TRCK · Track Group, Inc.
Track Group, Inc., together with its subsidiaries, designs, manufactures, and markets location tracking devices in the United States, Latin America, and internationally. The company offers ReliAlert XC4, a GPS monitoring device; and ReliAlert XC 3, which enables agencies to track offender movements and communicate directly with offenders in real-time through on-board two/three-way voice communication technology. It also provides IntelliTrack, a secure state of the art device-agnostic platform; IntelliTrack Mobile, a mobile application of the Intellitrack software is available for Android and iOS devices; TrackerPAL, a cloud-based monitoring system; TrackerPAL Mobile, a mobile application of the TrackerPAL software for Android and iOS devices; data analytics services; and BACtrack, a smartphone-based remote alcohol monitoring system. In addition, the company offers Empower smartphone application that provides victim and survivor support by creating a mobile geo-zone around a survivor of domestic abuse and communicates with the offender's tracking device; Socrates 360, a platform that offers various content and service; SecureCuff steel bands that provide extreme cut-resistance and includes the same fiber-optic technology as the standard strap for tampering notification; and RF Beacon, a self-contained and short-range transmitting station that provides a radio frequency signal communicating with assigned offender GPS devices, as well as product support services. Further, the company develops and sells various related software, services, accessories, networking solutions, and monitoring applications. The company was formerly known as SecureAlert, Inc. and changed its name to Track Group, Inc. in May 2015. Track Group, Inc. was incorporated in 1995 and is headquartered in Naperville, Illinois.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.46 |
| SO | 41.3M |
| Options | 0.0M |
| Warrants | 1.8M |
| FD SO | 43.2M |
| MC | $19.9M |
| Cash | $8.4M |
| Total debt | $17.6M |
| EV | $29.0M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.8x |
| EV / EBITDA | 4.9x |
| MC / Net Income | 0.9x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 40.8% |
| Insiders | 49.6% |
| # Institutions | 1 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | — |
| Days to cover | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-03. 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 2026-10-02 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest shown as "—" when unreported or older than 60 days.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 9.09 | 8.94 | 9.12 | 9.10 |
| Revenue YoY % | (0.1%) | 7.1% | 5.2% | (6.6%) |
| Cost of Revenue | 4.85 | 4.45 | 4.85 | 4.73 |
| Gross Profit | 4.24 | 4.49 | 4.27 | 4.37 |
| Gross Profit YoY % | (7.7%) | 9.2% | (3.5%) | (8.4%) |
