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DelphX Capital Markets Inc (TSE:DELX)
:DELX

DelphX Capital Markets (DELX) AI Stock Analysis

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TSE:DELX

DelphX Capital Markets

(DELX)

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Neutral 45 (OpenAI - 5.2)
Rating:45Neutral
Price Target:
C$0.06
▲(18.00% Upside)
The score is held down primarily by very weak financial performance (persistent losses, negative cash flow, and negative equity), which outweighs the positive technical trend. Valuation remains unattractive/unclear with a negative P/E driven by losses, and the stock also shows overbought momentum risk (high RSI).
Positive Factors
Niche credit-risk mitigation focus
A focused product set around credit-risk mitigation and structured instruments targets a persistent institutional need to manage credit exposure. That specialization can create durable client relationships and differentiated capabilities versus generalist fintechs, aiding long-term market positioning.
Zero reported debt
Absence of reported debt reduces refinancing and interest-rate vulnerability, preserving financial flexibility. For a cash-burning fintech, low leverage is a durable structural strength that eases short-term liquidity pressures and reduces compulsory interest expenses.
Improving cash-flow trend
A recent improvement in free cash flow, while still negative, indicates operating adjustments or cost control beginning to take effect. Sustained improvement over several quarters would materially reduce funding needs and signal progressing operational stability.
Negative Factors
Deeply negative shareholders' equity
Persistently negative equity erodes the capital cushion needed to absorb losses and can constrain counterparty trust, regulatory headroom and strategic options. This structural balance-sheet weakness increases insolvency risk and limits ability to scale or withstand shocks.
Persistent cash burn
Multi-year negative operating and free cash flow necessitate recurring external financing. Ongoing cash burn undermines self-sufficiency, risks dilutive capital raises or asset sales, and restricts durable investment in product development and institutional sales.
Near-zero revenue and large net losses
Lack of recurring revenue and sizable net losses point to weak commercial traction and poor operating leverage. Without structural revenue growth, margins cannot normalize and long-term profitability is unlikely, threatening the company's viability absent a clear revenue recovery plan.

DelphX Capital Markets (DELX) vs. iShares MSCI Canada ETF (EWC)

DelphX Capital Markets Business Overview & Revenue Model

Company DescriptionDelphX Capital Markets Inc. operates as a technology and financial services company in the United States and Canada. The company develops and operates a global facility for transparent offering, purchase, sale, collection, and storage of various fixed income securities and derivatives, as well as to manage data, research, analytics, and valuations of instruments. The company was founded in 2011 and is headquartered in Toronto, Canada.
How the Company Makes MoneyDelphX Capital Markets generates revenue primarily through the provision of its financial products and services, which are designed to improve credit market operations. The company earns money by charging fees for the creation and management of its proprietary securities and risk management instruments. These products are targeted at institutional investors seeking to hedge credit risk and enhance yield. Additionally, DelphX may engage in strategic partnerships with financial institutions to broaden the reach and adoption of its offerings, thereby contributing to its revenue growth. The company's earnings are influenced by market demand for credit risk management solutions and the overall performance of the capital markets.

