0001104659-26-014292
SEC filingFor Q3 2026 (period ending December 31, 2025), the company reported net revenue of $26.8M, up from prior periods based on balance sheet growth indicators. Gross profit stood at $10.4M with total cost of goods sold at $16.3M. Operating income was $2.0M after $8.4M in operating expenses, including $971K R&D and $7.4M SG&A. Net income reached $1.2M after $1.1M interest expense offset by $208K other income and minimal $5K tax provision, though EPS was -$2 basic and diluted on 21.1M weighted shares. Balance sheet shows total assets of $87.7M with cash at $14.4M and restricted cash $716K, but high current liabilities of $73.1M driven by $25.3M current exit notes and $17.7M accounts payable, resulting in $63.3M stockholders' deficit amid $70.9M redeemable noncontrolling interests. Cash flow from operations was $2.0M, investing $637K provided, financing $3.9M provided, netting $6.5M increase to $15.1M total cash and restricted cash. No QoQ figures disclosed, but accounts receivable net allowances grew from $607K prior to $1,363K, and treasury stock shares increased to 215,338. Strong cash generation supports liquidity despite leverage.
The company reported solid Q3 2026 results with net revenue of $26.8M and gross profit of $10.4M after $16.3M cost of goods sold. Operating income was $2.0M following $8.4M total operating expenses, comprising $971K research and development and $7.4M selling, general and administrative. Other income net $208K and interest income $70K were offset by $1.1M interest expense, yielding income before taxes of $1.2M and net income of $1.2M after $5K provision. EPS was -$2 basic and diluted based on 21.1M weighted average shares. Balance sheet reflects total assets $87.7M including $50.2M current assets led by $18.3M inventories and $14.4M cash. Total liabilities $80.1M include $73.1M current, dominated by $25.3M exit notes current. Stockholders' deficit is -$63.3M with $70.9M redeemable noncontrolling interests. No direct QoQ revenue or income comparisons disclosed.
Revenue net totaled $26.8M for the period ending December 31, 2025. No segment breakdown by product and service, geographic mix, or growth drivers explicitly disclosed in the XBRL data or document content. Accounts receivable net of $1.4M allowances of $1,363K (vs. $607K at March 31, 2025) suggests ongoing sales activity. Deferred revenue current $13.8M and non-current $729K indicate future recognition potential. Cash flow changes show accounts receivable improvement of $6.7M, supporting collections.
Gross profit of $10.4M on $26.8M revenue implies gross margin trends not numerically specified beyond components. Operating margin reflects $2.0M income from operations on $26.8M revenue. Cost structure includes stable R&D at $971K and elevated SG&A $7.4M. Inventory write-down $581K and warranty provision benefit -$145K impacted profitability. Stock-based compensation $590K added to expenses. Interest expense $1.1M pressured net results despite $208K other income net.
Operating activities provided $2.0M cash, starting from $1.3M net income (slight variance from income statement), adjusted by $3.2M depreciation, $1.4M paid-in-kind interest, and working capital changes like $6.7M accounts receivable and $4.9M accounts payable increases. Investing activities provided net $637K after $1.4M business combination offset by $773K capex. Financing provided $3.9M from $13.6M PIPE net, less $8.3M exit note repayment and $210K treasury stock. Net cash increase $6.5M to $15.1M total cash and restricted. Liquidity shows $14.4M cash but current ratio below 1:1 at $50.2M assets vs $73.1M liabilities; debt via $49.5M total exit notes.
No management guidance, strategic priorities, or risk factors explicitly disclosed in the provided filing content. Commitments and contingencies noted in Note 18, but details unavailable.