What is Iron Horse Acquisitions' operating income?

Iron Horse Acquisitions' total operating income in 2025 was $11.78 million, based on the following breakdown: Total Gross Profit: $18.42 million Total Operating Expenses: $6.64 million

Iron Horse Acquisitions (IROHW) Financials

$0.09 0.00 (0.00%)

As of 10/28/2026

Annual Income Statements for Iron Horse Acquisitions

This table shows Iron Horse Acquisitions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Costs & Expenses	-	-	2.00	6.64
Net Income / (Loss) Attributable to Common Shareholders	-0.18	-0.31	4.00	8.41
Consolidated Net Income / (Loss)	-0.18	-0.31	4.00	8.41
Net Income / (Loss) Continuing Operations	-0.18	-0.31	4.00	8.41
Total Pre-Tax Income	-0.18	-0.31	5.61	12
Total Operating Income	-0.18	-0.31	5.54	12
Total Gross Profit	0.00	0.00	7.54	18
Total Revenue	0.00	0.00	11	28
Operating Revenue	-	0.00	11	28
Total Cost of Revenue	0.00	0.00	3.80	9.34
Operating Cost of Revenue	-	-	3.80	9.34
Total Operating Expenses	0.18	0.31	2.00	6.64
Selling, General & Admin Expense	0.18	0.31	1.99	6.50
Research & Development Expense	-	-	0.01	0.13
Total Other Income / (Expense), net	0.00	0.00	0.07	0.54
Interest Expense	-	-	-0.01	-0.07
Interest & Investment Income	0.00	0.00	0.05	0.47
Other Income / (Expense), net	-	0.00	-0.00	-0.00
Income Tax Expense	0.00	-0.00	1.61	3.91
Basic Earnings per Share	($0.11)	($0.34)	$0.08	$0.17
Weighted Average Basic Shares Outstanding	1.71M	1.78M	47.69M	48.86M
Diluted Earnings per Share	($0.11)	($0.34)	$0.08	$0.17
Weighted Average Diluted Shares Outstanding	1.71M	1.84M	47.69M	48.86M
Weighted Average Basic & Diluted Shares Outstanding	-	8.87M	8.87M	52.23M

This table shows Iron Horse Acquisitions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Total Costs & Expenses	-	-	-	-	-	-	1.07	-	-	-	1.13
Net Income / (Loss) Attributable to Common Shareholders	-0.01	0.47	0.48	1.57	-0.05	0.77	2.92	3.34	1.37	-0.31	3.06
Consolidated Net Income / (Loss)	-0.01	0.47	0.48	1.57	-0.05	0.77	2.92	3.34	1.37	-0.31	3.06
Net Income / (Loss) Continuing Operations	-0.01	0.47	0.48	1.57	-0.05	0.77	2.92	3.34	1.37	-0.31	3.06
Total Pre-Tax Income	-0.01	0.68	0.66	2.31	0.12	0.90	4.03	4.72	2.67	0.54	4.57
Total Operating Income	-0.01	-0.48	-0.24	2.30	-0.70	0.81	3.87	4.58	2.52	0.73	5.12
Total Gross Profit	-	0.00	0.00	2.95	0.30	2.36	4.94	5.57	5.55	4.36	6.24
Total Revenue	-	0.00	0.00	4.29	0.30	4.82	7.46	7.91	7.57	5.83	8.73
Operating Revenue	-	-	-	4.29	-	4.82	7.46	7.91	7.57	5.83	8.73
Total Cost of Revenue	-	0.00	0.00	1.34	-	2.47	2.52	2.34	2.02	1.46	2.49
Operating Cost of Revenue	-	-	-	1.34	-	2.47	2.52	2.34	2.02	1.46	2.49
Total Operating Expenses	0.01	0.48	0.24	0.65	0.70	1.55	1.07	0.98	3.03	3.63	1.13
Selling, General & Admin Expense	0.01	0.48	0.24	0.65	0.70	1.52	1.04	0.95	3.00	3.60	1.09
Research & Development Expense	-	-	-	0.00	-	0.03	0.03	0.04	0.04	0.04	0.04
Total Other Income / (Expense), net	-	1.16	0.90	0.01	0.53	0.09	0.15	0.14	0.15	-0.19	-0.55
Interest Expense	-	-	-	-0.01	-	0.00	0.01	-0.01	-0.07	0.21	0.13
Interest & Investment Income	-	0.86	0.93	0.00	0.82	0.04	0.16	0.13	0.14	0.02	0.02
Other Income / (Expense), net	-	0.31	-0.03	-0.00	-0.29	0.05	-0.00	-0.00	-0.05	0.00	-0.44
Income Tax Expense	-0.00	0.21	0.18	0.74	0.17	0.13	1.11	1.38	1.30	0.85	1.51
Basic Earnings per Share	($0.28)	$0.10	$0.10	$0.04	$0.32	$0.02	$0.06	$0.07	$0.02	($0.01)	$0.06
Weighted Average Basic Shares Outstanding	1.78M	8.87M	8.87M	47.69M	8.87M	47.69M	47.69M	47.69M	48.86M	52.23M	52.23M
Diluted Earnings per Share	-	$0.10	$0.10	$0.04	-	$0.02	$0.06	$0.07	$0.02	($0.01)	$0.06
Weighted Average Diluted Shares Outstanding	1.84M	8.87M	8.87M	47.69M	8.87M	47.69M	47.69M	47.69M	48.86M	52.23M	52.23M
Weighted Average Basic & Diluted Shares Outstanding	8.87M	8.87M	8.87M	8.87M	8.87M	8.87M	2.17M	52.24M	52.23M	52.23M	52.23M

