SDEV
Stablecoin Development Corp
Next earnings Aug 12, 2026 · consensus $-0.11 EPS, $3.35M rev
Last earnings -1.9% on 2026-05-20
$1.36
▲ +29.52%$1.36▼ -29.05%
over 1Y
L $1.01H $95.80
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+29.5%
1W+21.4%
1M+18.3%
3M-30.3%
YTD-95.4%
1Y-29.1%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 7 analysts
Buy
NovaBay-turned-crypto-treasury shell with negative equity, chronic losses and a ~7x dilution overhang — a SKY-token bet, not a business.
Stockholders' equity -$23.2M · FY2025
SDEV (listed as NBY) is a failed wound-care pharma that 'completed a comprehensive realignment' in 2025 and reinvented itself as a digital-asset treasury vehicle. Per the MD&A, its 'core business consists of the accumulation, holding, and deployment of operating digital assets,' with an 'initial focus on SKY, the protocol token of the decentralized Sky Protocol' — it held ~2.1 billion SKY tokens as of March 16, 2026. What you are buying is no longer the legacy revenue but an exposure to a volatile governance token whose 'market price is determined by supply and demand… and may be volatile.' The provided P/S of 3.7 is therefore meaningless: the shrinking pharma revenue ($10.2M→$14.4M→$10.5M→$9.78M, FY2025 unavailable) is a 'limited legacy' rump, and the company lost money every single year 2021–2025, with FY2025 net income of -$22.1M (YoY -206.5%) and operating cash flow of -$8.43M.
The balance sheet is broken. FY2025 stockholders' equity is -$23.2M against total liabilities of $31.9M (up 797% YoY) and an accumulated deficit of -$210M. Liabilities/equity is a nonsensical -1.37x precisely because book equity is negative — the definition of balance-sheet distress. Management even paid a one-time $4.00/share special dividend (~$4.8M) in 2025 while bleeding cash, distributing capital rather than funding a viable operating business.
Is SDEV a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~90d expiry
- Long put 1.5 @ ~0.37 est
- Short put 1 @ ~0.11 est
debit $26max +$24max −$26BE 1.24
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $10.2M | $14.4M | $10.5M | $9.78M | — |
| Gross profit | $6.51M | $7.78M | $6.08M | $6.48M | — |
| Operating income | -$8.86M | -$14.4M | -$4.10M | -$7.38M | -$8.44M |
| Net income | -$5.82M | -$10.6M | -$9.64M | -$7.22M | -$22.1M |
| Diluted EPS | -$150.00 | — | — | — | — |
| Net margin | -57.1% | -73.6% | -92.2% | -73.8% | — |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$29.0M
EV / EBITDA—
EV / Sales3.0
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-60.0%
FCF yield-22.9%
Quality & risk
ROIC (est.)—
Free cash flow-$8.44M
Total debt$106K
Net cash$7.85M
Altman Z-Score-32.91 distress
Piotroski F-Score3/8
Capital returns
Buyback yield—
Dividend yield (est.)13.1%
Shareholder yield13.1%
Shares Δ YoY+357.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Material agreement2026-06-17
New material agreement (1.01) plus modification of shareholder rights (3.03)
- 8-K Earnings results2026-05-20
Q1 results release and Reg FD investor update furnished
- 10-Q Quarterly report2026-05-15
Q1 shows digital-asset pivot, heavy dilution and negative equity
- 8-K Restatement (non-reliance)2026-04-29
Amended FY2025 10-K restating financials after non-reliance
- 10-K/A Restated periodic report2026-04-29
Amended FY2025 10-K restating financials after non-reliance
- 8-K Earnings results2026-04-06
Earnings/results press release furnished to SEC
- 8-K Officer / director change2026-04-01
Officer/board changes and charter amendments (rebrand to SDEV)
- 8-K Earnings results2026-03-23
Results release plus other-event disclosure (2.02/8.01)
- 10-K Annual report2026-03-19
FY2025: -$22.1M loss, negative equity, pivot to SKY digital-asset treasury
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-17open ↗4Period ending 2026-06-152026-06-17open ↗4Period ending 2026-06-152026-06-17open ↗SCHEDULE 13D/AFiling2026-06-17open ↗SCHEDULE 13D/AFiling2026-06-17open ↗8-KPeriod ending 2026-06-122026-06-17open ↗SCHEDULE 13DFiling2026-05-27open ↗SCHEDULE 13GFiling2026-05-22open ↗8-KPeriod ending 2026-05-202026-05-20open ↗SCHEDULE 13D/AFiling2026-05-19open ↗SCHEDULE 13D/AFiling2026-05-19open ↗4Period ending 2026-01-162026-05-19open ↗
Frequently asked
- Is Stablecoin Development Corp (SDEV) a buy?
- SDEV currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. NovaBay-turned-crypto-treasury shell with negative equity, chronic losses and a ~7x dilution overhang — a SKY-token bet, not a business.
- What is Stablecoin Development Corp's quality score?
- SDEV scores 35.26734134100945/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001389545, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 7/4/2026, 4:03:44 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 12:03 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.