WETH

First, a data-integrity flag that reshapes the whole picture: the XBRL table understates the business. It tags FY2025 revenue at $14.2M (−4.9%), but that figure is only the *overseas* segment ($14,202,012 in the MD&A). Actual total revenue was $45.1M, up 6.6% YoY, on 2,195,542 units shipped (+6.5%). The 101.2% 'gross margin' in the derived ratios is impossible and is the tell — real gross margin is 31.8% (gross profit $14.4M on $45.1M). So this is not a shrinking company; it is a modestly growing one with ~32% gross margins, $10.0M operating income, and net income of $7.2M (+20%). On the real numbers the fundamentals are decent, not deteriorating.

On valuation the stock looks almost absurdly cheap: P/E 2.0, P/S 1.0, and a $14.4M market cap against $137M of equity and $118M of cash — i.e. it trades at ~0.1x book and cash alone is roughly 8x the entire market value. Liabilities/equity is 0.02x; there is essentially no debt. In a normal jurisdiction with a normal float this is a screaming buy.