| Gross Margin % | 46.6% | 50.2% | 46.8% | 48.0% |
| SG&A | 3.10 | 3.15 | 3.19 | 3.12 |
| R&D | 0.65 | 0.70 | 0.69 | 0.70 |
| Operating Expense | 3.99 | 4.08 | 3.48 | 4.05 |
| Operating Income | 0.25 | 0.41 | 0.79 | 0.32 |
| Operating Income YoY % | (66.7%) | 829.8% | 512.1% | 240.9% |
| Operating Margin % | 2.8% | 4.6% | 8.6% | 3.5% |
| EBITDA | 1.41 | 1.38 | 1.79 | 1.31 |
| EBITDA Margin % | 15.6% | 15.4% | 19.7% | 14.4% |
| Interest Expense | 0.79 | 0.61 | 0.63 | 0.63 |
| Other Income / (Expense) | 22.99 | (0.51) | — | — |
| Pretax Income | 22.45 | (0.71) | 0.58 | (0.79) |
| Tax Provision | 0.01 | 0.00 | 0.07 | 0.00 |
| Net Income | 22.44 | (0.71) | 0.51 | (0.79) |
| Net Margin % | 247.0% | (8.0%) | 5.6% | (8.7%) |
| Diluted EPS | $0.68 | $0.06 | -$0.04 | -$0.25 |
| Basic EPS | $0.69 | -$0.06 | $0.04 | -$0.07 |
| Diluted Avg Shares | 32.8 | 11.9 | 11.9 | — |
| Basic Avg Shares | 32.3 | 11.9 | 11.9 | — |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Total Revenue | 36.25 | 35.22 | 36.89 | 34.48 | 36.97 |
| Revenue YoY % | 2.9% | (4.5%) | 7.0% | (6.7%) | — |
| Cost of Revenue | 18.89 | 17.72 | 19.68 | 19.18 | 19.62 |
| Gross Profit | 17.36 | 17.50 | 17.21 | 15.30 | 17.35 |
| Gross Profit YoY % | (0.8%) | 1.7% | 12.5% | (11.8%) | — |
| Gross Margin % | 47.9% | 49.7% | 46.7% | 44.4% | 46.9% |
| SG&A | 12.56 | 12.48 | 14.64 | 13.12 | 15.46 |
| R&D | 2.75 | 2.80 | 2.75 | 2.74 | 2.43 |
| Operating Expense | 15.60 | 16.26 | 19.09 | 16.84 | 19.45 |
| Operating Income | 1.77 | 1.24 | (1.88) | (1.54) | (2.10) |
| Operating Income YoY % | 42.0% | 166.0% | (22.1%) | 26.5% | — |
| Operating Margin % | 4.9% | 3.5% | (5.1%) | (4.5%) | (5.7%) |
| EBITDA | 5.89 | 5.11 | 2.12 | 2.71 | 2.70 |
| EBITDA Margin % | 16.3% | 14.5% | 5.8% | 7.9% | 7.3% |
| Interest Expense | 2.66 | 2.34 | 2.02 | 1.96 | 1.99 |
| Other Income / (Expense) | 22.43 | (0.69) | — | 0.74 | (2.42) |
| Pretax Income | 21.54 | (1.78) | (3.67) | (2.76) | (6.51) |
| Tax Provision | 0.08 | 0.10 | (0.59) | 0.63 | 0.88 |
| Net Income | 21.46 | (1.88) | (3.08) | (3.39) | (7.39) |
| Net Margin % | 59.2% | (5.3%) | (8.4%) | (9.8%) | (20.0%) |
| Diluted EPS | $0.45 | -$0.16 | -$0.26 | -$0.30 | -$0.64 |
| Basic EPS | $0.60 | -$0.16 | -$0.26 | -$0.30 | -$0.64 |
| Diluted Avg Shares | 32.8 | 11.9 | 11.9 | 11.9 | 11.6 |
| Basic Avg Shares | 32.3 | 11.9 | 11.9 | 11.9 | 11.6 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 8.39 | 5.10 | 3.56 | 4.10 |
| Receivables | 4.66 | 4.59 | 6.12 | 6.46 |
| Inventory | 0.61 | 0.75 | 0.48 | 0.47 |
| Total Current Assets | 14.06 | 10.71 | 10.48 | 11.38 |
| Operating Lease ROU | 0.57 | 0.62 | 0.67 | 0.72 |
| Goodwill | 8.31 | 8.34 | 8.36 | 8.30 |
| Intangible Assets | 14.26 | 14.61 | 14.53 | 13.96 |
| Other Assets | 5.69 | 5.30 | 5.63 | 5.94 |
| Total Assets | 42.88 | 39.57 | 39.67 | 40.30 |
