CFOR · CapForce Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Since inception, the Company has incurred significant losses from operations and negative operating cash flows. The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.”View the 10-Q filed Aug 19, 2026
2 customers — 79% of receivables (March 31, 2026)
“At March 31, 2026, the Company had accounts receivable from two customers that individually represented 79% and 20% of total accounts receivable, respectively.”
2 customers — 20% of receivables (March 31, 2026)
“At March 31, 2026, the Company had accounts receivable from two customers that individually represented 79% and 20% of total accounts receivable, respectively.”
2 customers — 80% of receivables (December 31, 2025)
“At December 31, 2025, the Company had accounts receivable from two customers that individually represented 80% and 19% of total accounts receivable, respectively.”
2 customers — 19% of receivables (December 31, 2025)
“At December 31, 2025, the Company had accounts receivable from two customers that individually represented 80% and 19% of total accounts receivable, respectively.”
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $76.2M | $30.2M | $5.2M | $3.42M | $2.61M | $4.31M | $4.21M | $3.5M | $2.95M | $3.21M | $4.03M | $3.16M | $4.13M | |
| $2.56M | — | — | $3.08M | $3.32M | $2.3M | — | — | — | $1.61M | $1.66M | $1.18M | $425.54K | |
| $108.09K | — | — | $334.25K | -$712.29K | $2.01M | — | — | — | $1.6M | $2.37M | $1.98M | $3.7M | |
| — | — | — | 9.78% | -27.32% | 46.68% | — | — | — | 49.77% | 58.8% | 62.64% | 89.69% | |
| — | $6585 | $48.82K | $4.73M | $8.17M | $10.91M | $9.96M | $5.12M | $5.68M | $6.88M | $8.61M | $6M | $4.37M | |
| $5677 | $12.42K | $172.24K | $2.78M | $4.34M | $3.71M | $3.09M | $1.46M | $1.53M | $2.77M | $5.53M | $4.31M | $2.06M | |
| $3.54M | $3.13M | $4.54M | $8.08M | $8.88M | $9.94M | $8.8M | $6.25M | $7.07M | $6.69M | $6.6M | $5.83M | $2.31M | |
| — | — | $0 | $624.24K | $725.06K | $8131.84 | $672.82K | $267.82K | $267.82K | $267.82K | $267.82K | $124.19K | $57.59K | |
| $200.47K | $191.49K | $174.77K | $1.32M | $1.64M | $2.71M | $2.33M | $921.38K | $730.88K | $669.09K | $656.05K | $624.65K | $573.92K | |
| $23.54M | — | — | — | — | — | — | — | — | — | — | $18.22M | $9.69M | |
| $11.57M | $6.17M | $4.87M | $34.17M | $37.17M | $27.58M | $26.93M | $15.77M | $16.13M | $18.48M | $23.04M | $18.22M | — | |
| $64.63M | $24.03M | $324.72K | -$30.75M | -$34.57M | -$23.27M | -$22.72M | -$12.27M | -$13.18M | -$15.27M | -$19.01M | -$15.06M | -$5.56M | |
| — | 79.56% | 6.25% | -899.53% | -1325.79% | -540.48% | -539.06% | -350.75% | -447.35% | -475.42% | -472.2% | -476.9% | -134.86% | |
| $64.83M | $24.22M | $499.49K | -$29.43M | -$32.92M | -$20.56M | -$20.38M | -$11.35M | -$12.45M | -$14.6M | -$18.35M | -$14.43M | -$4.99M | |
| $9393 | $11.25K | $7555 | $1.84M | $3.26M | $4.8M | $3.4M | $187.55K | $191.2K | $233.51K | $143.35K | $1.8M | $111.35K | |
| — | — | — | — | — | — | — | — | — | — | — | $26.66K | $156 | |
| $366.34K | $405.79K | $11.84M | -$1.92M | -$2.72M | -$11.49M | -$3.36M | -$175.21K | -$187.86K | -$153.52K | -$157.42K | -$2.42M | -$106.79K | |
| $65M | $24.43M | $12.17M | -$32.67M | -$37.28M | -$34.76M | -$26.08M | -$12.45M | -$13.37M | -$15.42M | -$19.17M | -$17.48M | -$5.67M | |
| — | $813.81K | $176.66K | — | — | $43.83K | $132.4K | $0 | $0 | $0 | $0 | -$129.1K | $0 | |
| $62.28M | $23.62M | $11.99M | -$32.67M | -$37.28M | -$34.81M | -$26.21M | -$12.45M | -$13.37M | -$15.42M | -$19.17M | -$17.35M | -$5.67M | |
| — | 78.21% | 230.8% | -955.69% | -1429.96% | -808.3% | -621.93% | -355.75% | -453.72% | -480.2% | -476.11% | -549.51% | -137.44% | |
| $61.95M | $23.48M | $11.36M | -$32.67M | -$37.28M | -$41.97M | -$26.21M | — | — | -$15.42M | -$19.5M | -$17.6M | -$6.3M | |
| $62.28M | $23.62M | $11.99M | -$31.95M | -$38.66M | -$36.77M | -$23.65M | -$12.45M | -$13.36M | -$15.45M | -$19.16M | -$17.35M | -$5.67M | |
| USD/shares | $5.37 | $2.33 | $2.44 | -$41.47 | -$152.70 | -$228.90 | — | — | — | — | — | — | — |
| USD/shares | $5.34 | $2.32 | $2.30 | -$41.47 | -$152.70 | -$228.90 | — | — | — | — | — | — | — |
| shares | — | 10.08M | 4.66M | 787.83K | 244.16K | 183.37K | 79K | 8084.695 | 1502.265 | 7868.845 | 3533.51 | 39.9K | 1937.95 |
| shares | — | 10.13M | 5.22M | 787.83K | 244.16K | 183.37K | 79K | 8084.695 | 1502.265 | 7868.845 | 3533.51 | 39.9K | 1937.95 |
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 25 similar-size Capital Markets companies (of 73 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Geography (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| International | $30,200,000 | $5,000,000 | $2,740,227 | $2,086,679 | $3,102,283 |
| Domestic | — | $196,149 | $678,093 | $520,614 | $1,203,748 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Listing Sponsorship Services | $30,200,000 | $5,000,000 | — | — | — |
| Collaborations Revenue | — | — | $864,548 | $540,798 | $836,152 |
| Laboratory Services | — | $26,776 | — | — | — |
| Product | — | $169,373 | $2,400,053 | $1,893,862 | $2,656,669 |
| Service | — | $26,776 | $153,719 | $172,633 | $813,210 |