NTRP · NextTrip, Inc.
NextTrip, Inc., a technology-driven travel company, develops an integrated travel booking and media platform to connect leisure, group, and business travelers in the United States and internationally. It operates in two segments, Travel and Media. The Travel segment offers NXT2.0, a travel booking engine that supports direct-to-consumer and advisor-assisted booking across leisure, luxury, cruise, group, and business travel verticals; Five Star Alliance for luxury and cruise bookings; TA Pipeline, a group-travel agency platform that provides end-to-end solutions for conferences, conventions, destination weddings, and affinity groups; JournyGO, an agentic AI-powered consumer engagement and booking ecosystem; and Travel Magazine Pro, a digital editorial, advisor-engagement, and travel-commerce platform. Its Media segment includes JOURNY.tv, a travel media network, as well as TravelMagazine.com, an online travel publication that offers articles, guides, destination inspiration, hotel and restaurant recommendations, and general travel advice. The company was formerly known as Sigma Additive Solutions, Inc. and changed its name to NextTrip, Inc. in March 2024. NextTrip, Inc. is based in Santa Fe, New Mexico.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $2.00 |
| SO | 14.5M |
| Options | 0.9M |
| Warrants | 2.2M |
| FD SO | 17.6M |
| MC | $35.2M |
| Cash | $1.7M |
| Total debt | $3.1M |
| EV | $36.6M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 10.3x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 8.5% |
| Insiders | 43.8% |
| # Institutions | 16 |
| Analysts | 3 |
| Consensus | Strong Buy |
| Avg target | $6.83 |
| Short % float | 0.9% |
| Days to cover | 1.06 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-28. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 5/31/26 | 11/30/25 | 8/31/25 | 5/31/25 | |
|---|---|---|---|---|
| Total Revenue | 1.45 | 1.20 | 0.76 | 0.14 |
| Revenue YoY % | 191.0% | 1508.0% | 390.4% | (26.5%) |
| Cost of Revenue | 1.24 | 0.98 | 0.59 | 0.10 |
| Gross Profit | 0.21 | 0.22 | 0.17 | 0.04 |
| Gross Profit YoY % | — | 10377.8% | 17401.5% | 155.8% |
| Gross Margin % | 14.3% | 18.1% | 21.9% | 28.0% |
| SG&A | 0.17 | 0.12 | 0.21 | 0.12 |
| Operating Expense | 3.12 | 3.30 | 3.37 | 4.68 |
| Operating Income | (2.91) | (3.08) | (3.20) | (4.64) |
| Operating Income YoY % | (182.9%) | (73.9%) | (118.0%) | (137.6%) |
| Operating Margin % | (200.7%) | (257.0%) | (422.7%) | (3342.1%) |
| EBITDA | (2.58) | (2.81) | (2.99) | (4.43) |
| EBITDA Margin % | (177.5%) | (234.3%) | (394.1%) | (3193.2%) |
| Pretax Income | (3.13) | (3.28) | (2.90) | (4.46) |
| Net Income | (3.13) | (3.28) | (2.90) | (4.46) |
| Net Margin % | (215.3%) | (272.9%) | (382.5%) | (3210.6%) |
