% | 36% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| EMPD | −92% | −99% | −100% | −88% | −54% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 6, 2021: 100% from November 18, 2021 to November 2, 2026. Getting back needed a 956903126% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| November 12, 2025 | −3.0% | −1.6% | −20.0% | −23.8% |
| August 12, 2025 | +2.1% | +1.4% | −30.2% | −30.7% |
| March 17, 2025 | −1.5% | −0.3% | +5.8% | −5.6% |
| August 6, 2024 | −4.5% | +0.2% | −5.6% | −21.2% |
| May 7, 2024 | +16.5% | +0.1% | +32.5% | −40.9% |
| March 28, 2024 | −10.1% | −0.2% | −52.1% | −61.6% |
| October 31, 2023 | +1.8% | +1.7% | −17.5% | −87.8% |
| September 6, 2023 | +11.9% | −1.0% | +23.1% | −28.0% |
| August 11, 2023 | −14.5% | +0.5% | −16.4% | +8.6% |
| May 5, 2023 | +0.6% | +1.9% | −5.6% | −41.1% |
| March 7, 2023 | −2.4% | −1.4% | −11.2% | −16.5% |
| November 10, 2022 | +5.5% | +6.5% | −5.5% | −15.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $2.9M |
| FY23 Q4 | $3.3M |
| FY24 Q1 | $3.1M |
| FY24 Q2 | $3.5M |
| FY24 Q3 | $4.1M |
| FY24 Q4 | $4M |
| FY25 Q1 | $3.4M |
| FY25 Q2 | $2.7M |
| FY25 Q3 | $1.8M |
| FY25 Q4 | $188.5K |
| FY26 Q1 | -$48.1K |
| FY26 Q2 | -$158.3K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q1 | 177.5% |
| FY23 Q2 | -32.9% |
| FY23 Q3 | -29.7% |
| FY23 Q4 | -28.3% |
| FY24 Q1 | -31.1% |
| FY24 Q2 | 32.1% |
| FY24 Q3 | 41.2% |
| FY24 Q4 | 22.2% |
| FY25 Q1 | 9.2% |
| FY25 Q2 | -24.9% |
| FY25 Q3 | -56.8% |
| FY25 Q4 | -95.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -890.8% |
| FY23 Q4 | -913.6% |
| FY24 Q1 | -912.6% |
| FY24 Q2 | -821.0% |
| FY24 Q3 | -769.0% |
| FY24 Q4 | -644.1% |
| FY25 Q1 | -689.7% |
| FY25 Q2 | -807.3% |
| FY25 Q3 | -2457.0% |
| FY25 Q4 | -81011.5% |
| FY26 Q1 | 485931.1% |
| FY26 Q2 | 172144.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -909.1% |
| FY23 Q4 | -935.8% |
| FY24 Q1 | -908.4% |
| FY24 Q2 | -789.7% |
| FY24 Q3 | -615.6% |
| FY24 Q4 | -410.4% |
| FY25 Q1 | -452.8% |
| FY25 Q2 | -576.0% |
| FY25 Q3 | -1057.3% |
| FY25 Q4 | -9577.8% |
| FY26 Q1 | 36985.7% |
| FY26 Q2 | 13290.7% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 0 | 5 | 3 | 4 | 1 | −0 |
| Gross profit | −10 | −9 | −8 | −14 | −0 | −0 |
| EBITDA | −39 | −31 | −30 | −25 | −153 | −272 |
| Operating income | −39 | −32 | −30 | −26 | −153 | −272 |
| Net income | −40 | −34 | −45 | −46 | −150 | −272 |
| Diluted EPS | −$1.76 | −$325.20 | −$187796.71 | −$1175.22 | −$8.12 | — |
| Growth (year on year) | ||||||
| Revenue | — | +913.0% | −28.3% | +22.2% | −75.5% | −105.9% |
| Margins | ||||||
| Gross margin | <−999% | −195.0% | −249.3% | −351.6% | −37.2% | — |
| EBITDA margin | <−999% | −688.4% | −906.0% | −635.0% | <−999% | >999% |
| Operating margin | <−999% | −705.2% | −913.6% | −644.1% | <−999% | >999% |
| Net margin | <−999% | −753.0% | <−999% | <−999% | <−999% | >999% |
| Free-cash-flow margin | <−999% | −757.6% | −935.8% | −410.4% | <−999% | >999% |
| Cash flow | ||||||
| Cash from operations | −24 | −34 | −30 | −16 | −18 | −21 |
| Capital spending | 1 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow | −25 | −34 | −31 | −16 | −18 | −21 |
| Stock-based pay | 15 | 3 | 3 | 0 | 18 | 19 |
| Free cash flow after stock pay | −40 | −38 | −33 | −17 | −36 | −40 |
| Balance sheet | ||||||
| Cash | 6 | 12 | 8 | 2 | 9 | 4 |
| Total debt | 0 | 17 | 30 | 1 | 100 | 55 |
| Net debt (negative = net cash) | −5 | 6 | 22 | −1 | 91 | 51 |
| Diluted shares | 23m | 24m | — | — | 18m | — |
| Returned to shareholders | ||||||
| Buybacks | — | — | — | 0 | 96 | 150 |
