FNGR

FNGR is a China-focused mobile-services holding company (revenue historically driven by low-margin telecom recharge/top-up via China Mobile and China Unicom) that just posted its worst year in the dataset. FY2026 revenue fell 32.2% to $24.1M — a sharp reversal after three years hovering at $34–36M — while the net loss deepened 37.8% to -$7.04M. Critically, gross profit cratered 74.9% to just $694K, a 2.9% gross margin, meaning the core business now converts almost none of its sales into gross profit. This is not a growth company temporarily investing for scale; it is a shrinking, structurally low-margin distributor that has never earned a profit (accumulated deficit of -$41.2M, ROE -46.4%).

The balance sheet is the disqualifying problem. Cash and equivalents fell 93.9% to $68.6K — effectively nothing — against operating cash burn of -$3.91M. Even after a 52% improvement in cash usage, the company is burning far more than it holds, so continued operations depend entirely on raising capital. Leverage is high (liabilities/equity 3.01x, total liabilities $45.7M all current), and shares already grew 6.4%, signaling the dilution path that a company with $69K of cash must keep walking. The current ratio is only slightly above 1x ($51.8M current assets vs. $45.7M current liabilities), and the quality of those current assets is unknowable from the data given the collapse in cash.