RTB · RTB Digital, Inc.
RTB Digital, Inc., doing business as Roundtable, owns and operates a Web3 digital media Software as a Service technology platform that enables media brands and journalists to distribute, publish, monetize, and engage with their communities within brand, data, and voice. It provides sports, crypto, and financial news coverage with distribution partners. The company was formerly known as Roundtable Media, Inc. The company is based in San Diego, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $8.95 |
| SO | 14.0M |
| Options | 2.6M |
| Warrants | — |
| FD SO | 16.6M |
| MC | $148.4M |
| Cash | $0.5M |
| Total debt | $0.6M |
| EV | $148.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 14.2x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 5.2% |
| Insiders | 58.9% |
| # Institutions | 17 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | — |
| Days to cover | 3.50 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-13. 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 2026-09-22 — 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 2026-08-31; the float denominator can be unreliable on tiny floats.
This filer tags no warrant count, so FD SO counts it as zero and understates dilution — treat FD SO, MC and EV as a floor. (XBRL reports nothing both for a filer that has none and for one that simply doesn't tag them.)
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 2.33 | 2.54 | 2.79 | 2.79 |
| Revenue YoY % | 350.3% | (8.5%) | 4.2% | (1.6%) |
| Cost of Revenue | 1.46 | 1.41 | 1.47 | 1.39 |
| Gross Profit | 0.87 | 1.12 | 1.33 | 1.39 |
| Gross Profit YoY % | 202.4% | (18.1%) | 26.6% | 30.6% |
| Gross Margin % | 37.4% | 44.2% | 47.5% | 50.0% |
| SG&A | 9.54 | 0.77 | 0.99 | 0.92 |
| R&D | 0.26 | 0.07 | 0.20 | (0.22) |
| Operating Expense | 9.80 | 4.16 | 4.98 | 3.20 |
| Operating Income | (8.93) | (3.04) | (3.65) | (1.81) |
| Operating Income YoY % | (1333.5%) | 30.9% | 46.0% | 50.6% |
| Operating Margin % | (383.6%) | (120.0%) | (130.8%) | (65.0%) |
| EBITDA | (8.53) | (3.01) | (3.48) | (1.61) |
| EBITDA Margin % | (366.4%) | (118.7%) | (124.7%) | (57.6%) |
| Interest Expense | — | (0.01) | (0.01) | (0.03) |
| Other Income / (Expense) | (0.64) | (1.74) | (0.75) | — |
| Pretax Income | (9.57) | (4.78) | (4.40) | (1.95) |
| Tax Provision | 0.01 | 0.00 | 0.01 | 0.00 |
| Net Income | (9.58) | (4.78) | (4.41) | (1.95) |
| Net Margin % | (411.6%) | (188.5%) | (157.9%) | (70.1%) |
| Diluted EPS | -$1.24 | -$2.67 | -$28.55 | -$0.07 |
| Basic EPS | -$1.24 | -$2.67 | -$28.50 | -$0.07 |
| Diluted Avg Shares | 7.7 | 1.2 | — | 29.8 |
| Basic Avg Shares | 7.7 | 1.2 | — | 28.5 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 10.44 | 11.13 | 18.16 | 65.87 | 32.91 |
| Revenue YoY % | (6.2%) | (38.7%) | (72.4%) | 100.2% | — |
| Cost of Revenue | 5.73 | 5.82 | 10.77 | 40.16 | 16.79 |
| Gross Profit | 4.71 | 5.31 | 7.39 | 25.71 | 16.12 |
| Gross Profit YoY % | (11.2%) | (28.2%) | (71.2%) | 59.5% | — |
| Gross Margin % | 45.1% | 47.7% | 40.7% | 39.0% | 49.0% |
