IWSH's Net Loss Widens, Cash Reserves Plummet 90%

TL;DR

**IWSH is a cash-burning shell company with no clear path forward; avoid this stock.**

AI Summary

Wright Investors Service Holdings, Inc. (IWSH) reported a net loss of $254,000 for the three months ended September 30, 2025, an increase from a net loss of $231,000 in the same period of 2024. For the nine months ended September 30, 2025, the net loss widened to $754,000, compared to $683,000 in the prior year. The company's cash and cash equivalents significantly decreased to $137,000 as of September 30, 2025, from $1,440,000 at December 31, 2024, representing a 90.4% decline. Total assets also fell to $1,641,000 from $2,446,000 over the same period. Operating expenses increased slightly, with compensation and benefits rising to $117,000 for the three months ended September 30, 2025, from $107,000 in 2024. The company continues to operate as a shell company with nominal operations, primarily holding cash and investments in U.S. Treasury Bills and mutual funds, which increased to $1,478,000 from $914,000. Management is exploring strategic options including acquisitions or partnerships to maximize stockholder value.

Why It Matters

This filing reveals Wright Investors Service Holdings, Inc. (IWSH) is burning through cash at an alarming rate, with cash and cash equivalents dropping over 90% in nine months. For investors, this signals significant liquidity concerns and a lack of operational revenue, making the stock highly speculative. Employees and customers are minimally impacted as the company has nominal operations, but the search for strategic options could lead to a new business direction or a complete liquidation. In the broader market, IWSH's status as a shell company highlights the risks associated with investing in entities with no active business, especially when cash reserves are dwindling, potentially impacting investor confidence in similar micro-cap or shell entities.

Risk Assessment

Risk Level: high — The company's cash and cash equivalents plummeted by 90.4% from $1,440,000 at December 31, 2024, to $137,000 at September 30, 2025. This significant decline, coupled with a widening net loss of $754,000 for the nine months ended September 30, 2025, indicates severe liquidity issues and an unsustainable operational burn rate for a company with nominal operations.

Analyst Insight

Investors should exercise extreme caution and consider divesting any holdings in IWSH. The rapid depletion of cash and persistent net losses without a clear revenue-generating business model make this a high-risk investment. Wait for a concrete strategic acquisition or a clear path to profitability before considering any investment.

Key Numbers

• $137K — Cash and Cash Equivalents (Decreased 90.4% from $1.44M at Dec 31, 2024)
• $754K — Nine-Month Net Loss (Widened from $683K in prior year)
• $254K — Three-Month Net Loss (Increased from $231K in prior year)
• $1.64M — Total Assets (Decreased from $2.45M at Dec 31, 2024)
• 20.62M — Common Shares Outstanding (Consistent, indicating no dilution or buybacks)
• $1.48M — Investments in Mutual Funds (Increased from $914K at Dec 31, 2024)
• $0.04 — Nine-Month Loss Per Share (Increased from $0.03 in prior year)
• $813K — Nine-Month Total Operating Expenses (Slight increase from $805K in prior year)

Key Players & Entities

• Wright Investors Service Holdings, Inc. (company) — Registrant
• SEC (regulator) — Securities and Exchange Commission
• FASB (regulator) — Financial Accounting Standards Board
• $137,000 (dollar_amount) — Cash and cash equivalents as of September 30, 2025
• $1,440,000 (dollar_amount) — Cash and cash equivalents as of December 31, 2024
• $254,000 (dollar_amount) — Net loss for three months ended September 30, 2025
• $754,000 (dollar_amount) — Net loss for nine months ended September 30, 2025
• 20,620,711 (dollar_amount) — Shares of common stock outstanding as of November 12, 2025
• Chief Executive Officer (person) — Chief operating decision maker (CODM)
• $1,478,000 (dollar_amount) — Investments in mutual funds as of September 30, 2025

