SLNDHIGH SIGNALFINANCIAL10-K

SLND experienced severe financial deterioration with net losses nearly tripling to $306.5M while revenue declined 21%, pushing stockholders' equity into negative territory.

The company faces a potential going concern situation with stockholders' equity turning negative at -$140.9M, indicating the company owes more than it owns. The dramatic increase in losses combined with declining revenue and reduced cash position suggests serious operational challenges that may threaten the company's ability to continue operations without additional financing or restructuring.

Comparing 2026-03-26 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

SLND's financial position deteriorated significantly across all key metrics, with net losses expanding from $105.4M to $306.5M despite revenue falling 21% to $772.2M, indicating severe operational inefficiencies. The company's balance sheet shows critical stress with stockholders' equity turning negative at -$140.9M and cash declining 27% to $52.7M, though operating cash flow did improve to $16.6M and capital expenditures were reduced by half. The overall picture signals a company in financial distress that may require immediate capital infusion or restructuring to remain viable.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+760.5%
$1.9M→$16.6M

Operating cash flow surged 760.5% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
-190.9%
-$105.4M→-$306.5M

Net income declined 190.9% — review whether driven by operations, interest costs, or non-recurring items.

Stockholders Equity
Balance Sheet
-186.1%
$163.7M→-$140.9M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Gross Profit
P&L
-146.3%
-$63.0M→-$155.3M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Interest Expense
P&L
+119%
$8.9M→$19.5M

Interest expense surged 119% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
-71.7%
-$126.3M→-$216.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Capital Expenditure
Cash Flow
-48.1%
$7.4M→$3.8M

Capex reduced 48.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Inventory
Balance Sheet
-42.2%
$4.5M→$2.6M

Inventory drawn down 42.2% — strong sell-through or deliberate destocking; watch for supply constraints.

Cash & Equivalents
Balance Sheet
-27%
$72.2M→$52.7M

Cash decreased 27% — monitor burn rate and upcoming capital needs.

Revenue
P&L
-21.2%
$980.2M→$772.2M

Revenue softened 21.2% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-26
PRIOR — 2025-03-04
ADDED
Since the novel coronavirus ( COVID-19 ) pandemic and Russia s invasion of Ukraine, the construction industry has experienced widespread supply chain impacts, many of which continue today.
The current conflict in the Middle East is further impacting the supply chain.
Changes in regulations, including tariffs, could also have significant supply chain impacts.
Our safety team has created an atmosphere of safety at our projects.
Our workforce was made up of approximately 1,800 employees as of December 31, 2025, of which approximately 500 were salaried and approximately 1,300 were hourly.
+7 more — sign up free →
REMOVED
As such, reporting periods prior to the three months ended March 31, 2023, will not present share or per share data.
We currently own and maintain more than 3,500 active pieces of equipment with a fair market value exceeding $300 million.
Since the novel coronavirus ( COVID-19 ) pandemic and Russia s invasion of Ukraine, the construction industry continues to experience widespread supply chain impacts.
All of our policies have been procured with limits and deductibles or self-insured retention amounts of varying amounts per occurrence.
Our workforce was made up of approximately 2,100 employees as of December 31, 2024, of which approximately 500 were salaried and approximately 1,600 were hourly.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →