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RAND

Rand Capital Corporation

RAND

Rand Capital Corporation • NASDAQ
$13.56 ▼ -2.16% (-0.30)
Market Cap $40.27 M
52w High $31.89
52w Low $13.25
Dividend Yield 5.07%
P/E -3.19
Volume 567
Outstanding Shares 2.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.58M ▲ $570.787K ▲ $-2.231M ▲ -141.249% ▼ $0 ▲ $0 ▲
Q2-2025 $-7.34M ▼ $382.775K ▼ $-7.736M ▼ 105.401% ▲ $-2.6 ▼ $-7.742M ▼
Q1-2025 $1.338M ▲ $457.698K ▲ $841.447K ▲ 62.89% ▼ $0.42 ▲ $850.037K ▲
Q4-2024 $-2.355M ▼ $338.606K ▲ $-2.946M ▼ 125.094% ▲ $-1.14 ▼ $-2.749M ▼
Q3-2024 $2.983M $288.441K $2.637M 88.399% $1.02 $2.455M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.491M ▲ $54.58M ▼ $958.274K ▲ $53.622M ▼
Q2-2025 $4.42M ▼ $57.64M ▼ $925.585K ▼ $56.714M ▼
Q1-2025 $4.933M ▲ $67.821M ▼ $2.51M ▼ $65.311M ▼
Q4-2024 $834.805K ▼ $72.457M ▼ $7.125M ▼ $65.333M ▼
Q3-2024 $3.353M $79.798M $9.351M $70.447M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.231M ▼ $491.772K ▲ $5.44M ▲ $-861.246K ▼ $5.071M ▲ $491.77K ▲
Q2-2025 $0 ▼ $347.689K ▲ $0 ▼ $-861.145K ▲ $-513.456K ▼ $347.689K ▲
Q1-2025 $841.447K ▲ $-1.221M ▼ $8.95M ▲ $-3.631M ▼ $4.098M ▲ $-1.221M ▼
Q4-2024 $-2.946M ▼ $782.071K ▼ $0 ▼ $-3.3M ▲ $-2.518M ▼ $782.071K ▼
Q3-2024 $2.637M $957.678K $14.15M $-14.048M $1.06M $957.68K

Five-Year Company Overview

Income Statement

Income Statement Rand Capital’s income statement reflects a very small but fairly stable operation where results are driven more by investment income and valuation changes than by traditional fees or services. Revenue has been modest but generally moving in the right direction, and the company has posted profits in most recent years, with only an occasional soft patch. Because the business depends on the performance and valuation of a small investment portfolio, earnings per share can swing sharply from year to year. Recent years show a tilt toward more consistent, interest-based income, which can help smooth out some of that volatility but does not eliminate it.

Balance Sheet

Balance Sheet The balance sheet is lean and relatively conservative. Rand operates with a small asset base that is funded largely by shareholder equity and only limited use of debt. This low leverage reduces financial risk but also caps how aggressively the firm can grow using borrowed money. Cash on hand appears quite limited in the most recent period, suggesting that most capital is deployed into portfolio investments rather than sitting idle. Equity has been edging higher over time, indicating gradual value build, but the company remains small in absolute scale, which can make it more sensitive to issues in any single investment.

Cash Flow

Cash Flow Cash flow tells a story of a compact investment vehicle rather than a heavy operating business. There is essentially no spending on physical assets, so traditional capital expenditures are minimal. Operating cash flow has recently turned positive again after a brief dip into the red, indicating that the portfolio is currently generating more cash than it consumes. Because cash flows come from interest, repayments, and exits from investments, they can be uneven by nature, and continued stability depends on the credit health and performance of underlying portfolio companies.

Competitive Edge

Competitive Edge Rand occupies a niche spot as a small business development company focused on the lower middle market, an area often overlooked by larger asset managers. Its long operating history, network, and experienced team provide some credibility in sourcing and evaluating deals. The firm’s strategy of shifting more of the portfolio into income-producing debt aims to create steadier returns and may appeal to income-oriented stakeholders. However, Rand competes with a growing universe of private credit and other BDCs that also target similar companies, and its relatively small size can be both a strength (nimbleness) and a constraint (limited diversification and bargaining power). Geographic and relationship strengths help, but the moat is more about discipline and experience than about something competitors cannot replicate.

Innovation and R&D

Innovation and R&D As a financial firm, Rand does not innovate through traditional research and development; instead, its “innovation” lies in how it allocates capital and the types of companies it supports. The portfolio includes several technology-driven and infrastructure-focused businesses, showing a willingness to back emerging and specialized areas such as digital auctions, advanced manufacturing, and telecom infrastructure. Rand adds value by taking an active role with its portfolio companies and offering flexible financing structures rather than just writing checks. The strategic move toward a higher share of debt investments is itself a form of business model evolution, designed to balance growth potential with more predictable income. Future innovation will likely come from where and how it deploys capital—new sectors, new structures, and the mix between equity-like upside and income-focused lending.

Summary

Overall, Rand Capital looks like a small, specialized investment company gradually reshaping itself into a more income-oriented business development company. The income statement shows that results can be lumpy because they depend heavily on a concentrated investment portfolio, but recent years have generally been profitable. The balance sheet is simple and equity-heavy, with little debt, which helps limit financial risk but also reflects the modest scale of the platform. Cash flows are now positive, supported by portfolio income rather than heavy spending needs. Competitively, Rand leans on its long history, management experience, and focus on underserved smaller companies, while facing stiff competition from larger and better-resourced credit players. Its innovation is expressed through portfolio selection and structure, not internal technology, with a clear shift toward interest-bearing investments. Key things to watch include the credit quality of its borrowers, the stability of investment income, the impact of economic cycles on its small set of holdings, and how effectively management continues to refine the strategy without taking on excessive risk.

NEWS

November 7, 2025 · 8:30 AM UTC

Rand Capital Reports Third Quarter 2025 Results

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October 23, 2025 · 4:15 PM UTC

Rand Capital Announces Third Quarter 2025 Financial Results Conference Call and Webcast

Read more