| Accounts Payable | 5.40 | 3.03 | 3.70 | 3.71 |
| Current Debt | 0.00 | 0.00 | — | 0.00 |
| Current Lease Liabilities | 0.21 | 0.21 | 0.21 | 0.20 |
| Other Current Liabilities | 1.63 | 5.37 | 4.42 | 4.69 |
| Total Current Liabilities | 7.24 | 8.60 | 8.32 | 8.60 |
| Long-term Debt | 17.58 | 42.76 | 42.74 | 42.72 |
| Long-term Lease Liabilities | 0.37 | 0.42 | 0.48 | 0.53 |
| Other Liabilities | 1.30 | — | — | — |
| Total Liabilities | 26.49 | 51.79 | 51.54 | 51.85 |
| Retained Earnings | (292.90) | (315.34) | (314.63) | (315.15) |
| Total Equity | 16.40 | (12.22) | (11.87) | (11.54) |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 8.39 | 4.10 | 3.57 | 4.06 | 5.31 |
| Receivables | 4.66 | 6.46 | 4.43 | 4.54 | 6.24 |
| Inventory | 0.61 | 0.47 | 0.58 | 1.29 | 1.05 |
| Other Current Assets | — | — | 1.61 | 0.61 | 1.05 |
| Total Current Assets | 14.06 | 11.38 | 10.19 | 10.49 | 13.65 |
| Operating Lease ROU | 0.57 | 0.72 | 0.31 | 0.40 | — |
| Goodwill | 8.31 | 8.30 | 7.94 | 7.85 | 8.06 |
| Intangible Assets | 14.26 | 13.96 | 13.96 | 14.16 | 15.66 |
| Other Assets | 5.69 | 5.94 | 5.26 | 7.34 | 7.30 |
| Total Assets | 42.88 | 40.30 | 37.67 | 40.24 | 44.68 |
| Accounts Payable | 5.40 | 3.71 | 3.08 | 2.80 | 2.86 |
| Current Debt | 0.00 | 0.00 | 0.00 | 0.31 | 0.46 |
| Current Lease Liabilities | 0.21 | 0.20 | 0.13 | 0.14 | — |
| Other Current Liabilities | 1.63 | 4.69 | 3.24 | 2.43 | 3.04 |
| Total Current Liabilities | 7.24 | 8.60 | 6.45 | 5.68 | 6.36 |
| Long-term Debt | 17.58 | 42.72 | 42.72 | 42.80 | 42.98 |
| Long-term Lease Liabilities | 0.37 | 0.53 | 0.19 | 0.26 | 0.40 |
| Other Liabilities | 1.30 | — | — | — | — |
| Total Liabilities | 26.49 | 51.85 | 49.28 | 48.74 | 49.74 |
| Retained Earnings | (292.90) | (315.15) | (312.69) | (309.61) | (306.22) |
| Total Equity | 16.40 | (11.54) | (11.61) | (8.49) | (5.05) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | 22.44 | (0.71) | 0.51 | (0.79) |
| D&A | 1.16 | 0.97 | 1.01 | 0.99 |
| Stock-Based Comp | — | — | — | 0.00 |
| Δ Working Cap & Other | (22.61) | 2.21 | (0.48) | 1.06 |
| Operating Cash Flow | 1.00 | 2.46 | 1.04 | 1.26 |
| Other Investing | (0.89) | (0.91) | (1.52) | (2.06) |
| Investing Cash Flow | (0.89) | (0.91) | (1.52) | (2.06) |
| Stock Issuance | — | 0.00 | 0.00 | 0.00 |
| Other Financing | 3.19 | — | — | — |
| Financing Cash Flow | 3.19 | 0.00 | (0.06) | 0.00 |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Net Income | 21.46 | (1.88) | (3.08) | (3.39) | (7.39) |
| D&A | 4.13 | 3.87 | 4.01 | 4.25 | 4.80 |
| Stock-Based Comp | — | 0.00 | 0.00 | 0.16 | 0.21 |
| Δ Working Cap & Other | (19.82) | 2.33 | 3.98 | 2.86 | 3.18 |
| Operating Cash Flow | 5.76 | 4.32 | 4.91 | 3.88 | 0.80 |
| Other Investing | (5.38) | (4.38) | (3.84) | (4.56) | (3.06) |
