CapForce Inc.

What they do

CapForce was incorporated in Delaware in 2001 and until November 2023 ran a precision medicine business built on molecular diagnostics and informatics through Curetis GmbH and Ares Genetics GmbH. Those subsidiaries filed insolvency petitions and were deconsolidated, and their assets were sold in April 2024 to Camtech Pte Ltd. and bioMerieux S.A. The company now generates revenue from listing sponsorship and consultancy services delivered through its wholly-owned subsidiary CapForce International Holdings Ltd. It also owns iCapX Sdn. Bhd., a Malaysia-based cap table management fintech platform acquired in December 2025, and states it is entering digital investment banking and capital table management.

Revenue drivers

• Listing sponsorship and consultancy — Delivered through CapForce International Holdings Ltd., offering listing sponsorship and consulting to international companies seeking to list on securities exchanges. This is the only line described as currently generating revenue; it produced the $50.0 million of second-quarter 2026 revenue and the $4.0 million in the prior-year quarter.
• iCapX cap table management platform — iCapX Sdn. Bhd., acquired with Sun Investment Enterprises Limited from AEI Capital Ltd. in December 2025, provides cap table management and related platform services to customers. Management describes it as a business development pipeline for private companies ahead of potential listing events.
• Planned financial services lines — The company says it anticipates revenue from cross-border securities trading, advanced computational model-enabled investment banking advisory and asset management services, and fintech-enabled capital table management. No figures are given for these businesses.

Recent performance

Revenue was $50.0 million for the three months ended June 30, 2026 versus $4.0 million for the same quarter of 2025, recognized in equity securities from listing sponsorship and consulting services as CapForce International completed performance obligations under separate client advisory agreements. Cost of services was $5.0 million in the 2026 quarter against none in the prior-year quarter, reflecting fees payable to European Credit Investment Bank as a percentage of related advisory revenue. General and administrative expense rose 20% to $713,110 from $594,838, and research and development was $136 compared with zero. Full-year 2025 revenue was $30.2 million with net income of $23.6 million, after 2024 revenue of $5.2 million and net income of $12.0 million; operating cash flow remained negative at $1.2 million for 2025. At June 30, 2026 the company reported total assets of $87.7 million, total liabilities of $13.4 million, shareholders' equity of $74.3 million, and cash and equivalents of $143,781.

Strategy

Following the sale of control to AEI Capital Ltd. in 2024, the company scaled down legacy operations and repositioned itself in the financial services and technology industry. It established CapForce International Holdings Ltd. to offer listing sponsorship and consultancy to international companies seeking exchange listings, and acquired iCapX Sdn. Bhd. in December 2025 to add cap table management. Management says the iCapX platform will supply proprietary datasets of structured private company equity information, support due diligence and listing readiness assessments, and act as a pipeline for pre-listing business development. Ongoing development includes AI-driven analytics for identifying listing-related and liquidity risks, exchange selection, and predictive insights on post-listing performance. Stockholders approved the name change from OpGen, Inc. to CapForce Inc. and the ticker change to CFOR in February 2026.

Risks

• Limited cash relative to scale — Cash and equivalents were $143,781 at June 30, 2026 against total liabilities of $13.4 million, despite a $50.0 million revenue quarter.
• Revenue concentrated in one advisory line — The $4.0 million and $50.0 million quarters came from separate customer contracts for listing sponsorship and consulting completed within each period, so results depend on completing discrete engagements.
• Reliance on a third-party registered investment bank — CapForce states it is not a registered investment bank, so certain investment banking activities are performed by European Credit Investment Bank, with fees calculated as a percentage of related advisory revenue and recognized as cost of services.
• Legacy and listing history — The company deconsolidated Curetis and Ares Genetics after their insolvency filings, recorded operating cash outflows of $1.2 million in 2025 and larger outflows in prior years, and received a delisting notice or listing-rule failure event in December 2024.

Outlook

Management says it expects revenue from CapForce International's listing sponsorship and consulting services and anticipates revenue from other ventures including cross-border securities trading, computational model-enabled investment banking advisory and asset management, and fintech-enabled capital table management. It describes ongoing iCapX development work on AI-driven analytics for listing-related and liquidity risk, exchange selection, and predictive insights. No specific guidance figures or timelines are provided in the excerpts.