Detailed financial statements for Real Messenger Corporation (RMSG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Real Messenger Corporation delivers a technology platform designed for the real estate industry. It brings together agents, purchasers, vendors, and other sector professionals within a social networking environment. The company's platform offers features such as instant communication, document handling, and seamless interoperability with other real estate software applications.
Analysis Summary
Trailing-twelve-month margins: gross margin 51.5%, operating margin -140.2%, net margin -138.9%.
At the current price of $0.27, RMSG has negative trailing earnings (P/E not meaningful) and an ROE of -8.41%. Market capitalisation stands at $3M.
Balance sheet quality for RMSG: current ratio of 1.8, net cash position of $165115. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2026 |
|---|
| Revenue | 0 | 0 | 0 | $29472 |
| Cost of Revenue | 0 | 0 | 0 | $14304 |
| Gross Profit | 0 | 0 | 0 | $15168 |
| Research & Development | $728745 | $930 | $1.5M | $656363 |
| Selling, General & Admin | $938237 | $3.4M | $3.4M | $3.5M |
| Operating Expenses | $1.7M | $4296 | $4.9M | $4.1M |
| Operating Income | -$1.7M | -$4296 | -$4.9M | -$4.1M |
| EBITDA | -$1.6M | -$4285 | -$4.9M | -$4.0M |
| Interest Expense | 0 | 0 | $22428 | 0 |
| Pre-tax Income | -$1.7M | -$4263 | -$4.9M | -$4.1M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$1.7M | -$4263 | -$4899 | -$4.1M |
| EPS | $-0.18 | $-0.01 | $-0.98 | $-0.46 |
| EPS (Diluted) | $-0.18 | $-0.01 | $-0.98 | $-0.46 |
| Shares Outstanding (Diluted) | $9.2M | $7.0M | $5000 | $8.9M |
Income Statement (Quarterly)
| Year | 2023-Q4 | 2024-Q1 | 2024-Q2 | 2024-Q3 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$165619 | -$272262 | -$184561 | -$192991 |
| EBITDA | $66804 | -$40062 | $53059 | -$77580 |
| Net Income | $66800 | -$40066 | $53057 | -$77581 |
| EPS | $0.02 | $-0.01 | $0.02 | $-0.03 |
| EPS (Diluted) | $0.02 | $-0.01 | $0.02 | $-0.03 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $104492 | $276 | $597160 | $2.6M | $321965 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $575000 | $644763 | $714527 | $1913 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $111923 | $1369 | $1.6M | $3.8M | $781893 |
| Property, Plant & Equipment | $86299 | $49 | $46 | $258517 | $213470 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $198222 | $1418 | $1.7M | $4.1M | $995363 |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $650030 | $2.0M | 0 | 0 |
| Total Current Liabilities | $7.6M | $177 | $302202 | $192459 | $434041 |
| Long-term Debt | 0 | 0 | $5.0M | 0 | 0 |
| Total Liabilities | $7.6M | $177 | $5.3M | $349010 | $508545 |
| Retained Earnings | -$7.6M | -$11847 | -$16746 | -$20.1M | -$24.2M |
| Total Equity | -$7.4M | $1241 | -$3.7M | $3.7M | $486818 |
| Total Debt | $59214 | $650030 | $5.0M | $235285 | $156850 |
| Net Debt | -$45278 | $649754 | $4.4M | -$2.3M | -$165115 |
| Working Capital | -$7.5M | $1192 | $1.3M | $3.6M | $347852 |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Cash & Equivalents | $5.8M | $2.6M | $846174 | $321965 |
| Total Assets | $7.1M | $4.1M | $1.3M | $995363 |
| Total Liabilities | $12.4M | $349010 | $232503 | $508545 |
| Total Equity | -$5.3M | $3.7M | $1.1M | $486818 |
| Total Debt | $12.0M | $235285 | $197142 | $156850 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$1.7M | -$4263 | -$4.9M | -$3.4M | -$4.1M |
| Depreciation & Amortization | $69304 | $69 | $15707 | $23389 | $104310 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $517500 |
| Change in Working Capital | -$26415 | -$867 | $105706 | -$755633 | -$108980 |
| Operating Cash Flow | -$1.6M | -$5061 | -$4.8M | -$4.0M | -$3.6M |
| Capital Expenditure | -$28608 | -$32 | -$12621 | 0 | -$7843 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$40.6M | -$2.8M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.7M | -$5093 | -$4.8M | -$4.0M | -$3.6M |
Cash Flow (Quarterly)
| Year | 2023-Q4 | 2024-Q1 | 2024-Q2 | 2024-Q3 |
|---|
| Operating Cash Flow | -$89901 | -$383094 | -$59285 | -$309376 |
| Capital Expenditure | $1 | $4 | -$4 | -$3 |
| Free Cash Flow | -$89900 | -$383090 | -$59290 | -$309380 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2026 |
|---|
| Net Income Growth (YoY) | | +99.7% | -14.9% | -83436.0% |
| EPS Growth (YoY) | | +93.9% | -8890.8% | +53.1% |
| Shares Change (YoY) | | -24.8% | -99.9% | +178060.8% |
| FCF Growth (YoY) | | +99.7% | -93514.5% | +15.8% | +10.9% |
| Gross Margin | | | | 51.5% |
| Operating Margin | | | | -14023.1% |
| EBITDA Margin | | | | -13531.9% |
| Net Margin | | | | -13885.8% |
| FCF Margin | | | | -12138.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2026 |
|---|
| FCF Per Share | $-0.00 | $-0.69 | $-802.58 | $-0.40 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9.2M | $7.0M | $5000 | $8.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -840.65% |
| Return on Invested Capital | -642.09% |
| Return on Assets | -411.15% |
| Gross Margin | 51.47% |
| Operating Margin | -14023.13% |
| Net Margin | -13885.81% |
Financial Health
| Debt / Equity | 0.32 |
| Current Ratio | 1.80 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -9.87 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -55.67 | -989.91 | -11.70 | 0.00 | -1.38 |
| P/B | -12.48 | 60477.69 | -0.02 | 0.00 | 11.64 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 192.23 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 51.5% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -14023.1% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -13885.8% |