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. The company offers NXT2.0, a booking engine platform that enables to book customized travel options. Its product portfolio consists of NextTrip Leisure, a booking engine for customized vacation packages, flights, hotels, tours, wellness vacations, cruise, and group travel options; NextTrip Luxury and Business, a platform that provides access to hotels; NextTrip Cruises, an integrated cruise booking engine; NextTrip Solutions, a travel agent platform; and NextTrip Media, a travel content platform. The company also markets its travel services through various brands, including NextTrip Vacations for direct-to-consumer leisure travel; Five Star Alliance for luxury and cruise bookings; NextTrip Business for small-to-mid-sized corporate travel; and PayDlay, a delayed payment booking option. In addition, its booking engine includes media properties, which consists of Journy.tv, Compass.tv, and Travel Magazine. 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 | $2.48 |
| SO | 13.7M |
| Options | 0.8M |
| Warrants | 2.2M |
| FD SO | 16.7M |
| MC | $41.3M |
| Cash | $2.4M |
| Total debt | $0.1M |
| EV | $38.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 77.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-01-13. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 11/30/25 | 8/31/25 | 5/31/25 | 2/28/25 | |
|---|---|---|---|---|
| Total Revenue | 1.20 | 0.76 | 0.14 | (1.60) |
| Revenue YoY % | 1508.0% | 390.4% | (26.5%) | (4007.3%) |
| Cost of Revenue | 0.98 | 0.59 | 0.10 | (1.18) |
| Gross Profit | 0.22 | 0.17 | 0.04 | (0.42) |
| Gross Profit YoY % | 10377.8% | 17401.5% | 155.8% | (953.0%) |
| Gross Margin % | 18.1% | 21.9% | 28.0% | 26.2% |
| SG&A | 0.12 | 0.21 | 0.12 | (0.05) |
| Operating Expense | 3.30 | 3.37 | 4.68 | (3.93) |
| Operating Income | (3.08) | (3.20) | (4.64) | 3.51 |
| Operating Income YoY % | (73.9%) | (118.0%) | (137.6%) | 825.8% |
| Operating Margin % | (257.0%) | (422.7%) | (3342.1%) | (220.3%) |
| EBITDA | (2.81) | (2.99) | (4.43) | 3.53 |
| EBITDA Margin % | (234.3%) | (394.1%) | (3193.2%) | (221.4%) |
| Pretax Income | (3.28) | (2.90) | (4.46) | 0.51 |
| Net Income | (3.28) | (2.90) | (4.46) | 0.51 |
| Net Margin % | (272.9%) | (382.5%) | (3210.6%) | (32.0%) |
| Diluted EPS | -$0.37 | -$0.39 | -$0.68 | -$0.84 |
| Basic EPS | -$0.37 | -$0.39 | -$0.68 | -$0.84 |
| Diluted Avg Shares | 9.0 | 7.9 | 6.6 | -3.3 |
| Basic Avg Shares | 9.0 | 7.9 | 6.6 | -3.3 |
| LTM | 2/28/25 | 2/29/24 | 2/28/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 0.50 | 0.50 | 0.46 | 0.38 | 0.63 |
| Revenue YoY % | 0.0% | 9.3% | 19.8% | (39.3%) | — |
| Cost of Revenue | 0.50 | 0.50 | 0.40 | 0.35 | 0.35 |
| Gross Profit | 0.00 | 0.00 | 0.06 | 0.03 | 0.28 |
| Gross Profit YoY % | 0.0% | (94.6%) | 119.3% | (90.0%) | — |
| Gross Margin % | 0.7% | 0.7% | 13.3% | 7.3% | 44.5% |
| SG&A | 0.40 | 0.40 | 0.64 | 0.92 | 0.91 |
| R&D | — | — | — | — | 0.40 |
| Operating Expense | 7.42 | 7.42 | 5.74 | 4.98 | 9.03 |
| Operating Income | (7.41) | (7.41) | (5.68) | (4.95) | (8.75) |
| Operating Income YoY % | (0.0%) | (30.5%) | (14.7%) | 43.4% | — |
| Operating Margin % | (1478.5%) | (1478.5%) | (1238.0%) | (1293.5%) | (1387.8%) |
| EBITDA | (6.70) | (6.70) | (4.21) | (4.24) | (8.63) |
| EBITDA Margin % | (1336.2%) | (1336.2%) | (917.8%) | (1108.7%) | (1369.4%) |
| Interest Expense | — | 0.00 | 0.23 | 0.07 | 0.01 |
| Pretax Income | (10.12) | (10.12) | (7.33) | (5.03) | (8.69) |
| Net Income | (10.12) | (10.12) | (7.33) | (5.03) | (8.69) |
| Net Margin % | (2018.3%) | (2018.3%) | (1598.3%) | (1314.8%) | (1378.8%) |
