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EQS

Equus Total Return, Inc.

EQS

Equus Total Return, Inc. • NYSE
$1.86 ▼ -1.32% (-0.03)
Market Cap $25.43 M
52w High $2.49
52w Low $0.74
Dividend Yield 0%
P/E -1.78
Volume 7.03K
Outstanding Shares 13.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $-2.394M ▼ $300K ▼ $-8.101M ▼ 338.388% ▲ $-0.59 ▼ $-7.689M ▼
Q2-2025 $881K ▼ $916K ▼ $-86K ▼ -9.762% ▼ $-0.006 ▼ $-86K ▼
Q1-2025 $5.391M ▲ $1.419M ▲ $3.943M ▲ 73.14% ▼ $0.29 ▲ $3.943M ▲
Q4-2024 $-9.667M ▼ $979K ▲ $-10.655M ▼ 110.22% ▼ $-0.78 ▼ $-10.655M ▼
Q3-2024 $-8.61M $954K $-9.627M 111.812% $-0.71 $-9.627M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7K ▼ $9.712M ▼ $2.599M ▼ $26.504M ▼
Q2-2025 $69K ▼ $37.066M ▲ $2.955M ▲ $34.111M ▼
Q1-2025 $667K ▲ $36.484M ▲ $2.287M ▲ $34.197M ▲
Q4-2024 $262K ▼ $29.936M ▼ $426K ▼ $29.51M ▼
Q3-2024 $1.149M $95.506M $55.341M $40.165M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.812M ▼ $628K ▲ $-30K ▼ $-413K ▲ $-62K ▲ $598K ▲
Q2-2025 $-86K ▼ $-598K ▲ $248K ▲ $-2M ▼ $-599K ▼ $-598K ▲
Q1-2025 $3.943M ▲ $-1.595M ▼ $0 $2M ▲ $406K ▲ $-1.595M ▼
Q4-2024 $-10.655M ▼ $53.556M ▲ $0 $-54.993M ▼ $-1.437M ▼ $53.556M ▲
Q3-2024 $-9.627M $-1.767M $0 $1.049M $-718K $-1.767M

Five-Year Company Overview

Income Statement

Income Statement Equus Total Return looks more like a small investment pool than a traditional operating company, so its income statement is very thin. Reported revenue is minimal and lumpy, which is typical for a firm that relies on investment gains rather than steady sales. Over the last few years, results have bounced between small profits and small losses, with a recent move back into loss territory. That pattern suggests that performance is heavily driven by the ups and downs in the value of its investments rather than by recurring business income. Earnings per share have been volatile as a result, with no clear trajectory of steady improvement. Overall, profitability appears fragile and highly dependent on individual investment outcomes.

Balance Sheet

Balance Sheet The balance sheet is very small and quite light, which means the company operates with a narrow financial cushion. Total assets and equity are modest, reflecting a limited capital base. Cash on hand is also low, suggesting that flexibility to absorb shocks or to fund larger new initiatives from the balance sheet alone is constrained. Debt has moved around over the last few years, rising at one point and then dropping back down, but the overall scale is small. Even so, with such a small asset base, any borrowing matters more than it would for a larger institution. Taken together, the balance sheet shows a lean, tightly sized vehicle with little room for big missteps.

Cash Flow

Cash Flow Cash flow from operations has actually been one of the brighter points in this profile, with more years showing cash inflows than outflows. That said, the pattern is not smooth: there was at least one year with a notable cash drain, which underlines the uneven nature of the underlying investments. There is essentially no traditional capital spending, which fits a company that is not running factories or broad physical operations. Free cash flow largely tracks operating cash flow. In practical terms, this means the firm’s cash position rises or falls mostly based on how well it manages its investment activities and related expenses, not on large, long-term spending programs.

Competitive Edge

Competitive Edge Equus Total Return sits in a niche corner of the asset management world. It operates more like a small business development or private equity vehicle than a mainstream fund manager. Its focus is on middle‑market companies that may be overlooked by larger investors, and it aims to add value through close, hands‑on involvement rather than just providing capital. The company’s competitive strength is tied to deal sourcing through its networks, its willingness to be operationally involved, and its focus on undervalued or complex assets, including in energy. However, this is a crowded space with many firms claiming similar “active partner” models. Equus’s very small scale limits its bargaining power, diversification, and brand recognition versus larger alternative asset managers. Its planned transition from a fund-like structure to an operating business could change its competitive position significantly, for better or worse, depending on execution.

Innovation and R&D

Innovation and R&D Equus does not innovate in the classic research-and-development sense; there is no emphasis on proprietary technology or heavy product R&D. Instead, its “innovation” is strategic and structural. The company differentiates itself through a hands‑on, advisory‑driven approach to portfolio companies and its intention to shift from a closed‑end investment fund toward becoming an operating company. This means Equus wants to move from simply owning stakes in various businesses to directly running one or more operating assets. The potential upside is more control, clearer strategy, and possibly a more identifiable business model. The risk is that this is a major change for a very small company: success depends heavily on choosing the right acquisition, integrating it well, and then managing it effectively over time. In short, the innovation story is about business design and governance rather than technology.

Summary

Equus Total Return is a very small, specialized financial vehicle with thin revenues, fluctuating profits, and a lean balance sheet. Its financial profile shows limited size, volatile earnings, and modest but uneven cash generation, all of which signal a business highly exposed to the fortunes of a small set of investments. Competitively, Equus tries to stand out through hands‑on involvement in middle‑market companies and a willingness to work in niche or complex areas such as energy. The most important storyline, however, is its planned transformation from an investment fund into an operating company. That shift could reshape its risk profile, earnings pattern, and competitive position. It also introduces meaningful execution risk, given the company’s small scale and the importance of getting the first major operating deal right. Overall, this is a compact, transition‑stage entity whose future will likely be driven more by strategic decisions and one or two key transactions than by incremental changes in its current financials.

NEWS

November 24, 2025 · 9:57 AM UTC

Equus Announces Third Quarter Net Asset Value

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