# DarkHorse Technologies Inc (DRK) · Edgar & Edgarette company card

> DarkHorse Technologies (DRK) saw revenue fall 32.7% in FY2025 to $11 million, operating margin -197% against a -6.4% median for finance services, equity 92.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1591956 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/DRK) · [JSON](https://www.pops4.com/boards/company/DRK.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $11M |
| Revenue growth, 1 year | -32.7% |
| Revenue growth per year | 31.7% |
| Operating margin | -196.8% (prior year -128.9%) |
| Net margin | -192.1% |
| Operating cash flow | −$16M |
| Capital spending | $7M |
| Free cash flow | −$24M |
| Cash | $4M |
| Long-term debt | — |
| Total assets | $25M |
| Total equity | $23M |
| Equity ÷ assets | 92.8% |
| Return on equity | -92.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -196.8% in FY2025; revenue is hard to predict: its 80% range is ±82%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $11.2M (FY2025). Experience: revenue down 32.7% on the year, up 31.7% a year over 4 years; operating margin -196.8%, down from -128.9%. Soundness: equity 92.8% of assets, return on equity -92.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $3.3M and $33.3M next year (method v4.1: its own 4-year record of growth weighed at 50% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $2.8M to $39.2M. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -196.8% against a -6.4% median; growth -32.7% against 16.8%.

Range logged 2026-09-24, receipt 7146b1dd29e33241, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-02-27 ([filing](https://www.sec.gov/Archives/edgar/data/1591956/000106299326001199/0001062993-26-001199-index.htm))
- Item 5.02 Director or officer change: 3, latest 2026-06-03 ([filing](https://www.sec.gov/Archives/edgar/data/1591956/000106299326003037/0001062993-26-003037-index.htm))

## Recent filings

- 8-K · filed 2026-09-17 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1591956/000121390026100953/0001213900-26-100953-index.htm)
- 8-K · filed 2026-09-14 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1591956/000121390026099458/0001213900-26-099458-index.htm)
- 8-K · filed 2026-09-11 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1591956/000121390026099276/0001213900-26-099276-index.htm)
- 8-K · filed 2026-09-08 · 1.01 Entry into a Material Definitive Agreement · [filing](https://www.sec.gov/Archives/edgar/data/1591956/000121390026098043/0001213900-26-098043-index.htm)
- 8-K · filed 2026-08-24 · 5.07 Submission of Matters to a Vote of Security Holders; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1591956/000106299326004571/0001062993-26-004571-index.htm)
- 10-Q · filed 2026-08-14 · [filing](https://www.sec.gov/Archives/edgar/data/1591956/000159195626000021/0001591956-26-000021-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001591956.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1591956

## Cite

POPS4, Edgar & Edgarette: DarkHorse Technologies Inc (DRK) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/DRK. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.