AMST

Amesite is a sub-$6M-market-cap shell of a SaaS story whose own auditors and management concede the point: the 10-K states there is 'substantial doubt about the Company's ability to continue as a going concern,' that management's financing plans 'do not alleviate' that doubt, and that they 'cannot provide any assurance that we will ever be profitable.' That is the single most important fact here, and it overrides any valuation debate. The business has a cumulative net loss of $41.5M since 2017 incorporation against a FY2025 revenue base of just $110K.

The fundamentals are not stabilizing — they are disintegrating. Revenue has fallen from $845K in FY2023 to $167K in FY2024 to $110K in FY2025 (-33.8% YoY), an 87% collapse in two years that signals the product has effectively no commercial traction. The 'improving' loss line (-$3.62M, +17.9% YoY) is cost-cutting, not progress: R&D was slashed 35.7% to $691K, which for a software company means starving the only asset that could ever generate revenue. Operating margin of -3,262% and ROE of -132% are not ratios you underwrite around; they describe a company spending ~$33 for every $1 it books.