olivLaw · US equity research
Rain Enhancement Technologies Holdco, Inc. RAIN
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
Rain Enhancement Technologies Holdco develops AEI (atmospheric ionization) technology to support artificial rain and snow, aiming to make access to water more predictable for communities and farms. The company is still at an early stage, with limited revenue, debt owed to an affiliate and a going-concern warning, which makes future financing a key factor. For now activity is concentrated on pilot projects, and with only about $214,000 in cash at the end of 2025, any delay in funding could affect expansion plans.
At the close of 04 Nov 2026, Rain Enhancement Technologies Holdco, Inc. (RAIN) stock was 0.58 USD (+6.57% on the day), with beta 0.54, 52-week range 0.53–8.13 USD. Latest reported quarter (Q2 2026): revenue of 0 USD, net income of -3.2 m 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 0.50 – 0.71
- in the lower half of the band · %B 0.40 · band width 35.9%
- SMA 50 / 200
- 0.74 / 1.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.07
- MACD above 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 | −23.3% | −1.1% | −22.2 pp | — |
| 3 months | −53.7% | −0.5% | −53.2 pp | — |
| 6 months | −68.9% | +4.4% | −73.3 pp | — |
| Year to date | −90.0% | +12.3% | −102.3 pp | — |
| 1 year | −88.5% | +13.5% | −102.1 pp | −47.0% |
| 3 years | unavailable | +76.4% | unavailable | +54.6% |
| 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 | — | — | — | — | — | — | 10.5 k | 0 ≈ |
| Research & development | — | — | — | — | 46.2 k | 14.3 k | 40.7 k | 31.9 k |
| Operating income | -3.0 m | -1.2 m | -1.3 m | -1.1 m | -1.6 m | -4.1 m | -1.9 m | -3.1 m |
| Depreciation & amortisation | — | — | — | — | — | — | — | 10.4 k |
| Interest expense | 7.5 k | 8.0 k | 47.1 k | 33.1 k | 243.2 k | -38.9 k | 139.5 k | 310.1 k |
| Income tax | — | — | — | 912 | 0 ≈ | 0 | — | — |
| Net income | -3.0 m | -1.2 m | -1.5 m | -952.8 k | -2.2 m | -4.5 m | -1.9 m | -3.2 m |
| Operating cash flow | -120.2 k ≈ | -1.2 m | -1.0 m | -383.3 k ≈ | -234.0 k ≈ | -328.7 k | -1.9 m | -1.0 m ≈ |
| Capex | 1.1 k ≈ | 1 | 139.4 k | 473.3 k ≈ | 245.8 k ≈ | 129.3 k | 9.5 k | 0 ≈ |
≈ 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -437.0 k | -4.5 m | -9.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -502.3 k | -1.4 m | -2.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 213.7 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -12.7 m USD
- Total assets
- 1.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.02x
- ROE
- unavailable
- ROA
- -592.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Research & development | — | — | 62.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -410.1 k | -4.5 m | -8.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Interest expense | 27.0 k | 30.2 k | 284.5 k | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | — | — | 912 | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -437.0 k | -4.5 m | -9.1 m | SEC (XBRL)· 15 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 37.3 k | 32.6 k | 213.7 k | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 45.5 k | 769.9 k | 317.5 k | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 368.2 k | 0 | 407.1 k | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 104.1 k | 92.4 k | 80.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 517.8 k | 1.3 m | 1.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 505.4 k | 1.9 m | 1.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Long-term debt | — | 839.0 k | — | SEC (XBRL)· 16 Apr 2025verified |
| Current liabilities | 1.2 m | 6.2 m | 13.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 1.2 m | 6.6 m | 14.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | -636.9 k † | -5.3 m † | -12.7 m † | SEC (XBRL)· 15 Apr 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 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -238.1 k | -1.3 m | -2.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 264.2 k | 45.8 k | 987.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | -502.3 k ≈ | -1.4 m ≈ | -2.9 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -264.2 k | -45.8 k | -987.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 439.6 k | 1.4 m | 3.1 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · 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: 2 of at least 6; score weight coverage: 10.4% 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 | -16.4x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 40% |
| 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 sheet0/100 · 2/3 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
RAIN ENHANCEMENT TECHNOLOGIES HOLDCO, INC. (RAIN). Latest full fiscal year: 2025; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
- Interest coverage: -16.4x
- Current ratio: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · same industry (4-digit SIC) · compared with 10 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 | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 137.2 bn | 35.3 | 19.6% | 12.2% | +10.3% | +2% / +55% |
| CWCurtiss-Wright Corporation | 16.7 bn | 31.1 | 19.7% | 14.8% | +12.1% | −20% / +111% |
| EPACEnerpac Tool Group Corp. | 2.2 bn | 24.5 | 20.2% | 13.8% | +5.7% | +11% / +55% |
| ZOOZZOOZ Strategy Ltd. | 972.0 m | — | -88.3% | -22,505.7% | −76.3% | −49% / unavailable |
| VHUBVenhub Global, Inc. | 21.4 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 10.4 m | — | -48.9% | -63.2% | +13.0% | −83% / −91% |
| SMXSMX (Security Matters) Public Limited Company | 2.1 m | — | -2,287.2% | — | unavailable | −100% / −100% |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −53% / −97% |
| MOG-AMOOG Inc. | — | 27.7 | 18.2% | 8.7% | +7.0% | +42% / +133% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −47% / unavailable |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −89% / unavailable |
1- and 3-year price returns: for RAIN 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
Rain Enhancement Technologies Holdco develops AEI (atmospheric ionization) technology to support artificial rain and snow, aiming to make access to water more predictable for communities and farms. The company is still at an early stage, with limited revenue, debt owed to an affiliate and a going-concern warning, which makes future financing a key factor. For now activity is concentrated on pilot projects, and with only about $214,000 in cash at the end of 2025, any delay in funding could affect expansion plans.
SWOT
Strengths
- The WETA platform combines software, meteorology, hardware and operations in one proprietary system, which can support quality control and scaling.
- The one-to-many model and land and expand strategy could allow revenue growth from existing clients after initial installations.
- Systems can be produced and stored in advance, which could speed up response to pilot and commercial opportunities.
Weaknesses
- The company has a limited operating history and revenue that is still not significant, which makes financial forecasting difficult.
- There is significant doubt about going-concern status, and available cash is very low relative to operating needs.
- The company has identified material weaknesses in internal control over financial reporting, related to accounting for financed insurance premiums.
Opportunities
- Planned expanded pilot programs in the US and Australia could validate the technology's performance and attract new clients.
- Government and farm interest in water security could open long-term contracts.
- Extending into other water generation technologies through licensing or partnerships could diversify revenue sources.
Threats
- If financing is not obtained in time, the company could have to reduce or halt development and installation activities.
- Reliance on a loan from an affiliate of a key investor could limit financial flexibility.
- Preliminary results may not be confirmed by later studies, which could reduce client interest.
Risks
- Going-concern uncertaintyhigh
The company has warned that substantial doubt exists about its ability to continue as a going concern, given low cash and a working capital deficit. If it does not obtain additional financing, it could be required to delay or discontinue operations.
- Dependence on affiliate financinghigh
A loan from an affiliate of a key investor has been extended and largely drawn, and repayment is tied to possible future capital raises. This creates dependence on that related-party relationship.
- Internal control weaknessesmedium
The company reported an accounting error that led to restatement of previously issued quarterly financial statements and identified a material weakness. Remediation may not be sufficient, which could affect investor confidence.
- Nasdaq listing issuesmedium
The company received market value compliance notices, and continued listing depended on transferring to a market with different requirements. If requirements are not met, trading could be suspended.
- Scaling the technologylow
Moving from pilot projects to large-scale commercial operations could encounter unforeseen technical and service problems. If systems prove unreliable, demand could be affected.
Investment thesis
What would need to be true (bull case)
- If field validation confirms the WETA systems' performance and estimated costs, the company could convert pilot projects into long-term contracts with government and agricultural clients.
- A unit cost regarded as competitive and a model that allows expanding relationships with existing clients could support growth over time.
- If interest in water security grows, the company could benefit from additional demand and access to financing on better terms.
What would break the thesis
- If financing is not obtained, the company could lack enough cash to sustain operations and its expansion plans.
- Dependence on a loan from an affiliate could limit strategic options and introduce conflicts of interest.
- If preliminary results are not confirmed or internal control weaknesses are not remediated, investor and client confidence could decline.
What to watch
- Obtaining new financing and its terms, including any possible capital raise2026
- Results of the expanded pilot programs in the US and Australia2026
- Remediation of the material weakness in internal control, as confirmed in the next reportnext 10-K
- Compliance with Nasdaq listing requirements and any new notices2027
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 was founded to provide reliable access to water and develops, manufactures and commercializes AEI technology through its proprietary WETA (Weather Enhancement Technology Array) platform, which combines software, meteorology, hardware and operations. Its business model is a community-centric one-to-many model, in which clients such as farms, resorts, energy and transport companies, insurers and governments can be connected through a land and expand sales strategy. According to the 2025 annual report, the company has not yet generated significant revenue and is investing in research, production and system installation.
Segments
WETA rain and snow systems
The main segment consists of WETA systems installed to enhance rain and snow under suitable atmospheric conditions. Installation and manufacturing cost is estimated at about $280,000 per system, and the all-in cost at about $425,000, including labor and a meteorologist 1. The company expects to be the sole operator of its rain and snowfall generation services 1.
Fog research and adjacent applications
A second area covers fog dispersal pilot programs, based on preliminary observations in Australia, and the evaluation of other atmospheric water applications. These activities remain at the research and development stage and, according to the company, are not expected to generate material revenue until validation and commercialization 1.
Market context
The target market includes large landowners in agriculture, resorts, energy and transport companies, insurers and reinsurers, decarbonization initiatives of major companies and governments at all levels. The company estimates water could be produced at about $0.10 per cubic meter, less than other alternative technologies 1. However, market estimates and growth forecasts are, according to the company, uncertain and there is no guarantee that any particular number of clients will buy its products.
Market adoption depends on performance verified in real projects, and the company's plan rests on a client pipeline that is still largely preliminary. The first two US systems entered operation in November 2025 in the La Sal Range of Utah, where snowfall and snow water equivalent are being monitored 1.
Trends
- Growing interest in water managementtailwind
Concern about water resources and supply resilience could open demand from governments and farms for additional solutions. The company cites this context in its strategy, but acceptance of the technology is not assured.
- Scientific validation of effectsheadwind
Field results are described by the company as preliminary, and assessments of effects on precipitation and snowpack are ongoing. If results do not confirm the benefits, demand could decline.
- Regulation and local permitsheadwind
Operations across several jurisdictions require compliance with rules on the sale, installation and operation of systems. Requirements can vary and may slow pilot or commercial projects.
- Funding of early-stage companiesmixed
Demand for capital to fund expansion can be favorable if investors are receptive, but it can also dilute existing shareholders or impose restrictive terms. The effect depends on future funding conditions.
Competitive position
Competition includes other water generation and precipitation modification technologies, as well as alternative water supply solutions. The company argues its technology has a lower unit cost, but over time competition could increase and affect its growth.
Competitive advantage depends on demonstrating WETA system performance and precisely measuring water benefit with its own automation, rain gauges and weather stations. If other companies develop comparable technologies, its relative position could be affected.
- Rain and snowfall generation technology providers
Companies developing or operating precipitation enhancement systems that compete for the same government and agricultural clients.
- Alternative water supply technologies
Desalination, recycling and other water supply solutions that clients can compare with AEI technology.
- Weather measurement system suppliers
Makers of rain gauges and weather stations that could compete on measuring water benefit.
- Water and agricultural infrastructure companies
Firms offering integrated water management solutions that could become competitors or partners.
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 report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Aug 2026Delisting notice
- Quarterly report14 Aug 2026
- Current report16 Jul 2026Other events · Financial statements and exhibits
- Current report30 Jun 2026Material agreement · Financial statements and exhibits
- Current report09 Jun 2026Material agreement · Item 3.02 · Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report15 May 2026
- Annual report15 Apr 2026
- Current report14 Apr 2026Non-reliance on financial statements
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rain Enhancement Technologies Holdco, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rain Enhancement Technologies Holdco, Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.