olivlawolivlaw

olivLaw · US equity research

Change Agents Corporation CHGA

Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)

0.89USD−1.99% · 1 dayClose 04 Nov 2026

Change Agents Corporation (CHGA) has moved from biotechnology into two small segments: a breath-based ketosis monitor and an AI video generation platform acquired in December 2025. The company reports continuing net losses, a strong focus on financing and a substantial going concern doubt, so the coming period will show whether the platform can generate meaningful revenue. A net loss of about 17.5 million USD in 2025 contrasts with revenue that has barely begun.

At the close of 04 Nov 2026, Change Agents Corporation (CHGA) stock was 0.89 USD (−1.99% on the day), with market capitalisation 17.8 m USD, beta 1.10, 52-week range 0.89–41.60 USD. Latest reported quarter (Q2 2026): net income of -2.2 m USD, diluted EPS -0.14 USD.

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

Market cap
17.8 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.12 · TTM to 30 Jun 2026
E/P (TTM)
-124.96%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.10
Volatility (1y) 155%
52-week range
0.8941.60

Price history

Loading chart…

Technical reading

RSI (14)
26.2
oversold (≤ 30)
Bollinger (20, 2)
0.85 – 2.24
in the lower half of the band · %B 0.03 · band width 90.2%
SMA 50 / 200
2.01 / 7.72
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.32 / -0.28
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−60.9%−1.1%−59.8 pp—
3 months−77.7%−0.5%−77.3 pp—
6 months−89.2%+4.4%−93.6 pp—
Year to date−96.3%+12.3%−108.6 pp—
1 year−97.7%+13.5%−111.3 pp−39.9%
3 years−99.6%+76.4%−176.0 pp−39.6%
5 years−100.0%+63.7%−163.6 pp—
Max drawdown (1y)
−97.9%
05 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−100.0%
08 Nov 2021 → 02 Nov 2026
Compound annual growth (5y)
−80.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
-2.2 m USD
unavailable YoY
Diluted EPS
-0.14
unavailable YoY
net / operating
unavailable / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue345.2 k345.8 k349.8 k350.4 k350.1 k———
Research & development0 ≈———————
Operating income-1.3 m-1.2 m-1.8 m-3.9 m-76.2 k-1.8 m-2.7 m-2.1 m
Interest expense547.2 k-214.4 k560.0 k1.1 m267.4 k-428.4 k——
Pre-tax income-1.7 m-1.9 m-2.3 m-13.3 m-254.3 k-1.3 m-4.4 m-2.2 m
Net income-1.7 m-2.7 m-2.5 m-13.5 m-254.3 k-2.1 m-4.5 m-2.2 m
Diluted EPS-1.82-2.04 ≈-1.43-6.22-0.06-0.42 ≈-0.50-0.14
Operating cash flow-1.9 m ≈-1.1 m-1.8 m-1.2 m ≈-1.4 m ≈———

≈ 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
Revenue1.6 m1.5 m1.4 m1.4 m1.2 m1.3 m1.3 munavailable
Revenue YoY+45.0%−1.0%−10.9%+1.0%−13.6%+4.5%+6.2%unavailable
Net income-8.1 m-18.1 m-12.7 m-9.1 m-11.9 m-16.7 m-7.9 m-18.3 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailable-1.07-1.28-23.80-8.44-5.64
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-515.4%-1,168.6%-920.3%-653.5%-992.4%-1,330.5%-592.7%unavailable
Free cash flow-4.5 m-7.5 munavailable-5.0 m-7.0 m-6.5 munavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
109.1 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
9.2 m USD
Total assets
23.4 m USD
Debt / equity
unavailable
Current ratio
0.11x
ROE
-223.6%
ROA
-82.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.3 m
2024
1.3 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Gross profit
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2023verified

Research & development
2023
109.6 k
2024
—
2025
—

SEC (XBRL)· 15 Apr 2024verified

Operating income
2023
-15.8 m
2024
-4.8 m
2025
-7.6 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2021verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2021derived

Interest expense
2023
1.4 m
2024
1.7 m
2025
1.5 m

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
-16.7 m
2024
-7.0 m
2025
-17.5 m

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-16.7 m
2024
-7.9 m
2025
-18.3 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-23.80
2024
-8.44
2025
-5.64

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
701.9 k
2024
936.6 k
2025
3.2 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
285.4 k
2024
2.7 m
2025
109.1 k

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
850.9 k
2024
3.2 m
2025
1.5 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
38.1 k
2024
1.3 k
2025
727

SEC (XBRL)· 30 Mar 2026verified

Goodwill
2023
—
2024
—
2025
12.8 m

SEC (XBRL)· 30 Mar 2026verified

Intangibles (excl. goodwill)
2023
9.4 m
2024
8.7 m
2025
2.2 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
20.6 m
2024
21.0 m
2025
23.4 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
—
2024
—
2025
—

SEC (XBRL)· 22 May 2023verified

Short-term debt
2023
1.0 m
2024
—
2025
—

SEC (XBRL)· 15 Apr 2024verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2022verified

Current liabilities
2023
6.8 m
2024
13.9 m
2025
14.1 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
13.2 m
2024
13.9 m
2025
14.2 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
7.4 m
2024
7.1 m
2025
9.2 m

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-6.5 m
2024
-5.0 m
2025
—

SEC (XBRL)· 31 Mar 2025verified

Capex
2023
22.2 k
2024
—
2025
—

SEC (XBRL)· 15 Apr 2024verified

Free cash flow
2023
-6.5 m ≈
2024
—
2025
—

SEC (XBRL)· 15 Apr 2024derived

Investing cash flow
2023
-22.2 k
2024
-100.0 k
2025
—

SEC (XBRL)· 31 Mar 2025verified

Financing cash flow
2023
4.8 m
2024
7.6 m
2025
1.4 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
6.2%
computed by olivLawFY 2024
Revenue CAGR 3Y
-1.4%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
-2.9%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
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
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-477.7%
computed by olivLawTTM to 30 Sept 2025
Net margin
-643.1%
computed by olivLawTTM to 30 Sept 2025
FCF margin
unavailable
input data missing

Returns

ROE
-606.9%
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026
ROA
-79.1%
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-65.9%
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026
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
-4.6x
computed by olivLawTTM to 30 Sept 2025

Liquidity

Current ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-5.5 m USD
computed by olivLawTTM to 30 Sept 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
17.8 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
-125.0%
computed by olivLawTTM to 30 Jun 2026
P/B
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
12.8x
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: 4 of at least 6
  • score weight coverage: 40.4% of at least 60%
  • valuation methods computed: 0 of at least 1

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

Closing price

0.89 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 17.8 m USD

Key indicators

Market capitalisation
17.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-606.9%
computed by olivLawTTM to 30 Sept 2025 · balance sheet at 30 Jun 2026
Net margin
-643.1%
computed by olivLawTTM to 30 Sept 2025
Revenue growth (YoY)
6.2%
computed by olivLawFY 2024
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 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: 10 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 1236derived 106

Score by group

40% · 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: Services-Computer Programming Services (SIC 7371)

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: 4 of at least 6; score weight coverage: 40.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Qualityunavailableunavailable—
EBIT margin · Quality-477.7%19 (vs peers)21%
FCF margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-1.4%0 (on a fixed band)42%
Revenue growth (YoY) · Growth6.2%58 (vs peers)21%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.1x0 (on a fixed band)16%
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
  • Growth19/100 · 2/2 factors with a value
  • Quality· partial19/100 · 1/3 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

CHANGE AGENTS CORPORATION (CHGA). Latest full fiscal year: 2024; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.3 m USD in 2024; YoY growth 6.2%; net margin -643.1%; ROE -606.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 40.4% 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

