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US Earnings Financial Results SEC Filings — August 17, 2026

Financial Results & Earnings

By Gunpowder Editorial ·

35 high priority 35 total filings analysed

Executive Summary

The 35 filings for August 17, 2026, present a deeply bifurcated market landscape. While a handful of large-cap industrial and technology companies (Lumentum, Sandisk, Harmonic) are executing powerful turnarounds with triple-digit revenue growth and massive margin expansion, the vast majority of filers are micro-cap or pre-revenue firms burning cash and facing existential liquidity crises.

A dominant theme is the prevalence of non-cash charges (impairments, debt extinguishment, and crypto-related losses) that are obscuring deteriorating underlying operations. For instance, Lumentum's $6.9B net loss is entirely due to a one-time debt extinguishment, masking a fundamentally sound business. Conversely, companies like ALT5 Sigma and XCF Global are seeing real collateral damage from collapsing revenue and unsustainable capital structures. The SPAC sector continues to be a dead zone, with most vehicles (Welsbach, Copley, Twelve Seas) failing to find deals and relying solely on trust interest income to show a profit. Insider trading data is sparse, with no significant open-market buys or sells flagged across the filings. The primary takeaway is that investors must dig past headline net income to assess cash flow, revenue quality, and the sustainability of balance sheets, as the gap between "reported earnings" and "financial health" has rarely been wider. Cash flow warnings are abundant, with 5+ companies (DocGo, NexMetals, NanoVibronix, Mitesco, Charli e 's ) showing signs of cash burn that will require near-immediate capital raises.

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

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

Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from August 14, 2026.

Investment Signals (11)

  • Sandisk Corp ↓ (BULLISH)
    ▲

    Revenue surged 175% YoY to $20.2B, gross margins expanded 41.4 percentage points (from 30.1% to 71.5%), and the company eliminated all long-term debt while completing $4.5B in buybacks. This signals an industry-wide pricing power shift in memory and storage, specifically in the Datacenter segment (+437% YoY).

  • Lumentum Holdings Inc. ↓ (BULLISH)
    ▲

    Revenue surged 83.2% YoY to $3.0B, with both segments (Components +79.7%, Systems +90.7%) firing. Operating income swung from a -$180M loss to +$524.8M profit. The massive net loss ($6.9B) is entirely non-cash (debt extinguishment), making the core business narrative highly constructive.

  • Harmonic Inc. ↓ (BULLISH)
    ▲

    Revenue grew 53.5% YoY to $133.5M, and operating income swung from a $0.8M loss to a $23.6M profit. However, a $19.4M loss from discontinued operations clouds the picture. The strong nCore and cable edge business is generating real cash flow, evidenced by $43M in share repurchases.

  • Welsbach Technology Metals (WTMAU) (BEARISH)
    ▲

    First-ever revenues were reported ($1.6M), but the GAAP net loss of $452M in H1 is staggering, driven by a $423.6M non-cash change in fair value. Cash burn is accelerating (from $11.7M to $5.3M). This is a classic post-merger de-SPAC hangover, not a growth story.

  • FDCTech, Inc. ↓ (BEARISH)
    ▲

    Revenue surged 222% YoY to $17.47M, and net income swung from a $0.44M loss to a +$7.71M profit. However, operating cash flow was deeply negative at -$21.1M for H1. The revenue growth appears to be concentrated in the volatile Brokerage/Trading segment (+451%), which is a high risk factor.

  • ALT5 Sigma Corp (ALTS) ↓ (BEARISH)
    ▲

    Revenue collapsed 62% YoY to $2.4M, while the net loss ballooned to $229.6M from a $9.1M loss due to a $285.1M unrealized loss on crypto assets. Total assets dropped 41% in six months. This stock is entirely tied to crypto market volatility; the operating loss (ex-crypto) is actually improving, but the balance sheet is a wreck.

  • Partners Group Lending Fund ↓ (BEARISH)
    ▲

    Total investment income grew 20.5% YoY, but net investment income per unit fell 14.3% (to $0.06) due to dilution from a 5-for-1 stock split and higher management fees (+50.3%). This signals that shareholder returns are being submerged by expense growth faster than the top line.

  • Extreme Networks ↓
    ▲

    Revenue grew 12.6% YoY, but operating cash flow declined 19% (to $123.2M) and gross margins compressed 70bps to 61.5%. Americas growth (48.8% of revenue) was tepid at +4.8% YoY. The company is growing, but profitability and cash conversion are deteriorating. [MIXED/BEARISH]

  • Charlie's Holdings, Inc. ↓
    ▲

    Revenue grew an impressive 158% YoY to $8.6M, and gross margins improved 180bps to 29.4%. However, the company went from a $3.7M net profit to a $2.7M loss due to the absence of a one-time gain. Cash is down to just $527K from $1.3M, requiring a near-term capital raise. [MIXED/BEARISH]

  • NEXGEL, INC. ↓ (BEARISH)
    ▲

    Revenue grew a solid 28% YoY, but gross margins fell 14 percentage points (from 44% to 30%). The company issued $10.2M in convertible notes, creating a new $8.7M derivative liability. The business is financing growth with expensive, toxic debt.

  • DocGo Inc. ↓ (BEARISH)
    ▲

    Revenues fell 8.7% YoY in Q2 and the net loss widened to $15.8M. Cash and cash equivalents halved to $25.2M, and operating cash flow was negative $13.9M. The company is shrinking while burning cash at an alarming rate, a classic value trap signal.