This table details how cash moves in and out of Iron Horse Acquisitions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.00	0.66	41	-8.42
Net Cash From Operating Activities	0.00	-0.08	42	-9.04
Net Cash From Continuing Operating Activities	0.00	-0.08	42	-9.04
Net Income / (Loss) Continuing Operations	-0.18	-0.31	4.00	8.41
Consolidated Net Income / (Loss)	-0.18	-0.31	4.00	8.41
Depreciation Expense	-	-	0.19	0.47
Amortization Expense	0.00	-0.01	0.00	0.15
Non-Cash Adjustments To Reconcile Net Income	0.11	0.27	38	-19
Changes in Operating Assets and Liabilities, net	0.07	-0.03	-0.49	0.96
Net Cash From Investing Activities	0.00	-69	-0.05	-0.89
Net Cash From Continuing Investing Activities	0.00	-69	-0.05	-0.89
Purchase of Property, Plant & Equipment	-	-	-0.00	-0.71
Acquisitions	-	-	-0.05	-0.04
Purchase of Investments	-	-69	-2.78	-0.14
Sale and/or Maturity of Investments	-	-	2.78	0.00
Net Cash From Financing Activities	0.00	70	0.00	0.00
Net Cash From Continuing Financing Activities	0.00	70	0.00	0.00
Repayment of Debt	0.00	-1.01	0.00	-1.01
Other Financing Activities, net	-	-	0.00	1.02
Effect of Exchange Rate Changes	-	-	-0.63	1.51
Cash Interest Paid	-	-	0.00	0.00
Cash Income Taxes Paid	-	-	-0.11	-3.47

This table details how cash moves in and out of Iron Horse Acquisitions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	0.66	-0.48	-0.09	20	-0.00	-0.04	0.03	-4.25	-4.19	-3.32	-6.37
Net Cash From Operating Activities	-0.08	-0.37	-0.05	22	-0.50	-0.17	-1.64	-3.66	-3.34	-3.60	-7.03
Net Cash From Continuing Operating Activities	-0.08	-0.37	-0.05	22	-0.50	-0.17	-1.64	-3.66	-3.34	-3.60	-7.03
Net Income / (Loss) Continuing Operations	-0.01	0.47	0.48	0.97	-0.05	0.77	-0.06	7.02	1.37	-0.31	3.06
Consolidated Net Income / (Loss)	-0.01	0.47	0.48	0.97	-0.05	0.77	-0.06	7.02	1.37	-0.31	3.06
Depreciation Expense	-	-	-	-	-	0.08	-	-	0.13	0.19	0.19
Amortization Expense	-	-	-	-	-	0.00	-	-	0.06	0.00	0.00
Non-Cash Adjustments To Reconcile Net Income	-0.03	-0.86	-0.90	1.76	-0.82	0.00	-0.75	1.52	-19	2.07	-0.03
Changes in Operating Assets and Liabilities, net	-0.03	0.01	0.37	19	0.37	-1.02	-0.82	-13	14	-5.55	-10
Net Cash From Investing Activities	-69	0.00	0.00	-2.81	-0.23	-0.08	1.16	-1.72	-0.27	-0.00	-0.01
Net Cash From Continuing Investing Activities	-69	0.00	0.00	-2.81	-0.23	-0.08	1.16	-1.72	-0.27	-0.00	-0.01
Purchase of Property, Plant & Equipment	-	-	-	-	-	-0.07	-	-	-0.27	-0.00	-0.00
Acquisitions	-	-	-	-	-	-0.00	-	-	-0.00	-0.00	-0.01
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	-5.68	-1.14	-1.21

