10-K · August 28, 2026
Nocera remains a very small, loss-making business dependent on fish trading, with 2025 revenue declining 9.0% to $11.03 million, gross margin of only 1.46% and operating margin of negative 23.7%. E-Commerce…
Earnings analysis · 10-Q
NCRA earnings analysis
Filed October 2, 2026 · Our reading of the company's report
The latest report
Nocera's Q2 2026 operating performance weakened, with revenue of approximately $2 million, gross margin of 0.8%, operating margin of -54.9%, and diluted EPS of -$0.99. EPS improved from Q1 2026, but revenue fell 50%…
Read full summary
Nocera's Q2 2026 operating performance weakened, with revenue of approximately $2 million, gross margin of 0.8%, operating margin of -54.9%, and diluted EPS of -$0.99. EPS improved from Q1 2026, but revenue fell 50% year over year, operating losses widened materially, and free cash flow remained negative at $576,198. The company also reported ineffective disclosure controls, expects remediation in the second half of 2026, and faces a high-risk Nasdaq listing deficiency based on $(440,735) of stockholders' equity versus the $2.5 million requirement.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.99
What stood out
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Revenue remained weak
Q2 2026 revenue was approximately $2 million, flat versus Q1 2026 at $2 million but down from $4 million in Q2 2025, a 50% year-over-year decline.
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Gross margin compressed
Gross margin was 0.8% in Q2 2026 versus 1.8% in Q1 2026 and 0.8% in Q2 2025, indicating sequential margin compression and no year-over-year improvement.
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Operating losses widened
Operating margin deteriorated to -54.9% from -25.3% in Q1 2026 and -5.1% in Q2 2025, a 29.6-point sequential decline and 49.8-point year-over-year decline.
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EPS improved sequentially
Diluted EPS improved sequentially to -$0.99 from -$2.63 in Q1 2026, but declined from -$0.66 in Q2 2025.
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Cash burn remained elevated
Free cash flow was negative $576,198 in Q2 2026, compared with negative $583,026 in Q1 2026 and negative $195,340 in Q2 2025.
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Control remediation underway
Management stated that it expects to remediate the material weaknesses in the second half of 2026 and described actions including adding accounting personnel, retaining third-party consultants, and establishing an audit committee of three independent directors.
What to watch
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Nasdaq delisting risk
Nasdaq notified the company on April 17, 2026 that it did not meet the $2.5 million minimum stockholders' equity requirement. Stockholders' equity was $(440,735) as of December 31, 2025, and management stated there is no assurance it can regain compliance or maintain its listing.
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Material control weaknesses
Disclosure controls and procedures were ineffective as of June 30, 2026 because of three material weaknesses: undocumented internal controls, insufficient monitoring and review controls over the close process, and inadequate segregation of duties. The filing states these issues contributed to a restatement of previously issued financial statements.
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Losses and liquidity pressure
The company continues to generate substantial losses and cash burn: Q2 2026 operating margin was -54.9% and free cash flow was negative $576,198, while revenue declined 50% year over year to approximately $2 million.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing. The filing states the company expects to remediate its material weaknesses in the second half of 2026.
Earlier filings 4
10-Q · August 28, 2026
Nocera's first-quarter revenue fell 23.9% year over year to $2.28 million as Fish Trading volume declined, while the operating loss more than doubled to $577,082 and diluted EPS deteriorated to a $2.6350 loss. Cash flow…
10-Q · May 14, 2026
Nocera, Inc. (NCRA) experienced a substantial decrease in revenue and an increased net loss in Q4 2026 compared to the prior year period, continuing a negative trend seen in previous quarters. Although operating cash…
10-K · April 21, 2026
Nocera, Inc. (NCRA) operates two primary segments — Fish Trading (primarily eels) and E‑Commerce (agent-based, live‑streaming sales) — and provides RAS design/consulting after discontinuing unit production in late 2022.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.