Estados financieros detallados de None (SMSI): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
None registró ingresos de $17.4M en el último ejercicio fiscal, con un CAGR de 5 años del -19.5%.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $28.2M | $23.0M | $26.3M | $43.3M | $51.3M | $58.4M | $48.5M | $40.9M | $20.6M | $17.4M |
| Coste de Ventas | $7.6M | $5.1M | $4.3M | $3.9M | $5.2M | $12.7M | $14.2M | $10.6M | $6.1M | $4.5M |
| Beneficio Bruto | $20.7M | $17.9M | $22.0M | $39.4M | $46.1M | $45.7M | $34.3M | $30.3M | $14.4M | $12.9M |
| I+D | $15.9M | $9.0M | $8.6M | $11.7M | $17.8M | $26.2M | $29.9M | $17.1M | $14.1M | $10.7M |
| Generales y Administrativos | $20.0M | $14.7M | $14.4M | $17.4M | $21.9M | $29.5M | $29.0M | $23.9M | $19.5M | $16.0M |
| Gastos Operativos | $35.9M | $23.7M | $23.0M | $29.3M | $42.6M | $76.7M | $65.2M | $48.4M | $63.8M | $32.1M |
| Beneficio Operativo | -$15.9M | -$5.7M | -$1.2M | $10.1M | $3.5M | -$30.9M | -$30.9M | -$18.1M | -$49.4M | -$19.2M |
| EBITDA | -$13.9M | -$4.9M | -$262000 | $11.6M | $7.1M | -$8.7M | -$17.7M | -$10.5M | -$19.1M | -$23.6M |
| Gastos por Intereses | $313000 | $1.1M | $472000 | 0 | 0 | 0 | $2.7M | $6.4M | 0 | $407000 |
| Beneficio Antes de Impuestos | -$15.6M | -$7.2M | -$2.7M | $10.8M | $4.3M | -$30.8M | -$29.1M | -$24.2M | -$48.7M | -$29.4M |
| Impuestos | -$229000 | -$546000 | $13000 | $80000 | $160000 | $215000 | $226000 | $158000 | -$13000 | $693000 |
| Beneficio Neto | -$15.3M | -$6.7M | -$2.7M | $10.7M | $4.2M | -$31.0M | -$29.3M | -$24.4M | -$48.7M | -$30.1M |
| BPA | $-51.35 | $-19.75 | $-4.90 | $12.30 | $4.10 | $-24.40 | $-21.20 | $-15.20 | $-19.70 | $-7.30 |
| BPA Diluido | $-51.35 | $-19.75 | $-4.90 | $11.60 | $4.00 | $-24.25 | $-21.15 | $-15.05 | $-19.70 | $-7.30 |
| Acciones en Circulación (Diluidas) | $298775 | $337225 | $558050 | $924775 | $1.1M | $1.3M | $1.4M | $1.6M | $2.5M | $4.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $4.3M | $4.0M | $4.2M | $4.3M |
| Beneficio Bruto | $3.2M | $3.0M | $3.3M | $3.5M |
| Beneficio Operativo | -$4.5M | -$4.4M | -$2.5M | -$2.4M |
| EBITDA | -$3.1M | $6.8M | -$2.1M | -$1.1M |
| Beneficio Neto | -$4.5M | -$4.6M | -$3.9M | -$2.6M |
| BPA | $-1.25 | $-1.00 | $-0.75 | $-0.52 |
| BPA Diluido | $-1.25 | $-1.00 | $-0.75 | $-0.52 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.2M | $2.2M | $12.2M | $28.3M | $25.8M | $16.1M | $14.0M | $7.1M | $2.8M | $1.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $5.0M | $5.1M | $7.1M | $10.9M | $12.3M | $10.6M | $10.5M | $7.9M | $5.7M | $1.8M |
| Inventario | $12000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $7.9M | $7.9M | $20.1M | $40.0M | $39.3M | $28.7M | $26.5M | $16.9M | $10.0M | $4.5M |
