The going concern qualification and minimal cash runway ($2.5M against $1.5M annual operating cash burn) signal acute liquidity risk. The company's reliance on ATM and SEPA equity facilities for funding will continue to dilute existing shareholders. Monitor for any further regulatory actions from Singapore's Ministry of Health and the company's ability to maintain Nasdaq listing compliance.
Price Chart
Executive Summary
Mobile-health Network Solutions (MNDR) filed its annual report (20-F) for the fiscal year ended June 30, 2026, reporting a net loss of $3.2 million on revenue of $7.7 million. Revenue was essentially flat year-over-year (up 1.2%), while the company continued to burn cash from operations. The auditor's report includes a going concern qualification, noting recurring losses and negative operating cash flow. The company has a market cap of only $4M and has executed multiple reverse stock splits to maintain its Nasdaq listing.
Key Facts
- Revenue for FY2026 was $7,741,187, up 1.2% from $7,646,739 in FY2025.
- Net loss for FY2026 was $3,187,380, compared to a net loss of $3,383,806 in FY2025.
- Cash used in operating activities was $1,527,685 in FY2026.
- Cash and cash equivalents as of June 30, 2026 were $2,549,951.
- The independent auditor's report includes an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern.
- The company's market capitalization is $4M as of the analysis date.
- The company has a multi-class voting structure where founders control approximately 93.1% of voting power.
- The company's MaNaDr Clinic Pte. Ltd. had its license to provide outpatient medical services revoked by the Singapore Ministry of Health in December 2024.
- The company completed three reverse stock splits during the reporting period (February 2025, September 2025, and June 2026) to maintain Nasdaq listing requirements.
- As of June 30, 2026, the company had 1,079,569 Class A and 305,947 Class B ordinary shares outstanding.
Financial Impact
Net loss of $3.2 million on $7.7 million revenue, with negative operating cash flow of $1.5 million. Going concern risk noted by auditors.
Risk Factors
- Going concern risk with substantial doubt about ability to continue operations
- Regulatory risk from Singapore Ministry of Health actions, including license revocation for MaNaDr Clinic
- Nasdaq delisting risk given $4M market cap and history of reverse stock splits
- Extreme dilution risk from ongoing ATM and SEPA equity issuances
- Founder control of 93.1% voting power limits minority shareholder influence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-049341 |
| Exhibit: ex3-1.htm | 0001493152-26-049341 |
| Exhibit: ex12-2.htm | 0001493152-26-049341 |
| Exhibit: ex12-1.htm | 0001493152-26-049341 |
| Exhibit: ex13-2.htm | 0001493152-26-049341 |
| Exhibit: ex13-1.htm | 0001493152-26-049341 |
| Exhibit: ex23-1.htm | 0001493152-26-049341 |
| Document: 0001493152-26-049341-index-headers.html | 0001493152-26-049341 |
| Document: 0001493152-26-049341-index.html | 0001493152-26-049341 |
| Document: 0001493152-26-049341.txt | 0001493152-26-049341 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 20-F | $0.9480 | awaiting T+60 | awaiting T+60 | $0.9770 (−3.06%) |
Sep 24, 2026 5w ago | 6-K | $1.36 | awaiting T+60 | awaiting T+60 | $0.9770 (−28.16%) |
Aug 18, 2026 10w ago | 6-K | $1.71 | awaiting T+60 | awaiting T+60 | $0.9770 (+42.87%) |
Aug 12, 2026 11w ago | 6-K | $1.72 | awaiting T+60 | awaiting T+60 | $0.9770 (−43.20%) |
Jun 9, 2026 20w ago | 6-K | $0.6981 $0.2550 | ▲ +63.47% | ▲ +68.37% | $0.9770 (−39.95%) |
May 18, 2026 23w ago | 6-K | $5.70 $1.72 | ▲ +69.82% | ▲ +74.68% | $0.9770 (+82.86%) |
May 13, 2026 24w ago | 6-K | $6.12 $1.77 | ▼ −71.08% | ▼ −75.52% | $0.9770 (−84.04%) |
May 5, 2026 25w ago | EFFECT | $6.48 $1.72 | ▲ +73.46% | ▲ +76.20% | $0.9770 (+84.92%) |
May 4, 2026 25w ago | 6-K | $7.20 $1.45 | ▼ −79.86% | ▼ −81.72% | $0.9770 (−86.43%) |
Apr 28, 2026 26w ago | 6-K | $4.73 $2.63 | ▼ −44.44% | ▼ −48.43% | $0.9770 (−79.36%) |
US Market Status
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