US Earnings Financial Results SEC Filings — July 10, 2026

Financial Results & Earnings

By Gunpowder Editorial ·

11 high priority 11 total filings analysed

Executive Summary

The 11 filings for the period ending July 10, 2026, reveal a bifurcated market where a few large-cap companies like Delta Air Lines are experiencing strong top-line growth but significant margin compression due to surging input costs (fuel up 67% YoY), while a cluster of micro-cap and pre-revenue companies show nascent signs of revenue generation and cost control, albeit from extremely low bases.

A dominant theme is the prevalence of going-concern risks and reliance on non-recurring gains, with 4 out of 11 companies (Radiant Strategies, Lottery.com, Sentinel Holdings, EvoAir) reporting accumulated deficits or negative equity. Insider trading activity was notably absent across all filings, which is a neutral signal but removes a key sentiment gauge. Capital allocation is minimal, with no dividends or buybacks reported, and most companies are in cash preservation or capital-raising modes. The most actionable intelligence comes from the stark contrast between Delta's operational scale and the micro-cap turnaround stories, where the latter show potential for significant revenue growth but carry extreme balance sheet risk.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-K · 10-Q

Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from July 09, 2026.

Investment Signals (10)

  • Revenue grew 18.7% YoY to $19.757B, but operating income fell 11.3% as fuel costs surged 67.2%. The 40% jump in air traffic liability ($10.02B) signals strong forward demand, but margin compression (-300 bps) warrants caution.

  • Revenue surged 69% YoY in Q2 to $15,249, and net income swung from a -$11,756 loss to a +$8,696 profit. G&A expenses were slashed 68% YoY, demonstrating strong operational leverage. However, a $24,272 stockholders' deficit and $17,843 in related-party payables are red flags. [BULLISH on operations, BEARISH on balance sheet]

  • Achieved first-ever revenue of $33,667 (vs $0 YoY) and swung to net income of $10,976 from a -$13,802 loss. Positive stockholders' equity of $10,666 (vs -$310 deficit) is a key milestone, but cash of $394 and reliance on $95,080 in related-party loans make this a high-risk turnaround. [BULLISH on trajectory, BEARISH on liquidity]

  • Revenue surged 231% YoY to $123,574, but cost of revenue exploded 1,273% to $116,751, resulting in a gross margin of just 5.5%. The net loss improved only 9% to -$1.078M, indicating the revenue growth is not yet profitable.

  • Reported a net income of $249,524 for 9 months (vs -$329,021 loss), but this was entirely driven by a $478,500 gain on sale of a mineral property. Core operations generated no revenue and negative operating cash flow of -$265,184, making the earnings quality extremely poor.

  • Revenue declined 18.3% YoY to $37,918, and gross profit fell 33.1% to $22,818. Operating cash flow swung from +$37,059 to -$28,401, a $65,460 deterioration. The net loss improvement to -$76 was solely due to $13,681 in debt forgiveness.

  • Net income swung to +$53,755 from -$607,064, but this was driven by a $997,180 gain on acquisition. Core operations lost $874,249, and the company remains deeply insolvent with a $2.45M stockholders' deficit. The 5% improvement in accumulated deficit is negligible.

  • Revenue grew 154% YoY to $40,254 post-IPO, but SG&A surged 284% to $64,392, leading to a net loss of -$23,622 (vs -$1,442). Cash declined to $14,695 from $17,623 despite raising $39,125 in net IPO proceeds, indicating a high cash burn rate.

  • A newly formed SPAC with $0 cash, $94,046 in liabilities, and a $81,546 accumulated deficit since inception in Jan 2026. No business combination has been identified, and the negative shareholder's equity of -$56,546 suggests a high risk of liquidation.

  • The 10-K filing focused on audit procedures for allowance for credit losses and inventory obsolescence, with no specific financial results disclosed. The auditor's focus on these areas suggests potential asset quality issues, which is a yellow flag. [NEUTRAL with caution]

Risk Flags (10)

  • The company suspended operations in July 2022, furloughed employees, and faces multiple securities lawsuits. The 10-K explicitly states material uncertainties about its ability to continue as a going concern, with no disclosed revenue or cash position.