| Diluted EPS | -$0.22 | -$0.37 | -$0.39 | -$0.68 |
| Basic EPS | -$0.22 | -$0.37 | -$0.39 | -$0.68 |
| Diluted Avg Shares | 14.3 | 9.0 | 7.9 | 6.6 |
| Basic Avg Shares | 14.3 | 9.0 | 7.9 | 6.6 |
| LTM | 2/28/26 | 2/28/25 | 2/29/24 | 2/28/23 | |
|---|---|---|---|---|---|
| Total Revenue | 3.55 | 3.72 | 0.50 | 0.46 | 0.38 |
| Revenue YoY % | (4.5%) | 641.0% | 9.3% | 19.8% | — |
| Cost of Revenue | 2.92 | 3.06 | 0.50 | 0.40 | 0.35 |
| Gross Profit | 0.63 | 0.65 | 0.00 | 0.06 | 0.03 |
| Gross Profit YoY % | (3.4%) | 19660.3% | (94.6%) | 119.3% | — |
| Gross Margin % | 17.8% | 17.6% | 0.7% | 13.3% | 7.3% |
| SG&A | 0.62 | 0.69 | 0.40 | 0.64 | 0.92 |
| Operating Expense | 14.47 | 17.02 | 7.42 | 5.74 | 4.98 |
| Operating Income | (13.84) | (16.37) | (7.41) | (5.68) | (4.95) |
| Operating Income YoY % | 15.4% | (120.8%) | (30.5%) | (14.7%) | — |
| Operating Margin % | (390.1%) | (440.5%) | (1478.5%) | (1238.0%) | (1293.5%) |
| EBITDA | (12.81) | (15.27) | (6.70) | (4.21) | (4.24) |
| EBITDA Margin % | (361.0%) | (410.9%) | (1336.2%) | (917.8%) | (1108.7%) |
| Interest Expense | — | — | 0.00 | 0.23 | 0.07 |
| Other Income / (Expense) | — | — | (2.71) | (1.42) | — |
| Pretax Income | (13.76) | (15.91) | (10.12) | (7.33) | (5.03) |
| Net Income | (13.76) | (15.91) | (10.12) | (7.33) | (5.03) |
| Net Margin % | (387.7%) | (428.3%) | (2018.3%) | (1598.3%) | (1314.8%) |
| Diluted EPS | -$1.66 | -$1.82 | -$2.23 | -$32.12 | -$70.32 |
| Basic EPS | -$1.66 | -$1.82 | -$2.23 | -$32.12 | -$70.32 |
| Diluted Avg Shares | 14.3 | 8.9 | 4.6 | 0.2 | 0.1 |
| Basic Avg Shares | 14.3 | 8.9 | 4.6 | 0.2 | 0.1 |
| 5/31/26 | 11/30/25 | 8/31/25 | 5/31/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.80 | 2.43 | 1.84 | 0.13 |
| Receivables | 0.25 | 0.37 | 0.27 | 0.11 |
| Other Current Assets | 1.44 | 1.50 | 1.42 | 1.32 |
| Total Current Assets | 2.49 | 4.30 | 3.52 | 1.56 |
| Net PPE | 0.00 | 0.00 | 0.00 | 0.00 |
| Goodwill | 3.12 | 3.12 | 3.12 | 2.84 |
| Intangible Assets | 4.16 | 3.81 | 4.08 | 3.38 |
| Long-term Investments | 2.50 | 2.42 | 2.42 | 2.42 |
| Other Assets | — | 0.77 | 0.76 | 0.76 |
| Total Assets | 12.32 | 14.42 | 13.91 | 10.96 |
| Accounts Payable | 0.96 | 1.24 | 1.38 | 1.07 |
| Other Current Liabilities | 3.13 | 3.81 | 3.62 | 1.63 |
| Total Current Liabilities | 4.09 | 5.05 | 5.00 | 2.70 |
| Other Liabilities | 3.33 | 3.10 | 2.93 | 1.59 |
| Total Liabilities | 7.42 | 8.15 | 7.93 | 4.29 |
| Mezzanine Equity | 1.19 | 0.39 | 0.39 | — |
| Retained Earnings | (53.74) | (45.24) | (41.95) | (38.87) |
| Total Equity | 3.70 | 5.89 | 5.59 | 6.67 |
| LTM | 2/28/26 | 2/28/25 | 2/29/24 | 2/28/23 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.80 | 1.70 | 1.06 | 0.32 | 0.28 |
| Receivables | 0.25 | 0.12 | 0.02 | 0.03 | — |
