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olivLaw · US equity research

DNA X, Inc. SONM

Telephone & Telegraph Apparatus · SIC 3661 · Vertical: Telephone & Telegraph Apparatus (SIC 3661)

2.30USD−10.51% · 1 dayClose 05 Nov 2026

DNA X, Inc. (formerly Sonim Technologies) exited its phone and hotspot business and now focuses on its cryptocurrency trading platform, which was closed to the public in March 2026 for development and is due to relaunch in the fourth quarter of 2026. The key question is whether the platform can return to meaningful trading volume after relaunch, while commission revenue is still very small.

At the close of 05 Nov 2026, DNA X, Inc. (SONM) stock was 2.30 USD (−10.51% on the day), with market capitalisation 3.4 m USD, beta 1.29, 52-week range 2.30–11.51 USD. Latest reported quarter (Q2 2026): net income of -1.2 m USD, diluted EPS -0.92 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.4 m USD
shares as of 18 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -9.27 · TTM to 30 Jun 2026
E/P (TTM)
-402.89%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.29
Volatility (1y) 123%
52-week range
2.3011.51

Price history

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Technical reading

RSI (14)
26.3
oversold (≤ 30)
Bollinger (20, 2)
2.35 – 3.67
below the lower band · %B -0.04 · band width 43.9%
SMA 50 / 200
3.38 / 4.13
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.29 / -0.22
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−42.4%−5.9%−36.4 pp—
3 months−41.9%−4.6%−37.3 pp—
6 months−54.3%+0.2%−54.5 pp—
Year to date−27.0%+7.4%−34.4 pp—
1 year−80.1%+8.2%−88.3 pp−15.0%
3 years−98.1%+68.4%−166.6 pp−21.0%
5 years−99.4%+56.5%−155.9 pp—
Max drawdown (1y)
−80.0%
06 Nov 2025 → 05 Nov 2026
Max drawdown (5y)
−99.4%
12 Nov 2021 → 05 Nov 2026
Compound annual growth (5y)
−63.7%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
-1.2 m USD
unavailable YoY
Diluted EPS
-0.92
unavailable YoY
net / operating
unavailable / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue15.0 m15.0 m16.7 m11.2 m16.2 m———
Cost of revenue10.8 m15.2 m8.4 m10.3 m14.4 m———
Gross profit4.2 m-183.0 k8.4 m845.0 k1.8 m———
Research & development715.0 k12.5 m1.6 m909.0 k181.0 k———
Operating income-2.4 m8.4 m-870.0 k-1.5 m-4.0 m4.7 m-3.6 m-1.3 m
Depreciation & amortisation918.0 k ≈914.0 k1.1 m797.0 k ≈952.0 k ≈1.5 m——
Interest expense——71.0 k161.0 k339.0 k374.0 k131.0 k—
Pre-tax income-2.4 m8.9 m-961.0 k-1.9 m-4.7 m3.5 m-3.9 m-1.2 m
Income tax117.0 k-53.0 k132.0 k138.0 k90.0 k-1.5 m2.5 m-243.0 k
Net income-2.5 m-21.6 m458.0 k-7.5 m-4.8 m-8.9 m6.3 m-1.2 m
Diluted EPS-9.32-79.45 ≈1.41-14.15-4.83-8.53 ≈5.01-0.92
Operating cash flow-417.0 k ≈-4.5 m-9.6 m-4.9 m ≈-7.0 m ≈-2.0 m-3.5 m-2.0 m ≈
Capex137.0 k ≈8.0 k——————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue135.7 m116.3 m64.0 m54.6 m69.8 m93.6 m58.3 munavailable
Revenue YoYunavailable−14.3%−45.0%−14.7%+28.0%+34.1%−37.7%unavailable
Net income1.3 m-25.8 m-29.9 m-38.6 m-14.1 m-90.0 k-33.6 m-20.7 m
Net income YoYunavailable−2,123.0%unavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailable-4.08-0.49-0.02-128.37-28.58
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %0.9%-22.2%-46.8%-70.8%-20.2%-0.1%-57.7%unavailable
Free cash flow3.1 m-34.5 m-10.6 m-38.5 m-12.4 m-4.1 m-8.7 munavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.3 m USD
Financial debt
10.1 m USD
Net debt
8.8 m USD
Equity
-8.0 m USD
Total assets
43.9 m USD
Debt / equity
unavailable
Current ratio
0.57x
ROE
unavailable
ROA
-49.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
93.6 m
2024
58.3 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Cost of revenue
2023
74.3 m
2024
48.4 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Gross profit
2023
19.3 m
2024
9.9 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Research & development
2023
1.8 m
2024
14.2 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Operating income
2023
513.0 k
2024
-3.1 m
2025
-5.4 m