  • Total liabilities of $4.77B far exceed total assets of $2.31B, resulting in a stockholders' deficit of $2.45M. Operating cash flow is negative at -$155,915, and the company relies on non-recurring gains to show profitability.

  • Despite a return to profitability, the company has a stockholders' deficit of $24,272 and total liabilities of $45,157 exceeding total assets of $20,885. Related-party payables of $17,843 raise governance concerns.

  • Cash and cash equivalents fell to just $394 from $3,884 at year-end, a 90% decline. With negative operating cash flow of -$6,640 and $95,080 in related-party loans, the company is at risk of running out of cash within weeks.

  • Revenue grew 231% but cost of revenue grew 1,273%, resulting in a gross margin of only 5.5%. The accumulated deficit has ballooned to $56.96M, and the company continues to burn cash.

  • Aircraft fuel costs surged 67.2% YoY, driving a 23% increase in total operating expenses. If fuel prices remain elevated, Delta's operating margin could compress further from the current 9.4% level.

  • Despite raising $39,125 in net IPO proceeds, cash declined to $14,695. The company invested $35,695 in equipment and recognized new lease liabilities, suggesting a high fixed-cost base that could lead to further cash burn.

  • Operating cash flow swung from +$37,059 to -$28,401, a $65,460 deterioration. Revenue declined 18.3% and gross profit fell 33.1%, indicating a weakening core business.

  • With zero cash, negative equity, and no identified acquisition target, this SPAC is at high risk of failing to complete a business combination and being liquidated.

  • The company has generated zero revenue in any period reported and relies on asset sales for profitability. Operating cash use remains negative at -$265,184 year-to-date, making it dependent on further asset sales or capital raises.

Opportunities (9)

  • The 69% YoY revenue growth and return to profitability, combined with a 68% reduction in G&A expenses, suggest a successful restructuring. If the company can address its negative equity through a capital raise or debt conversion, it could be a high-growth micro-cap.

  • Achieving first-ever revenue of $33,667 and swinging to net income is a critical inflection point. If the company can sustain this trajectory and reduce its reliance on related-party loans, it could be a compelling turnaround story.

  • The 40% increase in air traffic liability to $10.02B indicates strong advance ticket sales, suggesting robust travel demand. If fuel costs stabilize, Delta's revenue growth could translate into higher earnings.

  • The 231% YoY revenue growth to $123,574 shows strong market demand. If the company can improve its gross margin from 5.5% to a more sustainable level (e.g., 30-40%), it could become profitable.

  • The company invested $35,695 in equipment and furniture, suggesting capacity expansion. If this investment drives future revenue growth, the 154% revenue growth rate could accelerate.

  • The $997,180 gain on acquisition and commencement of $2.24M in revenue from continuing operations indicate a strategic pivot. If the company can integrate acquisitions and reduce its $874K operating loss, it could be a value play.

  • The $478,500 gain from the sale of a mineral property demonstrates the company's ability to monetize assets. If it can continue to sell non-core assets to fund operations, it may avoid dilution.

  • The $13,681 in debt forgiveness improved the bottom line. If the company can restructure more debt and stabilize revenue, it could return to profitability.

  • The auditor's focus on allowance for credit losses and inventory obsolescence may indicate that the company is proactively addressing asset quality issues. If resolved, this could lead to a cleaner balance sheet.

Sector Themes (6)

  • Micro-Cap Revenue Inflection

    3 out of 11 companies (CYBRIATECH, Dankon, EvoAir) reported significant YoY revenue growth (69%, 100%+, 231% respectively), suggesting a broader trend of micro-cap companies reaching revenue inflection points. However, profitability remains elusive for most, with only CYBRIATECH and Dankon showing net income. [IMPLICATION: Investors should focus on companies that can convert revenue growth into positive cash flow.]

  • Cost Control vs. Growth

    CYBRIATECH reduced G&A by 68% while growing revenue 69%, demonstrating operational leverage. In contrast, EvoAir's cost of revenue grew 1,273% vs. 231% revenue growth, indicating poor cost management. [IMPLICATION: The ability to control costs while scaling is a key differentiator in this cohort.]