DelphX Capital Markets Financial Statement Overview

Summary
Financials are very weak: TTM revenue is negative and the company posts large, persistent net losses with recurring operating/free-cash-flow burn. Balance sheet risk is elevated due to deeply negative shareholders’ equity despite reported zero debt, implying a thin capital cushion and ongoing funding needs.
Income Statement
6
Very Negative
TTM (Trailing-Twelve-Months) shows negative revenue (-4.5K) and a large net loss (-2.34M), with profitability distorted by the near-zero revenue base. Annual results also show persistent losses (net loss of -4.77M in 2024 vs. -2.04M in 2023), indicating weak earnings power and limited operating leverage. Strength is limited mainly to the fact that losses narrowed in TTM versus 2024, but overall profitability and revenue consistency remain very weak.
Balance Sheet
18
Very Negative
The company reports zero debt in the most recent periods, which reduces refinancing and interest-rate risk. However, shareholders’ equity is deeply negative (TTM equity of about -2.30M; -2.59M in 2024), which is a major balance-sheet weakness and suggests a thin capital cushion. Total assets are small (~156K TTM), limiting financial flexibility; overall solvency risk remains elevated despite low leverage.
Cash Flow
10
Very Negative
Cash generation is consistently negative, with TTM (Trailing-Twelve-Months) operating cash flow and free cash flow both at about -1.86M (also negative across prior years, e.g., -2.12M in 2024). Cash burn improved modestly in TTM versus 2024, but the multi-year pattern shows ongoing funding needs and limited self-sustainability. The main positive is that free cash flow moved in the right direction recently, but it remains materially negative.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue-4.53K0.000.000.000.000.00
Gross Profit-4.53K0.000.000.000.000.00
EBITDA-2.33M-4.76M-2.03M-4.51M-3.04M-2.32M
Net Income-2.34M-4.77M-2.04M-4.67M-3.25M-2.62M
Balance Sheet
Total Assets156.52K160.89K237.08K475.19K1.81M545.92K
Cash, Cash Equivalents and Short-Term Investments76.31K54.26K136.17K263.57K1.47M181.71K
Total Debt0.000.000.000.00183.51K1.03M
Total Liabilities2.45M2.75M2.60M3.37M2.83M4.64M
Stockholders Equity-2.30M-2.59M-2.37M-2.89M-1.03M-4.10M
Cash Flow
Free Cash Flow-1.86M-2.12M-2.01M-3.36M-1.40M-645.14K
Operating Cash Flow-1.86M-2.12M-2.01M-3.36M-1.40M-645.14K
Investing Cash Flow0.000.000.000.000.0027.50K
Financing Cash Flow1.85M2.24M1.79M2.04M2.66M486.66K

DelphX Capital Markets Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.05
Price Trends
50DMA
0.05
Positive
100DMA
0.05
Positive
200DMA
0.06
Positive
Market Momentum
MACD
<0.01
Negative
RSI
57.03
Neutral
STOCH
42.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DELX, the sentiment is Positive. The current price of 0.05 is below the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.05, and below the 200-day MA of 0.06, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.03 is Neutral, neither overbought nor oversold. The STOCH value of 42.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DELX.

DelphX Capital Markets Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
65
Neutral
C$15.05B-2.77%-121.84%
52
Neutral
C$22.76M-1.63-63.28%36.80%9.34%
52
Neutral
$53.58M-5.02-10.10%39.64%-70.96%
45
Neutral
C$12.91M-4.8851.76%
45
Neutral
C$86.46M-2.96-90.12%972.76%-192.94%
44
Neutral
C$7.66M-2.41-66.57%-51.53%3.62%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:DELX
DelphX Capital Markets
0.06
-0.07
-53.13%
TSE:DEFI
DeFi Technologies
0.83
0.00
0.00%
TSE:BIGG
BIGG Digital Assets
0.07
-0.10
-60.61%
TSE:GLXY
Galaxy Digital
38.50
10.48
37.40%
TSE:DMGI
DMG Blockchain Solutions
0.26
-0.08
-24.64%
TSE:FRNT
FRNT Financial, Inc.
0.18
-0.28
-60.87%

DelphX Capital Markets Corporate Events

Business Operations and StrategyPrivate Placements and Financing
DelphX Raises C$150,000 in Insider-Led Private Placement for Working Capital
Positive
Jan 30, 2026

DelphX Capital Markets Inc. has closed a non-brokered private placement of 3,000,000 units at C$0.05 per unit, raising gross proceeds of C$150,000, with each unit consisting of one common share and one warrant exercisable at C$0.08 for two years. The financing, which was fully subscribed by an insider and classified as a related-party transaction under securities regulations, relied on exemptions from formal valuation and minority approval requirements and remains subject to TSX Venture Exchange approval; the securities are subject to a four-month-plus-one-day hold period, and the company plans to use the proceeds for working capital and corporate overhead, modestly strengthening its balance sheet as it advances its structured products platform.

The most recent analyst rating on (TSE:DELX) stock is a Hold with a C$0.07 price target. To see the full list of analyst forecasts on DelphX Capital Markets stock, see the TSE:DELX Stock Forecast page.

Private Placements and Financing
DelphX Launches Non-Brokered Private Placement to Raise C$150,000
Positive
Jan 23, 2026

DelphX Capital Markets Inc. plans to conduct a non-brokered private placement of up to 3,000,000 units at C$0.05 per unit to raise gross proceeds of C$150,000, with each unit comprising one common share and one warrant exercisable at C$0.08 for two years. The financing, which is subject to TSX Venture Exchange approval and includes a standard four-month-plus-one-day hold period on the securities, is intended to fund working capital and corporate overhead and may include participation by company insiders, signaling a modest capital injection to support ongoing operations and product development within its structured products platform.