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value IWSH OTC As of November 12,
• $254,000 — e Company had a loss from operations of $254,000 compared to a loss from operations of $
• $231,000 — 0 compared to a loss from operations of $231,000 for the three months ended September 30
• $23,000 — The increased loss from operations of $23,000 was primarily a result of a decrease in
• $6,000 — se in Interest and other income, net of $6,000, increase of Other operating expenses o
• $7,000 — increase of Other operating expenses of $7,000, and an increase in Compensation and be
• $10,000 — ncrease in Compensation and benefits of $10,000 during the three months ended September
• $117,000 — 0, 2025, Compensation and benefits were $117,000 as compared to $107,000 for the three m
• $107,000 — d benefits were $117,000 as compared to $107,000 for the three months ended September 30
• $151,000 — 30, 2025, Other operating expenses were $151,000 as compared to $144,000 for the three m
• $144,000 — g expenses were $151,000 as compared to $144,000 for the three months ended September 30
• $18,000 — esult of increased professional fees of $18,000 and increased other expenses of $2,000,
• $2,000 — $18,000 and increased other expenses of $2,000, offset by decreased travel and enterta
• $13,000 — ed travel and entertainment expenses of $13,000. Interest and other income, net For
• $14,000 — 025, Interest and other income, net was $14,000 as compared to $20,000 for the three mo

Filing Documents

• iwsh-20250930.htm (10-Q) — 320KB
• ex31_1.htm (EX-31.1) — 8KB
• ex31_2.htm (EX-31.2) — 8KB
• ex32_1.htm (EX-32.1) — 5KB
• 0001214659-25-016507.txt ( ) — 1877KB
• iwsh-20250930.xsd (EX-101.SCH) — 13KB
• iwsh-20250930_cal.xml (EX-101.CAL) — 16KB
• iwsh-20250930_def.xml (EX-101.DEF) — 59KB
• iwsh-20250930_lab.xml (EX-101.LAB) — 116KB
• iwsh-20250930_pre.xml (EX-101.PRE) — 66KB
• iwsh-20250930_htm.xml (XML) — 158KB

Financial Information

Part I. Financial Information Page No. Item 1.

Financial Statements of Wright Investors' Service Holdings, Inc

Financial Statements of Wright Investors' Service Holdings, Inc. 1 Condensed Consolidated Balance Sheets- September 30, 2025 (Unaudited) and December 31, 2024 1 Condensed Consolidated Statements of Operations- Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss- Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity- Three Months and Nine Months Ended September 30, 2025 and 2024 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2025 and 2024 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements - September 30, 2025 and 2024 (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 13 Item 4.

Controls and Procedures

Controls and Procedures 13

Other Information

Part II. Other Information Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14 Item 5. Other Information 14 Item 6. Exhibits 15

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) September 30, December 31, 2025 2024 (unaudited) Assets Current assets Cash and cash equivalents $ 137 $ 1,440 Investments 1,478 914 Prepaid expenses and other current assets 18 84 Total current assets 1,633 2,438 Other assets 8 8 Total assets $ 1,641 $ 2,446 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses $ 64 $ 115 Total current liabilities 64 115 Total liabilities 64 115 Stockholders' equity Preferred stock, par value $ 0.01 per share, authorized 10,000,000 shares; none issued - - Common stock, par value $ 0.01 per share, authorized 30,000,000 shares; issued 21,628,680 as of September 30, 2025 and December 31, 2024; outstanding 20,620,711 at September 30, 2025 and December 31, 2024. 216 216 Additional paid-in capital 34,392 34,392 Accumulated deficit ( 31,284 ) ( 30,530 ) Treasury stock, at cost ( 1,007,969 shares at September 30, 2025 and December 31, 2024) ( 1,747 ) ( 1,747 ) Total stockholders' equity 1,577 2,331 Total liabilities and stockholders' equity $ 1,641 $ 2,446 See accompanying notes to condensed consolidated

