/
Empery Digital Inc. ( Empery Digital or the Company ) was formed on February 21, 2020, as a Delaware corporation, under the name Frog ePowersports, Inc. The Company was renamed Empery Digital Inc. on July 30, 2025, in connection with which the Company changed its Nasdaq ticker symbol from VLCN to EMPD.
The business is unprofitable at the operating level (-15741.95% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 75.5% YoY. Margins deteriorated 15097.8pp alongside, both lines moving the wrong way.
Negative free cash flow of -$18M. The business is consuming cash, not generating it. Operating margin contracted 15097.8pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$738K
▼ -75.5% YoY
Net Income (TTM)
-$233M
▼ -229.7% YoY
Op. Margin
-31783.07%
▼ -15097.8pp YoY
ROIC
-68.38%
▲ +1853.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$18M
▼ -10.4% YoY
Op. Cash Flow (TTM)
-$18M
▼ -11.3% YoY
Net Debt
$40M
Cash & Equiv.
$6M
3Y CAGR: -40.1%
Continue Research