The most recent analyst rating on (TSE:DELX) stock is a Hold with a C$0.04 price target. To see the full list of analyst forecasts on DelphX Capital Markets stock, see the TSE:DELX Stock Forecast page.

Business Operations and StrategyExecutive/Board ChangesProduct-Related Announcements
DelphX Signs LOI for First Quantem Crypto Security Deal, Announces CFO Change and Option Grant
Positive
Dec 29, 2025

DelphX Capital Markets has signed a non-binding letter of intent with Belgravia Hartford Capital to pursue what is expected to be the first commercial transaction of its Quantem Crypto Security, a collateralized put option aimed at protecting corporate Bitcoin treasury reserves, while Belgravia is also expected to advise on program documentation, compliance and onboarding ahead of the product’s launch. The company is simultaneously managing a leadership change as former CFO Bill Hahn departs and past CFO Simon Selkrig returns to the role from January 1, 2026, and has granted 2,875,000 stock options with a two-year term at an exercise price of $0.08, signalling ongoing efforts to advance its strategic initiatives and align management and participants with shareholder interests.

Business Operations and StrategyPrivate Placements and Financing
DelphX Raises C$50,000 in Non-Brokered Private Placement to Support Operations
Positive
Dec 23, 2025

DelphX Capital Markets Inc. has closed a non-brokered private placement, issuing 1,250,000 units at C$0.04 per unit for gross proceeds of C$50,000, with each unit comprising one common share and one warrant exercisable at C$0.06 for two years. The financing, which remains subject to TSX Venture Exchange approval and includes a four‑month plus one day hold period on the securities, will fund working capital and corporate overhead, modestly strengthening DelphX’s balance sheet as it advances its structured products platform for institutional and crypto-linked fixed-income markets.

Business Operations and StrategyPrivate Placements and Financing
DelphX Launches C$50,000 Non-Brokered Private Placement for Working Capital
Neutral
Dec 19, 2025

DelphX Capital Markets Inc. plans to raise C$50,000 through a non-brokered private placement of 1,250,000 units priced at C$0.04 per unit, each consisting of one common share and one warrant exercisable at C$0.06 for two years. The financing, which remains subject to TSX Venture Exchange approval and will be subject to a standard four-month-plus-one-day hold period, is earmarked for working capital and corporate overhead, providing modest but important funding support as the company advances its structured products platform for fixed income and cryptocurrency-linked securities.

Business Operations and StrategyPrivate Placements and Financing
DelphX Capital Markets Announces Private Placement and Warrant Extension
Neutral
Nov 27, 2025

DelphX Capital Markets Inc. has announced a non-brokered private placement of 2,800,000 units at C$0.04 per unit, aiming to raise C$112,000. The offering includes common shares and purchase warrants, with proceeds intended for general corporate purposes. Additionally, DelphX seeks to extend the exercise period of existing share purchase warrants by one year, subject to TSX Venture Exchange approval. This move is part of DelphX’s strategy to enhance its financial flexibility and strengthen its market position in structured financial products.

Business Operations and StrategyProduct-Related Announcements
DelphX Advances QCS Hedging Program Amid Crypto Volatility
Positive
Nov 18, 2025

DelphX Capital Markets Inc. has announced an update on its Quantem Crypto Securities (QCS) hedging program, highlighting its importance in the volatile digital-asset sector. The company reports that a U.S. primary dealer is evaluating a proof-of-concept collaboration to integrate QCS into its digital-asset infrastructure, with multiple digital-asset treasuries also conducting due diligence. This development could significantly advance the commercialization of QCS, offering institutional-grade hedging solutions that enhance volatility control and capital preservation for digital-asset treasuries and corporate holders.

Private Placements and Financing
DelphX Capital Markets Announces Private Placement to Boost Financial Position
Positive
Nov 12, 2025

DelphX Capital Markets Inc. has announced a non-brokered private placement of 1,200,000 units at a subscription price of C$0.05 per unit, aiming to raise gross proceeds of C$60,000. The offering, which includes common shares and purchase warrants, is subject to TSX Venture Exchange approval and will support general corporate purposes. This move reflects DelphX’s ongoing efforts to enhance its financial positioning and expand its innovative product offerings in the structured products market.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 29, 2026