| Other Current Assets | 1.44 | 1.34 | 1.38 | 1.34 | 1.94 |
| Total Current Assets | 2.49 | 3.15 | 2.47 | 1.70 | 2.22 |
| Net PPE | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 |
| Operating Lease ROU | — | — | — | — | 1.02 |
| Goodwill | 3.12 | 3.12 | 1.17 | 1.17 | — |
| Intangible Assets | 4.16 | 4.26 | 2.13 | 2.17 | 2.61 |
| Long-term Investments | 2.50 | 2.50 | 3.41 | — | — |
| Other Assets | — | — | 0.76 | — | — |
| Total Assets | 12.32 | 13.08 | 9.94 | 5.09 | 5.88 |
| Accounts Payable | 0.96 | 0.73 | 1.18 | 0.53 | 0.52 |
| Current Lease Liabilities | — | — | — | — | 0.15 |
| Other Current Liabilities | 3.13 | 3.19 | 1.39 | 1.43 | 3.87 |
| Total Current Liabilities | 4.09 | 3.91 | 2.57 | 1.96 | 4.54 |
| Long-term Lease Liabilities | — | — | — | — | 0.86 |
| Other Liabilities | 3.33 | 3.40 | — | — | — |
| Total Liabilities | 7.42 | 7.32 | 2.57 | 1.96 | 5.40 |
| Mezzanine Equity | 1.19 | 0.39 | — | — | — |
| Retained Earnings | (53.74) | (50.60) | (34.35) | (24.15) | (16.81) |
| Total Equity | 3.70 | 5.37 | 7.37 | 3.13 | 0.48 |
| 5/31/26 | 11/30/25 | 8/31/25 | 5/31/25 | |
|---|---|---|---|---|
| Net Income | (3.13) | (3.28) | (2.90) | (4.46) |
| D&A | 0.34 | 0.27 | 0.22 | 0.21 |
| Stock-Based Comp | (0.01) | 0.00 | 0.00 | 0.14 |
| Δ Working Cap & Other | 0.46 | 1.02 | 3.25 | 3.07 |
| Operating Cash Flow | (2.34) | (1.98) | 0.57 | (1.04) |
| Acquisitions | — | — | — | (0.90) |
| Investing Cash Flow | (0.24) | 0.00 | (0.47) | (1.28) |
| Stock Issuance | 0.15 | 1.82 | — | — |
| Other Financing | 1.54 | 0.75 | 1.61 | 1.39 |
| Financing Cash Flow | 1.69 | 2.57 | 1.61 | 1.39 |
| LTM | 2/28/26 | 2/28/25 | 2/29/24 | 2/28/23 | |
|---|---|---|---|---|---|
| Net Income | (13.76) | (15.91) | (10.12) | (7.33) | (5.03) |
| D&A | 1.03 | 1.10 | 0.71 | 1.47 | 0.71 |
| Stock-Based Comp | 0.12 | 0.19 | 0.07 | 0.12 | — |
| Δ Working Cap & Other | 7.80 | 10.06 | 4.26 | 0.02 | 0.53 |
| Operating Cash Flow | (4.79) | (4.56) | (5.08) | (5.73) | (3.79) |
| CapEx | — | — | — | (0.01) | (0.00) |
| Other Investing | (1.99) | (2.72) | (1.03) | 0.99 | (4.29) |
| Investing Cash Flow | (1.99) | (2.72) | (1.03) | 0.98 | (4.29) |
| Stock Issuance | — | 5.30 | — | 1.91 | — |
| Other Financing | 7.26 | 2.62 | 6.85 | 2.89 | 8.13 |
| Financing Cash Flow | 7.26 | 7.92 | 6.85 | 4.79 | 8.13 |
| Free Cash Flow | — | — | — | (5.74) | (3.80) |
| 5/31/26 | 11/30/25 | 8/31/25 | 5/31/25 | |
|---|---|---|---|---|
| Current Ratio | 0.61 | 0.85 | 0.70 | 0.58 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 2.00 | 1.38 | 1.42 | 0.64 |
| EBITDA Margin % | (177.5%) | (234.3%) | (394.1%) | (3193.2%) |
| Working Capital | (1.60) | (0.75) | (1.48) | (1.14) |
| Net Debt | — | — | — | — |
| ROE % | (84.4%) | (55.6%) | (51.8%) | (66.8%) |
