olivLaw · US equity research
Enhanced Group, Inc. ENHA
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Enhanced Group Inc. (ENHA) is an early-stage company combining high-performance sports events, performance medicine products and the Live Enhanced subscription platform. The company became listed after a SPAC merger in May 2026 and reported its first public quarter with revenue of 17.7 million USD, but a net loss of 61.9 million USD, which raises questions about its ability to sustain investment without further financing.
At the close of 05 Nov 2026, Enhanced Group, Inc. (ENHA) stock was 8.17 USD (+14.91% on the day), with beta -14.35, 52-week range 1.14–12.91 USD. Latest reported quarter (Q2 2026): revenue of 17.7 m USD, net income of -61.9 m USD, diluted EPS -0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- -3.05 – 14.93
- in the upper half of the band · %B 0.62 · band width 302.8%
- SMA 50 / 200
- 3.28 / unavailable
- MACD (12, 26, 9)
- 1.80 / 1.87
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +452.0% | −1.1% | +453.1 pp | — |
| 3 months | +209.5% | −0.5% | +209.9 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −34.5% |
| 3 years | unavailable | +76.4% | unavailable | −24.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 0 | — | — | — | 17.7 m |
| SG&A | — | — | — | 2.2 m | — | — | — | 16.6 m |
| Operating income | -29.7 k | -37.8 k | -34.6 k | -3.1 m | -173.7 k | -812.0 k | -374.2 k | -61.9 m |
| Pre-tax income | -29.7 k | -37.8 k | -34.6 k | -3.0 m | 1.5 m | 1.1 m | 1.4 m | -61.9 m |
| Income tax | — | — | — | 0 | — | — | — | 0 |
| Net income | -29.7 k | -37.8 k | -3.3 m | -3.0 m | 1.5 m | 1.1 m | -16.4 m | -61.9 m |
| Diluted EPS | — | — | — | -0.03 | — | — | — | -0.53 |
| Operating cash flow | — | -64.3 k | -3.0 k | -7.5 m ≈ | 7.2 m ≈ | -457.1 k | -211.3 k | -43.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -75.6 k | 2.6 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 25.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -1.0 m USD
- Total assets
- 32.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 64.11x
- ROE
- unavailable
- ROA
- 16.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | -75.6 k | -1.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Pre-tax income | -75.6 k | 2.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Net income | -75.6 k | 2.6 m | SEC (XBRL)· 09 Feb 2026verified |
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 4.0 m | 25.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Current assets | 2.4 k | 30.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Property, plant & equipment, net | — | 433.8 k | SEC (XBRL)· 14 Aug 2026verified |
| Total assets | 25.2 k | 32.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Accounts payable | — | 3.0 m | SEC (XBRL)· 14 Aug 2026verified |
| Current liabilities | 265.9 k | 472.2 k | SEC (XBRL)· 09 Feb 2026verified |
| Total liabilities | 265.9 k | 33.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Equity | 2.3 m † | -1.0 m † | SEC (XBRL)· 14 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -72.9 k | -774.9 k | SEC (XBRL)· 09 Feb 2026verified |
| Investing cash flow | — | -200.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | 72.9 k | 201.5 m | SEC (XBRL)· 09 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Enhanced Group Inc. (ENHA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: ROE -1,903.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% 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
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +13% / −27% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −36% / −63% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | +5% / −23% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +19% / +159% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +43% / +92% |
1- and 3-year price returns: for ENHA 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
Scenarios are not available. input data missing
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
Enhanced Group Inc. (ENHA) is an early-stage company combining high-performance sports events, performance medicine products and the Live Enhanced subscription platform. The company became listed after a SPAC merger in May 2026 and reported its first public quarter with revenue of 17.7 million USD, but a net loss of 61.9 million USD, which raises questions about its ability to sustain investment without further financing.
SWOT
Strengths
- High brand awareness after the first event, with broad media coverage and a media rights agreement with a streaming platform.
