0001493152-26-023803
SEC filingStrategic acquisitions and equity raises marked the quarter, but core operations weakened significantly with revenue down 33.7% and operating income swinging to a loss.
Revenue for the second quarter of fiscal 2026 was $18.1 million, a decrease of 33.7% compared to $27.3 million in the same period last year. The decline was primarily due to the absence of a large security sale that occurred in the prior year, which did not repeat. Partially offsetting this decrease was revenue contributed by the acquisition of Richland LLC, which added to the industrial services segment.
The acquisition of Richland LLC contributed to revenue and provided a bargain purchase gain that boosted net income. The company continues to focus on customers seeking asset utilization and reliability to cut costs and increase production. While management believes that planned actions, if successful, would be sufficient to meet capital demands for the next twelve months, there is no guarantee of success.