SONM
DNA X, Inc.
Next earnings Aug 6, 2026
Last earnings +4.2% on 2026-05-20
$3.75
▼ -33.39%$3.75▼ -85.33%
over 1Y
L $2.75H $25.56
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-33.4%
1W-20.6%
1M-35.3%
3M+3.3%
YTD+30.2%
1Y-85.3%
Avoid
Conviction
Horizon
Short (<3mo)
Street · 7 analysts
Buy
Going-concern shell that sold its only real business and bet the remains on an unproven crypto platform — negative equity, near-empty till.
Cash & equivalents $1.30M · FY2025
This is not the company its P/S of 0.1 implies. The revenue history ($50.9M FY2024, down 45.6%) belongs entirely to the legacy Sonim phone/hotspot business, which management sold to Pace Car Acquisition LLC in January 2026 for $15M and now reports as a discontinued operation for all periods. What remains is DNA X, a cryptocurrency trading platform acquired December 15, 2025 that only became operational in November 2025 — so the 'company' you are buying has essentially no revenue track record, and the cheap-looking sales multiple is an artifact of businesses that no longer exist. The filing is blunt: 'there is substantial doubt regarding the Company's ability to continue as a going concern.'
The balance sheet corroborates the warning. Stockholders' equity is negative $7.96M against a $304M accumulated deficit; cash fell 75.6% to just $1.30M while operating activities burned $23.5M in FY2025. Current liabilities ($48.0M) exceed current assets ($28.9M) by roughly $19M, and both current and long-term debt lines exploded (+3,345% and +1,299%). The company stayed alive only by selling stock — $13.7M via ATM and private placements plus $5.1M of promissory notes — and has a Chardan ChEF committed-equity facility standing by to sell still more. With 1.49M shares (post a 1-for-18 reverse split) and a $5.58M market cap, holders face relentless dilution against a $23.5M-a-year burn rate on a platform running 'on a limited basis.'
Is SONM a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~30d expiry
- Long put 4 @ ~0.88 est
- Short put 3.5 @ ~0.59 est
debit $29max +$21max −$29BE 3.71
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 | $54.6M | $69.8M | $93.6M | $50.9M | — |
| Gross profit | $6.41M | $11.6M | $19.3M | $9.92M | — |
| Operating income | -$38.0M | -$14.3M | $513K | -$3.10M | -$5.41M |
| Net income | -$38.6M | -$14.1M | -$90.0K | -$33.6M | -$20.7M |
| Diluted EPS | — | -$0.49 | -$0.02 | -$128.37 | -$28.58 |
| Net margin | -70.8% | -20.2% | -0.1% | -66.1% | — |
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$14.4M
EV / EBITDA—
EV / Sales0.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-370.1%
FCF yield-425.3%
Quality & risk
ROIC (est.)—
Free cash flow-$23.7M
Total debt$10.1M
Net cash-$8.83M
Altman Z-Score-9.41 distress
Piotroski F-Score2/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY-76.5%
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 agreement2026-07-02
New financing pact with unregistered share sale + charter changes to holder rights
- 8-K Agreement terminated2026-06-04
Terminated a material definitive agreement
- 8-K Delisting notice2026-05-27
Nasdaq delisting notice plus new debt obligation and further unregistered share sales
- 8-K Earnings results2026-05-20
Q1 10-Q: pivot to DNA X crypto trading, phone unit now discontinued operations
- 10-Q Quarterly report2026-05-20
Q1 10-Q: pivot to DNA X crypto trading, phone unit now discontinued operations
- NT 10-Q Late filing notice2026-05-15
Filed NT 10-Q late-filing notice for the Q1 quarterly report
- 8-K Auditor change2026-04-30
Amended FY2025 10-K (10-K/A) to add omitted disclosures
- 10-K/A Restated periodic report2026-04-30
Amended FY2025 10-K (10-K/A) to add omitted disclosures
- 8-K Earnings results2026-04-15
FY2025 10-K flags going-concern doubt; sold phone unit, pivoted to crypto
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-292026-07-02open ↗EFFECTFiling2026-06-11open ↗POS AMFiling2026-06-08open ↗8-KPeriod ending 2026-05-292026-06-04open ↗8-KPeriod ending 2026-05-202026-05-27open ↗10-QPeriod ending 2026-03-312026-05-20open ↗8-KPeriod ending 2026-05-202026-05-20open ↗NT 10-QPeriod ending 2026-03-312026-05-15open ↗SCHEDULE 13G/AFiling2026-05-15open ↗10-K/APeriod ending 2025-12-312026-04-30open ↗8-KPeriod ending 2026-04-272026-04-30open ↗10-KPeriod ending 2025-12-312026-04-15open ↗
Frequently asked
- Is DNA X, Inc. (SONM) a buy?
- SONM currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. Going-concern shell that sold its only real business and bet the remains on an unproven crypto platform — negative equity, near-empty till.
- What is DNA X, Inc.'s quality score?
- SONM scores 38.2/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001178697, latest 10-Q filed 2026-05-20) · EODHD · Proprietary analysis · as of 7/4/2026, 9:57:29 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, 5:57 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.