| Diluted EPS | -$2.28 | -$2.23 | -$32.12 | -$70.32 | — |
| Basic EPS | -$2.28 | -$2.23 | -$32.12 | -$70.32 | -$0.83 |
| Diluted Avg Shares | 9.0 | 4.6 | 0.2 | 0.1 | — |
| Basic Avg Shares | 9.0 | 4.6 | 0.2 | 0.1 | 10.5 |
| 11/30/25 | 8/31/25 | 5/31/25 | 2/28/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 2.43 | 1.84 | 0.13 | 1.06 |
| Receivables | 0.37 | 0.27 | 0.11 | 0.02 |
| Total Current Assets | 4.30 | 3.52 | 1.56 | 2.47 |
| Net PPE | 0.00 | 0.00 | 0.00 | 0.00 |
| Goodwill | 3.12 | 3.12 | 2.84 | 1.17 |
| Total Assets | 14.42 | 13.91 | 10.96 | 9.94 |
| Accounts Payable | 1.24 | 1.38 | 1.07 | 1.18 |
| Total Current Liabilities | 5.05 | 5.00 | 2.70 | 2.57 |
| Total Liabilities | 8.15 | 7.93 | 4.29 | 2.57 |
| Mezzanine Equity | 0.39 | 0.39 | — | — |
| Retained Earnings | (45.24) | (41.95) | (38.87) | (34.35) |
| Total Equity | 5.89 | 5.59 | 6.67 | 7.37 |
| LTM | 2/28/25 | 2/29/24 | 2/28/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 2.43 | 1.06 | 0.32 | 0.28 | 2.85 |
| Receivables | 0.37 | 0.02 | 0.03 | — | 0.37 |
| Inventory | — | — | — | — | 0.95 |
| Total Current Assets | 4.30 | 2.47 | 1.70 | 2.22 | 4.27 |
| Net PPE | 0.00 | 0.00 | 0.01 | 0.02 | 0.30 |
| Goodwill | 3.12 | 1.17 | 1.17 | — | — |
| Total Assets | 14.42 | 9.94 | 5.09 | 5.88 | 5.70 |
| Accounts Payable | 1.24 | 1.18 | 0.53 | 0.52 | 0.28 |
| Total Current Liabilities | 5.05 | 2.57 | 1.96 | 4.54 | 0.63 |
| Total Liabilities | 8.15 | 2.57 | 1.96 | 5.40 | 0.63 |
| Mezzanine Equity | 0.39 | — | — | — | — |
| Retained Earnings | (45.24) | (34.35) | (24.15) | (16.81) | (49.34) |
| Total Equity | 5.89 | 7.37 | 3.13 | 0.48 | 5.07 |
| 11/30/25 | 8/31/25 | 5/31/25 | 2/28/25 | |
|---|---|---|---|---|
| Net Income | (3.28) | (2.90) | (4.46) | 0.51 |
| D&A | 0.27 | 0.22 | 0.21 | 0.02 |
| Stock-Based Comp | 0.00 | 0.00 | 0.14 | (0.07) |
| Operating Cash Flow | (1.98) | 0.57 | (1.04) | (2.63) |
| Investing Cash Flow | 0.00 | (0.47) | (1.28) | 0.72 |
| Stock Issuance | 1.82 | — | — | — |
| Financing Cash Flow | 2.57 | 1.61 | 1.39 | 1.28 |
| LTM | 2/28/25 | 2/29/24 | 2/28/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (10.12) | (10.12) | (7.33) | (5.03) | (8.69) |
| D&A | 0.71 | 0.71 | 1.47 | 0.71 | 0.12 |
| Stock-Based Comp | 0.07 | 0.07 | 0.12 | — | 0.79 |
| Operating Cash Flow | (5.08) | (5.08) | (5.73) | (3.79) | (8.21) |
| CapEx | — | — | (0.01) | (0.00) | (0.16) |
| Investing Cash Flow | (1.03) | (1.03) | 0.98 | (4.29) | (0.39) |
| Stock Issuance | — | — | 1.91 | — | — |
| Financing Cash Flow | 6.85 | 6.85 | 4.79 | 8.13 | — |
| Free Cash Flow | — | — | (5.74) | (3.80) | (8.38) |
| 11/30/25 | 8/31/25 | 5/31/25 | 2/28/25 | |
|---|---|---|---|---|
| Current Ratio | 0.85 | 0.70 | 0.58 | 0.96 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 1.38 | 1.42 | 0.64 | 0.35 |
| EBITDA Margin % | (234.3%) | (394.1%) | (3193.2%) | (221.4%) |
| Working Capital | (0.75) | (1.48) | (1.14) | (0.11) |
| Net Debt | — | — | — | — |
| ROE % | (55.6%) | (51.8%) | (66.8%) | 6.9% |
| ROA % | (22.7%) | (20.8%) | (40.7%) | 5.1% |
| LTM | 2/28/25 | 2/29/24 | 2/28/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.85 | 0.96 | 0.87 | 0.49 | 6.79 |
| Quick Ratio | — | — | — | — | 5.28 |
| Debt / Equity | 1.38 | 0.35 | 0.63 | 11.15 | 0.12 |
| EBITDA Margin % | (1336.2%) | (1336.2%) | (917.8%) | (1108.7%) | (1369.4%) |
| Working Capital | (0.75) | (0.11) | (0.26) | (2.31) | 3.64 |
| Net Debt | — | — | — | — | — |
| ROE % | (171.9%) | (137.4%) | (234.4%) | (1039.7%) | (171.3%) |
| ROA % | (70.2%) | (101.9%) | (144.1%) | (85.5%) | (152.4%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 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 |