OTC:FOXO
FOXO TECHNOLOGIES INC.
A niche manufacturer of electronic materials navigating a volatile transition from deep losses toward recent revenue recovery.
Key Metrics
Investment Thesis
Bull Case
The sharp increase in revenue from $0.1M in 2023 to $4.1M in 2024 suggests a potential turnaround or successful market penetration, backed by strong cash reserves of $68.2M that provide liquidity runway for future growth.
Bear Case
Investors should avoid this stock due to the severe working capital deficit of -$31.1M and a track record of deep losses, as the company lacks profitability with a net profit of $-12.4M and high non-operating losses of $-4.7M.
About FOXO TECHNOLOGIES INC.
FOXO Technologies Inc. specializes in advanced electronic materials and semiconductor components, serving global markets in the technology and automotive sectors. The company recently reported a significant revenue surge to $4.1M in 2024, though it continues to operate with substantial accumulated losses of $-190.5M.
Analysis
Management Discussion
While 2024 revenue spiked dramatically to $4.1M compared to prior years, the company continues to burn cash with operating cash flows of $-2.8M and a massive retained earnings deficit that masks recent top-line growth.
Industry Overview
The company operates in the specialized materials sector where demand is often cyclical and capital intensive, requiring significant cash flow generation to cover operational expenses and debt obligations.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $511.0K | $145.0K | $4.1M |
| Cost of Revenue | $511.0K | $132.0K | $0 |
| Gross Profit | $167.0K | $13.0K | $4.1M |
| Operating Expenses | $40.3M | $22.2M | $11.8M |
| Operating Income | $-40.2M | $-22.2M | $-7.8M |
| R&D | $3.0M | $901.0K | $312.3K |
| G&A | $27.2M | $19.4M | $7.2M |
| Stock-Based Comp | $11.0M | $381.0K | $-101.7K |
| D&A | — | $1.3M | $1.2M |
| Depreciation | $1.5M | — | $100.0K |
| Amortization | — | $1.3M | $1.0M |
| Other OpEx | $10.1M | $1.9M | $4.3M |
| Non-Operating Income | $-55.1M | $0 | $-4.7M |
| Interest Expense | $1.4M | — | — |
| Pre-Tax Income | $-95.3M | $-22.2M | $-12.4M |
| Income Tax | $0 | $4.3M | $0 |
| Continuing Ops | $-95.3M | $-26.5M | $-12.4M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-95.3M | $-26.5M | $-12.4M |
| Minority Interest | $0 | $0 | $-14.6K |
| Net to Common | $-95.3M | $-26.5M | $-12.4M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $12.3M | $233.0K | $2.9M |
| Cash & Equivalents | $5.5M | $38.0K | $68.3K |
| Accounts Receivable | — | — | $2.3M |
| Inventory | $1.3M | — | — |
| Prepaid Expenses | $2.7M | — | — |
| Other Current Assets | $2.8M | $195.0K | $542.0K |
| Long-Term Assets | $23.1M | $492.0K | $38.8M |
| PP&E (Net) | — | — | $364.5K |
| Intangibles | $2.0M | $378.0K | $9.0M |
| Goodwill | — | — | $25.5M |
| Operating Leases | — | — | $4.0M |
| Other LT Assets | $21.1M | $114.0K | $0 |
| Total Assets | $35.4M | $725.0K | $41.7M |
| Current Liabilities | $6.9M | $14.3M | $32.7M |
| Accounts Payable | $3.5M | $4.6M | $6.7M |
| Current Leases | — | — | $367.5K |
| Other Current Liab | $2.4M | $8.1M | $12.2M |
| Long-Term Liabilities | $21.8M | $489.0K | $3.7M |
| LT Operating Leases | — | — | $3.7M |
| Other LT Liab | — | — | $41.2K |
| Total Liabilities | $28.7M | $14.8M | $36.4M |
| Shareholders' Equity | $6.7M | $-14.1M | $5.3M |
| Paid-In Capital | $153.9M | $163.0M | $195.9M |
| Retained Earnings | $-147.2M | $-177.1M | $-190.5M |
| Total L&E | $35.4M | $725.0K | $41.7M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-95.3M | $-26.5M | $-12.4M |
| Non-Cash Adjustments | $9.1M | $2.0M | $7.9M |
| Working Capital Changes | $62.3M | $17.8M | $1.7M |
| Cash from Operations | $-23.8M | $-6.6M | $-2.8M |
| Capital Expenditures | $110.0K | — | — |
| Cash from Investing | $-1.9M | $0 | $13.3K |
| Cash from Financing | $24.3M | $1.2M | $2.9M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-1.3M | $-5.5M | $30.2K |
| Beginning Cash | $6.9M | $5.5M | $38.1K |
| Ending Cash | $5.5M | $38.0K | $68.3K |
Frequently Asked Questions
How does FOXO TECHNOLOGIES INC. make money?
Revenue is primarily driven by the sale of specialized electronic components and materials, supported by significant goodwill intangible assets suggesting past acquisitions or premium brand value in specific niche markets.
What are the main risks for FOXO?
Operating at a net loss of $-12.4M creates solvency concerns with liabilities exceeding assets by $31.1M, severe debt burden evidenced by current liabilities of $32.7M against only $2.9M in current assets, and historical financial instability shown by losses increasing from $-26.5M to $-95.3M over the last three years.
What is FOXO's competitive advantage?
The company holds substantial goodwill of $25.5M indicating established market relationships from prior acquisitions, while maintaining a high cash position of $68.2M to fund operations despite current losses.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.