AMAZE HOLDINGS, INC. is a distressed NYSE-listed company experiencing severe revenue decline and persistent net losses despite recent cash flow improvements from financing activities.
The dramatic reduction in annual net losses suggests a potential turnaround story where the company is finally controlling its burn rate and moving toward breakeven profitability. Access to capital markets, evidenced by $5.3M in financing cash flow, provides a safety net for restructuring operations or investing in growth initiatives once revenue stabilizes. The absence of long-term debt obligations removes a major overhang that often plagues distressed companies during recovery phases.
The 90% drop in revenue from 2022 to 2024 indicates a fundamental breakdown in the company's market position or product demand, making any turnaround highly uncertain. Persistent negative operating cash flow and a massive retained earnings deficit of $29.2M signal that the business is consuming capital faster than it can generate value from operations. With current assets barely covering liabilities and no long-term asset base to support future growth, the company lacks the financial infrastructure for a sustainable recovery.
AMAZE HOLDINGS, INC. (AMZE) is a publicly traded entity on the NYSE facing significant operational challenges, evidenced by substantial revenue contraction from $2.9M in 2022 to just $0.3M in 2024. The company operates with minimal long-term assets and relies heavily on current assets like receivables and cash equivalents to fund its activities. Despite a narrowing net loss from -$15.2M to -$2.5M over the last three years, the firm continues to struggle with negative operating profits and high interest expenses relative to its small revenue base.
Management has successfully narrowed the net loss from -$15.2M in 2022 to -$2.5M in 2024, reflecting some operational stabilization or cost-cutting measures. However, the operating profit remains deeply negative at -$3.1M while revenue has plummeted to $299k, raising concerns about the viability of the core business segments. The company continues to rely on financing cash flows rather than organic operational cash generation to maintain liquidity levels.
The industry appears to be highly competitive with low barriers to entry, allowing revenue to fluctuate wildly between years without significant asset accumulation. Companies in this sector often face margin compression from high interest expenses and volatile working capital requirements as seen in AMZE's data. The lack of long-term assets suggests the industry may favor asset-light service models or digital platforms where value is derived from intangible factors rather than physical infrastructure.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $2.9M | $1.8M | $299.1K |
| Cost of Revenue | $2.6M | $4.4M | $304.9K |
| Gross Profit | $309.0K | $-2.6M | $-5.8K |
| Operating Expenses | $15.5M | $8.0M | $3.1M |
| Operating Income | $-15.2M | $-10.6M | $-3.1M |
| G&A | $11.5M | $6.3M | $3.1M |
| Stock-Based Comp | $4.1M | $1.7M | $6.2K |
| Amortization | $0 | — | — |
| Other OpEx | $4.1M | $1.7M | $6.2K |
| Non-Operating Income | $0 | $0 | $0 |
| Interest Expense | $15.9K | — | $155.4K |
| Interest Income | — | — | $37.0K |
| Pre-Tax Income | $-15.2M | $-10.6M | $-3.1M |
| Income Tax | $-31.4K | $-1.3K | $-605.9K |
| Continuing Ops | $-15.2M | $-10.6M | $-2.5M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-15.2M | $-10.6M | $-2.5M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-15.2M | $-10.6M | $-2.5M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $7.9M | $889.3K | $4.4M |
| Cash & Equivalents | $2.1M | $236.0K | $156.0K |
| Accounts Receivable | $259.3K | $172.1K | $7.0K |
| Inventory | $3.7M | $337.9K | $212.5K |
| Prepaid Expenses | $1.6M | $42.9K | — |
| Other Current Assets | $232.8K | $100.3K | $4.0M |
| Long-Term Assets | $678.2K | $500.0K | $0 |
| Other LT Assets | — | $0 | $-466.5K |
| Total Assets | $8.6M | $1.4M | $4.4M |
| Current Liabilities | $3.0M | $2.2M | $2.9M |
| Accounts Payable | $589.2K | $509.3K | $1.1M |
| Deferred Revenue | — | — | $1.9K |
| Other Current Liab | $2.0M | $898.7K | $1.2M |
| Long-Term Liabilities | $0 | $0 | $0 |
| Long-Term Debt | — | — | $600.0K |
| Other LT Liab | — | — | $-600.0K |
| Total Liabilities | $3.0M | $2.2M | $2.9M |
| Shareholders' Equity | $5.6M | $-829.5K | $1.5M |
| Paid-In Capital | $21.4M | $25.6M | $30.6M |
| Retained Earnings | $-15.8M | $-26.5M | $-29.2M |
| Total L&E | $8.6M | $1.4M | $4.4M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-15.2M | $-10.6M | $-2.5M |
| Non-Cash Adjustments | $-2.2M | $9.2M | $63.9K |
| Working Capital Changes | $3.9M | $-3.4M | $523.3K |
| Cash from Operations | $-13.5M | $-4.8M | $-1.9M |
| Cash from Investing | $0 | $-500.0K | $-3.5M |
| Cash from Financing | $-455.4K | $3.6M | $5.3M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-14.0M | $-1.7M | $-180.7K |
| Beginning Cash | $16.1M | $2.1M | $336.3K |
| Ending Cash | $2.1M | $336.3K | $155.6K |
The financial profile suggests the company operates primarily through service-based or light-industrial segments given the lack of significant inventory or fixed asset base. Revenue streams appear to be highly volatile and potentially dependent on discontinued operations or seasonal contracts, as there is no distinction made for continuing versus discontinued ops in the latest year's profit calculation beyond the overall loss. The business model relies heavily on working capital management, with accounts receivable significantly outpacing accounts payable, indicating potential collection issues or a buy-and-bill dynamic.
Revenue has collapsed by over 90% since 2022, signaling an existential threat to the core business model and customer base stability. Persistent net losses totaling $2.5M in 2024 combined with a retained earnings deficit of $29.2M indicate that current operations are not sustainable without continuous capital injections. High interest expense of $155k against negative operating profit suggests a fragile ability to cover financing costs and service debt obligations.
The company possesses a highly liquid balance sheet structure with minimal long-term debt obligations and zero long-term assets to maintain, reducing fixed cost burdens. A positive cash flow from financing of $5.3M indicates strong access to capital markets or significant equity issuance capability to support operations. The entity maintains a clean liability profile regarding long-term debts, limiting interest rate exposure compared to peers with substantial borrowing.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.