0001437749-26-015573
SEC filingRevenue fell sharply as a large prior-year contract did not repeat, while operating losses widened on higher SG&A costs tied to scaling metals and biofuels businesses.
Revenue for Q1 2026 dropped 60% to $313K from $786K in Q1 2025, primarily because a large emergency decommissioning contract that boosted the prior-year period did not recur. The Metals segment, which generates all revenue, saw lower decommissioning services activity. Management notes that future revenue will depend on the rate of customer replacements, pricing, and operating performance as the company scales production. The first industry-scale solar panel recycling facility is currently being commissioned and is expected to begin operations in Q2 2026, which could provide a step-change in revenue capacity.
Gross profit worsened to -$286K from -$101K, with gross margin falling to -91.4%. Cost of goods sold decreased by $287K, but the decline was proportionally smaller than the revenue drop, indicating that certain fixed costs (e.g., facility overhead) did not scale down with lower volume. As the new industry-scale facility ramps up, gross margins should improve if utilization increases.