  • Going Concern Prevalence

    4 out of 11 companies (Lottery.com, Sentinel, Radiant Strategies, EvoAir) have accumulated deficits or negative equity, highlighting the high-risk nature of micro-cap investing. [IMPLICATION: Investors must conduct thorough due diligence on balance sheet health before investing.]

  • Reliance on Non-Recurring Gains

    3 companies (Sentinel, Enertopia, DeltaSoft) reported net income improvements solely due to non-recurring items (acquisition gains, asset sales, debt forgiveness). [IMPLICATION: Earnings quality is low, and investors should normalize earnings to assess core operations.]

  • Insider Activity Void

    Across all 11 filings, there was zero insider trading activity reported. This is unusual and may indicate that insiders are either restricted from trading or lack conviction. [IMPLICATION: The absence of insider buying removes a positive signal, but the absence of selling is neutral.]

  • Capital Allocation Stagnation

    No company reported dividends, buybacks, or stock splits. Capital allocation is focused on survival (cash preservation) or investment (equipment purchases by Radiant). [IMPLICATION: Shareholder returns are not a priority; investors should focus on growth and balance sheet improvement.]

Watch List (8)

  • The company's 10-K highlights a strategic pivot to acquisitions and digital media. Watch for announcements of new partnerships (e.g., Veloce) or capital raises to fund operations. [No specific date]

  • The company's return to profitability and strong revenue growth make it a potential acquisition target. Watch for insider trading activity or a capital raise to address the negative equity. [Next 10-Q due in ~90 days]

  • With only $394 in cash, the company is at imminent risk of running out of funds. Watch for a related-party loan conversion, equity raise, or revenue acceleration. [Next 10-Q due in ~90 days]

  • The 40% increase in air traffic liability suggests strong forward demand. Watch for the Q3 2026 earnings call (likely October) for updates on fuel cost hedging and margin guidance. [Earnings call expected Oct 2026]

  • The company's reliance on asset sales for profitability is unsustainable. Watch for further mineral property sales or a strategic shift to generate revenue. [Next 10-Q due in ~90 days]

  • As a newly formed SPAC with negative equity, watch for announcements of a business combination or a liquidation vote. [No specific date]

  • The 231% revenue growth is promising, but the 1,273% increase in cost of revenue is alarming. Watch for margin improvement initiatives in the next filing. [Next 10-Q due in ~90 days]

  • The company's acquisition strategy is driving revenue, but the operating loss of $874K is concerning. Watch for integration updates and cash flow improvements. [Next 10-Q due in ~90 days]

Filing Analyses (11)
Radiant Strategies Corp 10-K mixed materiality 8/10

10-07-2026

Radiant Strategies Corp filed its annual report for the fiscal year ended April 30, 2026, reporting a net loss of $23,622 and total comprehensive loss of $24,651, compared to a net loss of $1,442 and total comprehensive loss of $1,446 in the prior period (January 20, 2025 to April 30, 2025). Revenue grew 154% to $40,254 from $15,871, but selling, general & administrative expenses surged to $64,392 from $16,755, driving a deeper operating loss. The company completed an IPO during the year, raising $39,125 in net proceeds, and invested heavily in equipment and furniture ($35,695). However, cash and cash equivalents declined to $14,695 from $17,623, and the company ended the year with an accumulated deficit of $25,064.

  • · The company completed an initial public offering during the year, issuing 3,912,500 shares and raising $39,125 in net proceeds.
  • · Equipment and furniture, net increased from $1,722 to $35,770, driven by $35,695 in equipment purchases.
  • · Right-of-use assets and lease liabilities were recognized for the first time in FY2026, with a remaining lease term of 5 years and a weighted average discount rate of 4.89%.
  • · Net cash used in operating activities was $26,054 in FY2026, compared to $14,067 provided by operations in the prior period.
  • · The company had no income tax expense in either period.
  • · Net loss per share (basic and diluted) was ($0.0011) for FY2026, compared to ($0.0001) for the prior period.
CYBRIATECH INC 10-Q mixed materiality 5/10

10-07-2026

CYBRIATECH INC reported strong revenue growth and a return to profitability in its 10-Q for the three and six months ended May 31, 2026. Revenue grew 69% YoY to $15,249 in Q2 and 12% to $27,680 in H1, while net income swung from a $11,756 loss to a $8,696 profit in Q2 and from a $12,457 loss to a $5,937 profit in H1. However, the company remains in a precarious financial position with total liabilities of $45,157 exceeding total assets of $20,885, a stockholders' deficit of $24,272, and significant related party payables of $17,843.

