undamentalytics Newsletter
Sign in

Iothree Ltd (IOTR) stock

Add to watchlist

Add holding +

NASDAQ: IOTR Nasdaq Communications Equipment

C Fundamentals grade

Iothree Ltd is a US-listed company in the communications equipment industry. Its financial year ends in March.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: share count (2m) is 0.096x the cover-page count (24m).

Price vs value

Under review: share count (2m) is 0.096x the cover-page count (24m). We'll show the comparison once resolved.

Iothree Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds3 adding, 1 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Iothree files

Where Iothree stands after its latest Filing

Revenue for the twelve months was $15m. That growth ranks 6 of 40 among the communications equipment companies we cover. Free-cash-flow margin held at -19.1%. The diluted share count is up 10.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 6 financial-health checks.

Our model value for Iothree is under review, so past values are not shown until it is resolved.

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.

The Fundamentalytics view

Iothree Ltd's trailing-twelve-month revenue grew 40.4% year on year, with a free-cash-flow margin of -19.1%. Where it stands out: days sales outstanding of 27 days ranks 3 of 34 communications equipment companies we cover. Where it lags: gross margin of 21.4% ranks 34 of 36 communications equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 4543.4% while net income fell 403.8%: a 4140pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 40.4% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • Growth speeding up. The growth rate is 18.1 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -7.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5.8 points on a year ago.
  • Burning cash. Free cash flow was -19.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 10.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 161% and a beta of 1.6 against the S&P 500.
  • Below peers: gross margin. Gross margin of 21.4% ranks 34 of 36 communications equipment companies we cover (median 44.1%).

Price chart

  • 1 day-6.3%
  • 1 week-8.4%
  • 1 month+6.2%
  • This year-15.3%
  • 1 year-32.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14.7M
Operating margin
-7.7%
Net margin
-7.9%
EPS (TTM, diluted)
$-0.44

Growth

Revenue growth
+40.4%
Change in growth rate
+18.1 pts
Share count change
+10.1%

Cash

Free cash flow (TTM)
-$2.8M
FCF margin
-19.1%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for IOTR from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Iothree Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: share count (2m) is 0.096x the cover-page count (24m): held for review.

Valuation multiples over time Market data may be delayed

At fiscal year end 2026
Share price$2.15
Market value$6m
+ Net debt (− = net cash)−$2m
Enterprise value$4m
Multiples
Price / sales 0.4x
Price / earnings —
Price / free cash flow —
EV / EBITDA —

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Iothree Ltd: too few analysts cover it.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
2.26
at average volume
Short interest, 1 month
+166%
to October 15, 2026
Held by institutions
3%
of shares
Held by insiders
78.8%
of shares
Employees
40
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2026 to date
Return
IOTR−15%
Industry peers (median)−3%
S&P 500+11%
Months that ended higher
IOTR46%
S&P 50046%
Largest fall from a high during the year
IOTR−71%
S&P 500−9%