| SG&A | 12.22 | 4.40 | 2.98 | 8.68 | 6.60 |
| R&D | 0.32 | 0.56 | 3.85 | 5.76 | 6.28 |
| Operating Expense | 22.15 | 18.45 | 34.61 | 38.01 | 53.96 |
| Operating Income | (17.44) | (13.15) | (27.22) | (12.30) | (37.84) |
| Operating Income YoY % | (32.6%) | 51.7% | (121.2%) | 67.5% | — |
| Operating Margin % | (167.0%) | (118.1%) | (149.9%) | (18.7%) | (115.0%) |
| EBITDA | (16.63) | (12.65) | (24.95) | (9.75) | (16.92) |
| EBITDA Margin % | (159.3%) | (113.7%) | (137.4%) | (14.8%) | (51.4%) |
| Interest Expense | — | (1.79) | (0.87) | (3.34) | 15.10 |
| Other Income / (Expense) | (3.26) | (5.85) | — | (43.85) | 3.69 |
| Pretax Income | (20.70) | (17.21) | (26.43) | (52.81) | (49.24) |
| Tax Provision | 0.03 | 0.32 | 0.39 | 0.29 | (0.01) |
| Net Income | (20.73) | (17.53) | (26.82) | (53.10) | (49.24) |
| Net Margin % | (198.5%) | (157.5%) | (147.7%) | (80.6%) | (149.6%) |
| Diluted EPS | -$32.53 | -$29.33 | -$140.25 | -$10.11 | — |
| Basic EPS | -$32.48 | -$29.33 | -$140.25 | -$10.11 | — |
| Diluted Avg Shares | 7.7 | 0.6 | 0.2 | 5.3 | — |
| Basic Avg Shares | 7.7 | 0.6 | 0.2 | 5.3 | — |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.49 | 5.51 | 0.53 | 1.16 |
| Receivables | 1.09 | 0.92 | 0.15 | 0.84 |
| Other Current Assets | 13.55 | 2.83 | 11.04 | 17.79 |
| Total Current Assets | 15.13 | 9.25 | 11.72 | 19.78 |
| Net PPE | — | 0.03 | 0.07 | 0.12 |
| Operating Lease ROU | 0.10 | 0.15 | 0.00 | 1.81 |
| Goodwill | 11.12 | — | 0.00 | 0.00 |
| Intangible Assets | 10.88 | 0.23 | 0.82 | 1.47 |
| Other Assets | 6.83 | — | 15.90 | — |
| Total Assets | 44.06 | 9.90 | 28.51 | 23.41 |
| Accounts Payable | 5.09 | 2.62 | 1.75 | 1.70 |
| Current Debt | 0.01 | — | 0.00 | — |
| Current Lease Liabilities | 0.72 | 0.75 | 0.00 | 0.64 |
| Other Current Liabilities | 5.21 | 5.53 | — | 21.69 |
| Total Current Liabilities | 11.04 | 8.90 | 1.91 | 24.02 |
| Long-term Debt | 0.61 | — | 0.00 | — |
| Long-term Lease Liabilities | 1.19 | 1.36 | 0.00 | 2.00 |
| Other Liabilities | 0.90 | 0.61 | — | 0.61 |
| Total Liabilities | 13.74 | 10.87 | 1.91 | 26.64 |
| Retained Earnings | (28.15) | (200.22) | (13.79) | (192.52) |
| Total Equity | 30.33 | (0.97) | 26.60 | (3.22) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.49 | 0.53 | 2.60 | 12.18 | 13.96 |
| Receivables | 1.09 | 0.15 | 1.08 | 0.86 | 1.16 |
| Inventory | — | — | — | — | 0.30 |
| Other Current Assets | 13.55 | 11.04 | 91.71 | 76.83 | 43.80 |
| Total Current Assets | 15.13 | 11.72 | 95.38 | 89.86 | 59.22 |
| Net PPE | — | 0.07 | 0.17 | 0.31 | 1.70 |
| Operating Lease ROU | 0.10 | 0.00 | 3.42 | 4.28 | 1.53 |
| Goodwill | 11.12 | 0.00 | 18.86 | 18.86 | 26.75 |
| Intangible Assets | 10.88 | 0.82 | 1.80 | 5.06 | 6.74 |
| Other Assets | 6.83 | 15.90 | 2.64 | 10.30 | 1.72 |
| Total Assets | 44.06 | 28.51 | 122.28 | 128.66 | 97.66 |
| Accounts Payable | 5.09 | 1.75 | 3.52 | 1.82 | 1.63 |
| Current Debt | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 |
| Current Lease Liabilities | 0.72 | 0.00 | 0.84 | 0.69 | 0.53 |
| Other Current Liabilities | 5.21 | — | 99.18 | 83.02 | 34.56 |
