Appulse (APL) AI Stock Analysis

• Market Cap: C$3.50M
• Dividend Yield: N/A
• Average Volume (3M): 210.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: N/A
• EPS Growth: -144.44%
• Country: CA
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): >-0.01
• Shares Outstanding: 14,722,304
• 10 Day Avg. Volume: 100
• 30 Day Avg. Volume: 210
• PEG Ratio: -0.59
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 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: 40 Underperform
• Price Target: C$0.23 ▲(2.73% Upside)

The score is primarily weighed down by weak financial performance (zero revenue, losses, and significant cash burn), with only partial offset from a debt-free balance sheet. Technicals also remain bearish (negative MACD and below longer-term moving averages), while valuation is constrained by negative earnings and no provided dividend yield.

Positive Factors

Conservative, debt-free balance sheet

A zero-debt capital structure materially reduces solvency risk and interest obligations, giving management flexibility. Over 2–6 months this lowers bankruptcy risk and preserves optionality to raise capital or execute restructuring without immediate debt servicing constraints.

Historical profitability and healthy gross margins

Proven prior profitability and ~30%+ gross margins indicate the business once had sustainable unit economics. This historical performance implies the firm can operate profitably if revenue recovery or product demand returns, supporting a credible path back to positive earnings.

Operating in pollution & treatment controls industry

The company operates in pollution and treatment controls, a sector driven by regulatory compliance and environmental investment. Structural demand for remediation and treatment solutions can provide durable addressable markets and recurring project or contract opportunities over medium term.

Negative Factors

Revenue collapsed to zero in 2024

A complete loss of revenue severs the core business engine and undermines customer relationships and sales channels. Over several months this raises existential risk: without restored revenues, fixed costs, supplier ties, and go-to-market capabilities degrade, complicating recovery.

Sharp cash burn and negative operating/free cash flow

Sustained negative operating and free cash flow drains liquidity and shortens runway, forcing external financing or dilution. Over a 2–6 month horizon, cash burn constrains investment in sales, R&D, or working capital, making operational recovery and competitiveness harder to achieve.

Material equity erosion and negative ROE

A halving of equity reduces the capital cushion and limits financial flexibility even with no debt. Negative ROE signals value destruction, undermining investor confidence and making it harder to raise non-dilutive capital or secure favorable terms, impairing longer-term restructuring options.

Appulse Business Overview & Revenue Model

Company Description

Appulse Corporation, through its subsidiaries, sells new and refurbished centrifuge machines and parts in Canada, the United States, and internationally. The company is also involved in the rental of centrifuge equipment; provision of maintenance services, and consulting and design advisory services to industries, as well as machining services for equipment repairs; and manufacture of parts using machining and milling equipment. In addition, it offers value added services, including a balancing service for large equipment, such as centrifuge bowls. The company provides its products and services for food and beverage processing, and environmental applications, as well as serves other industries comprising the oil and gas service, refinery, marine processing, and pharmaceutical industries. Appulse Corporation is based in Calgary, Canada.

How the Company Makes Money

Appulse Financial Statement Overview

Summary

Financial statements indicate severe deterioration: 2024 revenue fell to 0 with a net loss and sharply negative operating/free cash flow, signaling elevated sustainability risk. The balance sheet is conservatively levered with no debt, but equity declined materially and ROE turned negative.

Income Statement

The income statement shows a sharp deterioration: revenue fell to 0 in 2024 (down 100%), and the company swung to a net loss (-145k) after reporting profits in prior years (2020–2023). Earlier periods (2019–2021) showed solid profitability and healthy gross margins (~30%+), but 2022 introduced operating losses and the latest year indicates a major disruption in the core revenue base and earnings power.

Balance Sheet

Leverage appears conservative, with total debt at 0 in 2023–2024 and a debt-to-equity ratio of 0, reducing financial risk. However, equity declined materially from ~8.36M (2023) to ~4.09M (2024), and return on equity turned negative in 2024, signaling value erosion and weaker underlying performance despite a still-positive equity cushion.

Cash Flow

Cash generation weakened significantly: operating cash flow and free cash flow turned sharply negative in 2024 (-582k), reversing 2023’s positive cash flow. While free cash flow generally tracked net income in several years, the 2024 cash burn and negative operating cash flow relative to earnings indicate rising strain on liquidity and reduced self-funding capacity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	10.45M	9.23M	10.46M
Gross Profit	0.00	0.00	0.00	2.76M	2.57M	3.37M
EBITDA	-182.13K	-222.00K	337.47K	318.37K	1.35M	1.70M
Net Income	-68.66K	-145.00K	642.83K	237.54K	742.28K	1.10M
Balance Sheet
Total Assets	4.09M	4.15M	9.00M	10.39M	10.36M	10.00M
Cash, Cash Equivalents and Short-Term Investments	3.23M	3.37M	8.14M	339.47K	374.43K	285.39K
Total Debt	0.00	0.00	0.00	1.80M	1.75M	2.29M
Total Liabilities	43.61K	66.28K	639.28K	3.78M	4.11M	4.49M
Stockholders Equity	4.04M	4.09M	8.36M	6.61M	6.25M	5.51M
Cash Flow
Free Cash Flow	-38.17K	-581.74K	279.77K	-102.75K	683.46K	340.11K
Operating Cash Flow	-38.17K	-581.74K	279.77K	118.58K	916.32K	693.99K
Investing Cash Flow	0.00	0.00	8.88M	-202.86K	-232.86K	-347.86K
Financing Cash Flow	-1.99M	-4.19M	-1.35M	49.32K	-594.42K	-233.93K

Appulse Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.22
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:APL, the sentiment is Positive. The current price of 0.22 is below the 20-day moving average (MA) of 0.22, below the 50-day MA of 0.22, and below the 200-day MA of 0.23, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 98.86 is Negative, neither overbought nor oversold. The STOCH value of 72.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:APL.

Appulse Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
DST	49 Neutral	C$12.84M	-2.07	―	―	-27.49%	-32.97%
RGEN	47 Neutral	C$3.17M	-0.74	―	―	―	―
WATR	45 Neutral	C$4.93M	-2.94	―	―	-68.14%	-209.09%
QST	44 Neutral	C$10.69M	-6.67	-7.42%	―	87.15%	47.74%
ATMO	42 Neutral	C$475.25K	-1.47	―	―	―	19.70%
APL	40 Underperform	C$3.50M	-37.19	-1.36%	―	―	-144.44%

Appulse Corporate Events

Appulse Corporation Reports Financial Results and Strategic Moves for 2025

Appulse Corporation reported a net loss of $70,000 for the nine-month period ending September 30, 2025, compared to a $120,000 loss in the previous year. The company’s financial position is primarily composed of cash equivalents and an escrow receivable from the sale of its subsidiary. Appulse has granted 300,000 options to its directors to purchase common shares, aiming to enhance shareholder value through strategic investments.