SEC (XBRL)· 15 Apr 2026verified

Depreciation & amortisation
2023
2.2 m
2024
3.6 m
2025
4.3 m

SEC (XBRL)· 15 Apr 2026verified

EBITDA
2023
2.7 m ≈
2024
457.0 k ≈
2025
-1.1 m ≈

SEC (XBRL)· 15 Apr 2026derived

Interest expense
2023
—
2024
—
2025
945.0 k

SEC (XBRL)· 15 Apr 2026verified

Pre-tax income
2023
284.0 k
2024
-2.9 m
2025
-8.0 m

SEC (XBRL)· 15 Apr 2026verified

Income tax
2023
374.0 k
2024
226.0 k
2025
-1.1 m

SEC (XBRL)· 15 Apr 2026verified

Net income
2023
-90.0 k
2024
-33.6 m
2025
-20.7 m

SEC (XBRL)· 15 Apr 2026verified

Diluted EPS
2023
-0.02
2024
-128.37
2025
-28.58

SEC (XBRL)· 15 Apr 2026verified

Weighted average diluted shares
2023
4.3 m
2024
262.1 k
2025
722.7 k

SEC (XBRL)· 15 Apr 2026verified

Balance sheet · USD

Cash
2023
9.4 m
2024
5.3 m
2025
1.3 m

SEC (XBRL)· 15 Apr 2026verified

Receivables
2023
25.3 m
2024
4.3 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Inventories
2023
6.5 m
2024
10.6 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Current assets
2023
43.8 m
2024
32.2 m
2025
28.9 m

SEC (XBRL)· 15 Apr 2026verified

Property, plant & equipment, net
2023
71.0 k
2024
227.0 k
2025
—

SEC (XBRL)· 31 Mar 2025verified

Total assets
2023
56.0 m
2024
39.7 m
2025
43.9 m

SEC (XBRL)· 15 Apr 2026verified

Accounts payable
2023
19.8 m
2024
738.0 k
2025
4.0 m

SEC (XBRL)· 15 Apr 2026verified

Short-term debt
2023
—
2024
—
2025
5.1 m

SEC (XBRL)· 15 Apr 2026verified

Long-term debt
2023
—
2024
—
2025
5.1 m

SEC (XBRL)· 15 Apr 2026verified

Current liabilities
2023
32.1 m
2024
43.7 m
2025
50.6 m

SEC (XBRL)· 20 May 2026verified

Total liabilities
2023
33.7 m
2024
45.4 m
2025
50.6 m

SEC (XBRL)· 15 Apr 2026verified

Equity
2023
22.4 m †
2024
-5.7 m †
2025
-8.0 m †

SEC (XBRL)· 15 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-4.1 m
2024
-8.5 m
2025
-23.5 m

SEC (XBRL)· 15 Apr 2026verified

Capex
2023
36.0 k
2024
214.0 k
2025
—

SEC (XBRL)· 31 Mar 2025verified

Free cash flow
2023
-4.1 m ≈
2024
-8.7 m ≈
2025
—

SEC (XBRL)· 31 Mar 2025derived

Investing cash flow
2023
-36.0 k
2024
-214.0 k
2025
—

SEC (XBRL)· 31 Mar 2025verified

Financing cash flow
2023
272.0 k
2024
4.6 m
2025
19.5 m

SEC (XBRL)· 15 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-37.7%
computed by olivLawFY 2024
Revenue CAGR 3Y
2.2%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
-12.9%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
-704.3%
computed by olivLawFY 2024
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
18.3%
computed by olivLawTTM to 30 Sept 2025
EBITDA margin
-2.8%
computed by olivLawTTM to 30 Sept 2025
EBIT margin
-7.1%
computed by olivLawTTM to 30 Sept 2025
Net margin
-14.5%
computed by olivLawTTM to 30 Sept 2025
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-42.1%
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
unavailable
insufficient data
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-4.2x
computed by olivLawTTM to 30 Sept 2025

