The company's financial position remains vulnerable, with equity contracting from $13.8 million in 2021Q2 to $8.9 million by 2024Q4, while maintaining a debt-to-equity ratio of 2.30.
| Total Current Assets | 36.78M | 36.52M | 36.78M | 37.6M | 39.63M | 33.98M | 39.5M |
| Cash & Short-Term Investments | 1.75M | 1.06M | 1.75M | 3.73M | 919K | 1.09M | 2.35M |
| Cash Only | 1.75M | 1.06M | 1.75M | 690K | 919K | 1.09M | 2.35M |
| Short-Term Investments | 0 | 0 | 0 | 3.04M | 0 | 0 | 0 |
| Accounts Receivable | 16.63M | 16.59M | 16.63M | 14.55M | 19.56M | 17.26M | 21.57M |
| Days Sales Outstanding | 49.83 | 103.67 | 104.08 | 89.22 | 138.81 | 145.75 | 160.89 |
| Inventory | 18.1M | 18.55M | 18.1M | 18.96M | 18.78M | 15.27M | 15.41M |
| Days Inventory Outstanding | 68.77 | 143.46 | 139.38 | 142.36 | 162.57 | 157.99 | 136.59 |
| Other Current Assets | 298K | 315K | 298K | 360K | -3.02M | -1.94M | -1.94M |
| Total Non-Current Assets | 2.81M | 4.9M | 2.81M | 1.46M | 702K | 430K | 829K |
| Property, Plant & Equipment | 1.69M | 2.79M | 1.69M | 1.46M | 702K | 430K | 620K |
| Fixed Asset Turnover | 78.02x | 20.97x | 34.56x | 40.82x | 73.28x | 100.51x | 78.93x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.12M | 1.27M | 1.12M | 0 | 0 | 0 | 209K |
| Total Assets | 39.59M | 41.42M | 39.59M | 39.06M | 40.33M | 34.41M | 40.33M |
| Asset Turnover | 2.97x | 1.41x | 1.47x | 1.52x | 1.28x | 1.26x | 1.21x |
| Asset Growth % | 2.56% | 4.61% | 1.37% | -3.17% | 17.21% | -14.67% | - |
| Total Current Liabilities | 28.61M | 34.44M | 28.61M | 34.45M | 36.9M | 30.01M | 22.56M |
| Accounts Payable | 4.63M | 5.05M | 4.63M | 4.73M | 5M | 2.5M | 2.67M |
| Days Payables Outstanding | 17.4 | 39.08 | 35.65 | 35.49 | 43.24 | 25.92 | 23.7 |
| Short-Term Debt | 17.97M | 17.69M | 17.97M | 15.79M | 15.86M | 12.47M | 15.99M |
| Deferred Revenue (Current) | 5.45M | 5.65M | 5.45M | 0 | 4.04M | 2.81M | 2.8M |
| Other Current Liabilities | 0 | 0 | 0 | 13.13M | 0 | 0 | 0 |
| Current Ratio | 1.29x | 1.06x | 1.29x | 1.09x | 1.07x | 1.13x | 1.75x |
| Quick Ratio | 0.65x | 0.52x | 0.65x | 0.54x | 0.57x | 0.62x | 1.07x |
| Cash Conversion Cycle | 101.21 | 208.05 | 207.8 | 196.09 | 258.14 | 277.82 | 273.79 |
| Total Non-Current Liabilities | 2.1M | 2M | 2.1M | 1.55M | 2.09M | 3.12M | 3.94M |
| Long-Term Debt | 1.89M | 1.24M | 1.89M | 991K | 1.81M | 2.82M | 3.55M |
| Capital Lease Obligations | 1.21M | 648K | 180K | 525K | 242K | 260K | 351K |
| Deferred Tax Liabilities | 38K | 112K | 38K | 0 | 38K | 38K | 39K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 39K | 0 | 0 | 0 |
| Total Liabilities | 30.72M | 36.45M | 30.72M | 36.01M | 38.98M | 33.13M | 26.5M |
| Total Debt | 20.4M | 19.82M | 20.4M | 17.72M | 18.11M | 15.66M | 20.04M |
| Net Debt | 18.65M | 18.76M | 18.65M | 17.03M | 17.19M | 14.57M | 17.69M |
| Debt / Equity | 2.30x | 3.99x | 2.30x | 5.81x | 13.41x | 12.18x | 1.45x |
| Debt / EBITDA | 5.08x | 24.44x | 15.03x | 5.91x | 9.71x | 11.66x | 13.13x |
| Net Debt / EBITDA | 4.65x | 23.13x | 13.75x | 5.68x | 9.21x | 10.85x | 11.59x |
| Interest Coverage | 1.39x | 0.22x | 1.09x | 2.84x | 3.92x | 3.56x | 2.42x |
| Total Equity | 8.88M | 4.97M | 8.88M | 3.05M | 1.35M | 1.29M | 13.83M |
| Equity Growth % | 355.46% | -43.97% | 190.89% | 125.83% | 5.05% | -90.7% | - |
| Book Value per Share | 0.99 | 0.35 | 0.99 | 0.34 | 0.16 | 0.14 | 1.48 |
| Total Shareholders' Equity | 8.88M | 4.97M | 8.88M | 2.89M | 1.27M | 1.29M | 13.83M |
| Common Stock | 5K | 8K | 5K | 5K | 5K | 9K | 9K |
