0001493152-26-023701
SEC filingRevenue grew 11% to $8.3M on higher TPA orders, but gross margin contracted to 22.8% and operating loss widened to -$86K due to scaling costs and new facility expenses.
Revenue for the three months ended March 31, 2026 was $8.3 million, an increase of 11.0% compared to $7.5 million in the same period last year. The growth was primarily attributable to higher orders of TPA (thermal polyaspartate) products from both existing and new customers. The company's revenue is entirely derived from the sale of TPA products.
Operating income was a loss of $86.0 thousand, compared to a loss of $69.2 thousand in the prior year quarter, a 24.3% increase in the operating loss. The widening loss was driven by higher selling, general and administrative expenses, including increased wages and headcount in the TPA division. Despite the revenue growth, operating expenses grew at a faster pace.
The company's liquidity position remains adequate to meet its obligations. Management is not aware of any trends, demands, or uncertainties that would materially increase or decrease liquidity. Other than as disclosed, there are no significant changes in expected sources and uses of cash.