- An asset-light, partnership-based model that keeps control of brand, technology and customer data.
- An ability to attract sponsors and investors, shown by sponsorship contracts and the private placement of capital.
Weaknesses
- Large and persistent net losses, with spending concentrated on a few major events.
- Revenue still dependent on a single event and on sponsorship, recognized over several periods.
- Limited liquidity relative to operating spending, with cash declining over the first half of the year.
Opportunities
- Expanding the Live Enhanced platform with peptide products if the regulatory stance becomes more favorable.
- Smaller and more frequent formats, such as the Enhanced Breakers series, that could hold attention between editions.
- Acquisitions and strategic partnerships that management is evaluating to accelerate the company's capabilities.
Threats
- Regulatory uncertainty over peptides, with non-final recommendations and formal procedures that could delay or restrict the offering.
- Geopolitical risks linked to operating in the Middle East, where the clinical study took place.
- Public skepticism and controversy around performance-enhanced sport, which could affect sponsors and brand reputation.
Risks
- Liquidity and funding needhigh
With declining cash and expected operating losses, the company could need additional capital to fund its plans, which could dilute shareholders.
- Dependence on peptide regulationhigh
Expansion of the Live Enhanced offering depends on regulatory decisions and formal procedures, with no assurance of the outcome.
- Revenue concentrationmedium
Second-quarter revenue came mainly from a single event, and recognition of sponsorship revenue depends on satisfying performance obligations and assessing collectability.
- Geopolitical and operational riskmedium
The clinical study and athlete preparation took place in the United Arab Emirates, and instability in the region could disrupt the company's activities.
- Reliance on third-party partnerslow
The company relies on partners for telehealth, production, distribution and event infrastructure, which limits its control over quality and timing.
Investment thesis
What would need to be true (bull case)
- If the Enhanced brand turns first-event awareness into recurring sponsorship, media rights and subscription revenue, the company could gradually reduce its dependence on a single event.
- A favorable regulatory framework for peptides could open a market for performance and longevity products in which the company already has early customers and a direct sales platform.
- The asset-light model with external partners could allow scaling without heavy investment in proprietary infrastructure, if operating costs stabilize.
What would break the thesis
- Large net losses and high operating costs could exhaust available cash before recurring revenue covers costs, forcing additional financing with dilution.
- If regulators do not confirm an expanded set of peptide categories, the growth plan for the Live Enhanced platform could be delayed or significantly reduced.
- Current revenue is concentrated on one event, and its notoriety may not translate into repeat sponsorship at the same value.
What to watch
- Recognition of the roughly 32 million USD sponsorship contract value and revenue in the next quarterQ3 2026
- Third tranche of the private placement (estimated 13.3 million USD) and the final level of fundingQ3 2026
- Final FDA decision on adding peptides to the compounding list after the advisory committee recommendation2027
- Results of the Enhanced Breakers series and its ability to hold attention and sponsors between editionsnext 10-K
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
Enhanced Group Inc. is a growth-stage company operating at the intersection of sports entertainment, performance science and lifestyle wellness, through its flagship Enhanced brand. It organizes its activity around two complementary lines: Enhanced Games, a multi-sport event, and Live Enhanced, a direct-to-consumer subscription platform offering physician-guided performance protocols, telehealth access and personalized supplementation. The model is described as asset-light and partnership-driven, with the company retaining control of brand, technology, customer relationships and data 2. The company has incurred net losses since inception and management expects operating losses for the foreseeable future 2.
The merger with the SPAC A Paradise Acquisition Corp. was completed on May 7, 2026 and was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded 2. The Class A shares began trading on the New York Stock Exchange under the symbol ENHA on May 8, 2026 2. For early 2026, the sources show activity dominated by preparing the first event and launching the consumer platform rather than recurring revenue.
The capital structure is shaped by the listing transaction and recent financing: the company reported 19.6 million USD in cash and cash equivalents at June 30, 2026, compared with 25.3 million USD at December 31, 2025 3, after raising 50 million USD in a private placement (PIPE) 2.
Segments
Enhanced Games
A multi-sport event designed to demonstrate the benefits of medically supervised performance enhancement. The inaugural edition took place in May 2026 in Las Vegas, with swimming, track and weightlifting competitions 2. Second-quarter revenue came mainly from sponsorship, and the company secured about 32 million USD in sponsorship contract value, recognized over several quarters 3. Monetization relies on media rights, sponsorships, branded content and licensed consumer products 2.
Live Enhanced
A direct-to-consumer subscription platform offering physician-guided performance protocols, telehealth and personalized supplementation, introduced in February 2026 with initial orders and full commercial operations in the United States from May 2026 2. The company launched a line that includes 11 Rx therapies and two proprietary supplement products 3.
Market context
The market in which the company operates combines sports entertainment, performance services and consumer wellness. The documents provide no quantified market size, so the company cannot be compared on market share based on these sources. The company describes rising consumer interest in sports and live entertainment in a society increasingly shaped by AI 3. Development of the regulatory framework for peptides is viewed by management as a favorable factor, but the availability and timing of these products remain subject to approvals 2.
Sponsorship demand for new sports events depends on audience reach, and the company reports that the event engaged one billion people globally, including four million live views (excluding Roku streaming data) 3. These figures are reported by the company and were not independently verified in the sources reviewed.
Trends
- Peptide regulationmixed
In March 2026, following public statements by the Secretary of Health and Human Services about a possible review of compounding restrictions for certain peptides, the company said it expected to expand the Live Enhanced platform 2. In July 2026, the FDA's Pharmacy Compounding Advisory Committee recommended that six of seven peptides considered be added to the bulk substances list, but the recommendation is non-final and non-binding 2. If regulation develops favorably, it could support an expanded offering, though there is no assurance that any particular product will be approved or commercially accepted.
- Rising interest in sports and live entertainmenttailwind
Management argues there is growing consumer interest in sports and live entertainment in an increasingly AI-driven world, and smaller event formats such as the Enhanced Breakers series could hold attention between editions 3.
- High costs of the first eventheadwind
The second-quarter loss was attributed largely to staging the first edition, the clinical study, the merger, and higher general and administrative costs as a listed company 3. If the cost structure is not adjusted after the first year, liquidity pressure could increase.
- Partnerships and supply chainmixed
The company works with third-party partners for telehealth, production and distribution, and is also seeking to strengthen its US supply chain and pharmacy partnerships for personalized compounding and nationwide fulfillment 3. This asset-light approach could reduce fixed costs but creates dependence on outside parties.
Competitive position
The sources reviewed do not explicitly identify listed direct competitors. In a brand study conducted after the Games, the company was compared with events such as Hyrox and The CrossFit Games on consumer brand strength 3. In performance medicine, competition comes from telehealth and supplement providers, which are not named in the documents reviewed.
Competitive positioning rests on brand recognition, on being the first event of this kind, and on integrating sport, content and product sales 3. An independent study placed the brand in the middle of its comparison set, at a level comparable to some longer-established sports properties 3.
- Hyrox
Sports event used as a comparison in the brand study, with consumer brand strength similar to Enhanced's 3.
- The CrossFit Games
Established sports event used as a reference point in the company's brand assessment 3.
- Telehealth and performance supplement providers
Category of competitors for the Live Enhanced platform, not named individually in the sources reviewed.
- US compounding pharmacies
Partners the company works with for peptide products, which could also become competitors in the consumer segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Nov 2026Material agreement · Item 3.02 · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Nov 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report19 Oct 2026Other events
- Current report01 Oct 2026Shareholder vote
- Current report23 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers
- Current report26 Aug 2026Other events · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jun 2026Material agreement · Termination of a material agreement · Item 3.02 · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Enhanced Group, Inc. · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Enhanced Group, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Enhanced Group, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.