The Nasdaq delisting is now effective, and the stock is likely trading on OTC markets with minimal liquidity. The company has no revenue pipeline and is burning cash rapidly. Watch for any update on the Nasdaq Listing and Hearing Review Council appeal, but the probability of reversal appears low. The only potential catalyst would be a material new contract or a rescue financing, neither of which is indicated.
Price Chart
Executive Summary
Platinum Analytics Cayman Ltd (PLTS) reported a catastrophic revenue decline of 91% YoY for the six months ended March 31, 2026, swinging from a net income of $3,157 to a net loss of $3.8 million. The company disclosed a going-concern warning and a subsequent Nasdaq delisting, with trading suspended on September 23, 2026. This filing confirms the company is in a terminal decline with no new contracts signed and no viable path to continued listing.
Key Facts
- Revenue fell 91% YoY to $112,399 for the six months ended March 31, 2026, from $1,212,264 in the prior-year period.
- Net loss of $3,786,858 for the six months ended March 31, 2026, compared to net income of $3,157 in the prior-year period.
- Accumulated deficit reached $14,551,660 as of March 31, 2026.
- Cash balance dropped 90% to $249,983 as of March 31, 2026, from $2,610,933 six months earlier.
- Management concluded there is substantial doubt about the company's ability to continue as a going concern for at least twelve months.
- Nasdaq suspended trading in PLTS shares effective September 23, 2026, after the Panel denied continued listing.
- All previously contracted projects were completed; no new contracts have been signed.
- Operating expenses surged 629% to $4,023,898, driven by a $1.9 million increase in R&D spending and a $1.4 million increase in selling expenses.
- Gross profit margin contracted from 52.7% to 38.5%.
- No new equity or debt financing was raised during the period; the company relied on related-party loans.
Financial Impact
Revenue declined by $1.1 million (91% YoY); net loss of $3.8 million vs. prior-year net income of $3,157; cash burn of $2.36 million in six months; accumulated deficit of $14.6 million.
Risk Factors
- Nasdaq delisting is final; appeal is unlikely to succeed.
- Going-concern risk is acute; cash of $249,983 is insufficient to fund operations.
- No new revenue contracts signed; zero software development revenue in the period.
- Dependence on related-party loans for survival; $370,000 due to CTO matures September 2026.
- Shareholders' equity eroded to $1.6 million from $5.4 million six months earlier.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-045199 |
| Exhibit: ex99-1.htm | 0001493152-26-045199 |
| Document: form6-k.htm | 0001493152-26-045199 |
| Document: 0001493152-26-045199-index-headers.html | 0001493152-26-045199 |
| Document: 0001493152-26-045199-index.html | 0001493152-26-045199 |
| Document: 0001493152-26-045199.txt | 0001493152-26-045199 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 26d ago | 6-K | — | awaiting T+20 | — | — |
Sep 28, 2026 29d ago | 6-K | — | awaiting T+20 | — | — |
Sep 26, 2026 4w ago | Press Release | — | awaiting T+20 | — | — |
Jul 10, 2026 15w ago | Press Release | $17.50 $17.50 | · 0.00% | ▲ +2.43% | — |
Apr 1, 2026 29w ago | 3 | $17.50 $17.50 | · 0.00% | ▼ −9.72% | — |
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