This table presents Iron Horse Acquisitions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.67	70	51	45
Total Current Assets	0.00	0.69	44	37
Cash & Equivalents	0.00	0.66	41	33
Accounts Receivable	-	-	0.00	0.00
Inventories, net	-	-	1.25	0.96
Prepaid Expenses	0.00	0.03	1.33	2.92
Plant, Property, & Equipment, net	0.00	0.00	4.04	4.61
Total Noncurrent Assets	0.67	69	2.70	3.23
Long-Term Investments	-	69	0.00	0.16
Intangible Assets	-	-	0.05	0.08
Other Noncurrent Operating Assets	0.67	-	2.65	2.98
Total Liabilities & Shareholders' Equity	0.67	70	51	45
Total Liabilities	0.85	3.38	40	25
Total Current Liabilities	0.85	0.86	40	25
Short-Term Debt	0.67	0.56	0.00	3.47
Accounts Payable	-	0.00	0.59	0.07
Accrued Expenses	0.18	0.29	0.79	1.89
Current Deferred Revenue	0.00	-	38	18
Current Deferred & Payable Income Tax Liabilities	-	0.00	0.85	1.34
Other Current Liabilities	0.00	0.01	0.00	0.24
Total Noncurrent Liabilities	0.00	2.52	0.00	0.24
Other Noncurrent Operating Liabilities	-	2.52	-	0.24
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-0.18	-2.69	11	20
Total Preferred & Common Equity	-0.18	-2.69	11	20
Total Common Equity	-0.18	-2.69	11	20
Common Stock	0.03	0.00	6.94	6.83
Retained Earnings	-0.20	-2.69	4.00	12
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.12	0.64

This table presents Iron Horse Acquisitions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	70	71	72	74	73	56	39	35
Total Current Assets	0.54	0.24	0.07	0.08	0.16	46	31	28
Cash & Equivalents	0.18	0.09	0.00	0.00	0.03	37	30	23
Accounts Receivable	0.21	0.01	-	-	-	0.00	0.00	0.00
Inventories, net	-	-	-	-	-	1.85	0.85	2.21
Prepaid Expenses	0.16	0.14	0.07	0.08	0.06	7.12	0.82	2.00
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	2.61	4.57	4.52
Total Noncurrent Assets	70	71	72	74	73	7.44	3.19	3.16
Intangible Assets	-	-	-	-	-	0.09	0.08	0.09
Other Noncurrent Operating Assets	-	-	-	-	-	4.80	3.11	3.08
Total Liabilities & Shareholders' Equity	70	71	72	74	73	56	39	35
Total Liabilities	3.62	3.73	4.04	5.88	75	38	19	12
Total Current Liabilities	1.10	1.21	1.52	3.36	72	38	19	12
Short-Term Debt	0.56	0.56	0.56	0.97	3.17	4.49	3.59	3.59
Accounts Payable	-	-	-	0.27	0.22	2.06	0.18	1.85
Accrued Expenses	0.33	0.26	0.38	0.36	0.54	1.68	2.79	1.86
Current Deferred Revenue	-	-	-	-	-	25	11	2.50
Current Deferred & Payable Income Tax Liabilities	0.21	0.39	0.58	0.90	0.00	1.39	0.77	1.45
Other Current Liabilities	0.00	0.00	0.00	0.86	69	0.21	0.24	0.48
Total Noncurrent Liabilities	2.52	2.52	2.52	2.52	2.52	2.71	0.19	0.13
Capital Lease Obligations	-	-	-	-	-	0.30	0.19	0.13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-2.81	-3.00	-3.24	-4.85	-6.11	18	20	23
Total Preferred & Common Equity	-2.81	-3.00	-3.24	-4.85	-6.11	18	20	23
Total Common Equity	-2.81	-3.00	-3.24	-4.85	-6.11	18	20	23
Common Stock	0.00	0.00	0.00	0.00	0.00	6.46	6.83	6.83
Retained Earnings	-2.81	-3.00	-3.24	-4.85	-6.11	11	12	15
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	0.25	0.98	1.36

