olivLaw · US equity research
SRX Global Inc. SRXH
Beverages · SIC 2080 · Vertical: Beverages (SIC 2080)
SRX Global Inc. is a platform that combines investments in operating companies with a premium pet product line under the Halo brand, which remained after the restructuring of recent years. The company is in a transition phase, with small revenue but a solid cash position and a new capital allocation strategy.
At the close of 04 Nov 2026, SRX Global Inc. (SRXH) stock was 0.89 USD (−8.07% on the day), with market capitalisation 18.0 m USD, beta 0.30, 52-week range 0.89–34.98 USD. Latest reported quarter (Q3 2026): revenue of 3.4 m USD (+26.9% YoY), net income of -4.1 m USD, diluted EPS -0.36 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)
- 20.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.83 – 1.46
- in the lower half of the band · %B 0.09 · band width 55.2%
- SMA 50 / 200
- 1.43 / 5.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.15
- 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 | −40.5% | −1.1% | −39.4 pp | — |
| 3 months | −36.2% | −0.5% | −35.7 pp | — |
| 6 months | −86.9% | +4.4% | −91.3 pp | — |
| Year to date | −93.5% | +12.3% | −105.8 pp | — |
| 1 year | −94.5% | +13.5% | −108.0 pp | +6.7% |
| 3 years | −99.8% | +76.4% | −176.2 pp | −22.9% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42.7 m | 11.4 m | 7.2 m | 2.7 m | 3.9 m | 2.8 m | 3.4 m | 3.4 m |
| Cost of revenue | 33.3 m | 6.9 m | 4.8 m | 2.6 m | 2.4 m | 1.8 m | 2.2 m | 2.5 m |
| Gross profit | 9.4 m | 4.5 m | 2.4 m | 31.0 k | 1.5 m | 1.1 m | 1.3 m | 904.0 k |
| SG&A | 10.7 m | 5.6 m | 3.5 m | 8.6 m | 4.3 m | 4.8 m | 3.1 m | 4.1 m |
| Operating income | -1.3 m | -1.1 m | -1.1 m | -8.6 m | -2.8 m | -3.8 m | -1.8 m | -3.2 m |
| Depreciation & amortisation | — | 920.0 k | 26.0 k | — | -2.9 m | 15.0 k | — | — |
| Interest expense | 180.0 k | — | — | -30.0 k | 658.0 k | 1.3 m | 1.8 m | 569.0 k |
| Pre-tax income | -2.3 m | 1.5 m | -962.0 k | -6.9 m | -1.8 m | -8.6 m | -6.4 m | -4.1 m |
| Income tax | 345.0 k | -2.0 k | 2.0 k | 138.0 k | — | 4.0 k | 2.0 k | 0 ≈ |
| Net income | -3.1 m | -4.0 m | -10.1 m | -15.1 m | -15.3 m | -8.6 m | -6.4 m | -4.1 m |
| Diluted EPS | -0.14 | -0.17 | -0.39 | -44.51 | -0.18 ≈ | -0.26 | -0.02 | -0.36 |
| Operating cash flow | — | 1.5 m | 384.0 k | -15.8 m ≈ | 7.6 m | -2.9 m | -6.6 m ≈ | — |
| Capex | — | -955.0 k ≈ | 7.0 k | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | 0 ≈ |
≈ 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 year | ⚠ 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.8 m | 15.6 m | 42.6 m | 46.0 m | 54.7 m | 38.6 m | 35.0 m | 6.5 m |
| Revenue YoY | — | +5.4% | +173.4% | +8.0% | +18.8% | −29.4% | −9.4% | −81.3% |
| Net income | -6.0 m | -184.5 m | -59.3 m | 3.4 m | -39.3 m | -22.8 m | -168.0 k | -45.0 m |
| Net income YoY | — | unavailable | unavailable | unavailable | −1,260.8% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -7.26 | 0.14 | -58.93 | -32.29 | -0.10 | -2.13 |
| Diluted EPS YoY | — | unavailable | unavailable | unavailable | −42,192.9% | unavailable | unavailable | unavailable |
| net % | -40.8% | -1,184.2% | -139.3% | 7.4% | -71.9% | -59.0% | -0.5% | -688.8% |
| Free cash flow | -6.9 m | -21.1 m | -7.7 m | -12.2 m | -20.8 m | 79.0 k | -4.4 m | unavailable |