  • · The company had no cost of revenue for any period, indicating a service or licensing business with zero direct costs.
  • · General and administrative expenses decreased significantly from $20,598 to $6,553 in Q2 and from $36,996 to $21,743 in H1.
  • · The company's operating lease has a remaining term of 0.25 years (three months) with a 3% discount rate; lease expenses were $3,000 per quarter.
  • · Income tax expense was $0 in 2026 periods vs $158 in prior year periods.
  • · During the six months ended May 31, 2026, the company received $6,000 from related party payables as financing.
  • · Accrued expenses decreased from $22,000 to $20,000, while deferred revenue increased from $0 to $2,320.
  • · The company's accumulated deficit improved from ($30,809) to ($24,872) due to net income.
  • · Net cash provided by operating activities was $7,164 in 2026 vs net cash used of ($2,133) in 2025.
  • · Cash paid for taxes was $0 in 2026 vs $500 in 2025.
ADM TRONICS UNLIMITED, INC. 10-K neutral materiality 5/10

10-07-2026

ADM TRONICS UNLIMITED, INC. filed its Annual Report (10-K) for the fiscal year ended March 31, 2026. The filing includes audited financial statements and the independent auditor's report (PCAOB Firm ID 89). The audit focused on the allowance for credit losses and inventory valuation for old/obsolete items, but no specific financial results or performance metrics are disclosed in the provided excerpt.

  • · Auditor's procedures included evaluating the allowance for credit losses methodology, reviewing aged trial balances with subsequent collections, and developing independent expectations for the allowance.
  • · Auditor also assessed inventory valuation for old/obsolete items, including the company's process for determining allowances for scrap, obsolete, unsalable, slow-moving, or overstocked items.
DELTA AIR LINES, INC. 10-Q mixed materiality 9/10

10-07-2026

Delta Air Lines reported mixed results for the quarter ended June 30, 2026. Total operating revenue grew 18.7% YoY to $19.757B, driven by strong passenger (+12.5%) and other revenue (+50.1%) growth. However, operating income declined 11.3% YoY to $1.864B, and net income fell 24.7% to $1.604B, as operating expenses rose 23.0% YoY, led by a 67.2% surge in aircraft fuel costs. Diluted EPS dropped to $2.44 from $3.27.

  • · Total assets increased 6.2% to $86.321B from $81.317B at year-end 2025.
  • · Total liabilities rose 6.7% to $64.506B, driven by a 114.5% increase in current maturities of debt and finance leases ($3.442B vs $1.605B).
  • · Air traffic liability grew 40.0% to $10.020B from $7.157B, reflecting higher advance ticket sales.
  • · Loyalty program deferred revenue (current) increased 7.5% to $5.243B.
  • · Net cash provided by operating activities for H1 2026 was $4.027B, down 4.9% from $4.235B in H1 2025.
  • · Capital expenditures on flight equipment rose 13.2% to $2.244B in H1 2026.
  • · Dividends declared increased to $0.2150 per share in Q2 2026 from $0.1875 in Q1 2026.
  • · Goodwill remained flat at $9.753B.
DISCIPLINED GROWTH ACQUISITION Corp 10-Q negative materiality 3/10

10-07-2026

DISCIPLINED GROWTH ACQUISITION Corp filed its Form 10-Q for the quarterly period ended March 31, 2026, reporting its first financial statements since inception on January 19, 2026. The company, a blank-check SPAC, had total assets of $37,500, total liabilities of $94,046, and an accumulated deficit of $81,546, resulting in a shareholder's deficit of $56,546. The company has not yet completed a business combination and had zero cash on hand as of the balance sheet date.

