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olivLaw · US equity research

TOMI Environmental Solutions, Inc. TOMZ

Industrial Organic Chemicals · SIC 2860 · Vertical: Industrial Organic Chemicals (SIC 2860)

2.23USD−0.45% · 1 dayClose 04 Nov 2026

TOMI Environmental Solutions develops disinfection and decontamination systems based on ionized hydrogen peroxide (iHP), sold as equipment and recurring consumables to pharma, hospitals, food safety and commercial customers. The company reported strong revenue growth in the second quarter of 2026, but it still has a history of losses, funding uncertainty and a proposed merger. Annual revenue fell 27%, to 5.6 million USD, in 2025.

At the close of 04 Nov 2026, TOMI Environmental Solutions, Inc. (TOMZ) stock was 2.23 USD (−0.45% on the day), with market capitalisation 18.2 m USD, beta 0.41, 52-week range 1.27–3.24 USD. Latest reported quarter (Q2 2026): revenue of 2.2 m USD (+117.9% YoY), net income of -382.3 k USD, diluted EPS -0.05 USD.

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

Market cap
18.2 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.20 · TTM to 30 Jun 2026
E/P (TTM)
-8.94%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.41
Volatility (1y) 79%
52-week range
1.273.24

Price history

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Technical reading

RSI (14)
76.5
overbought (≥ 70)
Bollinger (20, 2)
1.11 – 2.18
above the upper band · %B 1.05 · band width 65.0%
SMA 50 / 200
1.59 / 1.97
mixed trend
MACD (12, 26, 9)
0.15 / 0.05
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

CompanyS&P 500vs S&P 500Vertical median
1 month+41.1%−1.1%+42.2 pp—
3 months+16.8%−0.5%+17.2 pp—
6 months+12.6%+4.4%+8.2 pp—
Year to date−4.7%+12.3%−17.0 pp—
1 year−19.2%+13.5%−32.7 pp−1.7%
3 years−23.4%+76.4%−99.8 pp−33.8%
5 years−44.5%+63.7%−108.2 pp—
Max drawdown (1y)
−60.8%
04 Jun 2026 → 30 Sept 2026
Max drawdown (5y)
−81.5%
23 Dec 2021 → 30 Sept 2026
Compound annual growth (5y)
−11.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
2.2 m USD
+117.9% YoY
Net income
-382.3 k USD
unavailable YoY
Diluted EPS
-0.05
unavailable YoY
net / operating
-17.0% / -10.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.5 m1.1 m1.6 m1.0 m2.0 m1.0 m1.7 m2.2 m
Cost of revenue981.1 k1.6 m624.8 k354.0 k779.6 k800.5 k822.5 k861.6 k
Gross profit1.6 m-529.2 k951.7 k677.1 k1.2 m216.2 k831.8 k1.4 m
Research & development56.3 k104.8 k44.6 k84.1 k10.7 k150.5 k56.8 k38.1 k
Operating income149.1 k-3.1 m-754.5 k-1.1 m-321.4 k-1.6 m-626.3 k-244.1 k
Depreciation & amortisation69.9 k72.2 k68.5 k69.2 k68.6 k65.0 k52.9 k50.1 k
Interest expense93.6 k31.3 k118.9 k106.2 k130.3 k1.2 k94.1 k94.1 k
Pre-tax income59.0 k-3.3 m-255.6 k-1.2 m-450.3 k-1.8 m-810.6 k-382.3 k
Income tax00000000
Net income59.0 k-3.3 m-255.6 k-1.2 m-450.3 k-1.8 m-810.6 k-382.3 k
Diluted EPS0.00-0.16 ≈-0.01-0.19-0.02-0.09 ≈-0.04-0.05
Operating cash flow105.3 k ≈12.7 k-275.7 k-187.6 k ≈-113.5 k ≈-619.9 k295.6 k-1.6 m ≈
Capex5.4 k ≈3.2 k02.7 k ≈0 ≈2.5 k5.3 k-1 ≈

≈ 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
Revenue5.6 m6.3 m25.0 m7.8 m8.3 m7.4 m7.7 m5.6 m
Revenue YoY+11.8%+13.7%+294.3%−69.0%+7.5%−11.8%+5.2%−27.2%
Net income-3.2 m-2.3 m4.4 m-4.4 m-2.9 m-3.4 m-4.5 m-3.7 m
Net income YoYunavailableunavailableunavailable−201.0%unavailableunavailableunavailableunavailable
Diluted EPSunavailable-0.150.23-0.25-0.15-0.17-0.22-0.19
Diluted EPS YoYunavailableunavailableunavailable−208.7%unavailableunavailableunavailableunavailable
net %-57.8%-36.2%17.5%-57.2%-34.5%-46.3%-57.8%-66.5%
Free cash flow-2.4 m-960.0 k4.3 munavailable-1.4 m-3.7 m-1.5 m-1.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
87.8 k USD
Financial debt
3.3 m USD
Net debt
3.2 m USD
Equity
588.5 k USD
Total assets
7.0 m USD
Debt / equity
5.57x
Current ratio
1.32x
ROE
-160.0%
ROA
-44.8%
FCF margin
-21.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
7.4 m
2024
7.7 m
2025
5.6 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
3.1 m
2024
4.2 m
2025
2.6 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
4.3 m
2024
3.6 m
2025
3.1 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
491.8 k
2024
290.7 k
2025
289.9 k

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-3.3 m
2024
-4.1 m
2025
-3.9 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
366.7 k
2024
296.5 k
2025
271.3 k

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2023
-3.0 m ≈
2024
-3.8 m ≈
2025
-3.6 m ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2023
63.3 k
2024
312.0 k
2025
356.7 k

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
-3.4 m
2024
-4.5 m
2025
-3.7 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-3.4 m
2024
-4.5 m
2025
-3.7 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-0.17
2024
-0.22
2025
-0.19

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
19.8 m
2024
20.0 m
2025
20.1 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
2.3 m
2024
88.0 k
2025
87.8 k

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
2.4 m
2024
1.9 m
2025
689.2 k

SEC (XBRL)· 31 Mar 2026verified

Inventories
2023
4.6 m
2024
3.6 m
2025
2.9 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
10.0 m
2024
6.5 m
2025
4.2 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
1.0 m
2024
875.4 k
2025
614.3 k

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
1.1 m
2024
1.3 m
2025
1.4 m

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
13.4 m
2024
9.7 m
2025
7.0 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
1.3 m
2024
1.9 m
2025
1.5 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
—
2024
129.1 k
2025
143.7 k

SEC (XBRL)· 31 Mar 2026verified

Long-term debt
2023
—
2024
—
2025
3.1 m

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
2.1 m
2024
2.7 m
2025
3.2 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
5.0 m
2024
5.6 m
2025
6.4 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
8.4 m †
2024
4.1 m †
2025
588.5 k †

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-3.6 m
2024
-1.4 m
2025
-1.2 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
98.1 k
2024
107.9 k
2025
5.2 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-3.7 m ≈
2024
-1.5 m ≈
2025
-1.2 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-216.7 k
2024
-261.5 k
2025
-135.6 k

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
2.3 m
2024
27.5 k
2025
755.1 k

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-27.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-12.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-25.8%
computed by olivLawFY 2020 → FY 2025
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
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
52.9%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-37.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-41.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-49.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-29.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-168.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-40.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-56.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-60.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
2.2x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-8.9x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-2.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
7.8 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-2.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
78 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
340 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
146 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
272 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
18.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
21.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-8.9%
computed by olivLawTTM to 30 Jun 2026
P/B
12.7x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
3.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-11.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-8.36
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%
  • valuation methods computed: 0 of at least 1

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

Closing price

2.23 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 18.2 m USD

Key indicators

Market capitalisation
18.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
12.7x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-168.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-49.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-27.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 2163derived 192

Score by group

44% · 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 base of the ratio is not positive
  • 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

Multiple comparisons use the SIC vertical: Industrial Organic Chemicals (SIC 2860)

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: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-56.2%0 (vs peers)24%
Net margin · Quality-49.8%16 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-12.2%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-8.9x0 (on a fixed band)14%
Current ratio · Balance sheet1.5x57 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-11.2%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

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

Score groups

  • Balance sheet23/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality6/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 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

TOMI ENVIRONMENTAL SOLUTIONS, INC. (TOMZ). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 5.6 m USD in 2025; YoY growth -27.2%; net margin -49.8%; ROE -168.8%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 43.8% 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

