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Institutional accumulation: ownership increased +1.06% quarter-over-quarter.
Data as of Q1 2026
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How management deployed cash over 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 243%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-08-05 · 44d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $3.8M 100.0% | $14.9M 100.0% | $16.9M 100.0% | — |
| Research & Development | $50.2M 1321.0% | $43.4M 290.9% | $39.5M 232.9% | — |
| Selling, General & Admin | $36.7M 967.6% | $21.0M 140.6% | $20.3M 119.8% | $4K |
| Total Operating Expenses | $116.4M 3066.2% | $76.7M 513.3% | $70.8M 417.8% | — |
| Operating Income | -$112.6M -2966.2% | -$61.7M -413.3% | -$53.8M -317.8% | -$4K |
| Interest Expense | $4.1M 107.9% | $5.0M 33.2% | $5.4M 31.9% | — |
| Interest & Investment Income | $1.9M 50.0% | $900K 6.0% | $2.2M 13.0% | — |
| Other Income (Expense), net | -$472.9M -12454.5% | -$7.7M -51.8% | -$3.1M -18.2% | $0 |
| Pretax Income | -$585.5M -15420.6% | -$69.5M -465.1% | -$56.9M -336.0% | — |
| Income Tax Expense | $3K 0.1% | $1K 0.0% | $9K 0.1% | — |
| Net Income | -$585.5M -15420.7% | -$69.5M -465.1% | -$56.9M -336.0% | -$4K |
| Per Share | ||||
| EPS (Basic) | $-6.42 | $-1.19 | $-0.98 | — |
| EPS (Diluted) | $-6.42 | $-1.19 | $-0.98 | — |
| Weighted Avg Shares (Basic) | 91.2M | 58.4M | 57.9M | — |
| Weighted Avg Shares (Diluted) | 91.2M | 58.4M | 57.9M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$116M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-08-05
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| R&D | — | 232.9 | 290.9 | 1321.0 |
| SG&A | — | 119.8 | 140.6 | 967.6 |
| Operating Income | — | -317.8 | -413.3 | -2966.2 |
| Income Tax | — | 0.1 | 0.0 | 0.1 |
| Net Income | — | -336.0 | -465.1 | -15420.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on KDKRW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $51M covers all $43M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~9.8% on $42M of debt.
Cash of $51M fully covers short-term debt of $12M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 31 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position