| Total Current Liabilities | 11.04 | 1.91 | 103.54 | 85.54 | 36.74 |
| Long-term Debt | 0.61 | 0.00 | 17.36 | 15.91 | 61.73 |
| Long-term Lease Liabilities | 1.19 | 0.00 | 2.86 | 3.72 | 1.11 |
| Other Liabilities | 0.90 | — | — | — | — |
| Total Liabilities | 13.74 | 1.91 | 123.77 | 105.17 | 99.58 |
| Retained Earnings | (28.15) | (13.79) | (179.41) | (152.58) | (99.77) |
| Total Equity | 30.33 | 26.60 | (0.59) | 23.49 | (1.92) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (9.58) | (4.78) | (4.41) | (1.95) |
| D&A | 0.40 | 0.03 | 0.17 | 0.20 |
| Stock-Based Comp | 0.04 | 0.38 | 0.26 | 0.13 |
| Δ Working Cap & Other | 6.04 | 2.31 | (12.86) | (3.94) |
| Operating Cash Flow | (3.10) | (2.06) | (16.84) | (5.55) |
| CapEx | 0.00 | 0.00 | (0.00) | (0.07) |
| Other Investing | 3.38 | — | — | (77.67) |
| Investing Cash Flow | 3.38 | 0.00 | 0.00 | (77.75) |
| Debt Repayment | (0.00) | (0.00) | (0.00) | (0.00) |
| Other Financing | 1.61 | — | 6.54 | 7.36 |
| Financing Cash Flow | 1.60 | 0.39 | 6.54 | 7.35 |
| Effect of FX on Cash | — | 0.00 | 0.00 | 0.54 |
| Free Cash Flow | (3.10) | (2.06) | (16.84) | (5.62) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (20.73) | (17.53) | (26.82) | (53.10) | (49.24) |
| D&A | 0.81 | 0.49 | 2.26 | 2.55 | 20.92 |
| Stock-Based Comp | 0.81 | 0.89 | 0.62 | 1.85 | 2.97 |
| Δ Working Cap & Other | (8.46) | (6.90) | 45.13 | 81.86 | 16.01 |
| Operating Cash Flow | (27.56) | (23.04) | 21.19 | 33.16 | (9.34) |
| CapEx | (0.07) | (0.08) | (0.05) | (0.11) | (0.16) |
| Acquisitions | — | — | — | — | 0.00 |
| Other Investing | (74.29) | (76.27) | (1.76) | 2.40 | (46.25) |
| Investing Cash Flow | (74.36) | (76.35) | (1.81) | 2.29 | (46.41) |
| Debt Repayment | (0.01) | (0.01) | (0.01) | (0.01) | 0.00 |
| Stock Issuance | — | — | — | — | 0.00 |
| Stock Buyback | — | — | — | — | 0.00 |
| Other Financing | 15.89 | 13.89 | — | (2.99) | (10.05) |
| Financing Cash Flow | 15.88 | 13.89 | (0.24) | (3.01) | (10.05) |
| Effect of FX on Cash | — | 0.90 | (0.43) | 0.04 | 0.36 |
| Free Cash Flow | (27.64) | (23.12) | 21.14 | 33.05 | (9.51) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.37 | 1.04 | 6.13 | 0.82 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.02 | — | 0.00 | — |
| EBITDA Margin % | (366.4%) | (118.7%) | (124.7%) | (57.6%) |
| Working Capital | 4.09 | 0.35 | 9.81 | (4.24) |
| Net Debt | 0.13 | — | (0.53) | — |
| ROE % | (31.6%) | 491.7% | (16.6%) | 60.6% |
| ROA % | (21.7%) | (48.3%) | (15.5%) | (8.3%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.37 | 6.13 | 0.92 | 1.05 | 1.61 |
| Quick Ratio | — | — | — | — | 1.60 |
| Debt / Equity | 0.02 | 0.00 | -29.60 | 0.68 | -32.11 |
| EBITDA Margin % | (159.3%) | (113.7%) | (137.4%) | (14.8%) | (51.4%) |
| Working Capital | 4.09 | 9.81 | (8.16) | 4.32 | 22.48 |
| Net Debt | 0.13 | (0.53) | 14.78 | 3.75 | 47.79 |
| ROE % | (68.3%) | (65.9%) | 4569.8% | (226.0%) | 2560.4% |
| ROA % | (47.0%) | (61.5%) | (21.9%) | (41.3%) | (50.4%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-21 | Dorsett Jason Christopher | 10% Owner | 2026-09-17 | P | 19,000 | $10.36 | $196,840 |
