Forensic Analysis · Communications Equipment & Electronic Components · as of Nov 9, 2026
Dna X, Inc. (SONM)
A forensic read on Dna X, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-26.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-37.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dna X, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -26.4, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
80d
FY2023→FY2024
Inventory days.Days inventory outstanding moved from 32 to 80 FY2023→FY2024 (against cost of goods sold; inventory +63% vs -35% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead. There's no FY2022 figure on file for inventory, so FY2023 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
-95.0%
FY2024
Return on invested capital.Return on invested capital is -95.0% in the latest fiscal year, against 2.3% in FY2023. After-tax operating profit was $333,450 in FY2023 and ($2M) in FY2024, with operating income at 0.5% of revenue in FY2023 and -5.3% in FY2024. The capital base behind it came down -82% across FY2023–FY2024, from $14M to $3M, so this return is struck on a smaller base than it started on. FY2024's operating profit carried a $6M asset write-down and a $514,000 restructuring charge that alone took about 214.5 points off that year's return, so more than the whole 97.3-point fall across FY2023–FY2024 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-11.0M to FY2025 $+2.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
3% of rev
FY2024
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2024 — about $5.82 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 175.7% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$58.3M
Revenue Growth YoY-37.7%
Net Margin-57.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dna X, Inc.'s actual 10-K/10-Q/8-K filings?