CODX

Co-Diagnostics is no longer a real revenue business. The COVID windfall that produced $97.9M of revenue and $36.7M of net income in FY2021 has fully unwound: revenue fell to $34.2M (2022), $6.81M (2023), $3.92M (2024), and just $622K in FY2025 (-84.1% YoY). Gross profit was $400K against $19.1M of R&D and a -$50.2M operating loss — the income statement is essentially all cost and no top line, with an operating margin of -8,058.8%. This is a development-stage company wearing the ticker of a former pandemic winner.

The balance sheet cannot support the burn for long. FY2025 operating cash flow was -$29.1M, while cash and equivalents stood at $11.9M — under six months of runway at the current pace, even after cash more than tripled (+304.7%) from a raise. Total equity of $20.6M is being consumed rapidly (-61.7% YoY) against accumulated deficit of -$80.4M. The 89.3% collapse in share count to 3.60M signals a reverse split, a classic sign of a distressed micro-cap fighting delisting; further dilution or a going-concern-style capital raise is nearly inevitable, which is why the $10.8M market cap and 17.3x P/S are meaningless — you are pricing a cash shell plus an option, not earnings.