This table displays calculated financial ratios and metrics derived from Iron Horse Acquisitions' official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	0.00	0.00
DEI Adjusted Shares Outstanding	0.00	0.00	0.00	0.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.00	0.00
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	144.65%
EBITDA Growth	0.00%	-76.97%	-430.31%	115.99%
EBIT Growth	0.00%	-70.73%	-449.71%	112.50%
NOPAT Growth	0.00%	-70.73%	-412.41%	103.71%
Net Income Growth	0.00%	-70.60%	545.55%	110.52%
EPS Growth	0.00%	-209.09%	194.12%	112.50%
Operating Cash Flow Growth	0.00%	0.00%	-1,117.50%	-121.48%
Free Cash Flow Firm Growth	0.00%	0.00%	-103.68%	-140.12%
Invested Capital Growth	0.00%	-663.01%	-35.69%	67.91%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	610.32%
EBITDA Q/Q Growth	0.00%	0.00%	-67.18%	11,869.18%
EBIT Q/Q Growth	0.00%	0.00%	-67.18%	11,276.48%
NOPAT Q/Q Growth	0.00%	0.00%	-53.57%	12,178.65%
Net Income Q/Q Growth	0.00%	0.00%	-2.71%	279.25%
EPS Q/Q Growth	0.00%	0.00%	0.00%	13.33%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-69.25%	68.35%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-191.85%
Invested Capital Q/Q Growth	0.00%	0.00%	-10.93%	42.96%
Profitability Metrics	-	-	-	-
Gross Margin	0.00%	0.00%	100.00%	66.34%
EBITDA Margin	0.00%	0.00%	-575.83%	44.63%
Operating Margin	0.00%	0.00%	-579.60%	42.43%
EBIT Margin	0.00%	0.00%	-575.83%	42.42%
Profit (Net Income) Margin	0.00%	0.00%	466.38%	30.30%
Tax Burden Percent	100.00%	99.93%	64.83%	68.28%
Interest Burden Percent	100.00%	100.00%	-124.94%	104.62%
Effective Tax Rate	0.00%	0.00%	35.18%	31.72%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	103.21%	-0.93%	2.05%	54.83%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	-2.38%	24.67%
Return on Assets (ROA)	0.00%	0.00%	1.93%	17.62%
Return on Common Equity (ROCE)	103.21%	0.04%	-0.10%	54.83%
Return on Equity Simple (ROE_SIMPLE)	103.21%	11.48%	-33.20%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.13	-0.22	-1.11	8.04
NOPAT Margin	0.00%	0.00%	-375.73%	28.97%
Net Nonoperating Expense Percent (NNEP)	8.10%	-0.27%	3.53%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	-	10.14%	38.74%	34.45%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	33.66%
SG&A Expenses to Revenue	0.00%	0.00%	579.60%	23.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.48%
Operating Expenses to Revenue	0.00%	0.00%	579.60%	23.91%
Earnings before Interest and Taxes (EBIT)	-0.18	-0.31	-1.70	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.18	-0.32	-1.70	12
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	13.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	13.60
Price to Revenue (P/Rev)	0.00	0.00	309.29	9.70
Price to Earnings (P/E)	0.00	0.00	66.32	32.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	1.51%	3.12%
Enterprise Value to Invested Capital (EV/IC)	122.47	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	310.51	8.63
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	19.33
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	20.34
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	29.78
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.52	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	-3.82	0.01	0.02	0.17
Long-Term Debt to Equity	0.00	0.00	0.00	0.00
Financial Leverage	-3.82	-1.03	-1.05	-2.32
Leverage Ratio	-3.83	1.06	1.06	3.11
Compound Leverage Factor	-3.83	1.06	-1.33	3.26
Debt to Total Capital	135.40%	0.83%	1.86%	14.88%
Short-Term Debt to Total Capital	135.40%	0.83%	1.86%	14.88%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	103.19%	104.15%	0.00%
Common Equity to Total Capital	-35.40%	-4.02%	-6.01%	85.12%
Debt to EBITDA	-3.71	-1.74	-0.76	0.28
Net Debt to EBITDA	-3.71	215.72	42.07	-2.40
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00
Debt to NOPAT	-5.29	-2.58	-1.16	0.43
Net Debt to NOPAT	-5.29	319.44	64.48	-3.69
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00
Altman Z-Score	39.68	10.58	10.52	8.71
Noncontrolling Interest Sharing Ratio	0.00%	104.33%	105.10%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	0.80	0.02	1.50
Quick Ratio	0.00	0.76	0.00	1.34
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3.07	-0.11	-13
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	-1,272.73%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.58
Accounts Receivable Turnover	0.00	0.00	0.00	49,045.67
Inventory Turnover	0.00	0.00	0.00	8.47
Fixed Asset Turnover	0.00	0.00	0.00	6.42
Accounts Payable Turnover	0.00	0.00	0.00	28.56
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	43.11
Days Payable Outstanding (DPO)	0.00	0.00	0.00	12.78
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	30.34
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.50	-2.79	-3.78	-9.83
Invested Capital Turnover	0.00	0.00	-0.09	-1.37
Increase / (Decrease) in Invested Capital	0.00	-3.28	-1.00	21
Enterprise Value (EV)	61	60	92	240
Market Capitalization	60	60	91	269
Book Value per Share	($0.10)	($1.51)	($0.47)	$0.41
Tangible Book Value per Share	($0.10)	($1.51)	($0.47)	$0.41
Total Capital	0.50	67	69	23
Total Debt	0.67	0.56	1.28	3.47
Total Long-Term Debt	0.00	0.00	0.00	0.00
Net Debt	0.67	-69	-71	-30
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.18	-0.27	-1.27	-17
Debt-free Net Working Capital (DFNWC)	-0.18	0.39	-1.27	16
Net Working Capital (NWC)	-0.85	-0.17	-2.55	12
Net Nonoperating Expense (NNE)	0.05	0.09	-2.48	-0.37
Net Nonoperating Obligations (NNO)	0.67	-69	-71	-30
Total Depreciation and Amortization (D&A)	0.00	-0.01	0.00	0.61
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-429.17%	-62.18%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	-429.02%	56.75%
Net Working Capital to Revenue	0.00%	0.00%	-863.79%	44.24%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.34)	$0.32	$0.17
Adjusted Weighted Average Basic Shares Outstanding	0.00	1.78M	8.87M	48.86M
Adjusted Diluted Earnings per Share	$0.00	($0.34)	$0.32	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	0.00	1.84M	8.87M	48.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	8.87M	8.87M	52.23M
Normalized Net Operating Profit after Tax (NOPAT)	-0.13	-0.22	-1.11	8.04
Normalized NOPAT Margin	0.00%	0.00%	-375.73%	28.97%
Pre Tax Income Margin	0.00%	0.00%	719.44%	44.38%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-37.50%	10.31%	0.00%

