0001104659-26-062505
SEC filingRevenue more than doubled to $6.0M and gross margin turned positive at 7.7%, though operating losses widened to -$10.3M on higher R&D and SG&A investments.
Operating income was -$10.3 million, a 51.3% increase in loss from -$6.8 million. The increase was primarily due to third-party engineering services as the Company continues to invest in the development of new products, along with higher SG&A expenses. Net income was -$10.3 million, compared to -$6.9 million, with diluted EPS improving to -$0.74 from -$1.28 due to a higher share count.
Net cash used in operating activities was -$11.6 million, compared to -$6.4 million in the prior year. Capital expenditures were $111.0 thousand, and free cash flow was -$11.7 million. Management believes the KSF acquisition strengthens the Company's liquidity profile by adding a business expected to be free cash flow generating. As the business grows, capital expenditures are expected to increase.