Empery Digital Inc. (EMPD)
Empery Digital Inc., headquartered in Round Rock, Texas, originally operated under the name Volcon, Inc. The company's initial focus was on the electric off-road vehicle sector, manufacturing products such as e-bikes, utility vehicles, and golf carts. In July 2025, a strategic rebranding led to the company adopting the Empery Digital identity, with a new primary emphasis on a bitcoin treasury strategy. Despite this significant pivot, the company continues to manage its established power sports operations, now unified under the Empery Mobility brand.
Sector: Finance Services
Industry: Auto - Manufacturers
Empery Digital Inc.
NASDAQ:EMPDConsumer Cyclical · Auto - Recreational Vehicles
PrePre-market+0.50%$2.01
Close$2.00+6.50%AH$2.13-5.63%Now$2.01
Close$2.00-3.38%AH$2.13-5.63%since
Mkt Cap$55.5M
Float–
O/S27.75M
Inst Own60.7%
Dilution
Financials Summary
Revenue$975K
Net Income-$150.05M
Total Assets$372.75M
Free Cash Flow-$18.05M
Debt & Equity
Debt 27%
Equity 73%
Total Debt$100.66M
Total Equity$269.21M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in EMPD's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$372.75M
Liabilities$103.54M
Accounts Receivable$312K
Accounts Payable$745K
Inventory$346K
PP&E (Net)$1.01M
Goodwill$0
Intangible Assets$37K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Revenue | $975K | $4.04M | $3.26M | $4.55M | $449K |
| YoY Growth | -75.9% | 23.8% | -28.3% | 913.0% | - |
| Cost of Revenue | $1.39M | $18.17M | $11.39M | $13.41M | $10.51M |
| Gross Profit | -$412K | -$14.13M | -$8.13M | -$8.87M | -$10.06M |
| Gross Margin | -42.3% | -350.0% | -249.3% | -195.0% | -2241.1% |
| Research and Development | $349K | $2.67M | $7.87M | $8.46M | $10.47M |
| Selling, General, and Administrative | $30.06M | $10.21M | $13.79M | $14.74M | $18.66M |
| Other | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $30.41M | $12.88M | $21.66M | $23.2M | $29.12M |
| Operating Income (EBIT) | -$30.82M | -$27.01M | -$29.79M | -$32.06M | -$39.18M |
| Operating Margin | -3161.2% | -669.1% | -913.6% | -705.2% | -8729.5% |
| Interest Expense | $2.25M | $644K | $4.97M | $2.26M | $91K |
| Interest Income | $293K | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$123.13M | -$18.5M | -$15.28M | -$2.17M | -$945K |
| Income Before Tax (EBT) | -$153.95M | -$45.51M | -$45.07M | -$34.24M | -$40.13M |
| Income Tax Expense | -$5.38M | $0 | $0 | $0 | $0 |
| Net Income | -$150.05M | -$45.51M | -$45.07M | -$34.24M | -$40.13M |
| Net Income Margin | -15390.4% | -1127.3% | -1382.1% | -753.0% | -8940.2% |
| Supplementary Data | |||||
| EPS | -8.12 | -1175.20 | -281695.07 | -2139712.81 | -3343759.08 |
| Diluted EPS | -8.12 | -1175.20 | -281695.07 | -2139712.81 | -3343759.08 |
| Weighted Average OS | 18.48M | 38,724 | 160 | 16 | 12 |
| EBITDA | -$150.98M | -$44.11M | -$39.48M | -$30.78M | -$39.45M |
| EBITDA Margin | -15485.7% | -1092.5% | -1210.8% | -677.0% | -8789.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Assets | |||||
| Current Assets | |||||
| Cash and Cash Equivalents | $9.07M | $2.19M | $7.98M | $10.99M | $5.57M |
| Short-Term Investments | $2.05M | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $11.12M | $2.19M | $7.98M | $10.99M | $5.57M |
| Accounts Receivable | $312K | $88K | $203K | $865K | $26K |
| Inventory | $346K | $1.46M | $8.97M | $5.65M | $2.21M |
| Other Current Assets | $2.48M | $1.14M | $2.11M | $2.4M | $1.09M |
| Total Current Assets | $14.26M | $5.07M | $19.53M | $20.33M | $10.88M |
| Long-Term Assets | |||||
| Property, Plant & Equipment Net | $1.01M | $945K | $2.39M | $2.11M | $2.99M |
| Goodwill | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $37K | $16K | $0 | $6K | $18K |