This table displays calculated financial ratios and metrics derived from Iron Horse Acquisitions' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DEI Adjusted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	84.18%	7.32%	20.84%	17.08%
EBITDA Growth	0.00%	-66.19%	-350.03%	1,775.29%	-13,990.57%	643.62%	-147.38%	99.45%	-29.81%	-2.41%	21.06%
EBIT Growth	0.00%	-66.19%	-350.03%	1,775.29%	-13,990.57%	595.05%	-147.38%	99.45%	-33.32%	-15.00%	20.58%
NOPAT Growth	0.00%	-353.54%	-312.30%	1,723.10%	5,249.26%	308.85%	399.83%	108.36%	-56.76%	-160.15%	22.00%
Net Income Growth	0.00%	552.89%	898.95%	1,242.70%	-562.00%	63.43%	-113.27%	113.46%	-6.91%	-139.94%	4.73%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-83.80%	-120.00%	75.00%	112.50%	-136.42%	0.00%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	-498.13%	55.78%	-3,001.80%	-116.42%	-116.47%	-2,076.26%	-438.01%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	19.73%	2,357.79%	243.35%	-163.27%	-72.82%	-200.73%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	-35.69%	-79.24%	-2,298.91%	-404.99%	67.91%	-24.56%	105.17%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	1,535.07%	0.00%	0.00%	-4.22%	0.00%	49.85%
EBITDA Q/Q Growth	94.87%	-2,370.46%	-56.26%	946.31%	-277.23%	195.31%	-29.15%	782.34%	-42.20%	0.00%	427.93%
EBIT Q/Q Growth	94.87%	-2,370.46%	-56.26%	946.31%	-277.23%	186.80%	-29.15%	782.34%	-46.31%	0.00%	539.02%
NOPAT Q/Q Growth	94.87%	-6,641.95%	47.54%	994.98%	222.32%	173.45%	379.22%	521.95%	-60.19%	0.00%	922.39%
Net Income Q/Q Growth	95.04%	7,055.85%	1.80%	225.16%	-109.68%	1,817.16%	-176.34%	5,331.41%	-58.99%	0.00%	1,090.42%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-60.00%	0.00%	0.00%	-200.00%	450.00%	-71.43%	0.00%	1,116.95%
Operating Cash Flow Q/Q Growth	0.00%	-349.61%	85.86%	42,232.99%	-463.19%	66.76%	-300.74%	-123.04%	8.79%	0.00%	-95.32%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	20.60%	74.53%	-61.03%	126.38%	3,494.56%	-75.62%	-214.29%	0.00%	-9,574.46%
Invested Capital Q/Q Growth	0.00%	3.45%	-12.20%	-12.91%	-10.93%	-27.54%	-1,401.68%	76.23%	42.96%	0.00%	162.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	68.69%	100.00%	48.87%	0.00%	70.43%	73.28%	74.89%	71.46%
EBITDA Margin	0.00%	0.00%	0.00%	53.53%	-335.88%	19.58%	0.00%	57.96%	34.98%	15.81%	55.71%
Operating Margin	0.00%	0.00%	0.00%	53.53%	-237.55%	16.69%	0.00%	57.99%	33.22%	12.54%	58.57%
EBIT Margin	0.00%	0.00%	0.00%	53.53%	-335.88%	17.83%	0.00%	57.96%	32.50%	12.54%	53.48%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	36.51%	-15.27%	16.04%	0.00%	42.31%	18.12%	-5.30%	35.04%
Tax Burden Percent	96.79%	69.16%	73.02%	67.82%	-36.17%	86.08%	-77.73%	70.82%	51.38%	-57.06%	67.03%
Interest Burden Percent	100.00%	-394.04%	-243.12%	100.58%	-12.57%	104.51%	-12.25%	103.08%	108.51%	74.08%	97.75%
Effective Tax Rate	0.00%	30.84%	26.98%	32.18%	136.17%	13.92%	177.73%	29.18%	48.62%	157.06%	32.97%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-0.93%	0.40%	1.21%	3.71%	2.05%	2.49%	1.34%	5.19%	54.83%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2,035.31%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	3.20%	-1.39%	1.27%	0.00%	3.54%	18.90%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	2.18%	-0.06%	1.14%	0.00%	2.58%	10.54%	0.00%	0.00%
Return on Common Equity (ROCE)	0.04%	-0.02%	-0.05%	-0.18%	-0.10%	-0.14%	-0.19%	0.88%	54.83%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-9.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.00	-0.33	-0.17	1.56	0.25	0.69	0.52	3.25	1.29	-0.42	3.43
NOPAT Margin	0.00%	0.00%	0.00%	36.30%	85.92%	14.37%	0.00%	41.07%	17.07%	-7.15%	39.25%
Net Nonoperating Expense Percent (NNEP)	0.00%	2.32%	1.87%	0.03%	-0.42%	0.11%	-0.83%	0.19%	0.22%	0.22%	-0.81%
Return On Investment Capital (ROIC_SIMPLE)	0.23%	14.71%	7.13%	-58.09%	-8.86%	-17.86%	-17.74%	14.41%	5.54%	-1.76%	12.67%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	31.31%	0.00%	51.13%	0.00%	29.57%	26.72%	25.11%	28.54%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	15.16%	237.55%	31.61%	0.00%	11.96%	39.57%	61.69%	12.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.57%	0.00%	0.48%	0.49%	0.66%	0.41%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	15.16%	237.55%	32.18%	0.00%	12.44%	40.06%	62.35%	12.90%
Earnings before Interest and Taxes (EBIT)	-0.01	-0.17	-0.27	2.30	-0.99	0.86	-0.67	4.58	2.46	0.73	4.67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.01	-0.17	-0.27	2.30	-0.99	0.94	-0.67	4.58	2.65	0.92	4.87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.99	13.55	14.46	12.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.04	13.60	14.52	12.37
Price to Revenue (P/Rev)	0.00	0.00	0.00	113.22	309.29	97.64	295.40	49.91	9.70	0.00	0.00
Price to Earnings (P/E)	0.00	328.78	109.94	193.18	66.32	298.19	197.92	87.93	32.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.30%	0.91%	0.52%	1.51%	0.34%	0.51%	1.14%	3.12%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	71.61
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	113.18	310.51	97.65	73.22	40.96	8.63	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	263.27	0.00	0.00	0.00	1,546.36	19.33	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	263.27	0.00	0.00	0.00	1,546.36	20.34	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	448.10	0.00	0.00	0.00	2,443.82	29.78	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	22.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	273.23	0.31	11.53	0.00	220.96	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.01	0.01	0.01	0.02	0.01	-1.94	0.27	0.17	0.19	0.16
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.00	0.01	0.01
Financial Leverage	-1.04	-1.04	-1.04	-1.05	-1.05	-1.06	-2.15	-1.24	-2.32	-1.12	-4.17
Leverage Ratio	1.06	1.05	1.06	1.06	1.06	1.07	2.20	1.50	3.11	1.29	5.00
Compound Leverage Factor	1.06	-4.15	-2.57	1.07	-0.13	1.12	-0.27	1.54	3.38	0.95	4.89