| 2026-06-22 | Madhavji Alykhan | Director, Officer (Chief Financial Officer), 10% Owner | 2026-06-04 | M | 145,881 | $1.89 | $275,715 |
| 2026-06-22 | Madhavji Alykhan | Director, Officer (Chief Financial Officer), 10% Owner | 2026-06-04 | M | (145,881) | $1.89 | -$275,715 |
| 2026-05-21 | Fletcher Steven C. | Director | 2026-05-21 | J | 690 | — | $0 |
| 2026-05-21 | Fletcher Steven C. | Director | 2025-08-12 | J | 72,941 | — | $0 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-20 | A | 7,142 | $0.70 | $4,999 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-20 | A | 7,352 | $0.68 | $4,999 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-20 | A | 14,705 | $0.34 | $5,000 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-20 | A | 17,241 | $0.29 | $5,000 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-20 | A | 7,142 | $0.70 | $4,999 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-20 | A | 7,352 | $0.68 | $4,999 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-20 | A | 14,705 | $0.34 | $5,000 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-20 | A | 17,241 | $0.29 | $5,000 |
| 2025-08-27 | Oliva George | Officer (Chief Financial Officer) | 2025-08-18 | F | (8,111) | $0.32 | -$2,596 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-18 | F | (5,666) | $0.32 | -$1,813 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-18 | F | (5,666) | $0.32 | -$1,813 |
| 2025-08-27 | Kirscher Zechariah John | Officer (VP of Legal Affairs) | 2025-08-18 | F | (2,084) | $0.32 | -$667 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-18 | F | (5,666) | $0.32 | -$1,813 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-18 | F | (5,666) | $0.32 | -$1,813 |
| 2025-08-27 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-08-14 | F | (181) | $0.30 | -$54 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-08-14 | F | (532) | $0.30 | -$160 |
| 2025-08-27 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-07-29 | F | (505) | $0.30 | -$152 |
| 2025-07-17 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-07-16 | P | 200,000 | $0.36 | $71,180 |
| 2025-07-03 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-07-01 | S | (100,000) | $0.83 | -$82,740 |
| 2025-07-01 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-06-30 | P | 14,491 | $0.80 | $11,590 |
| 2025-07-01 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-06-27 | P | 100,000 | $0.79 | $79,460 |
| 2025-06-27 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-06-26 | P | 100,000 | $0.88 | $87,990 |
| 2025-06-27 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-06-25 | P | 3,354 | $0.77 | $2,583 |
| 2025-06-25 | Oliva George | Officer (Chief Financial Officer) | 2025-06-20 | F | (25,619) | $0.72 | -$18,446 |
| 2025-06-24 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-06-24 | P | 100,000 | $0.80 | $80,310 |
| 2025-06-24 | S8 Global Fintech & Regtech Fund | 10% Owner | 2025-06-23 | P | 100,000 | $0.75 | $75,090 |
