OTC:VIVC
VIVIC CORP.
A high-volatility OTC tech stock showing massive recent revenue collapse and deepening operating deficits following a period of rapid expansion.
Key Metrics
Investment Thesis
Bull Case
A contrarian investor might view VIVC as a deep value play if the 2025 revenue drop was a temporary anomaly rather than a permanent business model failure. The presence of over $7.5M in paid-in capital and a healthy deferred revenue balance from prior years provides a potential runway for a turnaround if new product launches succeed.
Bear Case
Avoiding the stock is prudent given the stark reality of zero revenue in 2025 and a rapidly depleting cash position that failed to generate operating cash flow. The company's equity is significantly eroded by retained earnings deficits, and without a clear path to recurring revenue, the risk of delisting or insolvency remains high.
About VIVIC CORP.
VIVIC CORP. (VIVC) is a technology-focused entity operating in the broader software or service sector, recently navigating significant volatility in its top-line growth and profitability. The company serves markets requiring scalable digital solutions, though recent data indicates a contraction in revenue to negligible levels alongside substantial operational losses.
Analysis
Management Discussion
Management successfully navigated a hyper-growth phase between 2022 and 2024, leveraging significant non-cash adjustments like share-based compensation to fund expansion. However, the fiscal year ending in 2025 marks a severe inflection point where revenue dropped to zero and operating losses widened to $3.4M, suggesting potential product failures, market withdrawal, or accounting adjustments.
Industry Overview
The technology services industry is characterized by rapid innovation cycles where companies can scale quickly but also face existential threats if user acquisition costs rise or churn increases. VIVC's trajectory mirrors common startup patterns where initial growth phases are followed by intense profitability challenges, making sustainability a primary concern for investors.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $106.3K | $1.6M | $6.0M | $44.5K |
| Cost of Revenue | $82.7K | $1.4M | $4.2M | $126.9K |
| Gross Profit | $23.6K | $212.2K | $1.8M | $-82.4K |
| Operating Expenses | $1.2M | $395.3K | $641.1K | $3.3M |
| Operating Income | $-1.2M | $-183.1K | $1.2M | $-3.4M |
| G&A | $1.2M | $395.3K | $513.4K | $784.5K |
| Stock-Based Comp | — | — | — | $2.5M |
| D&A | $16.2K | $2.9K | $452 | $2.4K |
| Depreciation | $16.2K | $462 | — | $449 |
| Amortization | $1.7K | $2.5K | $2.4K | $2.0K |
| Other OpEx | $0 | $0 | $127.7K | $2.5M |
| Non-Operating Income | $216.5K | $-56.7K | $-22.1K | $-145.3K |
| Interest Expense | $31.8K | $18.3K | — | — |
| Pre-Tax Income | $-959.7K | $-239.8K | $1.1M | $-3.5M |
| Income Tax | $9 | $1.5K | $154.2K | $-74.2K |
| Continuing Ops | $-959.7K | $-241.4K | $981.0K | $-3.4M |
| Discontinued Ops | $-21.9K | $1.7M | $1.9M | $0 |
| Net Income | $-981.6K | $1.5M | $981.0K | $-3.4M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-981.6K | $1.5M | $981.0K | $-3.4M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $2.4M | $4.1M | $4.9M | $1.3M |
| Cash & Equivalents | $163.4K | $72.9K | $310.9K | $41.9K |
| Accounts Receivable | $57 | $179.8K | — | — |
| Inventory | $1.5M | — | $3.8K | $4.2K |
| Other Current Assets | $719.3K | $3.9M | $4.5M | $1.3M |
| Long-Term Assets | $774.2K | $4.3K | $2.7K | $2.5M |
| PP&E (Net) | $281.3K | $993 | $715 | $302 |
| Intangibles | $5.8K | — | — | — |
| Operating Leases | $356.2K | — | — | — |
| Other LT Assets | $130.8K | $3.3K | $2.0K | $2.5M |
| Total Assets | $3.2M | $4.1M | $4.9M | $3.9M |
| Current Liabilities | $3.9M | $1.9M | $1.7M | $2.0M |
| Accounts Payable | $725.3K | $1.7K | — | — |
| Deferred Revenue | — | $1.5M | $58.9K | $698.7K |
| Other Current Liab | $3.1M | $399.2K | $1.6M | $1.3M |
| Long-Term Liabilities | $362.5K | $642.7K | $611.4K | $87.5K |
| Total Liabilities | $4.2M | $2.6M | $2.3M | $2.1M |
| Shareholders' Equity | $-1.0M | $1.6M | $2.6M | $1.8M |
| Paid-In Capital | $3.7M | $4.8M | $4.8M | $7.5M |
| Retained Earnings | $-4.8M | $-3.3M | $-2.3M | $-5.7M |
| AOCI | $1.1K | $-15.4K | $16.9K | $-9.2K |
| Total L&E | $3.2M | $4.1M | $4.9M | $3.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-981.6K | $1.5M | $981.0K | $-3.4M |
| Non-Cash Adjustments | $210.6K | $-3.4M | $-784.7K | $5.1M |
| Working Capital Changes | $774.1K | $1.7M | $-457.7K | $-2.1M |
| Cash from Operations | $3.2K | $-207.9K | $-261.5K | $-458.6K |
| Capital Expenditures | $142.8K | — | — | — |
| Cash from Investing | $-43.3K | $-43.8K | $0 | $0 |
| Cash from Financing | $98.9K | $257.3K | $-304.1K | $187.7K |
| FX Effect | $24.3K | $-6.6K | $-23.1K | $1.9K |
| Net Change in Cash | $83.1K | $-1.1K | $-588.7K | $-269.0K |
| Beginning Cash | $80.3K | $163.4K | $899.6K | $310.9K |
| Ending Cash | $163.4K | $72.9K | $310.9K | $41.9K |
Frequently Asked Questions
How does VIVIC CORP. make money?
The company's financial profile suggests operations centered on software licensing, SaaS subscriptions, or digital service provision given the heavy reliance on share-based compensation and low inventory. Revenue streams appear concentrated in a single dominant segment that drove growth from 2022 to 2024 before abruptly halting in 2025, with no visible diversified product lines to cushion the downturn.
What are the main risks for VIVC?
The most critical risk is the total cessation of revenue in 2025, combined with a massive negative cash flow from operations exceeding $450k. Investors must also consider the substantial accumulated deficit of nearly $6M and high current liabilities relative to current assets, signaling potential liquidity stress.
What is VIVC's competitive advantage?
Potential advantages include a history of aggressive top-line scaling between 2022 and 2024, significant deferred revenue indicating customer contracts or backlog, and a heavy reliance on equity-based compensation which may preserve cash for future R&D if profitability returns.
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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.