  • EBIT margin: -477.7%
  • Revenue CAGR 3Y: -1.4%
  • Current ratio: 0.1x

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

Versus the vertical median

Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies

Multiples and returns vs the median

P/E
—
vertical median 15.8x
EV/EBITDA
—
vertical median 3.6x
P/S
12.8x
vertical median 2.3x
above median (+465.6%)
P/B
1.8x
vertical median 2.0x
below median (−12.0%)
ROE
-606.9%
vertical median 5.8%
below median (−10,629.3%)
Net margin
-643.1%
vertical median 5.0%
below median (−12,911.0%)
EBIT margin
-477.7%
vertical median 4.1%
below median (−11,809.7%)
Revenue YoY
6.2%
vertical median 3.9%
above median (+60.7%)
Net debt/EBITDA
—
vertical median 0.0x
Dividend yield
—
vertical median 2.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
INFYInfosys Limited49.6 bn16.129.0%16.4%+3.9%−30% / −30%
ZSZscaler Inc36.6 bn—-2.9%-1.9%+25.4%−11% / +14%
CTSHCognizant Technology Solutions Corporation29.4 bn12.017.4%11.8%+7.0%−15% / −7%
VRSNVerisign Inc28.5 bn33.6—49.1%+6.4%+26% / +50%
WITWipro Limited22.7 bn15.416.4%14.7%−3.2%−21% / −11%
EPAMEpam Systems, Inc.7.1 bn18.611.2%7.2%+15.4%−27% / −47%
DOCSDoximity, Inc.6.2 bn40.917.2%25.5%+13.1%−33% / +49%
DOXAmdocs Limited4.9 bn10.314.1%9.9%+2.4%−43% / −48%
RGTIRigetti Computing, Inc.3.7 bn—-43.8%-1,787.4%−34.3%−56% / +958%
FORTYFormula Systems (1985) Ltd.1.8 bn23.412.2%2.9%+5.2%−20% / +96%
MGRTMega Fortune Co Ltd1.6 bn698.921.1%16.1%+233.3%+1,864% / unavailable
PERIPerion Network Ltd.446.8 m—-1.1%-1.8%−11.7%+12% / −59%
MFImF International Limited367.8 m36.43.9%232.8%+29.4%−68% / unavailable
IAInnovative Solutions And Support, Inc.353.7 m18.828.5%20.5%+78.6%+103% / +167%
GDEVGDEV Inc.176.1 m2.6—17.1%−3.9%−44% / −57%
ATGLAlpha Technology Group Ltd146.5 m—-184.7%-952.0%−40.2%−61% / −39%
MLGOMicroAlgo Inc.135.7 m1.27.6%30.2%−20.3%−61% / −100%
MWCMicware Co., Ltd.82.0 m8.120.0%7.3%unavailableunavailable / unavailable
PDCPerpetuals.com Ltd74.9 m—-75.8%-1,069.9%−47.0%−61% / −13%
CINTCI&T Inc73.8 m10.313.8%8.3%+11.5%−31% / −40%
CYCUCycurion, Inc.65.1 m—-76.7%-98.0%−14.8%−91% / unavailable
XTIAXti Aerospace, Inc.37.7 m——-89.6%+602.4%−40% / −100%
MNDOMind Cti Ltd18.3 m6.911.0%13.4%−9.3%−24% / −53%
CHGAChange Agents Corporation17.8 m—-606.9%-643.1%+6.2%−98% / −100%
RDNWRideNow Group, Inc.11.7 m——-0.8%−10.5%+7% / −9%

1- and 3-year price returns: for CHGA 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

    Change Agents Corporation (CHGA) has moved from biotechnology into two small segments: a breath-based ketosis monitor and an AI video generation platform acquired in December 2025. The company reports continuing net losses, a strong focus on financing and a substantial going concern doubt, so the coming period will show whether the platform can generate meaningful revenue. A net loss of about 17.5 million USD in 2025 contrasts with revenue that has barely begun.

    SWOT

    Strengths

    • The company holds an exclusive distribution agreement for Keto Air in North America and an AI platform already in beta testing 1.
    • Keto Air is classified as a consumer product and does not require FDA pre-market approval, which simplifies the route to market 1.
    • The patent portfolio and the three provisional applications filed for the RPM platform offer a potential base of intellectual property protection 1.

    Weaknesses

    • The company has continuing net losses, a working capital deficit and a going concern warning from its auditor 1.
    • It has very few employees and depends on outside contractors and a small number of key executives 1.
    • Keto Air sales are minimal, and a history of abandoned projects, including the YOOV merger, weighs on the credibility of the strategy 12.

    Opportunities

    • The launch of Catch-Up Phase 2, extended to creators and marketers, could open a much wider market 12.
    • Complementary AI acquisitions could bring near-term revenue if transactions close and integrate well 12.
    • The GEO product for local businesses could attract subscribers if it proves useful for visibility in AI search engines 2.

    Threats

    • Competition from companies with much larger resources and from AI start-ups could reduce the platform's market share 1.
    • Rules on likeness rights and biometric data could create legal liability for AI avatars 1.
    • Dependence on a single Hong Kong supplier for Keto Air could affect deliveries if disruptions occur 1.

    Risks

    • Going concernhigh

      The auditor has expressed substantial doubt about the company's ability to continue as a going concern, and current cash cannot cover expenses for the next twelve months 1.

    • Dependence on equity financinghigh

      The company intends to finance itself through equity sales, which could dilute existing shareholders if capital is not raised on favourable terms 1.

    • Liability for AI avatars and biometric datamedium

      The likeness and voice replication feature could lead to claims for publicity rights and breaches of biometric data laws 1.

    • Copyright infringementmedium

      The module that collects videos from the internet could reproduce protected content, which could lead to costly litigation 1.

    • Single supplier dependencelow

      Supply disruptions for the Keto Air device could prevent order fulfilment and sustain revenue in that segment 1.

