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what it is
Rubicon moves cargo by air, ocean, and land, while its old sapphire business sits in the background.
how it gets paid
Last year Rubicon Technology made $2M in revenue. International freight forwarding was the main engine at $1.0M, or 50% of sales.
what just happened
Rubicon's latest quarter showed -$0.06 EPS on a business with no clean revenue momentum.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
19.7% return on capital — nothing to write home about
-$0.02 fy2024 eps est
$2M fy2024 rev est
xvary composite: 28/100 — weak
What they do
Rubicon moves cargo by air, ocean, and land, while its old sapphire business sits in the background.
There is no fortress here. Return on capital → profit on money tied up → 19.7%, which is high for a $7M company. If that slips below 10%, your edge is gone.
How they make money
$2M
annual revenue
International freight forwarding
$1.0M
Customs brokerage
$0.4M
Warehousing
$0.3M
Distribution
$0.2M
Optical sapphire and advanced materials
$0.1M
The products that matter
materials for optical systems
Monocrystalline Sapphire
$3.59M trailing revenue · 26.07% profit margin
it produced $3.59M in trailing revenue with a 26.07% profit margin. that sounds respectable until you remember this is the business being exited.
legacy business
proposed reverse merger
Janel Group Merger
announced aug 2025 · still unclosed
this is the whole current thesis. if the deal closes, RBCN stops being judged as a tiny sapphire company. if it does not, you are left with the stub.
thesis driver
public listing vehicle
RBCN equity shell
2.38M shares outstanding · $7M market cap
the tiny share count can make price action look dramatic. with only 2.38M shares outstanding, liquidity matters almost as much as fundamentals here.
tiny float
Key numbers
19.7%
return on capital
This tells you the company is squeezing more profit from each dollar tied up in the business.
$7M
market cap
That is the whole public market value, so one bad quarter can hit hard.
3
employees
A 3-person company has very little room for error.
$2M
fy2024 revenue est.
That is a tiny sales base, which makes every contract matter.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for RBCN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Rubicon's latest quarter showed -$0.06 EPS on a business with no clean revenue momentum.
The FY2024 EPS estimate was -$0.02, and the last reported EPS came in at -$0.06. Yahoo Finance shows TTM revenue at $0M, which leaves the quarter looking thin.
$0M
revenue
$0.06
eps
n/a
n/a
the number that mattered
$0.06 per share is worse than the -$0.02 FY2024 estimate, so the profit gap widened instead of closing.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the Janel Group merger failing to close.
med
the merger breaks
the entire current thesis rests on the reverse merger announced in August 2025. if it fails, you are back to a company exiting a legacy sapphire business.
At $3.24 per share versus a quoted $0.62 GF Value, a broken deal would leave very little fundamental support under the current price.
med
OTC liquidity gets worse
the voluntary Nasdaq delisting reduces visibility and trading depth. with only 2.38M shares outstanding and price stability of 5 / 100, even normal selling can feel violent.
That does not just raise volatility. it can make entering or exiting a position materially harder for you.
med
the legacy business keeps shrinking while you wait
FY2024 revenue is estimated at $2M, down 20.0% from the prior year, and the last visible trailing revenue base was only $3.59M.
If the deal timeline stretches, the old business does not give you much standalone support.
med
the street keeps marking down the stub
Canaccord kept a Hold rating but cut its target to $1.05 from $1.65. analysts do this when the operating story gets weaker or harder to underwrite.
That is not destiny, but it is a reminder that external valuation support is thin here.
this is a $7M equity story sitting on top of a $2M–$3.59M legacy revenue base and one unclosed transaction. that is a fragile setup by definition.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deal timeline
merger closing updates
the market needs a signed close, not just another headline. until then, RBCN is trading on paperwork risk.
liquidity
OTC trading conditions
with 2.38M shares outstanding, bid-ask spreads and daily volume matter more than they would in a normal listed stock.
fundamentals
legacy revenue runoff
$2M in FY2024 estimated revenue and a 20.0% decline from the prior year leave little room for delay.
street view
whether external targets stabilize
Canaccord's $1.05 target says the street is not giving the standalone stub much credit. any shift there would matter.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not have a stable operating business here to model with confidence.
risk rank
5
safer than 5% of stocks means riskier than almost everything you follow on a normal watchlist.
price stability
5 / 100
this does not trade like a sleepy micro cap. it trades like a thinly held special situation.
source: institutional data
Institutional activity
institutional ownership data for RBCN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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