The series breaks before 2018: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 1.3 m USD
- Financial debt
- 0 USD
- Net debt
- -1.3 m USD
- Equity
- 407.0 k USD
- Total assets
- 8.4 m USD
- Debt / equity
- 0.00x
- Current ratio
- 2.29x
- ROE
- unavailable
- ROA
- -371.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 42.6 m | 46.0 m | 54.7 m | 38.6 m | 35.0 m | 6.5 m | SEC (XBRL)· 05 Dec 2025verified |
| Cost of revenue | 26.5 m | 30.6 m | 39.4 m | 26.8 m | 22.0 m | 5.0 m | SEC (XBRL)· 05 Dec 2025verified |
| Gross profit | 16.1 m | 15.4 m | 15.3 m | 11.8 m | 13.0 m | 1.5 m | SEC (XBRL)· 05 Dec 2025verified |
| Research & development | 100.0 k | 500.0 k | 500.0 k | 100.0 k | 100.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| SG&A | 34.5 m | 28.5 m | 35.4 m | 24.4 m | 19.0 m | 12.9 m | SEC (XBRL)· 05 Dec 2025verified |
| Operating income | -27.3 m | -17.3 m | -38.8 m | -21.2 m | -6.0 m | -11.4 m | SEC (XBRL)· 05 Dec 2025verified |
| Depreciation & amortisation | 1.7 m | 1.7 m | 1.7 m | 1.7 m | 130.0 k | 31.0 k | SEC (XBRL)· 05 Dec 2025verified |
| EBITDA | -25.6 m ≈ | -15.6 m ≈ | -37.1 m ≈ | -19.5 m ≈ | -5.8 m ≈ | -11.4 m ≈ | SEC (XBRL)· 05 Dec 2025derived |
| Interest expense | 9.2 m | — | 551.0 k | 1.4 m | 467.0 k | 628.0 k | SEC (XBRL)· 05 Dec 2025verified |
| Pre-tax income | -59.3 m | 3.4 m | -39.3 m | -22.8 m | -159.0 k | -8.6 m | SEC (XBRL)· 05 Dec 2025verified |
| Income tax | 0 | 37.0 k | -18.0 k | 2.0 k | 9.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Net income | -59.3 m | 3.4 m | -39.3 m | -22.8 m | -168.0 k | -45.0 m | SEC (XBRL)· 05 Dec 2025verified |
| Diluted EPS | -7.26 | 0.14 | -58.93 | -32.29 | -0.10 | -2.13 | SEC (XBRL)· 05 Dec 2025verified |
| Weighted average diluted shares | 8.2 m | 21.9 m | 667.1 k | 705.2 k | 1.6 m | 21.1 m | SEC (XBRL)· 05 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.9 m | 21.7 m | 3.2 m | 4.5 m | 3.1 m | 1.3 m | SEC (XBRL)· 05 Dec 2025verified |
| Receivables | 4.6 m | 6.8 m | 6.7 m | 4.4 m | 5.4 m | 3.9 m | SEC (XBRL)· 05 Dec 2025verified |
| Inventories | 4.9 m | 5.2 m | 10.3 m | 6.6 m | 3.9 m | 2.1 m | SEC (XBRL)· 05 Dec 2025verified |
| Current assets | 17.6 m | 43.9 m | 27.5 m | 16.2 m | 15.0 m | 8.1 m | SEC (XBRL)· 05 Dec 2025verified |
| Property, plant & equipment, net | 252.0 k | 369.0 k | 375.0 k | 230.0 k | 138.0 k | 88.0 k | SEC (XBRL)· 05 Dec 2025verified |
| Goodwill | 18.6 m | 18.6 m | 0 | — | 405.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Intangibles (excl. goodwill) | 13.1 m | 11.6 m | 10.1 m | — | — | — | SEC (XBRL)· 28 Mar 2023verified |
| Total assets | 51.3 m | 74.7 m | 38.7 m | 16.7 m | 15.8 m | 8.4 m | SEC (XBRL)· 05 Dec 2025verified |
| Accounts payable | 3.1 m | 4.6 m | 2.9 m | 6.9 m | 3.1 m | 2.1 m | SEC (XBRL)· 05 Dec 2025verified |
| Short-term debt | 8.0 m | 855.0 k | 165.0 k | 162.0 k | 2.4 m | — | SEC (XBRL)· 31 Mar 2025verified |
| Long-term debt | 24.6 m | 9.4 m | 11.4 m | 4.6 m | 2.4 m | 0 | SEC (XBRL)· 14 May 2026verified |
| Current liabilities | 54.6 m | 7.3 m | 5.6 m | 13.7 m | 7.1 m | 3.5 m | SEC (XBRL)· 05 Dec 2025verified |
| Total liabilities | 79.4 m | 16.8 m | 17.1 m | 13.8 m | 7.2 m | 8.0 m | SEC (XBRL)· 05 Dec 2025verified |
| Equity | -28.1 m † | 57.9 m † | 21.5 m † | 2.9 m † | -63.7 m † | 407.0 k † | SEC (XBRL)· 05 Dec 2025verified |