| Inmovilizado Material | $1.8M | $1.2M | $865000 | $8.6M | $8.0M | $7.6M | $5.2M | $3.6M | $2.9M | $1.1M |
| Fondo de Comercio | $3.7M | $3.7M | $3.7M | $7.8M | $12.3M | $35.0M | $35.0M | $35.0M | $11.1M | 0 |
| Activos Intangibles | $745000 | $487000 | $238000 | $4.5M | $12.7M | $42.6M | $36.3M | $29.5M | $23.6M | $18.5M |
| Activos Totales | $14.3M | $13.9M | $25.2M | $61.2M | $72.9M | $114.5M | $103.6M | $85.6M | $48.0M | $25.0M |
| Cuentas por Pagar | $1.9M | $1.3M | $1.2M | $2.0M | $2.3M | $3.3M | $3.2M | $2.5M | $1.7M | $1.9M |
| Deuda a Corto | 0 | $1.0M | 0 | 0 | 0 | 0 | $9.0M | 0 | 0 | $1.0M |
| Pasivos Corrientes | $5.5M | $4.8M | $3.4M | $5.7M | $8.4M | $9.4M | $20.7M | $7.6M | $5.7M | $6.1M |
| Deuda a Largo | $2.6M | $2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $11.2M | $9.3M | $4.6M | $12.5M | $14.2M | $14.0M | $27.2M | $10.2M | $7.3M | $6.6M |
| Reservas | -$226.2M | -$232.9M | -$236.1M | -$225.4M | -$221.2M | -$252.3M | -$281.6M | -$305.9M | -$354.6M | -$384.7M |
| Patrimonio Neto | $3.1M | $4.6M | $20.6M | $48.7M | $58.7M | $100.6M | $76.4M | $75.4M | $40.8M | $18.4M |
| Deuda Total | $2.6M | $3.8M | 0 | $7.0M | $6.2M | $5.9M | $13.4M | $3.3M | $2.6M | $2.3M |
| Deuda Neta | $361000 | $1.6M | -$12.2M | -$21.3M | -$19.5M | -$10.2M | -$602000 | -$3.9M | -$242000 | $844000 |
| Capital Circulante | $2.4M | $3.1M | $16.7M | $34.2M | $30.9M | $19.3M | $5.8M | $9.2M | $4.3M | -$1.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.4M | $1.5M | $1.7M | $2.8M |
| Activos Totales | $27.1M | $25.0M | $25.8M | $25.9M |
| Pasivos Totales | $7.2M | $6.6M | $7.5M | $8.6M |
| Patrimonio Neto | $19.9M | $18.4M | $18.3M | $17.3M |
| Deuda Total | $2.4M | $2.3M | $3.8M | $4.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$15.3M | -$6.7M | -$2.7M | $10.7M | $4.2M | -$31.0M | -$29.3M | -$24.4M | -$48.7M | -$29.3M |
| Amortizaciones | $1.4M | $922000 | $779000 | $1.3M | $4.7M | $9.3M | $7.6M | $7.4M | $6.3M | $5.4M |
| Compensación en Acciones | $1.5M | $1.2M | $935000 | $1.5M | 0 | $4.8M | $4.9M | $4.8M | $4.5M | $3.6M |
| Cambio en Capital Circulante | $1.0M | -$3.2M | -$3.2M | -$4.5M | -$3.4M | -$10.0M | -$2.4M | -$388000 | $524000 | $3.4M |
| Flujo de Caja Operativo | -$11.5M | -$7.4M | -$2.9M | $10.0M | $7.9M | -$12.9M | -$19.3M | -$7.0M | -$14.3M | -$7.2M |
| Inversiones (CapEx) | -$500000 | -$77000 | -$173000 | -$1.7M | -$1.3M | -$830000 | -$49000 | -$4000 | -$20000 | -$88000 |
| Adquisiciones | -$2.5M | 0 | 0 | -$4.0M | -$13.5M | -$56.9M | 0 | 0 | 0 | $1.3M |