Debt to Total Capital	0.83%	0.83%	0.82%	0.82%	1.86%	1.41%	206.27%	21.24%	14.88%	15.94%	13.73%
Short-Term Debt to Total Capital	0.83%	0.83%	0.82%	0.82%	1.86%	1.41%	206.27%	19.91%	14.88%	15.16%	13.26%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.32%	0.00%	0.79%	0.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	103.19%	103.35%	103.60%	103.93%	104.15%	105.64%	291.46%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-4.02%	-4.18%	-4.42%	-4.74%	-6.01%	-7.06%	-397.73%	78.76%	85.12%	84.06%	86.27%
Debt to EBITDA	-1.74	-1.47	-0.95	0.30	-0.76	-1.46	-1.45	46.23	0.28	0.00	0.00
Net Debt to EBITDA	215.72	183.70	119.26	-38.56	42.07	109.18	32.08	-337.89	-2.40	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.88	0.00	0.00	0.00
Debt to NOPAT	-2.58	-1.45	-0.96	0.51	-1.16	-3.19	-3.61	73.05	0.43	0.00	0.00
Net Debt to NOPAT	319.44	181.07	120.56	-65.62	64.48	238.26	79.63	-533.99	-3.69	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.55	0.00	0.00	0.00
Altman Z-Score	10.59	14.61	14.27	72.29	10.55	50.98	-0.63	3.82	8.02	9.86	16.14
Noncontrolling Interest Sharing Ratio	104.33%	104.21%	104.46%	104.78%	105.10%	105.70%	113.88%	83.03%	0.00%	82.83%	20.63%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.50	0.20	0.05	0.02	0.02	0.00	1.21	1.50	1.65	2.35
Quick Ratio	0.76	0.35	0.08	0.00	0.00	0.00	0.00	0.97	1.34	1.56	1.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	2.36	2.85	4.97	1.25	2.83	70	17	-20	0.77	-73
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	-225.47%	0.00%	0.00%	-1,253.80%	-231,651.42%	-50,222,200.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.73	-560.51
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-17.47	-54.13
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-17.48	-54.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.06	0.00	0.07	0.00	0.06	0.58	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	49,045.67	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.47	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.42	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.56	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.11	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.78	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.34	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2.79	-2.69	-3.02	-3.41	-3.78	-4.83	-72	-17	-9.83	-6.01	3.75
Invested Capital Turnover	0.00	0.00	0.00	-2.52	-0.09	-1.36	-0.01	-0.38	-1.37	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	-2.69	-3.02	-3.41	-1.00	-2.13	-69	-14	21	-1.19	76
Enterprise Value (EV)	60	89	89	486	92	500	22	160	240	262	268
Market Capitalization	60	88	89	486	91	500	87	195	269	288	288
Book Value per Share	($1.51)	($0.32)	($0.34)	($0.07)	($0.47)	($0.10)	($0.72)	$0.37	$0.41	$0.38	$0.45
Tangible Book Value per Share	($1.51)	($0.32)	($0.34)	($0.07)	($0.47)	($0.10)	($0.72)	$0.37	$0.41	$0.38	$0.45
Total Capital	67	67	68	68	69	69	1.54	23	23	24	27
Total Debt	0.56	0.56	0.56	0.56	1.28	0.97	3.17	4.79	3.47	3.78	3.72
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.30	0.00	0.19	0.13
Net Debt	-69	-69	-70	-71	-71	-73	-70	-35	-30	-26	-20
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.07	0.00	0.00	0.27	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.27	-0.17	-0.50	-0.89	-1.27	-2.31	-69	-25	-17	-14	-3.94
Debt-free Net Working Capital (DFNWC)	0.39	0.00	-0.41	-0.89	-1.27	-2.31	-69	12	16	16	19
Net Working Capital (NWC)	-0.17	-0.55	-0.97	-1.45	-2.55	-3.28	-72	7.99	12	12	16
Net Nonoperating Expense (NNE)	0.00	-0.81	-0.66	-0.01	0.30	-0.08	0.59	-0.10	-0.08	-0.11	0.37
Net Nonoperating Obligations (NNO)	-69	-69	-70	-71	-71	-73	-71	-35	-30	-26	-20
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.08	0.00	0.00	0.19	0.19	0.19
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-20.81%	-429.17%	-45.10%	-23,435.96%	-632.73%	-62.18%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	-20.74%	-429.02%	-45.10%	-23,427.43%	319.32%	56.75%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	-33.74%	-863.79%	-64.07%	-24,502.05%	204.50%	44.24%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.28)	$0.00	$0.00	$0.00	$0.32	$0.02	($0.02)	$0.07	$0.02	($0.01)	$0.06
Adjusted Weighted Average Basic Shares Outstanding	1.78M	8.87M	8.87M	0.00	8.87M	8.87M	8.44M	47.69M	48.86M	52.23M	52.23M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.02	($0.02)	$0.07	$0.02	($0.01)	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	1.84M	8.87M	8.87M	0.00	8.87M	8.87M	8.44M	47.69M	48.86M	52.23M	52.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.87M	8.87M	8.87M	8.87M	8.87M	8.87M	2.17M	52.24M	52.23M	52.23M	52.23M
Normalized Net Operating Profit after Tax (NOPAT)	-0.00	-0.33	-0.17	1.56	-0.49	0.69	-0.47	3.25	1.29	0.51	3.43
Normalized NOPAT Margin	0.00%	0.00%	0.00%	36.30%	-166.28%	14.37%	0.00%	41.07%	17.07%	8.77%	39.25%
Pre Tax Income Margin	0.00%	0.00%	0.00%	53.84%	42.23%	18.63%	0.00%	59.75%	35.26%	9.29%	52.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.55	35.96
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.02	26.40
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.54	35.96
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.03	26.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-37.50%	0.00%	31.76%	0.00%	10.31%	0.00%	17.03%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Iron Horse Acquisitions’ latest statements show a sharp improvement in reported profitability, but cash generation remains a significant concern. The Q2 2026 filing identifies the company as CN Healthy Food Tech Group Corp. and uses ticker UCFI, while several earlier filings use IROH and the Iron Horse Acquisitions Corp. name. Restatements and the apparent corporate transition make long-term comparisons less consistent, so investors should interpret the trends cautiously.