| Total returned | — | — | — | 0 | 96 | 150 |
| 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 | 1 | 1 | 0 | 0 | 0 | −1 | 0 | 0 |
| Gross profit | −9 | −2 | −0 | −0 | −0 | −0 | 0 | −0 |
| EBITDA | −12 | −4 | −2 | −3 | −34 | −113 | −83 | −42 |
| Operating income | −12 | −4 | −2 | −3 | −34 | −113 | −83 | −42 |
| Net income | −14 | −5 | −2 | −4 | −29 | −115 | −85 | −43 |
| Diluted EPS | −$191.46 | $349.99 | −$7.27 | −$7.57 | −$0.80 | −$5.27 | −$2.59 | −$1.53 |
| Growth (year on year) | ||||||||
| Revenue | +120.7% | −13.9% | −55.3% | −79.8% | −81.6% | −171.0% | −51.2% | −57.9% |
| Margins | ||||||||
| Gross margin | −856.9% | −217.0% | −9.1% | −103.6% | −47.1% | 11.4% | 27.9% | −85.2% |
| EBITDA margin | <−999% | −391.9% | −450.3% | <−999% | <−999% | >999% | <−999% | <−999% |
| Operating margin | <−999% | −401.8% | −459.1% | <−999% | <−999% | >999% | <−999% | <−999% |
| Net margin | <−999% | −559.1% | −532.2% | <−999% | <−999% | >999% | <−999% | <−999% |
| Free-cash-flow margin | −380.6% | −407.3% | −816.2% | <−999% | <−999% | 452.0% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −4 | −4 | −4 | −4 | −8 | −3 | −3 | −7 |
| Capital spending | 0 | 0 | 0 | 0 | −0 | 0 | 0 | 0 |
| Free cash flow | −4 | −4 | −4 | −4 | −8 | −3 | −4 | −7 |
| Stock-based pay | 0 | 0 | 0 | 1 | 14 | 3 | 2 | 0 |
| Free cash flow after stock pay | −4 | −4 | −4 | −5 | −21 | −6 | −5 | −7 |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Empery Asset Management, LP | $10.4M | 2.9M | 17.1% | 0.0% |
| Highbridge Capital Management LLC | $9.8M | 2.8M | 16.1% | ▼ 4.1% |
| Drw Securities, LLC | $6.7M | 1.9M | 11.0% | ▼ 1.2% |
| Weiss Asset Management LP | $6.7M | 1.9M | 10.9% | ▼ 2.4% |
| Vanguard Capital Management LLC | $3.8M | 1.1M | 6.2% | ▲ 160.0% |
| Heights Capital Management, Inc | $3.5M | 989K | 5.8% | ▼ 1.1% |
| Blackrock, Inc. | $2.7M | 769K | 4.5% | ▲ 9.6% |
| Hudson Bay Capital Management LP | $2.7M | 755K | 4.4% | 0.0% |
| Steadfast Capital Management LP | $2.7M | 752K | 4.4% | ▼ 7.8% |
| Millennium Management LLC | $2M | 553K | 3.2% | ▼ 34.3% |
| LMR Partners LLP | $1.8M | 500K | 2.9% | 0.0% |
| Geode Capital Management, LLC | $1.4M | 389K | 2.3% | ▼ 14.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Empery Digital Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Empery Asset Management, Lp 10% owner | September 1, 2026 | Buy | 500,000 | $3.59 | $1.8M |
| Empery Asset Management, Lp 10% owner | August 13, 2026 | Buy | 750,000 | $2.98 | $2.2M |
| Empery Asset Management, Lp 10% owner | August 12, 2026 | Buy | 650,000 | $2.82 | $1.8M |
| Atg Capital Opportunities Fund Lp 10% owner | February 3, 2026 | Buy | 559,183 | $4.68 | $2.6M |
| Gliksberg Gabriel 10% owner | February 3, 2026 | Buy | 559,183 | $4.68 | $2.6M |
| Atg Capital Opportunities Fund Lp 10% owner | February 2, 2026 | Buy | 131,962 | $4.67 | $616,263 |
| Gliksberg Gabriel 10% owner | February 2, 2026 | Buy | 131,962 | $4.67 | $616,263 |
| Atg Capital Opportunities Fund Lp 10% owner | January 30, 2026 | Buy | 114,447 | $4.82 | $551,635 |
| Atg Capital Management Gp Llc 10% owner | January 30, 2026 | Buy | 114,447 | $4.82 | $551,635 |
| Atg Capital Opportunities Fund Lp 10% owner | January 29, 2026 | Buy | 190,971 | $4.91 | $937,668 |
| Atg Capital Management Gp Llc 10% owner | January 29, 2026 | Buy | 190,971 | $4.91 | $937,668 |
| Atg Capital Opportunities Fund Lp 10% owner | January 28, 2026 | Buy | 123,208 | $5.09 | $627,129 |
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 February 12, 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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