| ROA % | (25.4%) | (22.7%) | (20.8%) | (40.7%) |
| LTM | 2/28/26 | 2/28/25 | 2/29/24 | 2/28/23 | |
|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.81 | 0.96 | 0.87 | 0.49 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 2.00 | 1.36 | 0.35 | 0.63 | 11.15 |
| EBITDA Margin % | (361.0%) | (410.9%) | (1336.2%) | (917.8%) | (1108.7%) |
| Working Capital | (1.60) | (0.76) | (0.11) | (0.26) | (2.31) |
| Net Debt | — | — | — | — | — |
| ROE % | (371.6%) | (296.1%) | (137.4%) | (234.4%) | (1039.7%) |
| ROA % | (111.7%) | (121.7%) | (101.9%) | (144.1%) | (85.5%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-22 | Jiang David T | Director | 2026-06-18 | P | 18,200 | $2.75 | $50,050 |
| 2026-06-22 | Jiang David T | Director | 2026-06-18 | C | 18,200 | — | $0 |
| 2026-05-15 | Orzechowski Frank | Officer (Chief Financial Officer) | 2026-05-11 | A | 19,787 | — | $0 |
| 2026-05-15 | Orzechowski Frank | Officer (Chief Financial Officer) | 2026-05-11 | F | (5,896) | $2.48 | -$14,622 |
| 2026-05-11 | Kaplan Andrew Jay | Director | 2026-05-08 | P | 18,182 | $2.75 | $50,000 |
| 2026-05-11 | Kaplan Andrew Jay | Director | 2026-05-08 | J | 9,091 | — | $0 |
| 2026-05-11 | Kaplan Andrew Jay | Director | 2026-04-15 | J | 16,667 | $3.00 | $50,001 |
| 2026-05-11 | Kaplan Andrew Jay | Director | 2026-04-15 | J | 8,333 | — | $0 |
| 2026-04-20 | Kaplan Andrew Jay | Director | 2026-04-15 | J | 16,667 | $3.00 | $50,001 |
| 2026-04-20 | Kaplan Andrew Jay | Director | 2026-04-15 | J | 8,333 | — | $0 |
| 2025-11-25 | KIRCHER STEPHEN C | Director | 2025-11-21 | C | 34,223 | — | $0 |
| 2025-11-25 | KIRCHER STEPHEN C | Director | 2025-11-21 | C | 34,223 | — | $0 |
| 2025-11-24 | KERBY WILLIAM | Director | 2025-11-21 | C | 331,124 | — | $0 |
| 2025-11-24 | KERBY WILLIAM | Director | 2025-11-21 | C | 331,124 | — | $0 |
| 2025-11-24 | McMahon John Patrick | Officer (Chief Operating Officer) | 2025-11-21 | C | 168,414 | — | $0 |
| 2025-11-24 | McMahon John Patrick | Officer (Chief Operating Officer) | 2025-11-21 | C | 168,414 | — | $0 |
| 2025-11-24 | Kaplan Andrew Jay | Director | 2025-11-21 | C | 31,250 | — | $0 |
| 2025-11-24 | Kaplan Andrew Jay | Director | 2025-11-21 | C | 31,250 | — | $0 |
| 2025-11-24 | Byrd Jimmy Don | Director | 2025-11-21 | C | 50,000 | — | $0 |
| 2025-11-24 | Byrd Jimmy Don | Director | 2025-11-21 | C | 50,000 | — | $0 |
| 2025-11-24 | Jiang David T | Director | 2025-11-21 | C | 659,316 | — | $0 |
| 2025-11-24 | Jiang David T | Director | 2025-11-21 | C | 427,528 | — | $0 |
| 2025-11-24 | Jiang David T | Director | 2025-11-21 | C | 231,788 | — | $0 |
| 2025-11-24 | Monaco Donald P | Director | 2025-11-21 | C | 745,032 | — | $0 |
| 2025-11-24 | Monaco Donald P | Director | 2025-11-21 | C | 745,032 | — | $0 |