Risk Flags (10)

  • Wellgistics Health (WGRX) / Liquidity Crisis [HIGH RISK]
    ▼

    Revenue collapsed 77% YoY to $1.8M, net loss widened to $18.4M, and the company has negative equity (-$19.5M). Total liabilities exceed assets, and the accumulated deficit is $137M. This is a going-concern risk of the highest order.

  • XCF Global, Inc. / Dilution Spiral↓ [HIGH RISK]
    ▼

    Revenue fell 89.5%, and the company issued an enormous 394.5M shares (up 91% from year-end 2025) just to stay afloat. This has already diluted existing shareholders by nearly half in just six months, and the burn continues.

  • Mitesco, Inc. / Balance Sheet Implosion↓ [HIGH RISK]
    ▼

    The company has a $24.3M stockholders deficit, and total liabilities ($24.4M) exceed total assets ($101.5K) by a factor of 240x. Cash is down to $7,984. This is a pre-revenue shell that cannot continue.

  • ALT5 Sigma Corp / Crypto Exposure↓ [HIGH RISK]
    ▼

    The entire business model is at risk from a single asset class. The $501M H1 net loss is driven by unrealized crypto losses. Any further downturn in crypto markets would likely render the company insolvent.

  • NanoVibronix / Negative Gross Margins↓ [HIGH RISK]
    ▼

    Revenue declined 41%, and gross profit turned negative (from +$0.3M to -$0.3M). This means the company is spending more to produce its product than it receives from customers. Cash is down to $1.1M despite a $6.97M capital raise.

  • Certiplex Corp / Revenue & Cash Collapse↓ [HIGH RISK]
    ▼

    Revenue declined 40% YoY, cash is down to just $1,621, and the company is operating with a stockholders' deficit. Professional fees are increasing despite the revenue drop, suggesting severe overhead issues.

  • Klotho Neurosciences / Derivative & Dilution Risk↓ [HIGH RISK]
    ▼

    The company faces massive potential dilution (Series C preferred shares could convert into 2 billion common shares) and has seen its derivative liability surge 11,131% to $5.9M. The operating cash burn has tripled to $11.8M.

  • NexMetals Mining / Cash Burn↓ [MODERATE RISK]
    ▼

    Cash and cash equivalents fell 57% (from $39.78M to $16.96M) in just six months. While losses are improving, the cash burn is not sustainable even for a mining exploration company.

  • Constellation Acquisition Corp I / SPAC Collapse↓ [MODERATE RISK]
    ▼

    The SPAC has a $20.7M accumulated deficit, only $661K left in trust, and operating net losses are widening. Without a deal soon, it will liquidate at a loss for remaining shareholders.

  • Gulf Resources / Impairment & Forex Risk↓ [MODERATE RISK]
    ▼

    Revenue surged 232%, but the company recorded a $30.1M impairment on long-lived assets (+344%) and other expenses skyrocketed 6,257%. The core Bromine business is growing, but hidden costs are destroying any value.

Opportunities (9)

  • Sandisk Corp / Datacenter Super-Cycle↓ (OPPORTUNITY)
    ◆

    A best-in-class turnaround. Revenue in the Datacenter segment grew 437% YoY. With zero debt and massive cash generation, this is a pure-play on high-end storage demand.

  • Lumentum Holdings / Optical Growth Leverage↓ (OPPORTUNITY)
    ◆

    Revenue grew 83% and operating profit swung from -$180M to +$524M. The 70% fixed-cost base in the Systems segment is creating massive operating leverage. The debt extinguishment loss provides a one-time tax benefit.

  • Harmonic Inc. / Edge Computing & Cable Play↓ (OPPORTUNITY)
    ◆

    With operating profit surging and share buybacks active ($43M in H1), this is a classic free cash flow story masked by a discontinued operations loss. The core cable business is strong.

  • Extreme Networks / EMEA & APAC Growth↓ (OPPORTUNITY)
    ◆

    While Americas growth is weak, the EMEA +18.3% and APAC +34.9% segments show massive international momentum. As they scale, gross margins may revert to mean, offering upside.

  • Partners Group Lending Fund / Yield Play↓ (OPPORTUNITY)
    ◆

    Despite the per-unit NII decline, the fund is growing total AUM and lending income. The 5-for-1 stock split improves liquidity. If interest rates hold, the adjusted yield could be attractive for income seekers.

  • TOP Financial Group / Crypto Arbitrage Play↓ (OPPORTUNITY)
    ◆

    The company grew interest income from loans +75.5% YoY and launched 'Virtual asset brokerage', generating $73K in revenue. The balance sheet expansion ($158M vs $86M) suggests a new, profitable business model emerging.

  • BT Brands, Inc. / Operational Cost Savings↓ (OPPORTUNITY)
    ◆

    The company is shrinking (sales -8.8%) but improving profitability. G&A expenses fell 32% and labor costs fell 8.6%. The Q2 swing to net profit ($576K from a -$55K loss) suggests a successful cost restructuring.

  • Generation Income Properties / Real Estate Asset Sale Play↓ (OPPORTUNITY)
    ◆

    The company raised $4.57M via a public offering and sold a property for a gain. While revenue is falling, the liability reduction ($68.88M to $64.73M) and debt paydown signal a strategic shift to a leaner, more valuable REIT.

  • Copley Acquisition Corp / SPAC Interest Arbitrage↓ (OPPORTUNITY)
    ◆

    Net income doubled to $1.49M in Q2, entirely from interest on trust accounts. For risk-tolerant investors, this is a near-guaranteed return play until a deal is announced or the trust is liquidated.

Sector Themes (6)

  • Large Cap Tech vs Micro Cap Meltdown
    ◆

    3 large-cap filers (Sandisk, Lumentum, Harmonic) reported triple-digit revenue growth and margin expansion. In contrast, 10+ micro-cap filers (WGRX, XCF, ALTS, Mitesco, etc.) reported revenue declines, cash destruction, and existential equity deficits. The market is rewarding size and scale, punishing micro-cap risk. [AGGREGATE DATA: 35 filers; 3 with >50% YoY growth, 10+ with negative equity]

  • Non-Cash Losses Masking Real Business Wounds
    ◆

    Lumentum ($6.9B loss on debt ext.), ALT5 Sigma ($285M crypto loss), XCF Global, and Welsbach all reported massive GAAP net losses entirely driven by non-cash items. Investors need to adjust for these to see the underlying cash flow. This is a systematic reporting issue across the filings. [IMPLICATION: Ignore headline EPS; focus on operating cash flow and adjusted EBITDA.]

  • SPAC Sector is a Dead Zone
    ◆

    Multiple SPACs (Clearthink, Copley, Twelve Seas, Constellation) reported net income, but ONLY from interest on the trust account. All showed negative operating cash flow, no identified targets, and declining cash balances. The model is broken and these are cash-draining shells. [IMPLICATION: Avoid generic SPAC equity; only risk-tolerant investors should trade trust arbitrage.]

  • Growing 'Cash for Survival' Crunch
    ◆

    At least 5 companies (DocGo, NexMetals, Charlie's Holdings, Mitesco, NanoVibronix) saw their cash position decline by more than 50% in six months. This suggests a broader funding winter for micro-caps, where capital is becoming scarce. [IMPLICATION: Expect a wave of dilutive secondary offerings or distressed debt deals.]

  • Capital Allocation: Buybacks are Back, but Divis are Dead
    ◆

    Sandisk was aggressive with $4.5B in buybacks, and Harmonic also repurchased $43M worth. However, no company on the list increased or initiated a dividend. The capital is being returned via buybacks, not cash dividends. [IMPLICATION: Focus on buyback yield for large caps, avoid dividend yield assumptions.]

  • Crypto Exposure is a Binary Risk
    ◆

    ALT5 Sigma is seeing a direct hit to its income statement from crypto volatility. TOP Financial Group is pivoting toward crypto lending. The sector is creating both massive winners and losers, but the transparency is zero due to fair-value accounting. [IMPLICATION: Treat any company with significant crypto holdings as a high-volatility, high-risk trade, not an investment.]

Watch List (8)

  • DocGo Inc.↓
    👁

    Q3 earnings call in November 2026. Watch for further cash burn and any announcement of debt or equity financing. The cash runway appears to be less than 6 months. [Scheduled Event: Earnings Q3]

  • Klotho Neurosciences↓
    👁

    The shareholder vote on the Series C conversion (into 2B shares) is upcoming. This event will either massively dilute common shareholders or invalidate the share count. [Catalyst Calendar: Shareholder Vote]

  • ALT5 Sigma Corp↓
    👁

    The Q3 crypto market (specifically Bitcoin and Ether) will be the main catalyst. A recovery could wipe out the unrealized loss; any further decline could force a restructuring. [Scheduled Event: Q3 Earnings]

  • NanoVibronix↓
    👁

    The company has a cash balance of $1.1M and is burning through it quickly. A capital raise announcement (likely at a deep discount) is imminent. Watch for insider selling in the 8-K filing. [Catalyst Calendar: Financing]

  • Generation Income Properties↓
    👁

    The company's liquidation of assets is accelerating. Watch for 8-K filings regarding property sales and the use of proceeds for debt paydown. [Catalyst Calendar: Asset Sales]

  • Constellation Acquisition Corp I↓
    👁

    The trust has shrunk to $661K. The company must announce a business combination or face liquidation. Any press release regarding a target will be a binary event for the stock. [Catalyst Calendar: Business Combination Deadline]

  • TOP Financial Group↓
    👁

    The pivot into virtual asset brokerage and lending is new. Q2 FY27 (October 2026) will be a key test to see if these new revenue streams can offset the declining futures commissions. [Scheduled Event: Q2 FY27 Earnings Report]

  • Sandisk Corp↓
    👁

    The $849M contract liabilities and $1.5B refund liabilities need to be monitored. If the main customer is delaying orders, this massive backlog could reverse. [Catalyst Calendar: Any major customer announcement]

Filing Analyses (35)
Wellgistics Health, Inc. 10-Q negative materiality 9/10

17-08-2026

Wellgistics Health, Inc. (WGRX) reported a net loss of $18.4M for Q2 2026, widening from a $6.7M loss in Q2 2025, as net revenues collapsed 77% YoY to $1.8M from $7.8M. While the company raised $14.2M in convertible notes and increased cash to $2.5M, total liabilities rose to $52.3M and the accumulated deficit deepened to $137.1M, resulting in a negative stockholders' equity of $19.5M.

