Mobile-health Network Solutions Class A (MNDR) AI Stock Analysis

• Market Cap: $3.60M
• Dividend Yield: N/A
• Average Volume (3M): 5.30M
• Price to Earnings (P/E): ―
• Beta (1Y): -1.08
• Revenue Growth: -44.29%
• EPS Growth: 44.12%
• Country: US
• Employees: 73
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): -0.40
• Shares Outstanding: 2,657,640
• 10 Day Avg. Volume: 15,834,952
• 30 Day Avg. Volume: 5,298,885
• PEG Ratio: 0.01
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.16
• P/FCF Ratio: -0.28
• Enterprise Value/Market Cap: -0.43
• Enterprise Value/Revenue: -0.22
• Enterprise Value/Gross Profit: -3.39
• Enterprise Value/Ebitda: 0.53
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-1.96% Downside)
• Action: Upgraded Date: 03/21/26
• Date: Action: Upgraded 03/21/26

The score is driven primarily by weak financial performance—volatile and declining revenue, heavy losses, and persistent cash burn—partly offset by modest current leverage. Technical indicators are neutral-to-mixed with a short-term rebound but a longer-term downtrend, while valuation support is limited by negative earnings and no dividend yield data.

Positive Factors

Modest leverage

Reported low debt relative to equity in 2024–2025 materially reduces near-term financing distress risk. For a loss-making, turnaround-stage healthtech, modest leverage gives flexibility to support operations or secure strategic investments over the next several months without immediate solvency pressure.

AI-driven margin improvement

First-half FY2026 shows durable operating improvement from AI efficiencies: higher gross margin, lower operating expenses and a narrower net loss. If sustained, AI-enabled automation can structurally lower unit costs and extend runway, improving scalability and reducing future cash burn risk.

Stronger employee alignment

Broadening the equity incentive plan and adding share classes signals a durable push to retain and attract technical and managerial talent. Stronger alignment via equity awards supports execution of product roadmap and AI initiatives, a persistent advantage for scaling a software-enabled healthtech business.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow over multiple years forces reliance on external financing or asset sales. That persistent burn increases dilution and limits the firm's ability to fund growth initiatives, making long-term recovery and investment materially more difficult.

Sharp revenue decline and deep losses

A large, recent revenue drop and recurring deep negative margins undermine business viability and impede operating leverage. This trend weakens unit economics and makes forecasting and durable recovery uncertain without clear, sustained revenue stabilization or new recurring revenue streams.

Strategic pivot and dilution risk from PPG deal

The acquisition of a Malaysian AI data-centre developer represents a material strategic shift from healthtech to infrastructure. Granting a majority stake and planning large capital raises creates execution and dilution risk, and could divert focus and resources from core software and clinical relationships.

Mobile-health Network Solutions Class A Business Overview & Revenue Model

Company Description

Mobile-health Network Solutions, an investment holding company, provides telehealth solutions in Singapore. The company operates in two segments, Telemedicine and Other Services, and Sale of Medicine and Medical Devices. It offers MaNaDr platform, a 360-degree healthcare ecosystem, which connects users and service providers through the range of healthcare services and product offerings that can be accessed through the mobile application and website. The company also provides a range of primary healthcare services, including general medical consultations, treatment and management of acute and chronic conditions in adults and children, vaccinations, and health screenings for work permit applications, as well as pre-employment health screening, children's health services, geriatric care services, and minor surgical procedures. In addition, it offers healthcare and wellness-related products through its online e-commerce platform; wholesale distribution of pharmaceutical products to clinics; and MaNaCare, a platform that provides a range of corporate healthcare and wellness services, including GP, specialist and allied healthcare panel services, tele-consultation services, in-person clinics, on-site health screening, and online marketplace and forum, as well as wellness programs to corporate customers. Further, the company develops IT systems on mobile phone and web portals; operates pharmacies, clinics, and drug stores; and offers beauty and other personal care services, as well as other general medical and health services. The company was founded in 2009 and is headquartered in Singapore.

How the Company Makes Money

Publicly available, company-specific detail sufficient to describe Mobile-health Network Solutions Class A (MNDR)’s exact revenue model and key revenue streams (e.g., subscription fees, per-visit telehealth fees, software licensing, transaction/processing fees, enterprise/provider contracts, advertising, device sales, or other service revenues), as well as any material partnerships driving monetization, is null.

