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SEC filingQ1 results showed revenue decline and gross profit contraction due to higher costs from customer base expansion and equipment impairment, driving wider operating and net losses despite positive operating cash flow amid increased investments in R&D and G&A.
Revenue declined 14.7% year-over-year to $24.2 million in Q1 FY2026 from $28.3 million, reflecting the impact of contract timing and customer dynamics as noted in management discussion. This contraction set the stage for broader profitability pressures.
Net income deepened to a $7.0 million loss from $1.5 million, or -$0.54 diluted EPS versus -$0.12, as operating pressures flowed through to the bottom line.