| Long-Term Investments | $356.98M | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $317K | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $155K | $199K | $199K | $285K | $733K |
| Total Long-Term Assets | $358.5M | $1.16M | $2.59M | $2.4M | $3.74M |
| Other Assets | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $372.75M | $6.23M | $22.13M | $22.73M | $14.62M |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | $745K | $385K | $831K | $1.04M | $1.45M |
| Short-Term Debt | $50.22M | $7K | $30.16M | $17.37M | $17K |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $217K | $417K | $23K | $2.28M |
| Other Current Liabilities | $1.82M | $2.2M | $5.97M | -$1 | $0 |
| Total Current Liabilities | $52.78M | $4.64M | $40.91M | $20.9M | $6.48M |
| Long-Term Liabilities | |||||
| Long-Term Debt | $49.97M | $29K | $69K | $50K | $69K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $317K | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $1.19M | $0 | $0 | $0 |
| Total Long-Term Liabilities | $50.75M | $1.55M | $844K | $1.19M | $1.84M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $103.54M | $6.19M | $41.76M | $22.09M | $8.32M |
| Stockholders' Equity | |||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $475 | $7 | $10 | $1 | $128 |
| Retained Earnings | -$316.37M | -$166.32M | -$120.81M | -$75.73M | -$41.5M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $585.58M | $166.36M | $101.18M | $76.37M | $47.8M |
| Total Equity | $269.21M | $41K | -$19.63M | $635K | $6.3M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $372.75M | $6.23M | $22.13M | $22.73M | $14.62M |
| Supplementary Data | |||||
| Total Debt | $100.66M | $811K | $31.41M | $18.96M | $2.31M |
| Net Debt | $91.59M | -$1.38M | $23.43M | $7.97M | -$3.26M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Operating Activities | |||||
| Net Income | -$148.57M | -$45.51M | -$45.07M | -$34.24M | -$40.13M |
| Depreciation & Amortization | $719K | $759K | $619K | $1.19M | $586K |
| Deferred Income Tax | -$5.38M | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $311K | $2.63M | $3.26M | $14.63M |
| Changes in Working Capital: | |||||
| Accounts Receivable | -$265K | $85K | $556K | -$839K | -$26K |
| Inventory | $845K | -$934K | -$7.61M | -$5.13M | -$4.16M |
| Accounts Payable | $360K | -$446K | -$205K | -$417K | $1.37M |
| Other Working Capital | -$5.04M | $1.1M | $1.21M | -$2.04M | -$2.93M |
| Total Working Capital Change | -$4.1M | -$198K | -$6.05M | -$8.42M | -$5.74M |
| Other Non-Cash Items | $139.48M | $28.6M | $18.31M | $4.56M | $6.49M |
| Net Cash from Operating | -$17.85M | -$16.04M | -$29.57M | -$33.65M | -$24.16M |
| Investing Activities | |||||
| Capital Expenditures | -$205K | -$312K | -$950K | -$799K | -$825K |
| Acquisitions | $135K | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$453.68M | $82K | $89K | $0 | -$13K |
| Net Cash from Investing | -$453.75M | -$230K | -$861K | -$799K | -$838K |
| Financing Activities | |||||
| Debt Repaid | -$49.74M | $49K | $80K | -$15.11M | $909K |
| Common Stock Issuance | $475.07M | $10.97M | $4.83M | $18.09M | $16.65M |
| Common Stock Repurchases | -$96.28M | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $134K | $18.43M | $7.22M | $2.21M |
| Net Cash from Financing | $478.37M | $10.37M | $27.08M | $40.41M | $30.03M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $6.77M | -$5.89M | -$3.34M | $5.97M | $5.04M |
| Supplementary Data | |||||
| Operating Cash Flow | -$17.85M | -$16.04M | -$29.57M | -$33.65M | -$24.16M |
| Capital Expenditure | -$205K | -$312K | -$950K | -$799K | -$838K |
| Free Cash Flow | -$18.05M | -$16.35M | -$30.52M | -$34.45M | -$25M |
| Cash at Beginning | $2.3M | $8.19M | $11.54M | $5.57M | $536K |
| Cash at End | $9.07M | $2.3M | $8.19M | $11.54M | $5.57M |