Nocera, Inc.
- Open
- 2.31
- Day high
- 2.40
- Day low
- 2.20
- Prev close
- 2.37
- Volume
- 97K
- Mkt cap
- $5M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.9
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$14K over the last 3 months (2 open-market buys, 4 sales)
Nocera, Inc. (NCRA) is a Consumer Defensive company listed on NASDAQ. The stock is down 96% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 4 sales (SEC Form 4).
Nocera, Inc. (NCRA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NCRA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | — | $-0.99 | — | $2M | — |
| May 14, 2026 | — | $-0.09 | — | $2M | — |
| Nov 14, 2025 | — | $-0.10 | — | $2M | — |
| Aug 14, 2025 | — | $-0.03 | — | $4M | — |
| Apr 23, 2025 | — | $-0.09 | — | $4M | — |
| Nov 14, 2024 | — | $-0.02 | — | $1M | — |
| Aug 14, 2024 | — | $-0.03 | — | $7M | — |
| Apr 1, 2024 | — | $-0.28 | — | $5M | — |
| Nov 14, 2023 | — | $-0.03 | — | $7M | — |
| Aug 21, 2023 | — | $-0.03 | — | $5M | — |
| May 12, 2023 | — | $-0.11 | — | $4M | — |
| Mar 10, 2023 | — | $-0.29 | — | $10M | — |
NCRA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 31, 2026 | JIN ANDY CHING-ANdirector, officer: Chief Executive Officer | Grant | 20,000 | — |
| Jul 31, 2026 | TENG SONG-YUANdirector, officer: Chief Executive Officer (Asia) | Grant | 20,000 | — |
| Jul 1, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 117,565 | $0.10 |
| Jul 1, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 199,781 | $0.10 |
| Jun 29, 2026 | HRT FINANCIAL LP10 percent owner | Buy | 137,430 | $0.09 |
| Jun 29, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 95,466 | $0.10 |
| Jun 25, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 12,188 | $0.11 |
| Jun 25, 2026 | HRT FINANCIAL LP10 percent owner | Sell | 80,661 | $0.10 |
| Apr 13, 2026 | FILSON SEAN ANDREWdirector | Grant | 100,000 | — |
| Apr 13, 2026 | Chen Feng-Huaofficer: Chief Operating Officer | Grant | 100,000 | — |
| Apr 13, 2026 | ZHUANG HUIYINGdirector | Grant | 100,000 | — |
| Apr 13, 2026 | TENG SONG-YUANdirector, officer: Chief Executive Officer (Asia) | Grant | 600,000 | — |
| Apr 13, 2026 | Chuang Shun-Chihofficer: Chief Financial Officer | Grant | 200,000 | — |
| Apr 13, 2026 | JIN ANDY CHING-ANdirector, officer: Chief Executive Officer | Grant | 300,000 | — |
| Apr 13, 2026 | ZHANG YI WENdirector | Grant | 100,000 | — |
Source: NCRA SEC Form 4 filings, latest Jul 31, 2026. For informational purposes only — not investment advice.
See the full NCRA insider & 13F page →Nocera, Inc. company profile
Overview
Nocera, Inc. (NASDAQ:NCRA) is a Taiwan-based aquaculture technology company founded in 2014 and headquartered in New Taipei City. The company went public in January 2021, specializing in the design, development, and production of land-based recirculation aquaculture systems for fish farming. Nocera operates in the emerging sustainable aquaculture sector, providing both technology solutions and operational services to address growing global demand for fish protein while reducing environmental impact compared to traditional ocean-based fishing and farming methods.
Business
Nocera operates in the aquaculture technology sector, which focuses on controlled fish farming as an alternative to wild-caught seafood. The company's core business revolves around Recirculation Aquaculture Systems (RAS), which are sophisticated land-based facilities that allow fish to be raised in controlled indoor environments with continuously filtered and recycled water. RAS technology represents a significant advancement over traditional fish farming methods. Unlike conventional aquaculture that relies on open water systems like ocean pens or ponds, RAS facilities operate as closed-loop systems where water is continuously filtered, treated, and recirculated. This approach allows for precise control of water quality, temperature, oxygen levels, and waste management, resulting in faster fish growth, reduced disease risk, and minimal environmental impact. The company operates through multiple business segments: 1. Equipment Manufacturing and Design: Nocera designs and produces the technical components of RAS facilities, including filtration systems, water treatment equipment, and monitoring technology. This segment provides the hardware foundation for aquaculture operations. 2. Facility Construction and Management: The company constructs complete aquaculture facilities and provides ongoing operational management services. This includes site planning, system installation, and day-to-day facility operations. 3. Consulting and Technology Transfer Services: Nocera offers consulting services to help new and existing aquaculture businesses implement RAS technology, providing expertise in project management, system optimization, and operational best practices. While specific revenue breakdowns by segment are not disclosed in the available financial data, the company's business model suggests a diversified approach combining equipment sales, construction services, and ongoing operational support.