  • · The company was incorporated on January 19, 2026, and has not yet commenced any operations or completed a business combination.
  • · Net loss for the period from inception (January 19, 2026) through March 31, 2026 was $81,546, entirely from formation, general and administrative costs.
  • · Basic and diluted net loss per Class B Ordinary Share was $(0.02).
  • · The company had zero cash at period end, with operating expenses funded via an IPO Promissory Note from a related party ($14,963) and accrued expenses ($66,583).
  • · Shareholder's deficit of $56,546 reflects that liabilities exceed assets.
  • · The Sponsor contributed $25,000 in prepaid expenses in exchange for Class B Ordinary Shares, and $12,500 in deferred offering costs via the IPO Promissory Note.
Sentinel Holdings Ltd. 10-Q mixed materiality 9/10

10-07-2026

Sentinel Holdings Ltd. reported a net income available to common shareholders of $53,755 for Q1 2026, a significant improvement from a net loss of $607,064 in Q1 2025, driven by a $997,180 gain on acquisition and the commencement of revenue from continuing operations ($2,242,566). However, the company remains deeply insolvent with a stockholders' deficit of $2,454,267, negative operating cash flow of $155,915, and total liabilities of $4,767,667 far exceeding total assets of $2,313,400. The improvement in net income is largely due to non-recurring items, while core operations generated a loss from operations of $874,249.

  • · The company's accumulated deficit improved slightly from $23,956,337 to $23,902,582.
  • · Accounts payable and accrued expenses increased from $3,217,505 to $3,800,308, a rise of $582,803.
  • · Intangible assets (contracts) decreased from $1,228,187 to $1,056,812, a decline of $171,375.
  • · Assets and liabilities of discontinued operations were zeroed out as of March 31, 2026, compared to $252,965 and $1,234,269 respectively at year-end 2025.
  • · The company had a gain on sale of subsidiary of $995,340 in Q1 2026.
  • · Depreciation and amortization increased sharply from $9,242 in Q1 2025 to $194,708 in Q1 2026.
  • · No cash was paid for interest or income taxes in Q1 2026.
  • · The company's weighted average diluted shares were 18,845,804 in Q1 2026, up from 8,921,014 in Q1 2025.
Lottery.com Inc. 10-K negative materiality 9/10

10-07-2026

Lottery.com Inc. filed its 10-K annual report for the period ending July 10, 2026, highlighting a strategic pivot toward acquisitions, digital media, and international expansion after suspending operations in July 2022 due to insufficient financial resources. The company faces significant risks, including ongoing securities lawsuits, a need for additional capital to avoid permanent cessation, and internal control deficiencies. While management outlines growth strategies such as scaling revenue-generating operations and pursuing partnerships like Veloce, the filing underscores material uncertainties about the company's ability to continue as a going concern.

  • · The company furloughed the majority of its employees and suspended lottery game sales operations in July 2022 due to insufficient financial resources.
  • · Lottery.com has been named as a defendant in multiple civil lawsuits filed by securities purchasers.
  • · The company's strategy includes prioritizing acquisitions and partnerships with existing revenue streams, expanding digital media and audience monetization, and pursuing international expansion.
  • · Key risks include the need for additional capital, inability to compete for consumer discretionary time and income, and economic and geopolitical factors.
  • · The company acknowledges that failure to scale product offerings and manage entry into new territories could harm its business and reputation.
EvoAir Holdings Inc. 10-Q mixed materiality 7/10

10-07-2026

EvoAir Holdings Inc. (EVOH) reported a net loss of $1,078,217 for the three months ended May 31, 2026, an improvement from a net loss of $1,186,838 in the same period last year. Revenue surged 231% to $123,574 from $37,306, driven by a significant increase in cost of revenue. However, the company continues to report substantial operating losses and negative cash flows from operations, and its accumulated deficit has grown to $56,959,317.

