Therma Bright (THRM) AI Stock Analysis

• Market Cap: C$2.90M
• Dividend Yield: N/A
• Average Volume (3M): 50.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.46
• Revenue Growth: 207.90%
• EPS Growth: -23.09%
• Country: CA
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): N/A
• 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 ▼(-16.67% 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

Low Reported Debt

Low reported debt reduces near-term leverage risk and preserves financial flexibility for at least the near term. For a small, cash-burning med‑tech firm, low nominal debt lowers fixed financing costs and makes equity or prepayment financing options more available, supporting runway while management pursues commercialization or partnership milestones.

Positive Gross Margin

A positive TTM gross margin (~33%) indicates that on a per-unit basis the product portfolio can be economically viable. Durable unit-level profitability is a foundational prerequisite to scale: if revenue growth resumes, positive gross margins allow operating leverage to flow to the bottom line rather than being fully absorbed by cost of goods, aiding long‑term margin sustainability.

Consumables Recurring Revenue Potential

The business model includes consumable diagnostic tests that can generate repeat orders. Recurring consumable revenue is a structural advantage in diagnostics: it builds predictable, higher‑margin streams over time, increases customer lifetime value, and smooths volatility from one‑time device sales, supporting durable revenue and margin improvement if adoption grows.

Negative Factors

Tiny and Declining Revenue

Very small and falling revenue (~$75k TTM, -6.3%) severely limits the company’s ability to cover fixed costs and achieve economies of scale. Over a multi‑month horizon this constrains investment in sales, regulatory work, and production scale; absent material new contracts or distribution wins, this is a durable headwind to achieving sustainable profitability.

Negative Shareholders' Equity

Negative shareholders’ equity reflects accumulated losses and a weakened capital base, which limits classical debt financing and increases reliance on dilutive equity or informal funding. Persistently negative equity undermines balance sheet resilience and can restrict partner/customer confidence and regulatory flexibility, creating a lasting constraint on strategic options.

Ongoing Cash Burn

Trailing‑twelve‑month operating and free cash flow remain negative (~-$169k OCF, -$131k FCF), indicating continued cash burn. Even with some improvement, sustained negative cash generation necessitates external capital, limits ability to fund commercial expansion or R&D internally, and raises dilution or financing risk over the next several months.

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 primarily through the sale and distribution of its health-technology products, including temperature screening devices/systems and diagnostic test products, to commercial and institutional customers (e.g., workplaces, healthcare-related buyers, and other organizations implementing screening/testing programs). Key revenue streams are (1) product sales (device and test-kit revenue recognized upon delivery/fulfillment under customer purchase orders) and (2) potential recurring reorder activity for consumable diagnostic test products where applicable. Public, specific details on the company’s revenue breakdown by product line, margins, or the precise contribution of particular partnerships/distribution agreements are not available in the provided context; null.

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: Positive
• RSI: Neutral
• STOCH: Positive

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 0.07, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.90 is Neutral, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
THRM	48 Neutral	C$2.90M	-4.71	-9999.00%	―	207.90%	-23.09%
PRN	46 Neutral	C$253.69M	-5.47	-85.73%	―	72.03%	-1.47%
TLT	46 Neutral	C$75.83M	-11.76	-269.41%	―	1.46%	6.91%
ASTI	46 Neutral	C$413.99K	0.24	4.41%	―	-57.16%	2.93%
PINK	42 Neutral	C$58.64M	-1.50	-181.70%	―	209.29%	35.38%

Therma Bright Corporate Events

Therma Bright Grants 2.85 Million Stock Options to Insiders

Therma Bright Inc., a Toronto-based developer and investment partner in advanced diagnostic and medical device technologies, offers products in vascular health, respiratory diagnostics and topical treatments. The company is publicly traded on the TSX Venture Exchange, OTCQB and Frankfurt Stock Exchange, reflecting its access to both Canadian and international capital markets.

Therma Bright has granted fully vested incentive stock options to directors, officers and certain consultants to purchase up to 2,850,000 common shares at an exercise price of $0.07 per share. The options, exercisable over two years and subject to a TSXV hold period until mid-July 2026, form part of the company’s 10% rolling stock option plan and are intended to align insiders’ interests with shareholders and support talent retention.

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 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.