LUDG · Ludwig Enterprises, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | $207 | - | $13.0K | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | $80.3K | $71.6K | $74.2K | - | $172.0K | - | - | - | $220.6K |
| SG&A | - | $291.0K | $509.6K | $365.6K | - | $161.1K | $273.8K | - | - | - |
| Total Operating Expenses | - | $354.7K | $301.3K | $365.6K | - | - | - | - | - | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | - | ($371.4K) | ($585.6K) | ($524.9K) | - | ($491.6K) | ($257.9K) | $411.2K | - | $195.6K |
| Interest Expense | - | $16.8K | $14.2K | $7.6K | - | $16.8K | $2.6K | $7.6K | - | $2.6K |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | - | $31.3K | ($649.4K) | ($540.9K) | - | ($885.9K) | ($364.2K) | ($1.61M) | - | ($447.5K) |
| EPS - Basic | - | $0.00 | $0.00 | ($0.01) | - | ($0.01) | $0.00 | - | - | - |
| EPS - Diluted | - | $0.00 | $0.00 | ($0.01) | - | $0.00 | $0.00 | - | - | - |
Balance Sheet
| Line item | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $0 | $3.3K | $142.5K | $16.6K | $217 | $43.4K | $85.8K | $345.5K | $108.3K | $4.7K |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | $4.5K | $4.5K | $3.0K | $3.0K | $3.0K | - | - | - | $3.0K | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $238.4K | $252.8K | $400.7K | $252.9K | $197.6K | $136.9K | $246.2K | $349.6K | $112.5K | $516.2K |
| Total Assets | $247.5K | $261.6K | $401.3K | $252.9K | $197.6K | $136.9K | $246.2K | $349.6K | $112.5K | $10.8K |
| Current Liabilities | $4.64M | $3.57M | $3.80M | $3.01M | $2.58M | $2.47M | $2.26M | $2.00M | $1.57M | $1.36M |
| Long-term Debt | - | - | - | - | - | - | - | $405.0K | $100.0K | $1.23M |
| Total Liabilities | $4.64M | $3.57M | $3.80M | $3.01M | $2.58M | $2.47M | $2.26M | $2.00M | $1.57M | - |
| Stockholders' Equity | ($4.39M) | ($3.31M) | ($3.40M) | ($2.75M) | ($2.38M) | ($2.33M) | ($2.01M) | ($1.65M) | ($1.46M) | ($826.2K) |
| Retained Earnings | ($9.50M) | ($8.42M) | ($8.45M) | ($7.80M) | ($7.26M) | ($7.10M) | ($6.22M) | ($5.85M) | ($4.24M) | ($3.79M) |
Cash Flow
| Line item | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | - | ($89.6K) | - | - | - | ($102.9K) | - | - |
| Investing Cash Flow | - | - | - | - | - | - | - | - | - | - |
| Financing Cash Flow | - | - | - | $99.4K | - | - | - | $340.0K | - | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | -237468.6% | - | 3151.4% | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | -427991.3% | - | -12346.7% | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | 83114.5% | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | 77812.6% | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | - | 11.9% | -161.8% | -213.9% | - | -647.3% | -147.9% | -460.8% | - | -4156.7% |
| Return on equity | - | -0.9% | 19.1% | 19.7% | - | 38.0% | 18.1% | 97.8% | - | 54.2% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.05 | 0.07 | 0.11 | 0.08 | 0.08 | 0.06 | 0.11 | 0.18 | 0.07 | 0.38 |
| Quick ratio | 0.05 | 0.07 | 0.10 | 0.08 | 0.08 | 0.06 | 0.11 | 0.18 | 0.07 | 0.38 |
| Cash ratio | 0.00 | 0.00 | 0.04 | 0.01 | 0.00 | 0.02 | 0.04 | 0.17 | 0.07 | 0.00 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | -0.25 | -0.07 | -1.49 |
| Debt / Assets | - | - | - | - | - | - | - | 1.16 | 0.89 | 114.52 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | -22.1x | -41.4x | -68.8x | - | -29.2x | -99.2x | 53.9x | - | 74.4x |
| Equity multiplier | -0.06 | -0.08 | -0.12 | -0.09 | -0.08 | -0.06 | -0.12 | -0.21 | -0.08 | -0.01 |
| Liabilities / Assets | 18.73 | 13.66 | 9.48 | 11.88 | 13.04 | 18.02 | 9.17 | 5.71 | 14.00 | - |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | 0.00 | - | 0.04 | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | 184770.5x | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | 24.5% | -127.0% | - | - | - | - | - | - | - |
| Net income growth (YoY) | - | - | -78.3% | 66.4% | - | -98.0% | - | - | - | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -84.5% | -42.2% | -69.1% | -67.1% | -62.7% | -181.9% | - | - | - | - |
Peer comparison
Same SIC group: Services-Medical Laboratories
Comparing LUDWIG ENTERPRISES against the 5 most active filers in the same SIC group.