  • · Gross margin fell to 10.2% in Q2 2026 from 6.5% in Q2 2025, but improved to 10.6% in H1 2026 from 6.4% in H1 2025.
  • · Allowance for credit losses increased to $1.0M as of June 30, 2026 from $0.8M at December 31, 2025.
  • · Reserve for inventory obsolescence rose to $6.5M as of June 30, 2026 from $6.4M at December 31, 2025.
  • · The company recorded a $8.9M loss on extinguishment of debt and a $0.8M loss on contract termination fee in H1 2026.
  • · Stock-based compensation decreased sharply to $2.6M in H1 2026 from $28.7M in H1 2025.
  • · Interest expense, net increased to $3.6M in H1 2026 from $2.3M in H1 2025.
  • · Cash used in operating activities increased to $6.3M in H1 2026 from $3.4M in H1 2025.
  • · The company issued $14.2M in convertible notes during H1 2026, with $12.7M in fair value of PIPE and placement agent warrants.
  • · Total current liabilities exceeded total current assets by $33.8M as of June 30, 2026, indicating a significant working capital deficit.
  • · Goodwill remained unchanged at $14.2M, while other intangible assets decreased slightly to $9.7M.
Welsbach Technology Metals Acquisition Corp. 10-Q mixed materiality 9/10

17-08-2026

Welsbach Technology Metals Acquisition Corp. (WTMAU) filed its 10-Q for the quarter ended June 30, 2026, reporting its first-ever revenues of $1.6M for Q2 and $3.5M for the first half of 2026, following a business combination that closed in early 2026. However, the company posted a net loss of $11.9M in Q2 2026 (improved from a $40.9M loss in Q2 2025) and a staggering $452.2M net loss for the first six months of 2026, driven largely by a $423.6M non-cash change in fair value of financial instruments. Cash and cash equivalents fell sharply from $11.7M at year-end 2025 to $5.3M at June 30, 2026, while total assets surged to $95.1M from $22.5M, reflecting the acquisition of operating businesses.

  • · The company completed a business combination in early 2026, resulting in a reverse recapitalization and the acquisition of operating businesses, which added goodwill of $58.9M and intangible assets of $6.3M.
  • · Selling, general and administrative expenses surged to $12.1M in Q2 2026 (from $2.9M in Q2 2025) and $28.2M in H1 2026 (from $5.7M in H1 2025), reflecting the expanded operations.
  • · The company reported a gross loss of $115K in Q2 2026, though a gross profit of $329K for H1 2026.
  • · Change in fair value of financial instruments was a negative $423.6M in H1 2026, compared to a negative $48.9M in H1 2025, primarily due to the revaluation of derivative liabilities and CPU Share Allocation Obligations.
  • · Net cash used in operating activities increased to $14.8M in H1 2026 from $4.5M in H1 2025.
  • · The company raised $19.4M from the issuance of convertible debentures in H1 2026.
  • · Total stockholders' deficit improved dramatically from $654.9M at year-end 2025 to $18.9M at June 30, 2026, due to the conversion of preferred units and settlement of liabilities with common stock.
  • · The company had no revenue in the prior-year periods (Q2 2025 and H1 2025), as it was a pre-operational SPAC.
  • · Non-trade accounts payable of $47.6M and accrued expenses of $27.4M represent significant current liabilities as of June 30, 2026.
  • · The company's accumulated deficit grew to $1.13B as of June 30, 2026, from $678.8M at December 31, 2025.
Regen BioPharma Inc 10-Q mixed materiality 5/10

17-08-2026

Regen BioPharma Inc reported its quarterly results for the period ended June 30, 2026. The derivative liability decreased from $2,079,618 to $1,901,963, while accounts receivable from related parties increased to $287,147. Accrued expenses rose to $2,007,987, and the company took on new notes payable of $132,503, while unearned income declined to $1,243,691.

  • · Derivative liability valuation assumptions: risk-free interest rate 3.98%, expected term (0.0001) – 0.10 years, expected volatility 1226.67%, expected dividends 0.
  • · Accrued payroll taxes increased from $28,753 to $38,153; accrued interest increased from $476,434 to $517,754; accrued payroll remained at $1,206,630; accrued rent decreased from $85,000 to $79,027; other accrued expenses increased from $41,413 to $166,423.
  • · Notes payable to Trillium Partners, LP of $132,503 was new as of June 30, 2026 (none at September 30, 2025).
NEXGEL, INC. 10-Q mixed materiality 8/10

17-08-2026

NEXGEL, INC. reported a net loss of $3.6M for Q2 2026, widening from a $0.6M loss in Q2 2025, driven by a surge in operating expenses and interest costs. Revenue grew 28% YoY to $3.7M, but gross margin fell to 30% from 44% due to higher cost of revenues. The company raised $10.2M in convertible notes and invested $6.5M in a license agreement (BioNx), while total liabilities ballooned to $21.0M from $5.6M at year-end 2025, including a new $8.7M derivative liability.