| Shares outstanding at year end | — | — | — | — | — | 24.9 m | SEC (XBRL)· 30 Sept 2025verified |
† 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -7.5 m | -11.9 m | -20.6 m | 97.0 k | -4.4 m | -8.1 m | SEC (XBRL)· 05 Dec 2025verified |
| Capex | 151.0 k | 353.0 k | 198.0 k | 18.0 k | 41.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Free cash flow | -7.7 m ≈ | -12.2 m ≈ | -20.8 m ≈ | 79.0 k ≈ | -4.4 m ≈ | — | SEC (XBRL)· 31 Mar 2025derived |
| Investing cash flow | -151.0 k | -353.0 k | -198.0 k | -18.0 k | -2.3 m | 5.9 m | SEC (XBRL)· 05 Dec 2025verified |
| Financing cash flow | 9.1 m | 37.2 m | 1.3 m | -5.1 m | 5.2 m | 12.2 m | SEC (XBRL)· 05 Dec 2025verified |
| Share repurchases | 0 | 1.6 m | 0 | — | — | — | SEC (XBRL)· 28 Mar 2023verified |
≈ 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% 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: 18.0 m USD
Key indicators
Coverage and freshness
Score by group
35% · 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/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -29.1% | 8 (vs peers) | 29% |
| Net margin · Quality | -254.8% | 18 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -50.7% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 27.6x | 100 (on a fixed band) | 12% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality11/100 · 2/3 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
SRX Global Inc. (SRXH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.5 m USD in 2025; YoY growth -81.3%; net margin -254.8%; ROE -70.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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
- Current ratio: 27.6x
What contradicts it
- ROIC: -29.1%
- Net margin: -254.8%
- Revenue CAGR 3Y: -50.7%
- Interest coverage: -2.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Beverages (SIC 2080) · same industry (4-digit SIC) · compared with 17 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 | |
|---|---|---|---|---|---|---|
| KOCoca Cola Co | 412.1 bn | 28.2 | 42.6% | 28.7% | +1.9% | +31% / +64% |
| DEODIAGEO plc | 237.6 bn | 92.4 | 24.0% | 9.1% | +0.3% | +7% / −30% |
| PEPPepsico Inc | 194.1 bn | 18.7 | 50.1% | 10.8% | +2.3% | −4% / −15% |
| KDPKeurig Dr Pepper Inc. | 50.1 bn | 37.2 | 5.7% | 7.1% | +8.2% | +32% / +17% |
| BF-ABrown Forman Corp | 14.9 bn | 20.3 | 18.1% | 18.4% | −1.2% | +10% / −48% |
| PRMBPrimo Brands Corp | 7.6 bn | 79.4 | 3.2% | 1.5% | +29.3% | +34% / +46% |
| COCOThe Vita Coco Company, Inc. | 3.7 bn | 32.9 | 32.0% | 15.7% | +18.2% | +23% / +133% |
| WESTWestrock Coffee Company | 1.0 bn | — | — | -4.9% | +39.8% | +138% / +13% |
| BUDABuda Juice, Inc. | 83.2 m | 34.5 | 19.3% | 17.1% | +11.8% | unavailable / unavailable |
| SRXHSRX Global Inc. | 18.0 m | — | -70.8% | -254.8% | −81.3% | −94% / −100% |
| WVVIWillamette Valley Vineyards, Inc. | 8.3 m | — | -3.3% | -5.9% | −6.5% | −37% / −68% |
| YHCLQR House Inc. | 2.9 m | 0.2 | -88.2% | -1,589.2% | −37.4% | −98% / −100% |
| IPSTIp Strategy Holdings, Inc. | 2.3 m | — | -2,713.2% | -2,064.0% | +20.4% | −98% / unavailable |
| EDVAEndovia Health Sciences, Inc. | 1.2 m | — | — | -53,856.5% | −90.9% | −96% / −100% |
| BRCCBRC Inc. | 903.4 k | — | -14.2% | -1.5% | +1.7% | −23% / −77% |
