0001437749-26-016501
SEC filingRevenue grew sharply to $485K, reflecting the first full quarter of consolidated operations following the Evoke Neuroscience acquisition; however, operating and net losses remain substantial as the Company continues investing in product development ahead of profitability.
Revenue for Q1 FY2026 totaled $485.0K, a 1027.9% increase from $43.0K in Q1 FY2025. This growth stems entirely from the integration of Evoke Neuroscience, marking the first full quarter in which consolidated product sales and recurring subscription revenue are reflected in Firefly’s financial statements. The acquisition expands the Company’s commercial footprint and enables cross-selling opportunities across its neurotechnology platform.
Gross profit was $221.0K, resulting in a gross margin of 45.6%. This stability reflects the Company’s continued emphasis on a service-led delivery model — where value is embedded in clinical workflow integration and outcomes support — rather than pure hardware margins. The inclusion of Evoke’s hardware-related cost of goods sold did not materially compress margins, indicating effective pricing discipline and scalable delivery infrastructure.
Operating income improved to -$2.0M from -$2.1M year-over-year. This modest improvement is attributable to a reduction in debt obligations carried out in Q1 2025, as explicitly stated in management commentary. It does not reflect improvements in core operating efficiency or reductions in R&D or G&A spending — both of which remain elevated to support product evolution and commercial scaling.
Net income improved to -$2.0M from -$12.9M, and diluted EPS improved to -$0.13 from -$1.74. This dramatic year-over-year improvement is driven primarily by the substantially lower loss in the prior-year period, not by an inflection in underlying profitability. The comparison period included non-recurring charges and transitional costs associated with earlier-stage operations.
As stated in Item 2, the Company has no expectation that revenue will cover operating expenses in the near term. Management explicitly confirms ongoing dependence on equity, debt, or other capital sources to fund operations and execute its business strategy. This outlook is unchanged and reflects the early-stage, capital-intensive nature of neurotechnology commercialization.