  • · Total assets increased to $26.4M as of June 30, 2026 from $10.5M at December 31, 2025, primarily due to $13.5M in intangibles (up from $0.7M) from the BioNx license.
  • · Total liabilities surged to $21.0M from $5.6M, including $8.7M derivative liability and $3.1M convertible notes payable.
  • · Operating cash flow used was $2.7M in H1 2026 vs. $0.8M in H1 2025.
  • · The company issued 1,224,329 shares in Q2 2026 for conversion of convertible notes and accrued interest.
  • · Non-controlling interest in joint venture increased to $0.5M from $0.4M.
EXTREME NETWORKS INC 10-K mixed materiality 8/10

17-08-2026

Extreme Networks reported total net revenues of $1.28B for FY2026 (year ended June 30, 2026), up 12.6% YoY from $1.14B in FY2025, driven by strong product revenue growth of 14.9% and subscription & support growth of 8.8%. However, operating cash flow declined 19.0% to $123.2M from $152.0M, and cash & equivalents fell 8.6% to $211.8M. The Americas region, which contributed 48.8% of total revenue, grew only 4.8% YoY, while EMEA and APAC grew 18.3% and 34.9% respectively.

  • · Product gross margin declined to 56.6% in FY2026 from 57.3% in FY2025, while subscription and support gross margin slipped to 69.9% from 70.1%.
  • · Total gross margin as a percentage of net revenues fell to 61.5% in FY2026 from 62.2% in FY2025.
  • · Operating income improved to 4.9% of net revenues in FY2026 from 1.5% in FY2025, compared to a loss of 5.8% in FY2024.
  • · Net cash used in financing activities more than doubled to $114.5M in FY2026 from $52.6M in FY2025.
  • · The company had average outstanding debt of $182.6M as of June 30, 2026, with interest expense sensitivity of $1.8M per 100 bps change.
Investcorp AI Acquisition Corp. 10-Q negative materiality 5/10

17-08-2026

Investcorp AI Acquisition Corp. (IVCAF) filed its 10-Q for the quarter ended March 31, 2026, reporting a net loss of $522,567, a significant increase from a net loss of $98,559 in the same quarter of 2025. The loss was driven by a $522,449 non-cash change in the fair value of warrant liability, while interest earned on trust investments fell sharply to $4,233 from $183,580. The company had only $1 in cash and cash equivalents as of March 31, 2026, and total shareholders' deficit deepened to $(1,417,818) from $(891,018) at year-end 2025.

  • · Formation costs and operating expenses decreased dramatically to $4,351 in Q3 FY26 from $282,139 in Q3 FY25.
  • · The company had only $1 in cash at both March 31, 2026 and December 31, 2025.
  • · Redeeming shareholders payable remained flat at $155,957.
  • · Working capital loan from Sponsor (Samara) increased to $8,044 from $4,194.
  • · Accretion of Class A ordinary shares to redemption value was $4,233 in Q3 FY26 vs. $333,580 in Q3 FY25.
  • · Net cash used in operating activities improved to $(3,850) from $(848,021) in the prior year period.
  • · The company had no investing cash flows in Q3 FY26 vs. $(150,000) in Q3 FY25.
  • · Proceeds from promissory note – Sponsor (Samara) were $3,850 in Q3 FY26; no such proceeds in Q3 FY25.
  • · Third-party liabilities totaling approximately $1,118,982 were paid off at closing, with $133,297 paid by the Former Sponsor recognized as a capital contribution.
GENERATION INCOME PROPERTIES, INC. 10-Q mixed materiality 8/10

17-08-2026

Generation Income Properties reported a net loss attributable to common stockholders of $1.08 million for Q2 2026, a significant improvement from a $4.42 million loss in Q2 2025. Total revenue declined 13.2% YoY to $2.11 million, while operating loss narrowed to $1.57 million from $2.37 million. The company completed a public offering, raised $4.57 million net, and sold a property for a gain, but also recorded a loss on held-for-sale asset valuation and continued to face declining rental income.

  • · Net real estate investments decreased from $83.76M at Dec 31, 2025 to $66.82M at Jun 30, 2026.
  • · Held for sale assets of $10.43M were recorded at Jun 30, 2026, none at Dec 31, 2025.
  • · Total liabilities decreased from $68.88M to $64.73M during H1 2026.
  • · Stockholders' deficit improved from -$4.20M to -$2.30M during H1 2026.
  • · Redeemable non-controlling interests decreased from $32.19M to $24.13M during H1 2026.
  • · Interest expense decreased from $2.08M in Q2 2025 to $1.02M in Q2 2026, a 51.1% decline.
  • · General and administrative expense increased from $0.55M in Q2 2025 to $0.66M in Q2 2026, a 19.3% increase.
  • · Compensation costs increased from $0.20M in Q2 2025 to $0.30M in Q2 2026, a 51.1% increase.
  • · The company issued 177,500 shares of common stock, warrants, and pre-funded warrants in a public offering, raising $4.31M net of issuance costs.
  • · Loss on extinguishment of debt decreased from $0.93M in Q2 2025 to $0.03M in Q2 2026.
  • · Gain on sale of property was $1.09M in Q2 2026 versus a loss of $0.04M in Q2 2025.
  • · Cash used in operating activities increased from $0.52M to $0.64M in H1 2026.
  • · Cash provided by investing activities decreased from $10.33M to $3.51M in H1 2026.
  • · Cash used in financing activities decreased from $10.07M to $7.01M in H1 2026.
Partners Group Lending Fund, LLC 10-Q mixed materiality 8/10

17-08-2026

Partners Group Lending Fund, LLC reported mixed results for Q2 and H1 2026. Total investment income increased 15.2% YoY to $11.7M in Q2 and 20.5% YoY to $22.9M in H1, driven by higher interest income. However, net investment income per unit declined from $0.04 to $0.02 in Q2 and from $0.07 to $0.06 in H1 due to a 5-for-1 stock split and higher expenses. Net realized and unrealized losses widened significantly to $5.4M in H1 2026 from $0.7M in H1 2025, primarily from a $5.5M unrealized depreciation on investments, leading to a net decrease in net assets from operations of $6.4M in H1 2026 versus a $7.6M increase in H1 2025.