| IBGInnovation Beverage Group Limited | 593.4 k | — | — | -223.4% | −5.1% | −94% / unavailable |
| STZConstellation Brands, Inc. | — | — | 23.9% | 20.9% | −10.5% | +7% / −40% |
| ABEVAmbev S.A. | — | — | 16.6% | 17.6% | −1.4% | +9% / +1% |
1- and 3-year price returns: for SRXH 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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
SRX Global Inc. is a platform that combines investments in operating companies with a premium pet product line under the Halo brand, which remained after the restructuring of recent years. The company is in a transition phase, with small revenue but a solid cash position and a new capital allocation strategy 13.
SWOT
Strengths
- The Halo brand has high loyalty and a customer base that buys repeatedly online.
- The company has a solid cash position and no debt outstanding at the latest quarterly report.
- A reduced operating structure after the reorganization may make cost control easier.
Weaknesses
- Core revenue is small, and a history of net losses remains a problem.
- Dependence on a few co-manufacturers and suppliers limits operational flexibility.
- A small staff may make it difficult to manage products and investments at the same time.
Opportunities
- Growth in online sales and new customers could support a revenue recovery.
- Integrating investment capabilities could bring new revenue sources if results hold over time.
- A share repurchase program, if executed, could support value per share.
Threats
- Competition from large producers and specialty brands may pressure margins.
- Online advertising costs and changes at sales platforms may affect brand visibility.
- Volatility in digital assets may produce significant accounting losses.
Risks
- Persistent net losseshigh
The company has reported net losses in recent periods, and their continuation could affect its ability to fund operations 13.
- Volatility of digital assetshigh
Changes in the fair value of digital assets can produce large accounting losses independent of operating performance 3.
- Dependence on suppliersmedium
A small number of co-manufacturers and raw material suppliers could disrupt production if quality or delivery problems arise 1.
- Hypothetical model resultsmedium
EMJX performance is hypothetical, and over a short 14-day window it does not give a reliable basis for evaluation 3.
- Dilution from convertible instrumentsmedium
Previously issued convertible notes and warrants could dilute shareholders if exercised at large scale 1.
Investment thesis
What would need to be true (bull case)
- If Halo sales keep growing and margins improve, the company could turn a small revenue base into a more stable platform.
- The cash position and absence of debt provide flexibility for investments and for distributions to shareholders.
- Integrating EMJX could bring new capital allocation capabilities, if results are confirmed over a longer period.
What would break the thesis
- Revenue remains small relative to operating costs, and losses may persist if sales do not accelerate.
- Investment activity in digital assets exposes the company to high volatility that could erase gains from the core business.
- Competition from large producers and pressure from advertising costs could limit the brand's ability to grow.
