INBP · Integrated BioPharma, Inc.

Integrated BioPharma reported a challenging quarter ended March 31, 2026, with revenue declining 27.3% to $10.1 million from $13.9 million in the same quarter last year. The decrease was primarily driven by a $3.8 million drop in revenue, which management attributed to customer concentration in the Contract Manufacturing Segment. The company's two largest customers accounted for approximately 90% of total revenue in the nine-month period, up from 83% in the prior year, highlighting significant dependency risk. Gross margin turned negative, with a gross loss of $0.3 million compared to a gross profit of $1.6 million in the prior year quarter, indicating severe margin compression. Selling and administrative expenses remained relatively flat at $0.8 million. The operating loss was $1.1 million versus operating income of $0.7 million in the prior year. Net loss for the quarter was $0.8 million, or $(0.03) per diluted share, compared to net income of $0.6 million, or $0.02 per diluted share, in the prior year. The company's Co-Chief Executive Officers, Riva Sheppard and Christina Kay, noted the revenue decline and customer concentration in their commentary. No forward guidance was provided in the press release. The results reflect ongoing operational challenges and underscore the need for diversification.