Therma Bright (THRM) AI Stock Analysis

• Market Cap: C$3.19M
• Dividend Yield: N/A
• Average Volume (3M): 50.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: 207.90%
• EPS Growth: -23.09%
• Country: CA
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): >-0.01
• Shares Outstanding: 58,002,876
• 10 Day Avg. Volume: 51,225
• 30 Day Avg. Volume: 50,057
• PEG Ratio: >-0.01
• Price to Book (P/B): -2.51
• Price to Sales (P/S): 48.92
• P/FCF Ratio: -26.80
• 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: 48 Neutral
• Price Target: C$0.05 ▼(-10.00% Downside)
• Action: Reiterated Date: 01/21/26
• Date: Action: Reiterated 01/21/26

The score is primarily weighed down by weak financial performance—tiny revenue scale, ongoing large losses, negative equity, and continued cash burn. Technicals are a relative positive with the price trading above key moving averages and a positive MACD, but valuation remains constrained by unprofitability and no indicated dividend support.

Positive Factors

Recurring consumables revenue potential

Therma Bright's business model includes device sales plus consumable diagnostic test products with potential recurring reorders. Durable recurring revenue from consumables can increase customer stickiness, improve predictable cash flows and lift lifetime margins as scale is achieved.

Positive unit-level gross margin

A roughly 33% TTM gross margin indicates the company's products can produce positive unit economics. If revenue scales, this margin offers a path to absorb fixed costs and improve operating leverage, making profitability attainable over a multi-quarter horizon.

Low reported financial leverage

Very low reported debt reduces near-term solvency and interest burden risk, giving management time to execute commercialization or financing plans. Lower leverage preserves flexibility for strategic investments or rightsized capital raises.

Negative Factors

Tiny and declining revenue scale

TTM revenue of roughly $75k and a 6.3% decline signals the company lacks commercial scale and market traction. Low sales volume undermines the ability to cover fixed costs, validate products broadly, and fund necessary sales, regulatory or manufacturing investments.

Persistent deep unprofitability

A sustained net margin near -55% shows the business burns cash on current operations. Large recurring losses erode capital, limit reinvestment, and make long-term sustainability dependent on rapid scale-up or repeated external financing, raising dilution and execution risk.

Negative equity and ongoing cash burn

Negative shareholders' equity reflects cumulative losses and weak capitalization, while negative operating and free cash flow mean the company cannot self-fund operations. This structural funding gap forces dependence on external capital, increasing insolvency and dilution risk.

Therma Bright Business Overview & Revenue Model

Company Description

Therma Bright Inc. engages in the development and sale of rapid COVID testing products, medical devices for pain management, devices to improve circulation, and devices for the cosmeceutical industry. The company's products include AcuVid, an antigen and antibody rapid screening test for COVID-19; InterceptCS, a cold sore prevention system, which provides controlled topical heat without the risk of burning the skin; Benepod, a hot and cold contrast therapy device for pain relief without pain relieving medication; Venowave, a medical compression pump designed to treat and alleviate the symptoms associated with poor circulation; and TherOZap, a thermal therapy insect device that reduces the inflammatory response, as well as relieves the symptoms of pain, itching, and inflammation associated with insect bites and stings. It serves consumers and medical professionals. The company was formerly known as The Jenex Corporation and changed its name to Therma Bright Inc. in February 2018. Therma Bright Inc. was incorporated in 2001 and is based in Toronto, Canada.

How the Company Makes Money

Therma Bright generates revenue through the sale of its proprietary medical devices and wellness products. The company primarily earns income from direct sales to healthcare providers, hospitals, and retail channels. Additionally, Therma Bright may engage in licensing agreements or partnerships that enable it to expand its market reach and product offerings. Revenue is further supported by ongoing research and development efforts that may lead to new products and enhancements, thereby attracting more customers and increasing sales. Strategic alliances with other healthcare companies or distributors can also contribute to boosting revenue through expanded distribution networks and shared resources.

Therma Bright Financial Statement Overview

Summary

Very small and declining TTM revenue (~$75k, -6.3%) with persistent deep losses (net margin ~-55%). Balance sheet shows low reported debt (~$40k) but negative shareholders’ equity, and cash flow remains negative (TTM OCF/FCF about -$169k/-$131k) despite some improvement in burn.

Income Statement

TTM (Trailing-Twelve-Months) revenue remains very small (~$75k) and declined (-6.3%), and the business is still deeply unprofitable with large losses (net margin ~-55%). Gross margin is positive in TTM (~33%), but profitability has not stabilized across years (including periods of negative gross profit), pointing to inconsistent unit economics and/or heavy fixed costs relative to scale.

Balance Sheet

Reported debt is low (~$40k in the latest periods), which reduces near-term leverage risk. However, shareholders’ equity is negative in the latest two reports, which is a major balance-sheet weakness and limits financial flexibility. Total assets are also relatively small, and the equity deterioration signals continued accumulated losses and potential funding pressure.

Cash Flow

Cash generation remains weak: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both negative (about -$169k and -$131k). While cash burn has improved versus earlier years (less negative than prior periods), the company is still not self-funding and will likely rely on external capital if losses persist.

Breakdown	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	80.27K	26.07K	23.90K	139.43K	3.88K
Gross Profit	-36.93K	25.46K	23.90K	63.48K	3.88K
EBITDA	-4.25M	-2.34M	-3.68M	-5.83M	-8.55M
Net Income	-4.34M	-2.45M	-3.77M	-5.88M	-8.61M
Balance Sheet
Total Assets	248.69K	3.19M	2.21M	4.00M	2.24M
Cash, Cash Equivalents and Short-Term Investments	38.07K	1.10K	182.24K	3.08M	1.78M
Total Debt	40.00K	65.39K	90.39K	110.55K	40.00K
Total Liabilities	1.81M	1.87M	2.16M	1.25M	927.12K
Stockholders Equity	-1.57M	1.32M	44.79K	2.75M	1.32M
Cash Flow
Free Cash Flow	-146.53K	-1.01M	-2.44M	-3.80M	-3.16M
Operating Cash Flow	-146.53K	-1.01M	-2.17M	-3.80M	-2.86M
Investing Cash Flow	0.00	-138.26K	-691.08K	-204.93K	-300.00K
Financing Cash Flow	146.90K	966.40K	-33.60K	5.31M	3.87M

Therma Bright Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.06
• 50DMA: Negative
• 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 TSE:THRM, the sentiment is Negative. The current price of 0.06 is above the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.97 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:THRM.

Therma Bright Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRN	55 Neutral	C$365.46M	-5.39	-127.60%	―	72.03%	-1.47%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
THRM	48 Neutral	C$3.19M	-0.76	-9999.00%	―	207.90%	-23.09%
TLT	46 Neutral	C$74.55M	-16.57	-269.41%	―	1.46%	6.91%
PINK	42 Neutral	C$46.66M	-1.76	-181.70%	―	209.29%	35.38%
ASTI	41 Neutral	C$275.99K	-0.24	―	―	-57.16%	2.93%

Therma Bright Corporate Events

Therma Bright Portfolio Firm Inretio Hits Key Milestone in Stroke Device Trial

Therma Bright reported that its portfolio company Inretio has successfully completed the first cohort of its First-in-Human study for the PREVA Neuro-Thrombectomy System, with a positive review from the Data Safety Monitoring Board clearing the way for continued patient enrollment. The clinical data will underpin an application for a U.S. Investigational Device Exemption, with Inretio targeting a multi-center pivotal trial that could conclude within two years.

To support this next phase, Inretio is upgrading manufacturing facilities, integrating process enhancements to meet anticipated pivotal trial demand, and pursuing a capital raise to fund regulatory work, clinical operations, and scaling. Therma Bright positions the PREVA system as addressing a large and growing ischemic stroke market, underscored by rising global incidence and aging demographics, signaling potential long-term value for stakeholders if commercialization milestones are achieved.

The most recent analyst rating on (TSE:THRM) stock is a Sell with a C$0.05 price target. To see the full list of analyst forecasts on Therma Bright stock, see the TSE:THRM Stock Forecast page.

Therma Bright Secures Follow-On Venowave Order as Compression Therapy Demand Rises

Therma Bright has received a follow-on order for 200 additional Venowave VW5 units from its Texas-based distributor Gen-X Med, expanding their partnership after a successful initial rollout in the U.S. orthopedic market. The units will be deployed primarily for post-surgical knee recovery, underscoring rising clinical demand for mobile, at-home compression therapy solutions and positioning Venowave—currently the only Medicare-reimbursable mobile mechanical compression system in the U.S.—to benefit from broader adoption as the global compression therapy market grows, driven by aging demographics, more orthopedic procedures and increased focus on preventing circulatory disorders.

The most recent analyst rating on (TSE:THRM) stock is a Sell with a C$0.06 price target. To see the full list of analyst forecasts on Therma Bright stock, see the TSE:THRM Stock Forecast page.

Therma Bright Investee InStatin Pivots to COPD Lead Program and Advances Inhaled Statin Pipeline

Therma Bright’s investee company InStatin has sharpened its strategic focus by designating COPD as its lead indication for its inhaled statin platform, while keeping asthma in its development plans, supported by promising preclinical data for its new lead molecule INS-102, which shows improved lung residence time and pharmacokinetics. The biotech has bolstered its leadership and advisory bench with seasoned pulmonary drug development experts, advanced clinical and CMC planning including prospective work with Kindeva on inhalation formulations, expanded its intellectual property portfolio, and is actively seeking US$35 million in 2026 to fund proof-of-concept clinical trials, positioning the program for greater visibility and potential value creation for Therma Bright and other stakeholders.