| 2025-11-24 | Diges Carmen L | Director | 2025-11-21 | C | 13,580 | — | $0 |
| 2025-11-24 | Diges Carmen L | Director | 2025-11-21 | C | 13,580 | — | $0 |
| 2025-11-12 | Jiang David T | Director | 2025-11-04 | J | 127,186 | $1.96 | $249,285 |
| 2025-11-12 | Diges Carmen L | Director | 2025-09-15 | J | 13,580 | $3.20 | $43,456 |
| 2025-11-10 | Byrd Jimmy Don | Director | 2025-09-10 | J | 50,000 | $3.20 | $160,000 |
| 2025-11-07 | Jiang David T | Director | 2025-11-04 | J | 127,186 | $1.96 | $249,285 |
| 2025-11-06 | Kaplan Andrew Jay | Director | 2025-11-04 | P | 33,400 | $3.00 | $100,200 |
| 2025-11-06 | Kaplan Andrew Jay | Director | 2025-11-04 | J | 16,700 | — | $0 |
| 2025-11-06 | KIRCHER STEPHEN C | Director | 2025-09-15 | J | 34,223 | $3.20 | $109,514 |
| 2025-11-06 | McMahon John Patrick | Officer (Chief Operating Officer) | 2025-04-28 | J | 45,930 | $3.10 | $142,383 |
| 2025-11-06 | McMahon John Patrick | Officer (Chief Operating Officer) | 2025-04-09 | J | 61,243 | $3.10 | $189,853 |
| 2025-11-06 | McMahon John Patrick | Officer (Chief Operating Officer) | 2025-02-10 | J | 61,243 | $3.10 | $189,853 |
| 2025-09-12 | Kaplan Andrew Jay | Director | 2025-09-12 | J | 31,250 | $3.20 | $100,000 |
| 2025-09-02 | Monaco Donald P | Director, 10% Owner | 2025-08-29 | J | (102,579) | — | $-0 |
| 2025-09-02 | KERBY WILLIAM | Officer (Chief Executive Officer), 10% Owner | 2025-08-29 | J | (102,579) | — | $-0 |
| 2025-07-25 | Kaplan Andrew Jay | Director | 2025-07-23 | P | 5,000 | $4.12 | $20,600 |
| 2025-07-21 | Duitch Dennis | Director | 2025-06-25 | A | 50,000 | — | $0 |
| 2025-07-21 | Monaco Donald P | Director | 2025-06-25 | A | 50,000 | — | $0 |
| 2025-07-21 | Battinelli Salvatore F | Director | 2025-06-25 | A | 50,000 | — | $0 |
| 2025-07-21 | Summers Kent J | Director | 2025-06-25 | A | 50,000 | — | $0 |
| 2025-07-21 | Brunsberg Jacob | Director | 2025-06-25 | A | 50,000 | — | $0 |
| 2025-05-07 | Monaco Donald P | Director, 10% Owner | 2025-05-05 | A | 335,072 | — | $0 |
| 2025-05-07 | KERBY WILLIAM | Officer (Chief Executive Officer), 10% Owner | 2025-05-05 | A | 318,959 | — | $0 |
| 2025-04-03 | Summers Kent J | Director | 2025-04-01 | A | 85,000 | — | $0 |
| 2025-04-03 | Monaco Donald P | Director | 2025-04-01 | A | 85,000 | — | $0 |
| 2025-04-03 | Brunsberg Jacob | Director | 2025-04-01 | A | 85,000 | — | $0 |
| 2025-04-03 | Duitch Dennis | Director | 2025-04-01 | A | 85,000 | — | $0 |
| 2025-04-03 | Battinelli Salvatore F | Director | 2025-04-01 | A | 85,000 | — | $0 |
| 2025-03-28 | KERBY WILLIAM | Officer (Chief Executive Officer) | 2025-03-26 | A | 966,560 | — | $0 |
| 2025-03-28 | Monaco Donald P | Director | 2025-03-26 | A | 1,015,385 | — | $0 |
| 2025-03-28 | Brunsberg Jacob | Director | 2025-03-06 | A | 31,250 | — | $0 |