Revenue accelerated in Q2 2026. Revenue increased to $8.7 million from $5.8 million in Q1 2026 and was approximately 17% above the restated Q2 2025 level of $7.5 million.
Profitability improved substantially during the latest quarter. Gross profit rose to $6.2 million, representing a 71.5% gross margin, while operating income reached $5.1 million compared with $731,000 in Q1 2026.
Net income returned to positive territory. Q2 2026 net income was $3.1 million, or $0.06 per diluted share, compared with a $309,000 net loss in Q1. Net income also modestly exceeded the $2.9 million reported in restated Q2 2025.
The balance sheet strengthened sequentially. Total liabilities declined to $11.9 million from $19.2 million at March 31, 2026, while total equity increased to $23.3 million from $19.9 million.
Short-term liquidity improved. The current ratio increased to approximately 2.3 at June 30, 2026, from about 1.6 at the end of Q1, supported by lower current liabilities and a larger inventory balance.
Cash remains substantial but is declining. Cash and equivalents totaled $23.3 million at June 30, 2026, down from $29.7 million in Q1 and $37.2 million in Q3 2025. The company still has a meaningful cash cushion, but the direction of the trend warrants monitoring.
Working-capital changes have made results volatile. Inventory increased to $2.2 million from $851,000 in Q1, while prepaid expenses rose to $2.0 million. These changes may support future sales, but they also tie up cash and contributed to the large operating cash outflow.
Operating cash flow was deeply negative. The company used $7.0 million in operating activities during Q2 2026, following a $3.6 million outflow in Q1 and a $3.3 million outflow in Q4 2025. The latest loss was primarily driven by a $10.3 million unfavorable change in operating assets and liabilities.
Cash declined by $6.4 million in Q2. The reduction in cash occurred despite $3.1 million of net income, indicating that reported earnings are not currently translating into cash. Cash taxes paid totaled $1.2 million during the quarter.
Historical earnings and cash-flow quality are inconsistent. Quarterly net income has generally been positive since 2024, but operating cash flow has frequently remained negative. Earlier periods also included unusually large noncash adjustments, investment-account movements and deferred-revenue balances, making normalized earnings and sustainable cash generation difficult to assess.