Mobile-health Network Solutions Class A Financial Statement Overview

Summary

Income statement and cash flow are the primary weaknesses: sharp revenue decline in 2025, persistent deep losses with negative margins, and sustained negative operating/free cash flow (notable cash burn in 2025). Balance sheet leverage is currently modest, but historically unstable equity and ongoing losses keep overall financial risk elevated.

Income Statement

Profitability is weak and volatile. In 2025 (annual), revenue fell sharply (-40.58%) and the company remained deeply unprofitable, with negative gross profit and a net margin around -44%. 2024 showed much higher revenue but extremely heavy losses (net margin about -112%), indicating significant cost pressure or one-time items. While 2022 briefly showed modest profitability, results reverted to consistent losses in 2023–2025, limiting earnings quality and visibility.

Balance Sheet

Leverage appears modest in the most recent periods, with total debt low relative to equity in 2024–2025 (debt-to-equity near ~0.10–0.12), which reduces near-term balance-sheet risk. However, equity has been unstable historically (negative equity in 2021 and 2023), and returns on equity are strongly negative in 2024–2025 due to large net losses. Overall, the capital structure is currently less levered, but balance-sheet quality is weakened by inconsistent equity levels and ongoing losses.

Cash Flow

Cash generation is a key concern. Operating cash flow and free cash flow are negative across 2023–2025, with 2025 showing sizable cash burn (operating cash flow about -$3.29M; free cash flow about -$3.34M). 2022 was positive, but the business has since reverted to sustained outflows, implying reliance on external funding or balance-sheet liquidity to support operations. While free cash flow tracks net income closely (both negative), the persistent burn heightens financing and dilution risk.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	5.77M	13.97M	7.87M	6.99M	1.92M
Gross Profit	-660.98K	2.54M	-1.02M	594.99K	-200.45K
EBITDA	-2.42M	-15.55M	-3.19M	280.76K	-429.19K
Net Income	-2.55M	-15.60M	-2.35M	68.16K	-460.15K
Balance Sheet
Total Assets	3.49M	7.95M	2.54M	7.73M	693.92K
Cash, Cash Equivalents and Short-Term Investments	811.92K	6.77M	2.23M	7.36M	121.39K
Total Debt	243.87K	411.38K	422.70K	59.12K	60.79K
Total Liabilities	1.44M	3.81M	2.82M	1.67M	5.18M
Stockholders Equity	2.05M	4.14M	-271.32K	8.44M	-4.48M
Cash Flow
Free Cash Flow	-3.34M	-6.54M	-1.78M	706.25K	-478.84K
Operating Cash Flow	-3.29M	-6.41M	-1.65M	717.44K	-475.05K
Investing Cash Flow	-1.84M	-134.21K	-186.00K	-15.21K	-3.78K
Financing Cash Flow	723.85K	10.88M	-5.80M	9.23M	387.59K

Mobile-health Network Solutions Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.02
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNDR, the sentiment is Positive. The current price of 1.02 is above the 20-day moving average (MA) of 0.92, above the 50-day MA of 1.01, and below the 200-day MA of 3.13, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 66.98 is Neutral, neither overbought nor oversold. The STOCH value of 76.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MNDR.

Mobile-health Network Solutions Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AMS	51 Neutral	$13.20M	-271.02	-8.75%	―	17.84%	-156.13%
DCGO	50 Neutral	$66.57M	―	>-0.01%	―	-47.03%	-274.41%
MNDR	45 Neutral	$3.60M	-0.56	-99.99%	―	-44.29%	44.12%
CCM	44 Neutral	$16.30M	-0.11	―	―	-22.38%	56.66%
CCEL	43 Neutral	$25.13M	-13.22	15.27%	11.14%	-0.29%	94.56%
PIII	43 Neutral	$20.90M	-0.23	-257.39%	―	-2.15%	-6.72%

Mobile-health Network Solutions Class A Corporate Events

Mobile-health Network Solutions Moves to Acquire Malaysian AI Data Centre Developer PPG in Strategic Shift

On March 15, 2026, Mobile-health Network Solutions signed a non-binding Strategic Cooperation Memorandum of Understanding with the sole shareholder of Malaysia-based PP GRID SDN. BHD. to acquire 100% of PPG and secure a MYR 500 million capital injection for building artificial intelligence-optimized data centres. In return, the PPG shareholder is set to obtain a 65% equity stake in the company while existing founder-shareholders retain voting control through super-voting shares, and the company plans to independently raise at least US$100 million to underscore its financial capacity.