  • · The Fund completed a 5-for-1 stock split effective February 27, 2026, with all per-unit values retroactively adjusted.
  • · Interest and borrowing expenses decreased 8.1% YoY to $3.3M in Q2 2026 and 1.5% YoY to $6.9M in H1 2026.
  • · Management fees increased 45.7% YoY to $0.8M in Q2 2026 and 50.3% YoY to $1.5M in H1 2026, reflecting higher assets under management.
  • · Professional fees more than doubled to $0.4M in Q2 2026 (up 108.8% YoY) and increased 68.2% YoY to $0.5M in H1 2026.
  • · Current tax expense increased 82.7% YoY to $1.9M in Q2 2026 but decreased 3.6% YoY to $1.9M in H1 2026.
  • · Net realized and unrealized losses on investments totaled $5.4M in H1 2026, compared to $0.7M in H1 2025, driven by a $5.5M unrealized depreciation.
  • · Cash flow from operations was negative $60.7M in H1 2026, improving from negative $69.6M in H1 2025, primarily due to lower investment purchases.
  • · The Fund paid $29.9M in distributions in H1 2026, compared to none in H1 2025.
  • · Proceeds from issuance of common units were $43.8M in H1 2026, up 9.4% from $40.0M in H1 2025.
  • · The Fund had $214.0M in debt outstanding as of June 30, 2026, down from $226.0M at year-end 2025, after net repayments of $12.0M.
  • · Senior Secured Debt represented 154.16% of net assets as of June 30, 2026.
  • · The Fund launched Class M units during H1 2026, with 246,174 units outstanding and net assets of $0.4M as of June 30, 2026.
FDCTECH, INC. 10-Q mixed materiality 8/10

17-08-2026

FDCTech, Inc. reported a dramatic turnaround in Q2 2026, with total revenue surging 222% YoY to $17.47M, driven by a 451% surge in Brokerage (Trading) revenue to $14.26M. Net income swung to $7.71M from a loss of $0.44M in Q2 2025. However, operating cash flow was deeply negative at -$21.14M for H1 2026, and the company restated its Q1 2026 balance sheet, adjusting cash and related party receivable balances. Total assets declined 14% from year-end 2025, while total liabilities fell sharply due to a reduction in related party advances.

  • · Q1 2026 balance sheet restated: cash and cash equivalents reduced by $4.43M, related party receivable increased by $4.87M, and total assets increased by $0.61M.
  • · Related party receivable decreased from $40.09M at Dec 31, 2025 to $21.78M at Jun 30, 2026, while related party advances decreased from $29.20M to $1.93M.
  • · The company completed a common-control combination involving Alchemy Markets (Cayman) Ltd., with consideration paid directly by principal shareholder of $250,000 and a deemed distribution to shareholder of $106,019.
  • · Diluted EPS for Q2 2026 was $0.03, reflecting a weighted average diluted share count of 241,415,268, compared to basic EPS of $1.82 on 4,230,868 shares.
  • · Accumulated surplus (deficit) improved from $3.40M at Dec 31, 2025 to $17.98M at Jun 30, 2026.
  • · Noncontrolling interest turned negative to -$2,794 at Jun 30, 2026 from $33,323 at Dec 31, 2025.
XCF Global, Inc. 10-Q negative materiality 9/10

17-08-2026

XCF Global, Inc. reported a net loss of $14.1M for Q2 2026 and $31.9M for H1 2026, a sharp reversal from net income of $110.3M and $102.8M in the prior-year periods, which were driven by non-cash gains. Revenue collapsed 89.5% YoY to $0.7M in Q2 2026 from $6.6M, and gross profit turned negative on a six-month basis. The company's cash position improved to $0.3M from $0.2M, but total liabilities rose to $383.8M, and the accumulated deficit widened to $48.7M. The company issued massive amounts of common stock (394.5M shares outstanding vs. 206.5M at year-end 2025) to raise capital and settle payables, resulting in significant dilution.

  • · Gross profit for Q2 2026 was $276,200 vs. a gross loss of $1,235,070 in Q2 2025; however, for H1 2026 gross loss was $36,050 vs. $1,235,070 in H1 2025.
  • · Operating expenses fell sharply: total operating expenses for Q2 2026 were $6.0M vs. $33.1M in Q2 2025, primarily due to the absence of a $13.2M severance expense and lower professional fees.
  • · Loss from operations improved to $5.8M in Q2 2026 from $34.4M in Q2 2025, but the improvement was driven by one-time items in the prior year.
  • · Other expense totaled $8.4M in Q2 2026 vs. other income of $144.6M in Q2 2025, which included a $206.2M gain from change in fair value of warrants.
  • · The company issued 37.0M shares to Encore, a related party, to settle $16.7M in accounts payable in Q2 2026.
  • · Interest expense, net was $6.5M in Q2 2026, up from $2.1M in Q2 2025, reflecting higher debt levels.
  • · The company had $124.2M in current notes payable and $132.8M in financial liability as of June 30, 2026.
  • · Cash used in operating activities was $10.7M in H1 2026, worse than $8.5M in H1 2025.
  • · Capital expenditures for construction in progress were $6.4M in H1 2026, up from $1.5M in H1 2025.
  • · The company's ability to continue as a going concern is uncertain given the accumulated deficit of $48.7M and negative operating cash flows.
  • · Risk factors include potential termination of offtake arrangements, disputes with landlord and lender for the New Rise Reno facility, and ability to maintain Nasdaq listing.
TOP Financial Group Ltd 10-Q mixed materiality 7/10

