Therma Bright (THRM) AI Stock Analysis

• Market Cap: C$3.77M
• Dividend Yield: N/A
• Average Volume (3M): 50.06K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.02
• 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: 44 Neutral
• Price Target: C$0.05 ▼(-11.67% Downside)

The score is driven primarily by weak financial performance (tiny revenue base, persistent losses, negative equity, and ongoing cash burn). Technicals are mixed with only a modest short-term improvement versus a still-weak longer-term trend, while valuation is constrained by negative earnings and no provided dividend yield.

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

Therma Bright faces significant financial challenges, with ongoing profitability and liquidity issues despite revenue growth and a stable balance sheet.

Income Statement

Therma Bright has experienced fluctuating revenue growth, with a notable increase in TTM (Trailing-Twelve-Months). However, the company remains unprofitable with negative net profit margins, EBIT, and EBITDA margins consistently over the years, indicating ongoing operational challenges.

Balance Sheet

The company's balance sheet shows moderate leverage with a low debt-to-equity ratio. However, the return on equity is negative due to persistent losses. The equity ratio has improved, indicating better asset financing through equity rather than debt.

Cash Flow

Therma Bright's cash flow statement shows negative free cash flow and operating cash flow, highlighting liquidity issues. While there is some improvement in operating cash flow to net income ratio, the free cash flow to net income ratio remains weak.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Neutral
• Last Price: 0.06
• 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 TSE:THRM, the sentiment is Neutral. The current price of 0.06 is above the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.06, and below the 200-day MA of 0.09, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.96 is Neutral, neither overbought nor oversold. The STOCH value of 80.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$439.49M	-6.21	-127.60%	―	72.03%	-1.47%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PINK	46 Neutral	C$36.16M	-1.67	-181.70%	―	209.29%	35.38%
TLT	45 Neutral	C$73.26M	-14.57	-269.41%	―	1.46%	6.91%
THRM	44 Neutral	C$3.77M	-0.88	-9999.00%	―	207.90%	-23.09%
ASTI	42 Neutral	C$413.99K	-0.50	―	―	-57.16%	2.93%

Therma Bright Corporate Events

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.