What to watch
- Development of Halo net sales and gross marginQ4 2026
- Actual results of capital deployment through EMJX, not only hypothetical ones2027
- Execution of the share repurchase program and the one-time dividendQ4 2026
- Development of net loss and adjusted EBITDA in the annual reportnext 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
The company's continuing operations are centered on Consumer Products, meaning the Halo brand, which offers food, treats, supplements and dental products for dogs and cats. Sales are made mainly online, through platforms such as Amazon and Chewy, while the direct-to-consumer channel was exited in June 2024 1. The former pharmacy and healthcare services were removed from current activity, and continuing revenue was about 6.5 mn USD in fiscal 2025 1.
Structurally, the company does not produce its food itself but relies on co-manufacturing partners, and a very large share of purchases comes from a small number of vendors 1. The company reorganized after the reverse merger in April 2025 and the CCAA proceedings of its Canadian subsidiary, leaving a simpler structure 12. From 2026 it also presents itself as an investment platform, with the EMJX acquisition and a cash-based balance sheet 3.
On staffing, the company had ten full-time employees and one part-time employee as of September 30, 2025, a very reduced operating structure 1. Its principal office is in North Palm Beach, Florida, and its products are sold almost exclusively in the United States 13.
Segments
Consumer Products (Halo)
This is the only remaining operating segment, covering more than one hundred premium and super-premium pet products. Sales are dominated by the e-commerce channel, where customer loyalty supports repeat orders 1. In the third quarter of fiscal 2026 segment net sales rose to 3.4 mn USD 3.
Investments and digital treasury (EMJX)
This new segment emerged after the EMJX acquisition, completed on June 16, 2026, and combines quantitative models with digital assets. Results are hypothetical and not real gains, so its evaluation remains uncertain for the coming period 3.
Market context
The premium pet product market is described by the company as highly competitive, with competition from large conventional producers and from natural or specialty brands 1. The growth of e-commerce has changed how customers buy food, and brands that moved quickly online have gained more visibility 1.
For a company in transition, the market could be more accessible if it keeps customer and platform relationships, but price pressure and online advertising costs may limit margins. Comparative data in the quarterly reporting suggests the brand can still attract new customers at relatively controlled cost 3.
Trends
- Shift to online salestailwind
The company has moved nearly all marketing effort to digital channels, which could accelerate growth if online demand stays strong 1.
- Reorganization after CCAA proceedingsmixed
Closing the medical operations reduced costs but left the company with a small revenue base, which may limit short-term growth 12.
- Diversification into investmentsmixed
The EMJX acquisition and the capital allocation strategy could open new sources of value, but current results are short-lived and hard to compare 3.
- Pressure from acquisition and financing costsheadwind
Advertising and financing costs have risen in recent quarters, and interest and fair value losses could affect net results if these trends continue 3.
Competitive position
The company competes with conventional pet food manufacturers such as Mars, Nestlé and Big Heart Pet Brands, and with specialty producers such as Blue Buffalo, Wellness, Fromm, Orijen, Merrick, Stella & Chewy, Open Farm and Freshpet 1. There are also many regional niche brands 1.
The company's advantage lies in the Halo brand and its relationships with online platforms, but the lack of large scale and its dependence on a few suppliers expose it to better-funded competitors 1.
- Mars
Conventional pet food producer named as a direct competitor in the classic product category.
- Nestlé
Group operating both conventional food and specialized pet lines.
- Blue Buffalo
Natural premium brand that is part of a larger group and competes directly with Halo.
- Freshpet
Fresh pet food producer and a competitor in the premium 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 report07 Oct 2026Material agreement · Financial statements and exhibits
- Current report06 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Sept 2026Material agreement · Financial statements and exhibits
- Current report02 Sept 2026Material agreement · Financial statements and exhibits
- Current report28 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report19 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report (amendment)29 Jul 2026Item 3.02
- Current report28 Jul 2026Item 3.02
- Current report21 Jul 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / SRX Global Inc. · 05 Dec 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SRX Global Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SRX Global Inc. · 19 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.