SharonAI Holdings, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
SharonAI Holdings remains a sell: the company generated just $1,931,381 in Q2 2026 revenue while posting a net loss of $428,302,926, and gross profit was negative at -$711,374 — the business is incinerating capital with no visible path to profitability.
The stock trades at a P/S of 306.93x versus a peer median of 6.66x, an absurd premium for a company with negative stockholders' equity of -$10,039,372 and total debt of $136,263,155 as of FY2025. The newly announced $356M GPU-backed debt facility at 10.0% adds further leverage onto an already impaired balance sheet, and while the ~$950M contract delivery and VAST Data partnership are genuine operational milestones, the chasm between backlog narrative and reported financials is untenable.
What could go wrong
- Revenue ramp from backlog. The ~$950M contract and new $356M debt facility could accelerate revenue recognition in coming quarters, potentially narrowing the valuation gap if top line scales materially.
- Dilution and capital structure. Negative equity of -$10,039,372 and FCF of -$13,589,659 in FY2025 create high risk of further equity raises that could crush existing shareholders, but any large contract monetization might reduce dilution pressure.
- Technical oversold bounce. RSI of 20.87 as of 16 Oct is deeply oversold; a sharp technical rebound could trap shorts even if fundamentals remain weak.
- Debt facility execution risk. The $356M SPV debt facility at 10.0% is secured against GPUs and associated cash flows; if customer contracts underperform, asset seizure or covenant breach could force a distressed restructuring.
What would change my mind
Where this comes from: Q2 FY26 results · peer comparison · FY25 fundamentals · news, 1 Oct. Orin's read on SHAZ; not advice.
How has the share price moved?
Down 72.9% since its first close on file, from $95.00 on 18 Dec 2025 to $25.75 at the Tue 27 Oct 2026 close. Its highest close in that time was $95.00 on 18 Dec 2025; the last close is 72.9% below it.
- It listed on 18 Dec 2025, so the line starts there.
- The 50-day average starts on 3 Mar 2026, once there were 50 trading days to average.
- The 200-day average starts on 6 Oct 2026, once there were 200 trading days to average.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 4.5M, on 30 Jul 2026).
- Flags: the company's filings, on the day they were made (an 8-K reports a major event).
On file
All SHAZ filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Diameter Capital Partners | $126.7M | 5.1% |
| Millennium Management | $112.1M | 0.0% |
| Two Seas Capital | $109.5M | 2.2% |
| Lone Pine Capital | $102.4M | 0.6% |
| Citadel Advisors | $100.2M | 0.0% |
| Sona Asset Management | $63.4M | 1.3% |
| Point72 Asset Management | $37.0M | 0.0% |
| BlackRock | $21.1M | 0.0% |
| Clearline Capital | $17.1M | 1.0% |
| Scoggin Management | $16.5M | 1.8% |
38 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 2 Form 4 filings. Of the 2 on hand, none was an open-market trade — the rest are grants, option exercises and tax withholding.
Ask Orin about SHAZ
Orin answers questions about SHAZ from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
It lost money over the last 12 months, so it has no P/E (Tue 27 Oct close). It is priced at 297× its yearly sales — below its usual level (1072×).
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | lost money | — | 46.1× |
| P/S | 297×below usual | 1072× | — |
| EV/EBITDA | not meaningful | — | — |
| P/B | 0.4× | — | — |
- P/E: lost money — no P/E over the last 12 months.
- EV/EBITDA: not meaningful — over the last 12 months the business itself lost money before depreciation (operating income plus depreciation is below zero); a profit from one-off gains does not count.
- "Its usual" is the middle of its own last 2 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
Few analysts publish on it: one firm rated it in the last 18 months. Every 12-month price target on file is $95 (the low and the high are the same, so it may be a single analyst's) — 269% above the Tue 27 Oct close price. With so few, it is not a consensus; it is their published opinion, not Orin's.
$95
$95 – $95 · +269% against the last close
- 1 buy or overweight
- 0 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
It lost money over the last 12 months, so it has no P/E. None of the 5 companies it is compared to made a profit, so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| SHAZSharonAI Holdings, Inc. Class A Common Stock | $918M | lost money | n/m | −69.6% | below −1,000% | n/m |
| APLDApplied Digital Corp. | $6B | lost money | n/m | 20.2% | −54.2% | −28% |
| CRWVCoreWeave, Inc. Class A Common Stock | $33B | lost money | 19.8× | 67.4% | −25.4% | −45% |
| IRENIREN Limited | $7B | lost money | n/m | 73.4% | −194.4% | −37% |
| QMLSQumulusAI, Inc. Common Stock | $115M | — | — | — | — | — |
| WYFIWhiteFiber, Inc. Ordinary Shares | $427M | lost money | n/m | 61.9% | −44.7% | −9% |
- APLD, CRWV, IREN, WYFI: lost money over the last 12 months, so no P/E.
- QMLS: no figures on file.
- SHAZ: return on equity is not meaningful (n/m) — book value is below zero.
- SHAZ, APLD, IREN, WYFI: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- SHAZ: net margin below −1,000% — it lost about $157 for each $1 of sales.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
It has lost money and has no full fiscal year on file since its history starts, so it has no P/E history.
- Nowlost money
- Now: no P/E — it lost money over the last 12 months.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
It spends more cash than it brings in, so a cash-flow model gives no usable value (both versions come out below zero).
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.