| Recompra de Acciones | 0 | 0 | 0 | -$14000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | -$404000 | -$119000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$12.0M | -$7.5M | -$3.0M | $8.3M | $6.6M | -$13.7M | -$19.3M | -$7.0M | -$14.3M | -$7.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.1M | -$2.2M | -$3.8M | -$882000 |
| Inversiones (CapEx) | -$21000 | -$36000 | -$11000 | $11000 |
| Flujo de Caja Libre | -$2.2M | -$2.2M | -$3.8M | -$871000 |
| Dividendos Pagados | 0 | 0 | 0 | -$86000 |
| Compensación en Acciones | $645000 | $781000 | $586000 | $171000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -18.6% | +14.4% | +64.9% | +18.4% | +13.9% | -17.0% | -15.8% | -49.7% | -15.5% |
| Crecimiento Beneficio Neto (anual) | | +56.6% | +58.9% | +491.3% | -61.2% | -845.3% | +5.7% | +16.7% | -99.6% | +38.2% |
| Crecimiento BPA (anual) | | +61.5% | +75.2% | +351.0% | -66.7% | -695.1% | +13.1% | +28.3% | -29.6% | +62.9% |
| Cambio en Acciones (anual) | | +12.9% | +65.5% | +65.7% | +15.6% | +19.8% | +8.2% | +17.1% | +52.4% | +66.6% |
| Crecimiento FCF (anual) | | +37.5% | +59.4% | +373.4% | -20.7% | -308.2% | -40.5% | +63.9% | -105.2% | +49.1% |
| Margen Bruto | 73.2% | 77.9% | 83.5% | 90.9% | 89.9% | 78.3% | 70.7% | 74.2% | 70.2% | 74.1% |
| Margen Operativo | -56.3% | -24.7% | -4.6% | 23.3% | 6.9% | -53.0% | -63.7% | -44.2% | -240.3% | -110.8% |
| Margen EBITDA | -49.2% | -21.2% | -1.0% | 26.9% | 13.8% | -15.0% | -36.4% | -25.7% | -92.9% | -135.9% |
| Margen Neto | -54.3% | -29.0% | -10.4% | 24.7% | 8.1% | -53.1% | -60.4% | -59.7% | -236.9% | -173.3% |
| Margen FCF | -42.5% | -32.6% | -11.6% | 19.2% | 12.9% | -23.5% | -39.8% | -17.1% | -69.6% | -41.9% |
| Tasa Impositiva Efectiva | 1.5% | 7.6% | -0.5% | 0.7% | 3.7% | -0.7% | -0.8% | -0.7% | 0.0% | -2.4% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-40.17 | $-22.23 | $-5.46 | $9.01 | $6.17 | $-10.73 | $-13.94 | $-4.30 | $-5.79 | $-1.77 |
| Dividendo por Acción | $0.00 | $0.00 | $0.72 | $0.13 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $298775 | $337225 | $558050 | $914052 | $1.0M | $1.3M | $1.4M | $1.6M | $2.5M | $4.1M |
Salud financiera
| Piotroski F-Score | 4 |
| Altman Z-Score | -22.48 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.22 | -5.75 | -14.69 | 12.94 | 52.88 | -8.07 | -3.96 | -2.17 | -0.33 | -0.37 |
| P/VC | 6.13 | 8.39 | 1.95 | 2.99 | 3.84 | 2.49 | 1.52 | 0.70 | 0.40 | 0.61 |
| P/V | 0.66 | 1.67 | 1.53 | 3.36 | 4.40 | 4.29 | 2.39 | 1.30 | 0.79 | 0.64 |
| Margen Bruto | 73.2% | 77.9% | 83.5% | 90.9% | 89.9% | 78.3% | 70.7% | 74.2% | 70.2% | 74.1% |
| Margen Operativo | -56.3% | -24.7% | -4.6% | 23.3% | 6.9% | -53.0% | -63.7% | -44.2% | -240.3% | -110.8% |
| Margen Neto | -54.3% | -29.0% | -10.4% | 24.7% | 8.1% | -53.1% | -60.4% | -59.7% | -236.9% | -173.3% |