On March 16, 2026, the company executed a definitive Sale and Purchase Agreement to acquire all issued shares of PPG, contingent on customary closing conditions, with the PPG shareholder required to obtain at least a 96.5% interest in IRIX Properties Sdn. Bhd., which owns land in Kuching designated for a 25MW AI-optimized data centre. The US$1.5 million purchase price was satisfied by converting a previously paid refundable deposit, marking a strategic move that could significantly reposition Mobile-health Network Solutions toward owning and operating AI-focused data centre infrastructure in Malaysia and potentially alter its shareholder structure once the transaction is completed.

The most recent analyst rating on (MNDR) stock is a Sell with a $0.80 price target. To see the full list of analyst forecasts on Mobile-health Network Solutions Class A stock, see the MNDR Stock Forecast page.

Mobile-health Network Solutions Narrows H1 FY2026 Loss as AI Efficiencies Lift Margins and Cash

Mobile-health Network Solutions reported its unaudited results for the first six months of fiscal 2026 ended December 31, 2025, highlighting stronger gross margins and a reinforced cash position. The AI healthtech firm, listed on Nasdaq as MNDR, is leveraging technology-driven efficiencies to support an asset-light, software-enabled growth model across its regional markets.

For the half-year, gross margin improved to 20.1 percent from 14.8 percent a year earlier, as cost of revenue fell 13.4 percent and gross profit rose 25.3 percent. Net cash and cash equivalents climbed to $3.48 million from $1.03 million at June 30, 2025, while total operating expenses dropped 29.9 percent to $1.67 million due largely to AI-enabled scheduling, predictive maintenance, and automated workflows.

These measures helped narrow the company’s net loss to $0.86 million, down 48.2 percent from the prior-year period, signaling progress toward more sustainable operations. With net tangible assets of $8.33 million and NTA per share of about $2.39, the results suggest a strengthening balance sheet that could underpin further investment in AI and software products, including its Otter.SG clinic operating system, with implications for improved scalability and service quality for stakeholders.

The most recent analyst rating on (MNDR) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Mobile-health Network Solutions Class A stock, see the MNDR Stock Forecast page.

Mobile-health Network Solutions Expands 2026 Equity Incentive Plan to Include Class B Shares

On February 6, 2026, Mobile-health Network Solutions amended its existing 2025 employee incentive framework to create a 2026 Employee Incentive Plan, adding Class B ordinary shares to the pool of equity available for grants. The plan, approved by the company’s Employee Incentive Plan Committee and detailed in rules adopted and amended since 2023, caps annual issuances at 15% of total outstanding Class A and Class B shares, potentially strengthening long-term alignment with key personnel while introducing additional voting-power considerations through Class B stock.

The 2026 plan formalizes broad eligibility for employees, directors, advisors and consultants, and allows the committee wide discretion over award types, vesting and performance conditions. By expanding the share classes available and reaffirming a sizable but capped equity pool, the company signals an intention to use equity compensation more actively as a retention and performance tool, which could modestly dilute existing shareholders but may enhance its ability to compete for talent in the digital health space.

The most recent analyst rating on (MNDR) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Mobile-health Network Solutions Class A stock, see the MNDR Stock Forecast page.

Mobile-health Network Solutions to Relocate Singapore Headquarters Within Vision Exchange by March 1, 2026

On January 13, 2026, Mobile-health Network Solutions announced that it will relocate the business and mailing address of its principal executive office within the Vision Exchange building in Singapore, moving to 2 Venture Drive, #07-08, effective March 1, 2026. The AI HealthTech platform operator expects that this intra-building move will create a more conducive environment to uphold high standards of service, enhance operational efficiency, and better support its clients and partners, signaling a continued focus on strengthening its infrastructure as it grows its digital health offerings in Southeast Asia and the US.

The most recent analyst rating on (MNDR) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Mobile-health Network Solutions Class A stock, see the MNDR Stock Forecast page.