| 2025-06-06 | Laniado Ezra | Director | 2025-06-05 | S | (621) | $0.95 | -$590 |
| 2025-06-06 | Laniado Ezra | Director | 2025-06-04 | S | (15,000) | $0.39 | -$5,823 |
| 2025-06-04 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-05-30 | F | (33,992) | $0.56 | -$19,137 |
| 2025-06-04 | Kirscher Zechariah John | Officer (VP of Legal Affairs) | 2025-05-30 | F | (7,650) | $0.58 | -$4,437 |
| 2025-06-04 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-05-30 | F | (33,992) | $0.58 | -$19,579 |
| 2025-04-10 | Oliva George | Officer (Chief Financial Officer) | 2025-04-08 | A | 136,000 | $0.79 | $107,440 |
| 2025-04-10 | Oliva George | Officer (Chief Financial Officer) | 2025-04-08 | A | 136,000 | $0.79 | $107,440 |
| 2025-04-10 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-04-08 | A | 190,000 | $0.79 | $150,100 |
| 2025-04-10 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-04-08 | A | 190,000 | $0.79 | $150,100 |
| 2025-04-10 | Kirscher Zechariah John | Officer (VP of Legal Affairs) | 2025-04-08 | A | 45,000 | $0.79 | $35,550 |
| 2025-04-10 | Kirscher Zechariah John | Officer (VP of Legal Affairs) | 2025-04-08 | A | 45,000 | $0.79 | $35,550 |
| 2025-04-10 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-04-08 | A | 190,000 | $0.79 | $150,100 |
| 2025-04-10 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-04-08 | A | 190,000 | $0.79 | $150,100 |
| 2025-02-21 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2025-02-15 | A | (3,968) | $1.26 | -$5,000 |
| 2025-02-21 | Montoya David | Director | 2025-02-15 | A | 3,968 | $1.26 | $5,000 |
| 2025-02-21 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-02-15 | A | 3,968 | $1.26 | $5,000 |
| 2025-02-21 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2025-01-30 | A | 3,816 | $1.31 | $4,999 |
| 2025-01-17 | Montoya David | Director | 2025-01-15 | A | 3,816 | $1.31 | $4,999 |
| 2025-01-08 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2024-12-31 | F | (10,955) | $1.30 | -$14,242 |
| 2025-01-03 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2024-12-31 | F | (10,955) | $1.30 | -$14,242 |
| 2024-12-17 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2024-12-15 | F | (475) | $1.40 | -$665 |
| 2024-12-17 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2024-12-15 | F | (817) | $1.40 | -$1,144 |
| 2024-12-17 | Montoya David | Director | 2024-12-15 | A | 3,571 | $1.40 | $4,999 |
| 2024-11-18 | Montoya David | Director | 2024-11-15 | A | 4,032 | $1.24 | $5,000 |
| 2024-11-18 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2024-11-15 | F | (474) | $1.24 | -$588 |
| 2024-11-18 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2024-11-15 | F | (821) | $1.24 | -$1,018 |
| 2024-10-29 | Nisan Fredi | Director, Officer (Chief Executive Officer) | 2024-10-15 | F | (377) | $1.97 | -$743 |
| 2024-10-29 | Errez Ben | Director, Officer (Chairman of Board of Directors), 10% Owner | 2024-10-15 | F | (648) | $1.97 | -$1,277 |
| 2024-10-17 | Montoya David | Director | 2024-10-15 | A | 2,358 | $1.97 | $4,645 |