RAND

MKT CAP:$32M

Rand Capital Corporation

Market Cap

$32M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$10.89-$0.71 (-6.08%)

Apr 24, 2026

Company Details

Rand Capital Corporation is a business development company and regulated investment company specializing in private equity investments. The firm prefers to make investments through equity or debt instruments in lower middle market and in sm...

CEO

Daniel Patrick Penberthy

IPO Date

Mar 17, 1980

Website

www.randcapital.com

Key Metrics TTM

Revenue

$4M

-74.4% YoY

Net Income

-$2M

EPS (Diluted)

-$0.58

Free Cash Flow

$1M

Revenue / Share

$1.19

Gross Margin

90.3%

Operating Margin

43.6%

Net Margin

-47.9%

FCF Margin

28.5%

P/S

9.1x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 7, 2025

$2M-47.0%EPS -$0.75

Q1 2025

May 5, 2025

$1M-39.5%EPS $0.29

FY 2024

Mar 10, 2025

$11M+22.8%EPS $3.42

Q4 2024

Mar 10, 2025

-$2M-225.5%EPS -$1.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$3M	$2M	$2M
Q4 21	$1M	$1M	$742.2K
Q1 22	-$65.7K	-$65.7K	-$410.5K
Q2 22	-$2M	-$2M	-$2M
Q3 22	$1M	$1M	$1M
Q4 22	$868.6K	$824.7K	$559.9K
Q1 23	$3M	$3M	$2M
Q2 23	$3M	$3M	$3M
Q3 23	$1M	$1M	$728.1K
Q4 23	$2M	$2M	$1M
Q1 24	$2M	$2M	$1M
Q2 24	$8M	$8M	$8M
Q3 24	$3M	$3M	$2M
Q4 24	-$2M	-$2M	-$3M
Q1 25	$1M	$1M	$843.8K
Q3 25	$2M	$2M	$1M

Valuation

Quarter	P/S	P/E
Q3 21	2.0x	2.2x
Q4 21	1.9x	2.0x
Q1 22	3.7x	4.4x
Q2 22	13.8x	33.7x
Q3 22	28.2x	—
Q4 22	47.9x	—
Q1 23	9.2x	19.0x
Q2 23	3.9x	5.2x
Q3 23	3.9x	5.6x
Q4 23	3.5x	5.0x
Q1 24	3.7x	5.6x
Q2 24	2.3x	3.0x
Q3 24	2.1x	2.5x
Q4 24	2.9x	3.7x
Q1 25	3.1x	3.9x
Q3 25	9.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$571.1K	$571.1K
Q4 21	$5M	$5M
Q1 22	-$477.6K	-$477.6K
Q2 22	$731.5K	$731.5K
Q3 22	$756.5K	$756.5K
Q4 22	-$1M	-$1M
Q1 23	-$4M	-$4M
Q2 23	$300.0K	$300.0K
Q3 23	$468.6K	$468.6K
Q4 23	$5M	$5M
Q1 24	-$88.1K	-$88.1K
Q2 24	-$101.1K	-$101.1K
Q3 24	$957.7K	$957.7K
Q4 24	$782.1K	$782.1K
Q1 25	-$1M	-$1M
Q3 25	$491.8K	$491.8K

Capital Expenditures

Quarter	CapEx
Q3 21	$1
Q4 21	$2
Q1 22	$3
Q2 22	$5
Q3 22	$3
Q4 22	$0
Q1 23	$0
Q2 23	$4
Q3 23	$4
Q4 23	$0
Q1 24	$3
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$3
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+358.2%	-8.8%
Q4 21	+4873.9%	+61.2%
Q1 22	-100.8%	-11.6%
Q2 22	-131.5%	-3.2%
Q3 22	-46.0%	-9.4%
Q4 22	-35.2%	-48.4%
Q1 23	+4318.5%	+48.3%
Q2 23	+312.4%	+66.6%
Q3 23	-6.5%	+131.9%
Q4 23	+116.1%	+114.7%
Q1 24	-20.2%	+58.8%
Q2 24	+159.5%	+23.1%
Q3 24	+127.5%	-8.4%
Q4 24	-225.5%	-39.6%
Q1 25	-39.5%	-39.1%
Q3 25	-81.3%	-17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	—
Q1 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 21	$173.0K	—
Q4 21	$293.2K	—
Q1 22	$344.9K	—
Q2 22	$336.0K	—
Q3 22	$225.2K	—
Q4 22	$264.7K	—
Q1 23	$353.1K	—
Q2 23	$301.0K	—
Q3 23	$292.1K	—
Q4 23	$325.5K	—
Q1 24	$421.9K	—
Q2 24	$295.9K	—
Q3 24	$288.4K	—
Q4 24	$338.6K	—
Q1 25	$457.7K	—
Q3 25	$562.5K	$8.3K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$596.8K	$0	$596.8K
Q2 22	$1M	$0	$1M
Q3 22	$1M	$0	$1M
Q4 22	$1M	$0	$1M
Q1 23	$2M	$0	$2M
Q2 23	$8M	$0	$8M
Q3 23	$3M	$0	$3M
Q4 23	$3M	$0	$3M
Q1 24	$759.2K	$0	$759.2K
Q2 24	$2M	$0	$2M
Q3 24	$3M	$0	$3M
Q4 24	$834.8K	$0	$834.8K
Q1 25	$5M	$0	$5M
Q2 25	$4M	$0	$4M
Q3 25	$9M	$0	$9M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	3M	-0.0%	-0.2%
Q4 21	3M	0.0%	-0.2%
Q1 22	3M	-0.0%	-0.0%
Q2 22	3M	0.0%	-0.0%
Q3 22	3M	0.0%	-0.0%
Q4 22	3M	0.0%	-0.0%
Q1 23	3M	0.0%	0.0%
Q2 23	3M	0.0%	0.0%
Q3 23	3M	0.0%	0.0%
Q4 23	3M	0.0%	0.0%
Q1 24	3M	0.0%	0.0%
Q2 24	3M	0.0%	0.0%
Q3 24	3M	0.0%	0.0%
Q4 24	3M	0.0%	0.0%
Q1 25	3M	+11.2%	+11.2%
Q3 25	3M	+3.5%	+15.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$648.9K	4
Q4 21	$268.0K	5
Q1 22	-$13.1K	5
Q2 22	-$305.8K	5
Q3 22	$280.3K	5
Q4 22	$434.3K	2
Q1 23	$1M	2
Q2 23	$2M	2
Q3 23	$655.4K	2
Q4 23	$938.6K	2
Q1 24	$1M	2
Q2 24	$4M	2
Q3 24	$1M	2
Q4 24	-$1M	2
Q1 25	$669.0K	2
Q3 25	$789.8K	2

Revenue / Employee