Host Digital
HOST on NYSEAmerican. Host Digital sells natural and organic groceries and supplements to consumers through its stores. Market value $93m.
Figures from the annual report for the year ended 31 December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.58 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 3 of 100. Our list needs 70 on quality and 60 on price.
$3.60 a share, 5% above its 1-year low
Over the past year the price has ranged from $3.44 to $27.06.
Price from Friday’s close (2 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $3 million in the past 12 months, $675,420 in the year to December 2025.
| Revenue | ||
| Revenue | $69m | $78m |
| Operating margin | ||
| Operating margin | -2.6% | -3.2% |
| Debt to equity | ||
| Debt to equity | 4.79 | 1.02 |
| Shares outstanding | ||
| Shares outstanding | 0.02bn | 0.03bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- Debt1.02× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 115% more shares since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $17 million last quarter, down 18% on a year ago.
- A loss of $3 million, compared with a loss of $339,359 a year ago.
- It loses 9 cents on each $1 of sales, compared with 1 cents a year earlier.
- Over the past 12 months it spent $3 million more cash than it brought in. A year earlier it had $2 million spare.
- 123% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $4 million more than cash, down from $5 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $18m |
| December 2024 | $20m |
| March 2025 | $20m |
| June 2025 | $20m |
| September 2025 | $19m |
| December 2025 | $19m |
| March 2026 | $18m |
| June 2026 | $17m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | -$550,788 |
| March 2025 | -$712,410 |
| June 2025 | -$339,359 |
| September 2025 | -$1m |
| December 2025 | -$2m |
| March 2026 | -$4m |
| June 2026 | -$3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
We don't have fund holdings for this stock yet.
Big holders and activists
6 investors own more than 5%.
- Hans Thomasat least 38.9%(filed with 1 related holder)Since 17 September 2026
What they said
The response to Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Persons acquired beneficial ownership of the securities reported herein in connection with the Merger, and Mr. Thomas's role as a co-founder of Host Infrastructure Holdings LLC (the…
Read the filing - Harmol SamraInsider or founderat least 38.9%(filed with 1 related holder)Since 17 September 2026
What they said
The response to Item 3 of this Schedule 13D is incorporated herein by reference. Effective upon Closing, the Issuer's board of directors (the "Board") appointed Mr. Samra as Chief Executive Officer of the Issuer. The Reporting Persons acquired beneficial ownership of the…
Read the filing - Graham Capital Management, L.P.Passive investorat least 10.0%(filed with 5 related holders)Since 17 September 2026
What they said
Merger Agreement On September 17, 2026 (the "Closing Date"), the Issuer completed the previously announced Merger (as defined below) pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated May 27, 2026, by and among the Issuer, Healthy Choice Wellness II…
Read the filing - Jeffrey E. HolmanInsider or founder9.0%Since 2 June 2026
What they said
The Reporting Person acquired the securities identified in this Statement in connection with his service as an officer and director of the Issuer and pursuant to securities issued pursuant to the Issuer's equity compensation plan. Restricted Stock Awards of 1,287,301 shares of…
Read the filing - Alexander MonjePassive investorat least 8.6%(filed with 1 related holder)Since 17 September 2026
- Christopher SantiInsider or founder5.3%Since 2 June 2026
What they said
The Reporting Person acquired the securities identified in this Statement in connection with his service as an officer of the Issuer and pursuant to securities issued pursuant to the Issuer's 2024 Equity Incentive Plan. Restricted stock awards of 815,746 shares of Common Stock…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Hans Thomas | at least 38.9% (filed with 1 related holder) | 17 September 2026 | What they saidThe response to Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Persons acquired beneficial ownership of the securities reported herein in connection with the Merger, and Mr. Thomas's role as a co-founder of Host Infrastructure Holdings LLC (the… Read the filing |
Harmol Samra Insider or founder | at least 38.9% (filed with 1 related holder) | 17 September 2026 | What they saidThe response to Item 3 of this Schedule 13D is incorporated herein by reference. Effective upon Closing, the Issuer's board of directors (the "Board") appointed Mr. Samra as Chief Executive Officer of the Issuer. The Reporting Persons acquired beneficial ownership of the… Read the filing |
Graham Capital Management, L.P. Passive investor | at least 10.0% (filed with 5 related holders) | 17 September 2026 | What they saidMerger Agreement On September 17, 2026 (the "Closing Date"), the Issuer completed the previously announced Merger (as defined below) pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated May 27, 2026, by and among the Issuer, Healthy Choice Wellness II… Read the filing |
Jeffrey E. Holman Insider or founder | 9.0% | 2 June 2026 | What they saidThe Reporting Person acquired the securities identified in this Statement in connection with his service as an officer and director of the Issuer and pursuant to securities issued pursuant to the Issuer's equity compensation plan. Restricted Stock Awards of 1,287,301 shares of… Read the filing |
Alexander Monje Passive investor | at least 8.6% (filed with 1 related holder) | 17 September 2026 | |
Christopher Santi Insider or founder | 5.3% | 2 June 2026 | What they saidThe Reporting Person acquired the securities identified in this Statement in connection with his service as an officer of the Issuer and pursuant to securities issued pursuant to the Issuer's 2024 Equity Incentive Plan. Restricted stock awards of 815,746 shares of Common Stock… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Host Digital’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 13 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s internal control over financial reporting was ineffective as of June 30, 2026 and noted the material weaknesses as follows:”
Show the full paragraph
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, the Company evaluated the effectiveness of the design and operation of its internal control over financial reporting based on the framework established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s internal control over financial reporting was ineffective as of June 30, 2026 and noted the material weaknesses as follows:
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On September 17, 2026, the Board dismissed UHY LLP (“UHY”) as the Company’s independent registered public accounting firm, effective as of that date.”
From an 8-K filed 17 September 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.