  • ROIC: -56.2%
  • Net margin: -49.8%
  • Revenue CAGR 3Y: -12.2%
  • Interest coverage: -8.9x
  • FCF yield: -11.2%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Industrial Organic Chemicals (SIC 2860) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
—
vertical median 13.8x
EV/EBITDA
—
vertical median 9.6x
P/S
2.6x
vertical median 1.5x
above median (+79.0%)
P/B
12.7x
vertical median 1.2x
above median (+997.2%)
ROE
-168.8%
vertical median 1.3%
below median (−12,717.3%)
Net margin
-49.8%
vertical median 1.6%
below median (−3,261.8%)
EBIT margin
-41.0%
vertical median -3.2%
below median
Revenue YoY
-27.2%
vertical median -4.9%
below median
Net debt/EBITDA
—
vertical median 1.7x
Dividend yield
—
vertical median 2.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IFFInternational Flavors & Fragrances Inc22.0 bn122.11.3%1.6%−5.2%+26% / +16%
LYBLyondellbasell Industries N.V.20.4 bn15.611.9%4.1%−9.7%+29% / −34%
WLKWestlake Corporation8.7 bn—-4.9%-3.9%−8.0%+2% / −47%
NEUNewmarket Corporation6.7 bn14.725.3%16.5%−2.2%−5% / +37%
SXTSensient Technologies Corp5.4 bn31.713.7%9.7%+3.5%+29% / +117%
MEOHMethanex Corporation5.0 bn70.16.4%4.0%−3.5%+83% / +53%
REXRex American Resources Corporation1.3 bn10.522.5%20.9%+1.2%+20% / +62%
GPREGreen Plains Inc.957.5 m8.615.4%6.8%−14.9%+32% / −45%
WLKPWestlake Chemical Partners LP761.8 m12.9—4.8%+2.7%+14% / −5%
GEVOGevo, Inc.316.5 m—-57.0%-119.9%+849.3%−40% / +13%
ALTOAlto Ingredients, Inc.271.5 m5.322.2%5.5%−4.9%+37% / +43%
FFFuturefuel Corp.246.5 m—-18.3%-19.9%−60.7%+70% / −5%
CDXSCodexis, Inc.118.3 m—-69.4%-39.6%+18.6%−38% / −54%
LODEComstock Inc.113.3 m—-38.2%-3,680.5%−48.5%−58% / −68%
AMTXAemetis, Inc90.2 m——-27.4%−26.2%−28% / −72%
TANHTantech Holdings Ltd90.1 m—-25.7%-80.9%−10.7%−76% / −100%
LNZALanzaTech Global, Inc.69.2 m0.4146.4%295.7%+12.6%−63% / −99%
SAFXXcf Global, Inc.41.0 m—-246.1%—unavailable−87% / unavailable
TOMZTomi Environmental Solutions, Inc.18.2 m—-168.8%-49.8%−27.2%−19% / −23%
CNEYCn Energy Group. Inc.2.5 m—-11.2%-31.3%−30.2%−65% / −99%
BAKBraskem SA———-14.6%+9.7%−61% / −86%

1- and 3-year price returns: for TOMZ 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

    TOMI Environmental Solutions develops disinfection and decontamination systems based on ionized hydrogen peroxide (iHP), sold as equipment and recurring consumables to pharma, hospitals, food safety and commercial customers. The company reported strong revenue growth in the second quarter of 2026, but it still has a history of losses, funding uncertainty and a proposed merger 123. Annual revenue fell 27%, to 5.6 million USD, in 2025 1.

    SWOT

    Strengths

    • The BIT technology is protected by patents and has EPA registration, and the company holds approvals in numerous countries 1. The recurring consumable model provides a fairly predictable revenue stream 12.
    • The customer base includes leading pharmaceutical companies and institutions, which validates the technology in regulated environments 1.
    • The gross margin increase in the second quarter of 2026 shows that high-margin products have become an important component 23.

    Weaknesses

    • The company has a history of net losses and a significant accumulated deficit, and cash was very low at the end of 2025 1.
    • The company has no long-term customer contracts, and orders can be cancelled 1.
    • Near-total dependence on the SteraMist brand makes the company vulnerable to market changes for that product 1.

    Opportunities

    • Expansion into the medical sector through an FDA 510(k) submission for a medical device could open a new market 12.
    • OEM partnerships with cleanroom manufacturers could extend distribution without proportionally higher direct sales costs 1.
    • New EPA registrations and EU and UK approvals could open markets in agriculture and food safety 23.

    Threats

    • Dependence on funding through the equity line and convertible instruments could dilute shareholders 1.
    • Geopolitical tensions and trade sanctions could disrupt supply chains and international sales 1.
    • The company has faced Nasdaq compliance issues that required a reverse stock split 23.

    Risks

    • Going concernhigh

      The auditor has expressed substantial doubt about the company's ability to continue as a going concern over the next year, and management's plan depends on executing its financing 1. If financing does not materialise, operations could be seriously affected.

    • Proposed merger with Carbonium Corehigh

      The transaction depends on shareholder and regulatory approvals and on a required concurrent financing 23. If the transaction fails, the company's plans could change.

    • Single-product dependencemedium

      The company's success depends almost entirely on the SteraMist family, so market or regulatory problems for this product would have a major impact 1.

    • No long-term customer contractsmedium

      Orders can be cancelled, and sales history is not a reliable indicator of future revenue 1.

