0001628280-26-032293
SEC filingRevenue grew 6.5% to $44.1M, reflecting continued installed base expansion and associated service activity, but net loss widened significantly to $18.9M as operating expenses outpaced revenue growth and foreign exchange losses reversed prior-year gains.
Revenue for Q1 FY2026 totaled $44.1 million, an increase of 6.5% compared to $41.5 million in Q1 FY2025. This growth was primarily due to continued expansion of the installed base and the related increase in service contracts and maintenance activity — a core driver explicitly cited in management commentary. The revenue increase occurred despite no quantified breakdown between product and service revenue being supported in the authoritative financial packet.
Gross profit was $21.3 million, up 5.4% year-over-year, while gross margin declined slightly to 48.2%. Management attributes this modest margin compression to higher service costs of sales growing faster than service revenue — a qualitative observation directly supported by the business context packet. Total cost of sales is expected to increase in absolute dollars going forward, corresponding to anticipated revenue growth and expanded headcount supporting manufacturing, operations, and field service teams.