CETX

Cemtrex is a five-year, no-exceptions money loser: net income was negative in FY2021 (-$7.8M), FY2022 (-$13.0M), FY2023 (-$9.2M), FY2024 (-$7.2M) and blew out to -$28.1M in FY2025 (a -288.9% YoY swing). Revenue did grow a healthy +14.4% to $76.5M with a respectable 42.2% gross margin, but that top-line story is a trap — operating income was a razor-thin $510K (0.7% margin) and the -$28.1M net loss means the damage sits below the line (interest, non-operating and likely impairment/charges the numbers don't itemize). Cumulative pain is written into the -$99.4M accumulated deficit. This is not a business that has shown it can convert growth into profit.

The balance sheet is the disqualifier. Stockholders' equity is just $4.71M against $39.1M of liabilities — 8.29x leverage — producing a -596.8% ROE. Cash is only $4.97M while the current portion of debt jumped +88.6% to $8.93M, so near-term maturities alone exceed cash on hand, and current liabilities ($23.8M) rose +28.1%. Operating cash flow was a token $159K, not enough to cover the $1.93M of capex, let alone the debt wall. The 10-K's own MD&A flags 'the Company's ability to maintain sufficient credit arrangements' as a risk factor — management is telling you financing is the swing variable, and with equity nearly wiped out the options are more debt or more stock.