| Retained Earnings | 1.81M | 4.49M | 1.81M | 1.65M | 100K | 130K | 12.36M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -127K | -535K | -127K | -4K | -72K | -90K | 220K |
| Minority Interest | 0 | 0 | 0 | 160K | 77K | 0 | 0 |
Inadequate liquidity and leverage
As reported in recent financial filings, INEO's equity base has contracted significantly from $13.8 million in 2021Q2 to $8.9 million by 2024Q4, signaling a weakening financial position that reflects the company's persistent inability to generate consistent retained earnings or meaningful operational growth over the observed period.
The trajectory of the balance sheet suggests a company struggling to maintain its capital base while navigating a low-margin industrial environment. Investors should monitor the persistent erosion of equity, which appears to be driven by the company's inability to achieve profitability, thereby limiting its capacity to reinvest in core manufacturing capabilities.
Based on the provided quarterly data, INEO's debt-to-equity ratio has fluctuated wildly, reaching a high of 13.41 in 2022Q4 before settling at 2.30 in 2024Q4, which indicates that the company's reliance on debt is a necessity-driven response to its inability to generate sufficient internal cash flow.
The high volatility in leverage metrics suggests that the company lacks a stable capital structure, potentially complicating its access to credit markets. This reliance on debt, coupled with a lack of operational scale, may indicate that the company is highly sensitive to interest rate fluctuations and refinancing risks.
According to the latest balance sheet data, INEO's cash and equivalents have dwindled to approximately $1.7 million as of 2024Q4, providing a minimal buffer against operational shocks given the company's history of negative operating margins and inconsistent working capital requirements across its industrial segments.
The current ratio of 1.29 suggests that while the company can technically cover its short-term obligations, the absolute level of cash is insufficient to support significant strategic pivots or prolonged downturns. This liquidity profile warrants further investigation into the company's ability to manage its working capital cycle without further diluting shareholders or increasing debt.
As evidenced by the 2024Q4 balance sheet, the sudden appearance of $5.4 million in deferred revenue, which was previously absent in prior periods, suggests that the company may be pulling forward future demand or altering its revenue recognition timing to obscure underlying operational weaknesses.
This shift in deferred revenue is a non-obvious risk that makes headline liquidity and revenue figures potentially misleading. Investors should scrutinize whether this represents genuine future performance obligations or a temporary accounting adjustment intended to stabilize the appearance of the company's financial health.
Quick answers to the most common questions about buying INEO stock.
As of 2025, INNEOVA Holdings Ltd (INEO) had total assets of $41.4M including $36.5M in current assets.
INNEOVA Holdings Ltd (INEO) carries total debt of $19.8M, offset by $1.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
INNEOVA Holdings Ltd (INEO) has total shareholders' equity (book value) of $5.0M ($0.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
INNEOVA Holdings Ltd (INEO) reported a current ratio of 1.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.