SOBR

SOBR Safe is a $2M-market-cap Nasdaq micro-cap selling non-invasive alcohol-detection hardware (SOBRcheck, SOBRsure) tied to its SOBRsafe software. After a decade of effort, FY2025 revenue was just $437K — up 105% YoY, but off a rounding-error base ($0 in 2021, $213K in 2024). Against that, the company lost $8.95M and burned $6.96M in operating cash. This is not a business with a revenue problem to fix; it is a research project that has never demonstrated commercial traction, and the numbers say so five years running.

The balance sheet is the disqualifier. Cash fell 43% to $4.76M while operating burn ran ~$7M — that is roughly eight months of runway before the next raise. Management has kept the lights on purely through relentless dilution: a 1-for-10 reverse split went effective April 2025, shares still rose 85% YoY, warrant exercises brought in $3.6M in Jan–Feb 2025, and a fresh $2.0M PIPE closed Dec 29, 2025 at $1.55 (with Series C/D warrants struck at $1.30). The accumulated deficit is $107M against $4.98M of equity — shareholders have funded a decade of losses and own a shrinking claim on a shrinking asset base (total assets down 41%).