Worst fall since April 10, 2025: 96% from April 14, 2025 to March 20, 2026. Getting back needed a 2535% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.56 – $5.33
From 52-week high
−61.2%
vs 50-day average
−3.5%
vs 200-day average
−20.4%
Volatility (1 year)
161%
Beta vs S&P 500
1.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Iothree Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Iothree Ltd
$6M $8M $10M $12M $14M $16M FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue (TTM), FY23 Q4: $7.5M Revenue (TTM), FY24 Q4: $8.6M Revenue (TTM), FY25 Q4: $10.5M Revenue (TTM), FY26 Q4: $14.7M $14.7M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY23 Q4 $7.5M
FY24 Q4 $8.6M
FY25 Q4 $10.5M
FY26 Q4 $14.7M
Operating margin (TTM) Iothree Ltd
-10% 0% 10% 20% FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Operating margin (TTM), FY23 Q4: 14.0% Operating margin (TTM), FY24 Q4: -0.4% Operating margin (TTM), FY25 Q4: -1.9% Operating margin (TTM), FY26 Q4: -7.7% -7.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.0%
FY24 Q4 -0.4%
FY25 Q4 -1.9%
FY26 Q4 -7.7%
FCF margin (TTM) Iothree Ltd
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY23 Q4: 9.6% FCF margin (TTM), FY24 Q4: 13.6% FCF margin (TTM), FY25 Q4: -0.6% FCF margin (TTM), FY26 Q4: -19.1% -19.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.6%
FY24 Q4 13.6%
FY25 Q4 -0.6%
FY26 Q4 -19.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026
Income
Revenue 7 9 10 15
Gross profit 2 2 2 3
EBITDA 1 0 0 −0
Operating income 1 −0 −0 −1
Net income 1 −0 −0 −1
Diluted EPS $0.40 — −$0.10 −$0.44
Growth (year on year)
Revenue — +14.5% +22.3% +40.4%
EBITDA — −77.6% −1.6% −250.6%
Operating income — −103.2% — —
Net income — −100.5% — —
Margins
Gross margin 30.1% 21.5% 17.8% 21.4%
EBITDA margin 16.5% 3.2% 2.6% −2.8%
Operating margin 14.0% −0.4% −1.9% −7.7%
Net margin 12.3% −0.1% −2.2% −7.9%
Free-cash-flow margin 9.6% 13.6% −0.6% −19.1%
Cash flow
Cash from operations 1 2 0 −2
Capital spending 0 0 1 1
Free cash flow 1 1 −0 −3
Balance sheet
Cash 0 1 0 2
Total debt 0 0 0 0
Net debt (negative = net cash) −0 −1 −0 −2
Diluted shares 2m 2m 2m 3m
Returned to shareholders
Dividends 0 0 — —
Total returned 0 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · March 31, 2026
What it owns · $8m
Short-term assets $6mLonger-term assets $3m
What it owes, and who funded it · $8m
Short-term liabilities $3mLonger-term liabilities $1mShareholders' equity $4m
  • Short-term assets cover short-term liabilities $6m of assets due within a year against $3m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6m short-term assets against $903,209 of longer-dated liabilities.
  • More cash than debt $2m of cash against $376,704 of debt.
  • Debt below 40% of shareholders' equity Debt is 8% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$2m of operating cash flow against $376,704 of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Iothree Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+10.1%
year over year
Days sales outstanding
27 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated IOTR CIIT AMPG FKWL INTZ BOSC Median
Revenue, last 12 months $15m $14m $24m $37m $6m $51m $324m
Revenue growth, last 12 months 40.4% 51.0% 24.2% −20.8% −16.4% 26.6% 11.0%
Revenue growth, 3-year average — 134.3% 10.3% −7.4% −3.8% 25.0% 4.1%
Revenue growth, latest quarter — 121.3% −26.8% 21.2% −22.4% — 12.9%
Gross margin 21.4% 8.8% 36.7% 17.1% 74.1% 23.9% 43.7%
Operating margin −7.7% −14.6% −34.7% −7.3% −193.6% 5.8% 2.2%
Operating margin, 3-year average — −8.4% −39.7% −10.9% −163.1% 3.7% −1.4%
Net margin −7.9% −14.7% −33.4% −13.0% −194.0% 7.1% −0.0%
Cash from operations / revenue −15.2% −20.4% −54.6% −17.2% −156.3% 10.0% 9.9%
Free-cash-flow margin −19.1% −20.4% −62.9% −17.3% −158.1% 9.1% 7.7%
Free-cash-flow margin, 3-year average — −13.2% −47.4% −5.4% −139.0% 2.7% 2.2%
Stock pay / revenue — — 7.8% 0.0% 13.8% 0.3% 3.9%
Change in share count 10.1% −21.3% 42.0% 0.0% 10.5% 7.2% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 40.4% 11.3% 6 of 40
Change in growth rate Growth +18.1pp +2.0pp 7 of 40
Gross margin Profitability 21.4% 44.1% 34 of 36
Operating margin Profitability -7.7% 2.4% 31 of 40
Net margin Profitability -7.9% 0.6% 29 of 40
Free-cash-flow margin Cash generation -19.1% 8.2% 33 of 38
Long-term debt as % of assets Balance sheet 3.2% 10.4% 10 of 23
Change in share count Balance sheet 10.1% 1.6% 31 of 36
Days sales outstanding Balance sheet 27 days 75 days 3 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$227,634
Institutions reporting
3
Shares held vs prior quarter
▲ 746.1%
Positions opened / closed
3 / 1

Top buyers and sellers, Q2 2026: 3 institutions bought and 1 sold ; the biggest buyer was HRT Financial LP (+86K shares) and the biggest seller Xtx Topco Ltd (−12K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
HRT Financial LP $196,000 86K 86.1% New
Jane Street Group, LLC $26,223 11K 11.5% New
UBS Group AG $5,411 2K 2.4% New

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 Iothree Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Iothree Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Iothree Ltd in brief

What does Iothree Ltd do?
Iothree Ltd is a US-listed company in the communications equipment industry. Its financial year ends in March.
What is Iothree Ltd's stock ticker?
Iothree Ltd trades under the ticker IOTR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Iothree Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Iothree Ltd reported revenue of $14.7M, 40.4% higher than a year earlier, according to its SEC filings.
What is Iothree Ltd's free cash flow?
Iothree Ltd's free-cash-flow margin is -19.1% of revenue over the trailing twelve months, ranking 33 of the 38 communications equipment companies we cover.
Who are Iothree Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are HRT Financial LP, Jane Street Group, LLC and UBS Group AG. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Iothree Ltd's market cap?
On March 31, 2026, Iothree Ltd's market capitalisation was about $5.7M and net debt of -$1.7M. Market figures come from third-party market data and may be delayed.
How much debt does Iothree Ltd have?
Iothree Ltd's debt-to-equity ratio is 8.4%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Iothree Ltd's competitors?
In our Communications Equipment peer group, the companies closest to Iothree Ltd are Tianci International, Inc., Amplitech Group, Inc., Franklin Wireless Corp, Intrusion Inc and BOS Better Online Solutions LTD. The side-by-side comparison below sets their revenue, margins and growth against Iothree Ltd's.