    Investment thesis

    What would need to be true (bull case)

    • If Catch-Up Phase 2 launches on time and attracts users beyond podcasters, the AI segment could become the main revenue source.
    • An exclusive North American distribution agreement and a simpler consumer classification could support Keto Air sales if marketing channels perform.
    • Complementary AI acquisitions, if completed, could bring quick revenue and reduce reliance on equity financing.

    What would break the thesis

    • Continuing net losses and the going concern warning suggest financing is a serious issue, and shareholder dilution could be unavoidable.
    • A history of abandoned projects, including the YOOV merger and the laboratory investment, could indicate that strategy changes frequently.
    • Competition in AI and legal risks around avatars could keep the platform from reaching the scale needed to cover its costs.

    What to watch

    • Launch of Catch-Up Phase 2 and the number of new usersQ3 2026
    • Results of equity financing and any dilution2026

    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

    The company defines its business through two segments: a consumer health technology segment centred on the Keto Air device, and an AI content technology segment run through its subsidiary Avalon Quantum AI, LLC 1. Keto Air is a non-invasive breath device distributed in North America under an exclusive agreement, and the company describes its sales as being in an early commercial testing phase 1. The RPM Interactive acquisition, completed in December 2025 with preferred stock, brought an AI video generation platform that is in beta with a limited number of creators 1.

    The staff is small: as of March 25, 2026 the company had two full-time employees and several independent contractors 1. In the second quarter of 2026 management said it is pursuing complementary AI acquisitions and announced plans to expand into autonomous air defence systems through a new entity 2.

    Segments

    AI content technology (Avalon Quantum AI)

    The Catch-Up platform generates short videos with an AI avatar of the creator, starting from a topic chosen by the user; Phase 2, which extends the user base beyond podcasters, was scheduled for the third quarter of 2026 12. The company has also added a generative engine optimization (GEO) product for local businesses, offered by monthly subscription 2.

    Consumer health technology (Keto Air)

    Keto Air measures ketosis levels from exhaled breath and is sold in North America, where the company says it is the only distributor 12. Sales are still minimal, and the distribution strategy and the future of the product line are under review 1.

    Market context

    The ketosis monitoring market is dominated by urine test strips, which are the lowest-cost option, while reusable breath devices are a newer and narrower segment 1. The AI content market is changing rapidly, with frequent entry by new players, and large companies are investing heavily in avatar and video generation technology 1.

    For the AI search optimization market, the company targets small local service businesses; the documents provided do not give figures for that segment, so its size remains unverified 2.

    Trends

    • Growth of AI-generated contenttailwind

      Content creators are looking for tools that automate production, which could support demand for the RPM platform if adoption accelerates 1.

    • Regulation of AI and biometric dataheadwind

      Laws on likeness rights, cloned voices and biometric data are changing quickly in the United States, and new requirements could raise the platform's compliance costs 1.

    • FDA classification of wellness devicesheadwind

      The classification of consumer health devices is under ongoing FDA review; a reclassification could limit Keto Air sales in the United States 1.

    • Interest in metabolic healthmixed

      Low-carbohydrate diets remain popular, which could support demand for ketosis monitoring if influencer channels and law enforcement partnerships generate sales 1.

    Competitive position

    In consumer health, competition comes from urine test strip makers, which are cheaper and more widespread, and from other reusable breath devices launched by health technology companies 1. In AI content, competitors include technology companies with large resources and start-ups building similar generative platforms 1.

    The company acknowledges that many rivals have far greater financial resources, brand recognition and distribution networks, which could limit its ability to compete over the long term 1. Its stated advantage is end-to-end automation of the video creation workflow and being the only Keto Air distributor in North America 1.

    • Urine ketone test strip manufacturers

      The cheapest and most widely used method, sold through broad retail and online channels 1.

    • Other breath ketone monitor makers

      Reusable devices recently launched by health technology companies, with wider distribution 1.

    • Large technology companies with AI content tools

      They invest in content generation and avatar technology with far greater research and data assets 1.

    • AI generation and search optimization start-ups

      Small companies that could become significant competitors, especially through partnerships with platform operators 12.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report30 Oct 2026
      Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
    • Current report19 Oct 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
    • Current report16 Oct 2026
      Departure or appointment of officers
    • Current report08 Oct 2026
      Departure or appointment of officers
    • Current report02 Oct 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
    • Proxy statement29 Sept 2026
    • Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
    • Current report14 Sept 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
    • Current report31 Aug 2026
      Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
    • Current report31 Aug 2026
      Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Change Agents Corporation · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Change Agents Corporation · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Change Agents Corporation · 27 Apr 2023

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