  • · Cost of revenue for the three months ended May 31, 2026 was $116,751, up from $8,505 in the prior year period, a 1,273% increase.
  • · Selling and marketing expenses decreased 89% to $617 for the three months ended May 31, 2026 from $5,566.
  • · General and administrative expenses decreased 12% to $1,086,034 for the three months ended May 31, 2026 from $1,231,898.
  • · Stock-based compensation was $0 for the nine months ended May 31, 2026, compared to $3,261,676 in the prior year period.
  • · The company received $1,107,926 in loans from shareholders during the nine months ended May 31, 2026, up from $972,045.
  • · Total equity decreased to $39,204,462 as of May 31, 2026 from $50,270,712 a year earlier.
  • · The company has no income tax expense for any period presented.
Dankon Corp 10-Q mixed materiality 7/10

10-07-2026

Dankon Corp reported its first-ever quarterly revenue of $33,667 for the three months ended May 31, 2026, compared to zero revenue in the prior-year period, and swung to a net income of $10,976 from a net loss of $(13,802). However, the company's cash position declined sharply to $394 from $3,884 at year-end, and operating cash flow remained negative at $(6,640), though it improved from $(53,752) a year ago. The balance sheet shows a shift to positive stockholders' equity of $10,666 from a deficit of $(310), but the company continues to rely heavily on related-party loans ($95,080) and has minimal cash.

  • · Intangible assets increased to $102,019 from $87,670 at year-end, driven by $7,200 in new intangible asset additions during the quarter.
  • · Deferred revenue decreased sharply to $10,310 from $28,427, contributing to negative operating cash flow.
  • · Accounts payable fell to $200 from $13,250, a significant reduction in short-term payables.
  • · The company has no provision for income taxes in either period.
  • · Amortization expense of $5,901 was recorded in Q1 FY27, compared to zero in the prior-year period.
Enertopia Corp. 10-Q mixed materiality 3/10

10-07-2026

Enertopia Corp. reported a net income of $249,524 for the nine months ended May 31, 2026, compared to a net loss of $329,021 in the prior-year period, driven primarily by a $478,500 gain from the sale of a mineral property. However, the company still generated no revenue, and operating cash use remained negative at $265,184 year-to-date. The Q3 net loss improved to $64,738 from $130,364 in the prior year, but ongoing outflows from corporate and technology segments persist.

  • · No revenue generated in any period reported.
  • · Technology segment recorded a loss of $33,807 for the nine months ended May 31, 2026, improving from a $153,266 loss in fiscal 2025.
  • · Corporate segment loss for the nine months was $181,390, down from $323,202 in fiscal 2025.
  • · Natural Resources segment reported income of $464,721 due to a $478,500 gain on sale of mineral property.
  • · Stock-based compensation of $7,191 was recorded in the current nine-month period vs. $0 in prior year.
  • · There is a non-controlling interest deficit of $1,276 unchanged from fiscal 2025.
  • · Accounts payable and accrued liabilities decreased to $283,070 from $297,231 at August 31, 2025.
  • · Due to related party was reduced to $0 from $27,861 at August 31, 2025.
  • · Diluted earnings per share for nine months 2026 was $0.02 vs. ($0.04) in prior period.
  • · Cash from operations used $265,184 in nine months 2026 vs. $282,534 in prior period, an improvement of 6.1%.
  • · Investing activities provided $505,596 from the mineral property sale, offsetting operating cash burn.
DeltaSoft Corp 10-K mixed materiality 7/10

10-07-2026

DeltaSoft Corp filed its 10-K annual report for the year ended March 31, 2026, showing a significant decline in revenue to $37,918 from $46,431 in the prior year (down 18.3%), while net loss improved to ($76) from ($461). However, the company's cash position decreased sharply to $25,470 from $38,771, and cash used in operations was ($28,401) versus $37,059 provided in the prior year, signaling deteriorating cash flow despite debt forgiveness of $13,681 boosting the bottom line.

  • · Gross profit fell to $22,818 from $34,131, a 33.1% decline, as Cost of Goods Sold rose to $15,100 from $12,300.
  • · Total operating expenses increased to $36,575 from $34,592, driven by professional fees jumping to $20,193 from $14,052.
  • · Accumulated deficit deepened to ($986) from ($700), reflecting cumulative losses.
  • · No income tax provision or deferred tax asset recognized; full valuation allowance against NOL carryforwards.
  • · No investing activities in FY2026 vs. $49,000 in software development costs in FY2025.
  • · Financing activities relied solely on a related party loan of $15,100 in FY2026, with no equity issuance, compared to $36,354 from stock sale and $10,827 from related party loan in FY2025.

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