0001437749-26-016725
SEC filingQ1 revenue declined 19% to $7.6M due to contract expirations, but operating loss narrowed 41% to -$7.1M on cost restructuring, signaling improved efficiency.
Revenue for the first quarter of 2026 was $7.6 million, down 19.1% from $9.4 million in the prior-year period. The decrease was primarily due to the expiration of two commercial contracts in 2025, which had contributed significantly to prior revenue. Management expects these expirations to continue pressuring revenue in fiscal 2026.
The company is pursuing growth through new and existing commercial contracts and its government relationship with central banks. A holding-company reorganization was approved by shareholders in April 2026 to support long-term equity incentive strategy. Legal proceedings related to securities class action and derivative lawsuits remain at an early stage, with a motion to dismiss filed in February 2026.