financial statements

financial statements. 1 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Expenses Compensation and benefits $ 117 $ 107 $ 345 $ 335 Other operating 151 144 468 470 Total operating expenses 268 251 813 805 Loss from operations ( 268 ) ( 251 ) ( 813 ) ( 805 ) Interest and other income, net 14 20 59 122 Net loss $ ( 254 ) $ ( 231 ) $ ( 754 ) $ ( 683 ) Basic and diluted weighted average common shares outstanding 20,620,711 20,620,711 20,620,711 20,620,711 Basic and diluted loss per share $ ( 0.01 ) $ ( 0.01 ) $ ( 0.04 ) $ ( 0.03 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 2 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net loss $ ( 254 ) $ ( 231 ) $ ( 754 ) $ ( 683 ) Other comprehensive loss: Unrealized holding gain on available for sale debt securities - 7 - 23 Reclassification adjustment for gains realized in net loss - - - ( 56 ) Total other comprehensive loss - 7 - ( 33 ) Comprehensive loss $ ( 254 ) $ ( 224 ) $ ( 754 ) $ ( 716 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 3 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 and 2024 (UNAUDITED) (in thousands, except per share data) Accumulated Total Additional Other Treasury stock- Common stock (Issued) paid -in Accumulated comprehensive stock, at Holders' shares amount capital deficit Income cost equity Balance at December 31, 2023 21,628,680 $ 216 $ 34,392 $ ( 29,610 ) $ 40 $ ( 1,747 ) $ 3,291 Net loss - - - ( 219 ) - - ( 219 ) Other comprehensive loss - - - - ( 40 ) - ( 40 ) Balance at March 31, 2024 21,628,680 $ 216 $ 34,392 $ ( 29,829 ) $ - $ ( 1,747 ) $ 3,032 Net loss - - - ( 233 ) - - ( 233 ) Balance at June 30, 2024 21,628,680 $ 216 $ 34,392 $ ( 30,062 ) $ - $ ( 1,747 ) $ 2,799 Net loss - - - ( 231 ) - ( 231 ) Other comprehensive income - - - - 7 - 7 Balance at September 30, 2024 21,628,680 $ 216 $ 34,392 $ ( 30,293 ) $ 7 $ ( 1,747 ) $ 2,575 Balance at December 31, 2024 21,628,680 $ 216 $ 34,392 $ ( 30,530 ) $ - $ ( 1,747 ) $ 2,331 Net loss - - - ( 256 ) - - ( 256 ) Balance at March 31, 2025 21,628,680 $ 216 $ 34,392 $ ( 30,786 ) $ - $ ( 1,747 ) $ 2,075 Net loss - - - ( 244 ) - - ( 244 ) Balance at June 30, 2025 21,628,680 $ 216 $ 34,392 $ ( 31,030 ) $ - $ ( 1,747 ) $ 1,831 Net loss - - - ( 254 ) - - ( 254 ) Balance at September 30, 2025 21,628,680 $ 216 $ 34,392 $ ( 31,284 ) $ - $ ( 1,747 ) $ 1,577 See accompanying notes to condensed consolidated

financial statements

financial statements. 4 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities Net loss $ ( 754 ) $ ( 683 ) Adjustments to reconcile net loss to net cash used in operating activities: Realized gain on investments - ( 56 ) Changes in other operating items: Prepaid expenses and other current assets 66 77 Accounts payable and accrued expenses ( 51 ) ( 8 ) Net cash used in operating activities ( 739 ) ( 670 ) Cash flows from investing activities Proceeds from redemptions and sale of investments 24 3,347 Purchase of investments ( 588 ) ( 1,278 ) Net cash (used in) provided by investing activities ( 564 ) 2,069 Net (decrease) increase in cash and cash equivalents ( 1,303 ) 1,399 Cash and cash equivalents at the beginning of the period 1,440 125 Cash and cash equivalents at the end of the period $ 137 $ 1,524 Supplemental disclosures of cash flow information Unrealized loss on available for sale securities $ - $ ( 33 ) See accompanying notes to condensed consolidated

financial statements

financial statements. 5 Table of Contents WRIGHT INVESTORS' SERVICE HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements September 30, 2025 and 2024 (unaudited) 1. Basis of presentation and description of activities Basis of presentation The accompanying interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2024 has been derived from audited financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 as presented in our Annual Report on Form 10-K. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2025 interim period are not necessarily indicative of results to be expected for the entire year. Description of activities Wright Investors' Service Holdings, Inc. (the "Company") has nominal operations and nominal assets aside from its cash and cash equivalents and investments in U.S. Treasury Bills and mutual funds, and is therefore considered a shell company, as defined in U.S. securities laws and regulations. The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. The Company intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value. Such strategic options may include acquisition of an investmen

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement Regarding Forward-Looking This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "could," "project," "predict," "expect," "estimate," "continue," and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements. Factors that may cause actual results to differ from those results expressed or implied, include, but are not limited to, those listed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed by the Company with the Securities and Exchange Commission (the "SEC") on March 27, 2025. These forward-looking beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. These statements are based upon our opinions and estimates as of the date they are made. Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied

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