Liquidity

Current ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-14.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
80 days
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
3.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-402.9%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
0.1x
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 51.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.30 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 3.4 m USD

Key indicators

Market capitalisation
3.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-14.5%
computed by olivLawTTM to 30 Sept 2025
Revenue growth (YoY)
-37.7%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 18 Aug 2026
Source: SEC (XBRL)published 19 Aug 2026
verified 1099derived 100

Score by group

51% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Telephone & Telegraph Apparatus (SIC 3661)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 51.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality18.3%0 (on a fixed band)21%
EBIT margin · Quality-7.1%17 (vs peers)17%
FCF margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth2.2%9 (on a fixed band)33%
Revenue growth (YoY) · Growth-37.7%0 (vs peers)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.6x0 (on a fixed band)13%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/2 factors with a value
  • Growth6/100 · 2/2 factors with a value
  • Quality7/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partialunavailable · 0/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

DNA X, Inc. (SONM). Latest full fiscal year: 2024; data up to 2026-06-30.

Figures computed from the financial statements: revenue 58.3 m USD in 2024; YoY growth -37.7%; net margin -14.5%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 51.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Gross margin: 18.3%
  • EBIT margin: -7.1%
  • Revenue CAGR 3Y: 2.2%
  • Revenue growth (YoY): -37.7%
  • Current ratio: 0.6x

Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Telephone & Telegraph Apparatus (SIC 3661) · same industry (4-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
—
vertical median 24.7x
EV/EBITDA
—
vertical median —
P/S
0.1x
vertical median 1.4x
below median (−96.0%)
P/B
—
vertical median 2.2x
ROE
—
vertical median -2.8%
Net margin
-14.5%
vertical median 0.7%
below median (−2,096.3%)
EBIT margin
-7.1%
vertical median 2.9%
below median (−349.4%)
Revenue YoY
-37.7%
vertical median 18.1%
below median (−308.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 3.3%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CIENCiena Corp32.7 bn51.522.4%10.9%+18.8%+13% / +403%
FNFabrinet10.5 bn22.121.0%9.4%+35.7%−36% / +81%
CLFDClearfield, Inc.390.1 m—-2.8%-4.7%+19.6%−2% / +13%
ADTNADTRAN Holdings, Inc.336.6 m—-19.2%-2.2%+17.5%−48% / −21%
AUDCAudiocodes Ltd.207.2 m24.74.9%3.6%+1.4%−15% / −32%
FKWLFranklin Wireless Corp.26.3 m—-14.9%-13.0%−20.8%−50% / −23%
CLROClearone Inc12.1 m—-275.7%—unavailable−14% / −63%
SONMDNA X, Inc.3.4 m——-14.5%−37.7%−80% / −98%

1- and 3-year price returns: for SONM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    DNA X, Inc. (formerly Sonim Technologies) exited its phone and hotspot business and now focuses on its cryptocurrency trading platform, which was closed to the public in March 2026 for development and is due to relaunch in the fourth quarter of 2026. The key question is whether the platform can return to meaningful trading volume after relaunch, while commission revenue is still very small.

    SWOT

    Strengths

    • The platform is run by a small team with controlled administrative costs and a fee structure that is competitive against larger rivals.
    • The exit from the phone business leaves the company focused on a single product and has reduced its debts.
    • Users can copy existing strategies, and the history of strategies can help develop new products.

    Weaknesses

    • Commission revenue has been very small during operation, and the platform does not yet have a significant trading volume.
    • Administrative expenses have remained high, and the company depends on new financing to cover losses.
    • The platform was taken offline to the public in 2026, which interrupted revenue generation.

    Opportunities

    • Adding new cryptocurrencies and products such as lending or staking could attract new customers and additional commissions.
    • A successful relaunch in 2026 could bring volumes back toward early-2026 levels.
    • If regulation becomes clearer, the platform could expand the range of assets it offers for trading.

    Threats

    • Cryptocurrency price volatility could suddenly reduce trading volume and commissions.
    • Securities and commodities regulation could impose costly changes or restrictions.
    • Competition from larger platforms with greater resources could limit growth.

    Risks

    • Dependence on cryptocurrency volatilityhigh

      Price declines can reduce volumes and commissions, and revenue is highly sensitive to these swings.

    • Liquidity and financinghigh

      The company has raised funds through equity and debt, and if it could not obtain further financing, its activity could be affected.

    • Legal classification of assetshigh

      If authorities consider some traded cryptocurrencies to be securities, the company could face investigations or sanctions.

    • Platform relaunchmedium

      A delay in the relaunch planned for the fourth quarter of 2026 could postpone expected revenue.

    • Nasdaq listing compliancemedium

      The company was previously notified that it did not meet the stockholders' equity requirement; if compliance is not sustained, its listing could be affected.

    Investment thesis

    What would need to be true (bull case)

    • If the platform relaunch brings volumes back toward early-2026 levels, commission income could rise significantly from current levels.
    • Removing the phone business could allow resources to be concentrated on a single product.
    • If new lending and staking products attract users, the company could diversify its revenue sources.

    What would break the thesis

    • Revenue remains very small, and the platform has not yet shown a sustained trading volume.
    • The company depends on repeated financing, and administrative costs stayed high in 2026.
    • Regulatory changes or further declines in cryptocurrency prices could again reduce activity.

    What to watch

    • Relaunch of the DNA X platform and trading volumeQ4 2026
    • Monthly commission levels after relaunch2027
    • Administrative expenses after the staff reductionQ3 2026
    • Remaining 1.5 mn USD asset sale paymentOctober 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    DNA X, Inc. provides cryptocurrency trading services to individual traders worldwide through the website dnax.us. The platform lets users buy and sell cryptocurrencies for cash or cash equivalents and swap one cryptocurrency for another, and users can automate strategies across pairs of coins. The company says it does not take custody of customers' crypto assets, and its revenue comes from commissions, which are usually a fixed rate of 0.4% of volume 1. Since January 2026 the company's main activity has been operating the DNA X platform, after the sale of its phone and hotspot assets 2.

    Segments

    DNA X trading platform

    The platform generated trading volume of 6,721 thousand USD in December 2025 and very modest commissions, and commission revenue averaged 47 USD per month in January and February 2026 12. Cost of revenue is fixed at 50% of commission revenue, and the company took the public site offline in March 2026 to develop new features 2.

    Phone and hotspot business (discontinued)

    Former Sonim Technologies designed and manufactured cell phones and mobile hotspots. The assets were sold to Pace Car Acquisition LLC on January 23, 2026 for 15.0 mn USD in cash before working capital adjustments 1. The results of this business are presented as discontinued operations 1.

    Market context

    The company operates in the cryptocurrency trading market, where prices are highly volatile and trading volumes depend on investor interest. Management said the fall in cryptocurrency values since October 2025 had a negative effect on trading volume 1. The company's market share is not stated in the sources, and its platform is at an early stage.

    Trends

    • Regulation of digital assetsmixed

      The status of many cryptocurrencies as securities or commodities remains uncertain, and regulators have taken shifting positions; if rules become clearer, platforms could gain more predictability.

    • Cryptocurrency price volatilityheadwind

      Volatility directly affects trading volumes and therefore the platform's commission income; periods of price decline have reduced activity.

    • AI-related featurestailwind

      The company describes the platform as being extended with AI technologies to automate strategies; if these features attract new users, they could support growth.

    • Access to fundingheadwind

      The company has raised capital through equity and convertible instruments, which shows continued high reliance on external financing.

    Competitive position

    The company operates in a highly competitive environment in which customers choose among many trading platforms. Management says it has set fees lower than its larger competitors and seeks to implement features similar to other platforms 1. Limited marketing spending means its visibility relative to competitors is low.

    • Large cryptocurrency trading platforms

      Larger companies offering crypto trading and exchange, with higher fees than DNA X.

    • Automated trading platforms

      Services that offer automated strategies across coin pairs, directly competing with DNA X features.

    • International crypto exchanges

      Global operators attracting the same individual traders from outside the United States.

    • Trading technology providers

      Applications offering simulation and strategy tools similar to DNA X's simulation features.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DNA X, Inc. · 15 Apr 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DNA X, Inc. · 19 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / DNA X, Inc. · 20 May 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.