A financially distressed micro-cap company trading on the OTC market that is currently reporting substantial losses and heavy capital expenditures relative to its tiny revenue base.
NGTF may present a speculative turnaround opportunity if management can successfully deploy its remaining cash reserves of $137k to monetize its $4.5M goodwill base or pivot operations; the current low valuation relative to total assets might offer potential downside protection for high-risk tolerant investors.
The stock is fundamentally unattractive due to a negative net profit of -$8.1M, a depleted cash position dropping from $53M to $137k, and operating profits that are deeply negative at -$4.5M; continued revenue stagnation around $0.5M combined with rising losses suggests an unsustainable business model without significant external capital injection.
NightFood Holdings, Inc. (NGTF) is an OTC-traded entity operating in the food service or consumer goods sector, though recent data indicates significant operational distress with negative net income of $8.1M and minimal revenue growth from $0.5M in 2025.
The company's financial performance has deteriorated sharply, shifting from a nominal profit in 2023 to an $8.1M loss by 2025, driven by costs that far outpace the $482k revenue generated; despite investing over $600k in capital expenditures and other assets, these investments have not yet translated into sustainable earnings or cash flow generation.
The food service or retail industry typically requires consistent cash flow to cover high operational expenses like marketing and general administration, which NGTF fails to achieve given its negative operating profit; the sector generally demands strong working capital management, yet this company shows a volatile change in accounts receivable of $66k against minimal revenue.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $133.5K | $89.3K | $482.3K |
| Cost of Revenue | $0 | $0 | $412.5K |
| Gross Profit | $133.5K | $89.3K | $69.8K |
| Operating Expenses | $1.9M | $1.1M | $4.6M |
| Operating Income | $-1.8M | $-988.7K | $-4.5M |
| G&A | $542.8K | $175.2K | $3.7M |
| Marketing | — | — | $20.6K |
| Stock-Based Comp | — | — | $1.5M |
| D&A | — | — | $45.6K |
| Amortization | — | — | $26.0K |
| Other OpEx | $1.4M | $902.7K | $922.5K |
| Non-Operating Income | $0 | $0 | $-3.6M |
| Interest Income | — | $17.6K | — |
| Pre-Tax Income | $-1.8M | $-988.7K | $-8.1M |
| Income Tax | $-7.6M | $2.2M | $-179.7K |
| Continuing Ops | $5.7M | $-3.2M | $-7.9M |
| Discontinued Ops | $0 | $0 | $-179.7K |
| Net Income | $5.7M | $-3.2M | $-8.1M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $5.7M | $-3.2M | $-8.1M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $446.5K | $303.6K | $777.5K |
| Cash & Equivalents | — | — | $350.2K |
| Accounts Receivable | $33.4K | $22.3K | $46.2K |
| Inventory | $276.2K | $25.8K | $319.5K |
| Prepaid Expenses | — | — | $61.5K |
| Other Current Assets | $136.9K | $255.5K | $0 |
| Long-Term Assets | $0 | $1.3M | $6.5M |
| PP&E (Net) | — | — | $240.8K |
| Intangibles | — | $897.5K | $1.8M |
| Goodwill | — | $868.7K | $4.5M |
| Other LT Assets | — | $-427.2K | $0 |
| Total Assets | $446.5K | $1.6M | $7.3M |
| Current Liabilities | $2.2M | $4.8M | $11.5M |
| Accounts Payable | $563.7K | $624.7K | — |
| Other Current Liab | $1.6M | $4.2M | — |
| Long-Term Liabilities | $0 | $278.2K | $481.4K |
| Total Liabilities | $2.2M | $5.1M | $11.9M |
| Shareholders' Equity | $-1.8M | $-3.4M | $-4.6M |
| Paid-In Capital | — | $35.1M | $29.3M |
| Retained Earnings | — | $-38.6M | $-46.8M |
| Total L&E | $446.5K | $1.6M | $7.3M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $5.7M | $-3.2M | $-8.1M |
| Non-Cash Adjustments | $-7.3M | $1.8M | $5.2M |
| Working Capital Changes | $330.0K | $755.2K | $1.3M |
| Cash from Operations | $-1.2M | $-710.0K | $-1.6M |
| Capital Expenditures | — | — | $200.9K |
| Cash from Investing | $0 | $-447.9K | $-602.1K |
| Cash from Financing | $976.5K | $1.3M | $2.4M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-236.7K | $94.9K | $212.6K |
| Beginning Cash | $280.9K | $53.3K | $53.3K |
| Ending Cash | $44.2K | $148.3K | $137.7K |
Primary revenue generation appears limited given the $482,285 total revenue figure, suggesting a highly concentrated or nascent product line; significant cash burn from operations (-$1.6M) and investing activities (-$602k) indicates heavy investment in fixed assets ($240k net) without corresponding income scaling.
Severe liquidity crisis with cash flow from operations at -$1.6M and a massive retained earnings deficit of -$46.8M; revenue contraction or stagnation with only $0.5M in 2025 compared to prior years; high operating expenses of $4.6M consuming nearly all gross profit of $69k.
Potential low-cost operational structure evidenced by high goodwill of $4.5M suggesting past acquisitions, though current cash reserves have depleted from $53M to $137k; the company maintains a manageable long-term liability load of $481k relative to its total assets of $7.3M.
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