Therma Bright (THRM) AI Stock Analysis

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Therma Bright

(TSXV:THRM)

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Rating:44Neutral

Price Target:CAD 0.04▲(46.67% Upside)

Action:reiterated

Date:08/29/26

The score is primarily held back by weak financial fundamentals (large ongoing losses, negative cash flow, and negative equity) despite improving revenue and gross margin. Technicals also remain bearish with the stock below major moving averages and weak momentum indicators. Valuation is difficult to support using P/E due to negative earnings and there is no dividend yield provided.

Positive Factors

Revenue ReboundThe sharp revenue rebound indicates improving product demand or commercial execution. Sustaining this growth could expand operating leverage and provide a larger base from which the company can pursue breakeven.

Negative Factors

Persistent Net LossesThe large loss relative to the current revenue base shows that operating costs remain far above the company’s commercial scale. Continued losses could delay self-sufficiency and increase dependence on external capital or restructuring.

Therma Bright (THRM) vs. iShares MSCI Canada ETF (EWC)

Market Cap: CAD 979.95K
Dividend Yield: ―
Average Volume (3M): 42.07K
Price to Earnings (P/E): -0.4
Beta (1Y): 1.34
Revenue Growth: 233.67%
EPS Growth: -3.63%
Country: Canada
Employees: 5
Sector: Healthcare
Sector Strength: 51
Industry: Medical - Devices

Therma Bright Business Overview & Revenue Model

Company Description

Established in Toronto, Canada, in 2001 as The Jenex Corporation before rebranding to Therma Bright Inc. in February 2018, Therma Bright Inc. specializes in creating and distributing various medical and consumer health products. Their diverse offerin...

How the Company Makes Money

Therma Bright makes money primarily by selling its medical and screening products and related solutions to customers (e.g., through direct sales and distribution channels). Reported revenue is generally tied to (1) product sales (hardware such as inf...

Therma Bright Financial Statement Overview

Summary

Revenue rebounded sharply TTM (~136K) with improved gross margin (~49%), and cash burn has narrowed versus prior periods. However, the company remains far from breakeven with a large TTM net loss (~-4.0M), negative operating cash flow/FCF (~-217K), and negative stockholders’ equity (~-1.9M), indicating elevated funding and execution risk.

Income Statement

18Very Negative

Balance Sheet

22Negative

Cash Flow

24Negative

Financial statement breakdown
Breakdown	TTM	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	135.82K	80.27K	26.07K	23.90K	139.43K	3,883
Gross Profit	66.60K	-36.93K	25.46K	23.90K	63.48K	3,883
EBITDA	-3.98M	-4.25M	-2.34M	-3.68M	-5.73M	-8.55M
Net Income	-4.01M	-4.34M	-2.45M	-3.77M	-5.88M	-8.61M
Balance Sheet
Total Assets	217.95K	248.69K	3.19M	2.21M	4.00M	2.24M
Cash, Cash Equivalents and Short-Term Investments	25.13K	38.07K	1,096	182.24K	3.08M	1.78M
Total Debt	40.00K	40.00K	65.39K	90.39K	110.55K	40.00K
Total Liabilities	2.15M	1.81M	1.87M	2.16M	1.25M	927.12K
Stockholders Equity	-1.93M	-1.57M	1.32M	44.79K	2.75M	1.32M
Cash Flow
Free Cash Flow	-217.40K	-146.53K	-1.01M	-2.44M	-3.80M	-3.16M
Operating Cash Flow	-217.40K	-146.53K	-1.01M	-2.17M	-3.80M	-2.86M
Investing Cash Flow	0	0	-138.26K	-691.08K	-204.93K	-300.00K
Financing Cash Flow	176.82K	146.90K	966.40K	-33.60K	5.31M	3.87M

Therma Bright Technical Analysis

Technical Analysis SentimentNegative

Last Price0.03

Price Trends

50DMA0.04Negative

100DMA0.04Negative

200DMA0.05Negative

Market Momentum

MACD-0.00Negative

RSI42.37Neutral

STOCH100.00Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:THRM, the sentiment is Negative. The current price of 0.03 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.04, and below the 200-day MA of 0.05, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 42.37 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:THRM.

Therma Bright Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

TSE:THRM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSE:PRN	58Neutral	CAD 398.50M	-8.53	-59.18%	―	64.70%	30.61%
Sector *	51Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TSE:PINK	44Neutral	CAD 23.78M	-1.11	-303.05%	―	35.27%	58.34%
TSE:THRM	44Neutral	CAD 1.84M	-0.44	234.23%	―	233.67%	-3.63%
TSE:TLT	41Neutral	CAD 55.89M	-13.03	-130.04%	―	-24.86%	18.29%
TSE:ASTI	40Underperform	CAD 275.99K	-0.18	23.95%	―	8.66%	-545.88%

* Healthcare Sector Average

Performance Comparison

TSE:THRM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TSE:THRM	Therma Bright Inc.	0.03	-0.05	-62.50%
TSE:PINK	Perimeter Medical Imaging Ai Inc	0.14	-0.05	-23.68%
TSE:PRN	Profound Medical	11.18	1.76	18.68%
TSE:TLT	Theralase Technologies	0.18	-0.02	-11.90%
TSE:ASTI	Aquarius Surgical Technologies	0.01	0.00	0.00%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 29, 2026

Therma Bright AI Stock Analysis