    • International and export riskslow

      International sales are exposed to trade regulations, tariffs and export control requirements, with potentially serious penalties 1.

    Investment thesis

    What would need to be true (bull case)

    • If revenue growth from the second quarter of 2026 is sustained and the backlog converts, the company could show that its recurring consumable model is working 23.
    • Expansion into defense, pharmaceutical and food sectors could diversify revenue sources 12.
    • Improvement in gross margin and operating loss suggests a path toward operational breakeven 23.

    What would break the thesis

    • The history of losses, lack of cash and doubts about going concern could limit the company's ability to fund growth 1.
    • Shareholder dilution through the equity line and convertible instruments could become significant if financing comes from no other source 1.
    • The revenue growth in the second quarter of 2026 could reflect one-off equipment sales rather than a durable trend 2.

    What to watch

    • Decizia FDA privind cererea 510(k) pentru dispozitivul medical2027
    • Completion of the Carbonium Core merger and the concurrent financing2026
    • Delivery against the 2026 full-year revenue guidancenext 10-K
    • Conversion of the backlog and commercial pipeline into revenueQ3 2026
    • FDA decision on the 510(k) submission for the medical device2027

    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

    TOMI Environmental Solutions, Inc. is a global provider of disinfection and decontamination solutions built on its patented Binary Ionization Technology (BIT), whose flagship product is SteraMist. The technology converts a 7.8% hydrogen peroxide solution into submicron hydroxyl radical particles that the company says achieve a 6-log or greater kill rate 1. It operates through four divisions: Life Sciences, Hospital-Healthcare, Food Safety and Commercial 1. Revenue comes from equipment sales, BIT Solution consumables, decontamination services and IQ/OQ/PQ qualification services 1. The razor-blade model, in which consumables generate recurring revenue, is central to the strategy 12. The sources also show near-total dependence on the SteraMist brand 1.

    Segments

    Life Sciences

    This is the largest area of pharmaceutical and CDMO customers, for which the company developed the CES, Hybrid and SIS lines, with full IQ/OQ/PQ validation 1. Source 1 notes that the onshoring of pharmaceutical manufacturing to the US provides a supportive backdrop for near-term adoption 1.

    Food Safety

    The FDA's expanded permitted use of hydrogen peroxide as a direct food additive opens the ready-to-eat food market, and the company has obtained a new EPA registration for AgriMist 13.

    Market context

    The company is active in decontamination markets across pharma, hospitals, food and commercial, where it competes with traditional manual cleaning methods and other technologies 1. According to source 1, healthcare-associated infections affect 7-10% of hospitalized patients globally each year, creating demand for advanced disinfection 1. Source 2 reports that revenue in the second quarter of 2026 grew 118% year over year, supported by equipment and CES systems 2.

    Trends

    • Pharmaceutical manufacturing onshoringtailwind

      Announced US pharmaceutical manufacturing investments exceeding 370 billion USD could generate demand for decontamination systems integrated into new facilities 1. The timing, however, depends on construction decisions affected by tariff uncertainty 1.

    • Hydrogen peroxide food regulationtailwind

      The broader permitted use of hydrogen peroxide in food could widen iHP applications on surfaces and food products, particularly in the ready-to-eat segment 1.

    • Tariffs and macro uncertaintyheadwind

      Uncertainty over tariff policy delayed the conversion of some CES projects into revenue, and geopolitical tensions could raise energy costs and disrupt supply chains 1.

    • Funding dependencemixed

      The lack of cash reserves raises questions about funding, and the equity line depends on the share price and trading volume 1. If the proposed merger with Carbonium Core is completed, the financial structure could change substantially 23.

    Competitive position

    The sources do not name competitors explicitly. The company does, however, point to competition from alternative technologies and existing disinfection products, as well as from providers offering similar services through franchise networks 1. Non-exclusive agreements with restoration specialists allow competitors to sell to the same customers 1.

    • Alternative disinfection product providers

      Source 1 indicates that alternative products and competing technologies could reduce demand for SteraMist 1.

    • Decontamination franchise networks

      Source 1 mentions networks such as DKI, First Onsite and Steri-Clean, which may work with competing products 1.

    • Traditional sterilization technologies

      Source 1 indicates that vapor-based peroxide methods and gaseous chemical agents are alternatives customers weigh 1.

    • Manual cleaning with conventional chemicals

      Source 1 shows that conventional disinfectants, such as quaternary compounds and bleach, are gradually being replaced by the company's mechanical systems 1.

    News & filings

    In the press

    The latest news item in our archive is from 06 Jul 2026; the newest SEC filing is from 16 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TOMI Environmental Solutions, Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TOMI Environmental Solutions, Inc. · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / TOMI Environmental Solutions, 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.