Overall, Q2 2026 was encouraging from a revenue and income-statement perspective, with stronger margins and a return to profitability. However, the persistent operating cash burn and falling cash balance are the most important risks. Investors should look for several consecutive quarters of positive operating cash flow before treating the recent earnings improvement as fully sustainable.

10/29/26 04:28 PM ETAI Generated. May Contain Errors.

Iron Horse Acquisitions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Iron Horse Acquisitions' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Iron Horse Acquisitions' net income appears to be on an upward trend, with a most recent value of $8.41 million in 2025, compared with -$181.00 thousand in 2022. The previous period was $4.00 million in 2024.

Iron Horse Acquisitions' total operating income in 2025 was $11.78 million, based on the following breakdown:

Total Gross Profit: $18.42 million
Total Operating Expenses: $6.64 million

Over the last 3 years, Iron Horse Acquisitions' total revenue changed from $0.00 in 2022 to $27.76 million in 2025, a change of 2,775,985,000.0%.

In the past 9 quarters, Iron Horse Acquisitions' cash and equivalents has ranged from $88.00 in Q1 2025 to $37.21 million in Q3 2025, and is currently $23.32 million as of their latest financial filing in Q2 2026.

Iron Horse Acquisitions had total debt of $3.47 million at the end of 2025, a 170.8% increase from 2024, and a 417.8% increase since 2022.

Over the last 3 years, Iron Horse Acquisitions' book value per share changed from -0.10 in 2022 to 0.41 in 2025.

Financial statements for NASDAQ:IROHW last updated on 10/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Iron Horse Acquisitions (IROHW) Financials

Financials Breakdown Chart

Key Financial Trends

Iron Horse Acquisitions Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Iron Horse Acquisitions (IROHW) Financials

Annual Income Statements for Iron Horse Acquisitions

Quarterly Income Statements for Iron Horse Acquisitions

Annual Cash Flow Statements for Iron Horse Acquisitions

Quarterly Cash Flow Statements for Iron Horse Acquisitions

Annual Balance Sheets for Iron Horse Acquisitions

Quarterly Balance Sheets for Iron Horse Acquisitions

Annual Metrics And Ratios for Iron Horse Acquisitions

Quarterly Metrics And Ratios for Iron Horse Acquisitions

Financials Breakdown Chart

Key Financial Trends

Iron Horse Acquisitions Financials - Frequently Asked Questions

When does Iron Horse Acquisitions' financial year end?

How has Iron Horse Acquisitions' net income changed over the last 3 years?

What is Iron Horse Acquisitions' operating income?

How has Iron Horse Acquisitions' revenue changed over the last 3 years?

How much cash does Iron Horse Acquisitions have?

How much debt does Iron Horse Acquisitions have?

How has Iron Horse Acquisitions' book value per share changed over the last 3 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools