Kardigan, Inc. (KARD) Balance Sheet
KARD balance sheet, 2025
December 31, 2025 · U.S. dollars$390.9M assets = $641.3M liabilities + −$250.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$250.3M).
Both columns are drawn to the same scale: what KARD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KARD financial health
Descriptive bands, not a rating. Fiscal 2025.
KARD balance sheet trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $63.5M2024 | $390.9M2025 | +515.4%/yr | |
| Total liabilities | $146.7M2024 | $641.3M2025 | +337.1%/yr | |
| Shareholders’ equity | −$83.2M2024 | −$250.3M2025 | — | |
| Cash & short-term investments | $49.4M2024 | $335.5M2025 | +579.1%/yr | |
| Working capital | $42.0M2024 | $307.8M2025 | +$265.8M | |
| Book value per share | −$0.932024 | −$4.182025 | — | |
| Current ratio | 6.072024 | 9.202025 | +3.13 | |
| Shares outstanding | 89.3M2024 | 60.0M2025 | −32.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KARD assets
KARD liabilities and equity
KARD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KARD balance sheet
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $335.5M | $49.4M |
| Cash & equivalents | $109.0M | $49.4M |
| Short-term investments | $226.5M | $0 |
| Receivables | $0 | $0 |
| Inventory | $0 | $0 |
| Other current assets | $9.9M | $916,000 |
| Total current assets | $345.4M | $50.3M |
| Property, plant & equipment (net) | $18.2M | $11.1M |
| Goodwill & intangible assets | $23.2M | $0 |
| Long-term investments | $0 | $0 |
| Other non-current assets | $4.1M | $2.1M |
| Total assets | $390.9M | $63.5M |
| Liabilities | ||
| Accounts payable | $8.0M | $3.9M |
| Short-term debt | $3.1M | — |
| Total current liabilities | $37.5M | $8.3M |
| Long-term debt | $0 | $0 |
| Lease obligations | $13.8M | $9.5M |
| Other long-term liabilities | $603.7M | $138.4M |
| Total liabilities | $641.3M | $146.7M |
| Shareholders' equity | ||
| Retained earnings (deficit) | −$281.1M | −$89.1M |
| Accumulated other comprehensive income | $63,000 | — |
| Total shareholders' equity | −$250.3M | −$83.2M |
| Key figures | ||
| Total debt | $13.8M | — |
| Net cash (debt) | $321.7M | — |
| Working capital | $307.8M | $42.0M |
| Tangible book value | −$273.6M | −$83.2M |
| Book value per share | −$4.18 | −$0.93 |
| Shares outstanding | 60.0M | 89.3M |
| Current ratio | 9.20 | 6.07 |
| Quick ratio | 8.94 | 5.96 |
| Equity / assets | −64.0% | −131.0% |
| Jun '26 | Mar '26 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $597.6M | $287.1M |
| Cash & equivalents | $384.0M | $81.5M |
| Short-term investments | $213.6M | $205.6M |
| Receivables | $0 | $0 |
| Inventory | $0 | $0 |
| Other current assets | $12.6M | $11.0M |
| Total current assets | $610.2M | $298.1M |
| Property, plant & equipment (net) | $18.8M | $19.3M |
| Goodwill & intangible assets | $26.4M | $26.2M |
| Long-term investments | $63.1M | $0 |
| Other non-current assets | $3.3M | $4.6M |
| Total assets | $721.8M | $348.2M |
| Liabilities | ||
| Accounts payable | $14.0M | $9.1M |
| Short-term debt | $3.8M | $3.7M |
| Total current liabilities | $70.0M | $31.7M |
| Long-term debt | $0 | $0 |
| Lease obligations | $13.3M | $13.9M |
| Other long-term liabilities | $36.3M | $617.2M |
| Total liabilities | $106.3M | $648.8M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $1,000 | — |
| Retained earnings (deficit) | −$453.4M | −$337.2M |
| Accumulated other comprehensive income | −$235,000 | −$90,000 |
| Total shareholders' equity | $615.5M | −$300.6M |
| Key figures | ||
| Total debt | $13.3M | $13.9M |
| Net cash (debt) | $584.2M | $273.2M |
| Working capital | $540.2M | $266.5M |
| Tangible book value | $589.1M | −$326.8M |
| Book value per share | $6.59 | −$4.83 |
| Shares outstanding | 93.5M | 62.3M |
| Current ratio | 8.72 | 9.42 |
| Quick ratio | 8.54 | 9.07 |
| Debt / equity | 0.02 | — |
| Equity / assets | 85.3% | −86.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
KARD financial position
At the end of fiscal 2025 (December 31, 2025), Kardigan had total assets of $390.9 million (up 515.4% from a year earlier), total liabilities of $641.3 million and shareholders' equity of -$250.3 million. It held $335.5 million in cash and short-term investments against $13.8 million of debt, a net cash position of $321.7 million. Its current ratio was 9.20. In the latest quarter (ended June 30, 2026) total assets were $721.8 million and equity $615.5 million.
Related: KARD income statement, KARD cash flow statement, KARD key metrics. See the KARD stock overview for the latest quote and news.
KARD balance sheet FAQ
What are Kardigan's total assets?
Kardigan reported total assets of $390.9 million at the end of fiscal 2025 (December 31, 2025), compared with $63.5 million a year earlier.
How much debt does Kardigan have?
Kardigan had $13.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Kardigan have?
Kardigan held $335.5 million in cash and short-term investments at the end of fiscal 2025; with $13.8 million of debt that is net cash of $321.7 million.
What is Kardigan's book value?
Kardigan's shareholders' equity (book value) was -$250.3 million at the end of fiscal 2025, or −$4.18 per share.
What is Kardigan's current ratio?
Kardigan had current assets of $345.4 million and current liabilities of $37.5 million, a current ratio of 9.20 (it can cover its short-term obligations).
How much goodwill does Kardigan have?
Kardigan carried $23.2 million of goodwill and intangible assets, 5.9% of total assets, at the end of fiscal 2025.