| Investing Cash Flow | (5.38) | (4.38) | (3.84) | (4.56) | (3.06) |
| Stock Issuance | — | 0.00 | 0.00 | 0.00 | — |
| Other Financing | 3.13 | — | — | (0.51) | (0.52) |
| Financing Cash Flow | 3.13 | (0.06) | (0.37) | (0.51) | (0.52) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.94 | 1.24 | 1.26 | 1.32 |
| Quick Ratio | 1.86 | 1.16 | 1.20 | 1.27 |
| Debt / Equity | 1.07 | -3.50 | — | -3.70 |
| EBITDA Margin % | 15.6% | 15.4% | 19.7% | 14.4% |
| Working Capital | 6.82 | 2.10 | 2.16 | 2.78 |
| Net Debt | 9.19 | 37.66 | — | 38.62 |
| ROE % | 136.9% | 5.8% | (4.3%) | 6.8% |
| ROA % | 52.3% | (1.8%) | 1.3% | (2.0%) |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.32 | 1.58 | 1.85 | 2.15 |
| Quick Ratio | 1.86 | 1.27 | 1.49 | 1.62 | 1.98 |
| Debt / Equity | 1.07 | -3.70 | -3.68 | -5.08 | -8.59 |
| EBITDA Margin % | 16.3% | 14.5% | 5.8% | 7.9% | 7.3% |
| Working Capital | 6.82 | 2.78 | 3.74 | 4.81 | 7.30 |
| Net Debt | 9.19 | 38.62 | 39.15 | 39.05 | 38.12 |
| ROE % | 130.9% | 16.3% | 26.5% | 39.9% | 146.2% |
| ROA % | 50.0% | (4.7%) | (8.2%) | (8.4%) | (16.5%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | JCP Investment Management, LLC | 10% Owner | 2026-09-30 | P | 384,021 | $0.60 | $230,413 |
| 2026-09-14 | Swando Matthew J. | Officer (CHIEF REVENUE OFFICER) | 2026-08-21 | A | 897,500 | — | $0 |
| 2026-09-14 | Cassell Derek | Director, Officer (CHIEF EXECUTIVE OFFICER) | 2026-08-21 | A | 1,002,000 | — | $0 |
| 2026-08-24 | Gigler Arthur Jacob | Officer (Chief Marketing Officer) | 2026-08-21 | A | 323,000 | — | $0 |
| 2026-08-24 | Swando Matthew J. | Officer (CHIEF REVENUE OFFICER) | 2026-08-21 | A | 515,000 | — | $0 |
| 2026-08-24 | Hardy Timothy | Officer (Chief Information Officer) | 2026-08-21 | A | 263,500 | — | $0 |
| 2026-08-24 | Sullivan John Richmond | Director | 2026-08-21 | A | 325,000 | — | $0 |
| 2026-08-24 | Saour Jacob James | Director | 2026-08-21 | A | 325,000 | — | $0 |
| 2026-08-24 | Smith Denver Johnson | Director, 10% Owner | 2026-08-21 | A | 325,000 | — | $0 |
| 2026-08-24 | Smith Denver Johnson | Director, 10% Owner | 2026-08-21 | A | 325,000 | — | $0 |
| 2026-08-24 | Kidd Kyle Thomas | Director | 2026-08-21 | A | 325,000 | — | $0 |
| 2026-08-24 | Powalski Matthew Scott | Director | 2026-08-21 | A | 325,000 | — | $0 |
| 2026-08-24 | BERG JAMES A | Officer (Chief Financial Officer) | 2026-08-21 | A | 204,000 | — | $0 |
| 2026-08-24 | Cassell Derek | Director, Officer (CHIEF EXECUTIVE OFFICER) | 2026-08-21 | A | 560,000 | — | $0 |
| 2026-05-04 | BERG JAMES A | Officer (Chief Financial Officer) | 2026-04-30 | A | 50,000 | $0.35 | $17,500 |
| 2026-05-04 | Hardy Timothy | Officer (Chief Information Officer) | 2026-04-30 | A | 60,000 | $0.35 | $21,000 |
| 2026-05-04 | Cassell Derek | Director, Officer (CHIEF EXECUTIVE OFFICER) | 2026-04-30 | A | 300,000 | $0.35 | $105,000 |