VTIX

Virtuix is a 2013-vintage, just-IPO'd (Prospectus dated Jan 26, 2026) micro-cap selling omni-directional VR treadmills, and the numbers describe a pre-commercial company, not a business at scale. FY2026 revenue was just $4.25M (+18.4%), against a net loss of $16.8M that actually widened from FY2025's $14.6M loss. Net margin is -395% and operating margin -242.7%; the company itself states it has lost money since inception, carries a $79.3M accumulated deficit, and 'anticipate[s] continued operating losses' in FY2027. There is real product progress — gross profit swung positive to $1.05M (24.6% margin, well below management's 40–70% targets) and an Omni One consumer/enterprise/defense strategy — but the scale is tiny and unprofitable.

The balance sheet is the disqualifier. Operating cash flow was -$9.5M against $9.47M of cash on hand — roughly one year of runway before another raise. The IPO already inflated shares 180% YoY (cash +1,882%, equity +484% are IPO artifacts, not operating improvement), so existing holders should expect further dilution to keep the lights on. Equity is a thin $3.05M against $11.7M of liabilities (3.84x) including $8.54M of long-term debt, and ROE is -551%. Tellingly, R&D was cut 61% to $846K in the very year management says its defense product VTW 'is still in development' — a cash-preservation move that sits awkwardly against the growth story.