The balance sheet appears highly vulnerable, characterized by a critical current ratio of 0.08 and a reliance on $20.4 million in goodwill to offset accumulated losses of $11.5 million.
| Total Current Assets | 303.23K | 990.97K | 720.07K | 374.91K | 574.5K |
| Cash & Short-Term Investments | 24.52K | 399.22K | 162.49K | 181.66K | 319.52K |
| Cash Only | 24.52K | 399.22K | 162.49K | 181.66K | 319.52K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 183K | 345.29K | 250.67K | 193.25K | 254.98K |
| Days Sales Outstanding | - | 1.58K | 620.14 | - | - |
| Inventory | 0 | 95.2K | 95.2K | 0 | 0 |
| Days Inventory Outstanding | - | 710.24 | 366.26 | - | - |
| Other Current Assets | 16.07K | 3.79K | 98.75K | 0 | 0 |
| Total Non-Current Assets | 20.45M | 21.5M | 22.69M | 23.84M | 44.62K |
| Property, Plant & Equipment | 16.64K | 10K | 40K | 0 | 0 |
| Fixed Asset Turnover | - | 7.98x | 3.69x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 20.44M | 21.49M | 22.65M | 23.84M | 44.62K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 20.76M | 22.49M | 23.41M | 24.22M | 619.12K |
| Asset Turnover | - | 0.00x | 0.01x | - | - |
| Asset Growth % | -7.72% | -3.91% | -3.34% | 3811.86% | - |
| Total Current Liabilities | 3.87M | 1.36M | 1.08M | 235.9K | 229.94K |
| Accounts Payable | 387.03K | 291.27K | 216.72K | 85.13K | 170.34K |
| Days Payables Outstanding | - | 2.17K | 833.79 | - | - |
| Short-Term Debt | 2.08M | 5.09K | 5.09K | 4.8K | 4.59K |
| Deferred Revenue (Current) | 125.36K | 85.36K | 119.77K | 0 | 0 |
| Other Current Liabilities | 98.37K | 77.78K | 39.52K | 6.94K | 0 |
| Current Ratio | 0.08x | 0.73x | 0.67x | 1.59x | 2.50x |
| Quick Ratio | 0.08x | 0.66x | 0.58x | 1.59x | 2.50x |
| Cash Conversion Cycle | - | 115.74 | 152.61 | - | - |
| Total Non-Current Liabilities | 1.78M | 2.47M | 1.47M | 167.33K | 166.11K |
| Long-Term Debt | 1.76M | 2.47M | 1.46M | 167.33K | 166.11K |
| Capital Lease Obligations | 0 | 0 | 11.9K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 20.02K | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.65M | 3.84M | 2.55M | 403.23K | 396.04K |
| Total Debt | 3.84M | 2.49M | 1.51M | 172.12K | 170.7K |
| Net Debt | 3.82M | 2.09M | 1.35M | -9.54K | -148.82K |
| Debt / Equity | 0.25x | 0.13x | 0.07x | 0.01x | 0.77x |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -5.03x | -7.69x | -18.30x | -499.32x | - |
| Total Equity | 15.11M | 18.66M | 20.86M | 23.82M | 223.07K |
| Equity Growth % | -19.01% | -10.53% | -12.43% | 10576.22% | - |
| Book Value per Share | - | 1.98 | 2.21 | 2.52 | 0.10 |
| Total Shareholders' Equity | 15.11M | 18.66M | 20.86M | 23.82M | 223.07K |
| Common Stock | 26.61M | 26.61M | 25.3M | 24.93M | 300.23K |
| Retained Earnings | -11.5M | -7.95M | -4.48M | -1.11M | -460.43K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 34.72K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
According to the most recent financial statements, Gelteq's cash and equivalents have plummeted to a precarious $24,522, resulting in a current ratio of 0.08, which indicates an extreme inability to cover near-term liabilities and suggests an urgent requirement for immediate, likely dilutive, external capital injection.
The current ratio of 0.08 is indicative of a severe liquidity crisis that leaves the company with virtually no buffer against operational shocks or unexpected expenses. Investors should monitor the company's ability to secure funding, as the current cash position appears insufficient to sustain even basic administrative and R&D functions for the coming quarter.
Based on reported figures, Gelteq's total assets of $20.8 million are heavily concentrated in goodwill, which accounts for $20.4 million of the total, suggesting that the company's balance sheet value is primarily derived from intangible valuations rather than tangible, revenue-generating assets or productive manufacturing infrastructure.
The high proportion of goodwill relative to total assets warrants further investigation into the underlying valuation of the company's intellectual property and acquisition history. Given the lack of commercial revenue, there is a significant risk that these intangible assets may require impairment if the company fails to demonstrate a viable path to commercializing its gel-based delivery technology.
As indicated by the company's historical filings, equity has steadily declined from $23.8 million in 2021 to $15.1 million in 2024, a trend driven by persistent net losses that have accumulated to -$11.5 million, reflecting a deteriorating financial position that threatens the long-term viability of the business.
The consistent expansion of the accumulated deficit suggests that the company's R&D-heavy model has failed to generate the necessary commercial traction to offset its burn rate. This trajectory implies that the company is consuming its capital base to fund operations, which may necessitate further equity dilution that would negatively impact existing shareholders.
While the reported debt-to-equity ratio remains low at 0.25%, this figure is misleading because the company's inability to access traditional debt markets, combined with its near-zero cash balance, suggests that the firm is effectively locked out of non-dilutive financing options, leaving it entirely dependent on equity markets.
The low debt level should not be interpreted as financial strength, but rather as a reflection of the company's limited access to credit markets given its pre-revenue status. The reliance on equity financing to cover ongoing losses creates a structural risk where the company may be forced into unfavorable, highly dilutive capital raises to avoid insolvency.
Quick answers to the most common questions about buying GELS stock.
As of 2024, Gelteq Limited Ordinary Shares (GELS) had total assets of $20.8M including $0.3M in current assets.
Gelteq Limited Ordinary Shares (GELS) carries total debt of $3.8M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gelteq Limited Ordinary Shares (GELS) has total shareholders' equity (book value) of $15.1M. Book value represents the net worth of the company belonging to common stock holders.
Gelteq Limited Ordinary Shares (GELS) reported a current ratio of 0.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.