Revenue model
Nocera generates revenue through multiple complementary streams within the aquaculture value chain. The company's primary revenue sources include equipment sales from manufacturing RAS components, construction contracts for building complete aquaculture facilities, and service fees from ongoing facility management and consulting services. The company's customers are primarily commercial aquaculture operators, including established fish farming companies looking to modernize their operations and new entrants seeking to enter the sustainable aquaculture market. Given the specialized nature of RAS technology and the significant capital investment required, Nocera's customer base likely consists of medium to large-scale commercial operations rather than small-scale farmers. Several factors influence Nocera's profitability margins. Positive margin drivers include the growing global demand for sustainable protein sources, increasing regulatory pressure on traditional fishing methods, and rising consumer awareness of environmental sustainability. The technical complexity of RAS systems also creates opportunities for higher-margin consulting and specialized services. Margin pressures come from the high capital intensity of aquaculture projects, which can create lumpy revenue patterns and extended sales cycles. Competition from other aquaculture technology providers and traditional farming methods also constrains pricing power. Additionally, the company's Taiwan-based operations may face currency fluctuation risks when serving international markets, and the specialized nature of the business requires significant ongoing research and development investments to maintain technological competitiveness. The seasonal nature of aquaculture projects and the long lead times for major facility construction can create revenue volatility, as evidenced by the company's quarterly revenue fluctuations ranging from $1.4 million to $6.8 million across recent quarters.
Competitive moat
Nocera's competitive moat appears relatively narrow within the aquaculture technology sector. The company's primary defensive characteristics include specialized technical expertise in RAS design and implementation, established relationships with aquaculture operators in Taiwan and potentially other Asian markets, and accumulated operational experience in managing complex aquaculture facilities. However, several factors limit the strength of this moat. The aquaculture technology sector is experiencing rapid growth and innovation, with multiple competitors developing similar RAS solutions globally. Unlike software or pharmaceutical companies, Nocera's technology does not benefit from strong intellectual property protection or network effects that would create significant switching costs for customers. The company's geographic concentration in Taiwan provides local market knowledge but also limits scale advantages compared to larger international competitors. Major industrial companies and specialized aquaculture technology firms with greater resources could potentially replicate Nocera's offerings and compete on price and scale. Potential disruption could come from several sources: larger agricultural technology companies entering the aquaculture space, alternative protein technologies like plant-based or lab-grown seafood reducing demand for farmed fish, or new aquaculture technologies that prove more cost-effective than RAS systems. Additionally, if RAS technology becomes commoditized, Nocera's competitive advantage could erode rapidly. The company's best defensive strategy appears to be maintaining technological innovation, building strong customer relationships through superior service, and potentially expanding geographically to achieve greater scale before larger competitors establish dominant positions in key markets.
Risks & safety
Nocera presents significant financial risk with limited margin of safety for investors. • Cash burn and solvency: The company generated negative operating cash flow of $1.6 million in 2024 and $1.1 million in 2023, with current cash reserves of only $532,000 as of Q1 2025. At current burn rates, the company faces potential liquidity constraints within 12-18 months. • Debt levels: Minimal debt with debt-to-equity ratio of essentially zero, which reduces financial leverage risk but also indicates limited access to debt financing. • Profitability metrics: Consistent losses with negative EBITDA across all recent periods, indicating operational challenges. Net losses of $2.4 million in 2024 and $4.3 million in 2023 show deteriorating financial performance. • Valuation concerns: Current ratio improved to 1.8x in Q1 2025 from concerning levels below 1.0x in mid-2024, but negative EV/EBITDA ratios make traditional valuation metrics unreliable. • Revenue volatility: Highly irregular quarterly revenue patterns suggest project-based business model with uncertain revenue visibility. • Market cap risk: Small market capitalization around $15 million increases volatility and liquidity risks for investors.
Recent development
Based on available financial data, Nocera has experienced significant operational challenges over the past few years. The company's revenue declined from $23.9 million in 2023 to $17.0 million in 2024, representing a 29% decrease year-over-year. This revenue decline occurred despite the growing global interest in sustainable aquaculture solutions. The company's quarterly performance shows extreme volatility, with revenues ranging from $1.4 million in Q3 2024 to $6.8 million in Q2 2024, suggesting a project-based business model where large contracts create lumpy revenue recognition. This pattern indicates that Nocera's business may be heavily dependent on securing major facility construction projects rather than generating steady recurring revenue from equipment sales or services. Operational efficiency has deteriorated significantly, with operating losses widening and negative EBITDA persisting across all recent periods. The company's current ratio improved dramatically from concerning levels below 1.0x in mid-2024 to over 2.0x by year-end, suggesting some progress in working capital management, though this improvement may reflect reduced business activity rather than operational improvements. The absence of earning call transcripts limits insight into management's strategic direction and specific initiatives. However, the financial trends suggest the company may be facing challenges in scaling its operations, securing consistent project flow, or achieving operational leverage in its business model.
NCRA company profile · for informational purposes only — not investment advice.
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