17-08-2026

TOP Financial Group's Q1 FY27 (Apr-Jun 2026) revenue fell 19.2% to $1.08M from $1.33M a year earlier, swinging to a net loss of $113,433 from a $85,992 profit. The company significantly expanded its balance sheet, with total assets nearly doubling to $158.4M from $86.1M, driven by a surge in loans receivable ($81.2M vs. $11.8M) and restricted cash ($34.9M vs. $18.7M). It also collected $65.0M from shareholder subscription fees and issued $2.94M in Class A shares via a private placement and advanced $59.0M in loans to customers in the form of USDT.

  • · Futures brokerage commissions fell 74.3% YoY to $164,201 from $638,546.
  • · Virtual asset brokerage commissions of $73,755 were newly generated in Q1 FY27 vs. nil a year ago.
  • · Interest income from loan business rose 75.5% YoY to $416,139 from $237,049.
  • · Trading losses were $124,571 vs. trading gains of $179,295 in the prior year.
  • · Total expenses increased 17.3% YoY to $1.46M from $1.25M.
  • · Occupancy expense soared to $424,487 from $25,636 (up 1,557%).
  • · Basic and diluted EPS swung to ($0.02) from $0.01.
  • · The company effected a 1-for-5 share consolidation on August 3, 2026, reflected retroactively.
  • · A private placement issued 1,288,203 Class A ordinary shares for $2.94M.
  • · Non-cash activities included collection of $64.98M in USDT from shareholder subscription fees and $59.0M in loans advanced to customers in USDT.
BALTIC INTERNATIONAL USA INC 10-K negative materiality 1/10

17-08-2026

Baltic International USA, Inc. (BISA) filed its Form 10-K for the fiscal year ended December 31, 2025, disclosing it remains a shell company with no operations or revenues since March 2003. The company reported an accumulated deficit of $19,139,239, a working capital deficit of $5,177,991 (worsened from $4,994,685 in 2024), and cash on hand of only $2,976. Annual operating losses remained flat at $15,623 for both 2025 and 2024, with no cash flow from operations or financing activities in either year.

  • · The company's common stock is traded on the OTC Pink Sheets under symbol 'BISA' at a last price of $0.0151.
  • · No dividends have been paid and no dividends are expected in the foreseeable future.
  • · Management has identified a material weakness in internal control over disclosure controls due to lack of adequate resources.
BALTIC INTERNATIONAL USA INC 10-Q negative materiality 3/10

17-08-2026

Baltic International USA, Inc. reported no revenue and a net loss of $18,960 for the nine months ended September 30, 2025, essentially unchanged from the $18,986 loss in the prior-year period. The company remains a shell company with only $2,976 in cash, a working capital deficit of $5.1 million, and an accumulated deficit of $19.1 million. Management acknowledges substantial doubt about the company's ability to continue as a going concern.

  • · The company is a shell company with no business operations generating revenue.
  • · Disclosure controls and procedures were found to be ineffective due to a lack of adequate resources.
  • · The company plans to investigate and potentially acquire a target company or business within the next 12 months.
  • · No legal proceedings, defaults on senior securities, or unregistered sales of equity securities were reported.
  • · The company has not filed interactive data files electronically as required by Rule 405 of Regulation S-T.
Lumentum Holdings Inc. 10-K mixed materiality 9/10

17-08-2026

Lumentum Holdings Inc. reported a massive net loss of $6,935.1M for fiscal year 2026, compared to a net income of $25.9M in fiscal 2025, primarily due to a $7,756.6M loss on debt extinguishment. Revenue surged 83.2% to $3,014.0M from $1,645.0M, driven by strong growth in both Components (+79.7%) and Systems (+90.7%) segments. Gross margin improved dramatically to 41.7% from 28.0%, and the company swung to operating income of $524.8M from an operating loss of $180.1M. However, the massive debt extinguishment loss resulted in a basic loss per share of $92.96 versus earnings of $0.38 in the prior year.

  • · Revenue from Americas grew to $1,084.8M (35.9% of total) in FY2026 from $480.9M (29.2%) in FY2025.
  • · Asia-Pacific revenue increased to $1,752.2M (58.2% of total) in FY2026 from $1,000.6M (60.9%) in FY2025.
  • · Thailand revenue more than doubled to $626.6M from $291.8M; Hong Kong revenue grew to $519.3M from $398.6M.
  • · EMEA revenue rose to $177.0M (5.9% of total) from $163.5M (9.9%).
  • · Interest expense was $21.8M in FY2026, down from $22.2M in FY2025 and $33.8M in FY2024.
  • · Income tax benefit was $237.7M in FY2026 vs. $198.0M benefit in FY2025 and $140.8M provision in FY2024.
  • · Comprehensive loss was $6,934.1M in FY2026 vs. comprehensive income of $25.6M in FY2025.
  • · Deferred revenue and customer deposits (current) surged to $15.4M from $0.7M; non-current deferred revenue was $1.4M vs. zero.
  • · Restructuring charges declined 50% YoY to $11.4M in FY2026 from $22.8M in FY2025.
  • · Gain on sale of facility was $34.9M in FY2025; none in FY2026.
ALT5 Sigma Corp 10-Q negative materiality 9/10

17-08-2026

ALT5 Sigma Corp (ALTS) reported a net loss of $229.6M for Q2 FY26 (13 weeks ended June 27, 2026), compared to a net loss of $9.1M in the same period last year, driven primarily by a $285.1M unrealized loss on cryptocurrency assets. Revenue fell 62% YoY to $2.4M from $6.4M, though gross profit only declined 15% to $2.4M due to a sharp reduction in cost of revenues. For the first half of FY26, the net loss widened to $501.0M from $12.0M, while total assets dropped 41% to $724.1M from $1.22B at year-end 2025, largely due to a $633.4M decline in cryptocurrency assets.

  • · Operating loss improved to $0.7M in Q2 FY26 from $2.1M in Q2 FY25, a 66% reduction.
  • · Cost of revenues dropped 98% YoY to $59K in Q2 FY26 from $3.6M in Q2 FY25.
  • · The company recorded a $142.2M income tax benefit for H1 FY26, compared to a $0.1M provision in H1 FY25.
  • · Cash used in operating activities was $18.5M for H1 FY26 vs $6.7M in H1 FY25.
  • · The company issued 12.7M common shares for the Block Street asset acquisition valued at $11.7M.
  • · Treasury stock buyback of $0.5M occurred during Q2 FY26.
  • · Accumulated deficit grew to $903.7M as of June 27, 2026 from $402.7M at year-end 2025.
  • · Total liabilities decreased to $48.4M from $60.3M at year-end 2025.
  • · Digital assets receivable fell 76% to $4.3M from $18.0M.
  • · Deferred income tax assets increased to $227.7M from $83.9M at year-end 2025.
  • · Intangible assets increased to $33.0M from $23.0M, partly due to the Block Street acquisition.
  • · The company had $14.8M in other assets from discontinued operations as of June 27, 2026.
  • · Pro forma net revenue for H1 FY25 including Mswipe would have been $13.6M vs $11.9M as reported.
  • · Pro forma net loss for H1 FY25 including Mswipe would have been $12.0M vs $12.0M as reported.
Charlie's Holdings, Inc. 10-Q mixed materiality 8/10

17-08-2026

Charlie's Holdings, Inc. reported revenue of $3.8M and $8.6M for the three and six months ended June 30, 2026, up 116% and 158% respectively versus the prior-year periods, driven by growth in its core product business. However, the company recorded a net loss of $1.7M and $2.7M for the respective periods, compared to net income of $5.0M and $3.7M in the prior year, primarily due to a $6.5M gain on sale of intellectual property that did not recur. Operating cash flow remained negative at $(1.5M) for the first half, though it improved from $(3.1M) a year earlier, and the company ended June with only $527K in cash, down from $1.3M at year-end 2025.

  • · Gross profit margin improved to 29.4% in Q2 2026 from 27.6% in Q2 2025.
  • · Operating expenses surged 63.3% in Q2 2026 to $2.35M vs $1.44M in Q2 2025, driven by increases in G&A, sales/marketing, and R&D.
  • · Debt extinguishment loss of $347K was recorded in Q2 2026 vs a gain of $99K in Q2 2025.
  • · The company issued 3.9M common shares for cash ($780K), 1.5M shares to redeem notes payable ($340K), 3.8M shares to settle accounts payable ($1.076M), and other shares for fixed assets and inventory during H1 2026.
  • · Total liabilities increased to $9.66M as of June 30, 2026 from $8.14M at December 31, 2025, while stockholders' equity decreased to $3.14M from $3.42M.
  • · Cash used in operating activities from continuing operations was $1.49M for H1 2026, an improvement from $3.39M used in H1 2025.
  • · No income tax provision was recorded for H1 2026, versus a $388K provision in H1 2025.
BT Brands, Inc. 10-Q mixed materiality 7/10

17-08-2026

BT Brands, Inc. reported a net loss of $174,578 for the 26 weeks ended June 28, 2026, improving from a net loss of $274,818 in the prior-year period. However, sales declined 8.8% to $6,394,499 from $7,010,763, driven by restaurant closures. The company swung to a Q2 net income of $576,433 from a loss of $55,031 in the prior-year quarter, aided by a $829,976 unrealized gain on marketable securities.

  • · Restaurant operating expenses decreased across most categories: food and paper costs down to $2,095,508 from $2,449,549; labor costs down to $2,369,626 from $2,592,500; occupancy costs increased to $647,455 from $611,715.
  • · General and administrative expenses decreased significantly to $669,165 from $982,091 for the 26-week period.
  • · Income from operations improved to a loss of $147,145 from a loss of $367,317 for the 26-week period, and turned positive to $117,205 for the 13-week period vs a loss of $75,121.
  • · Equity in net loss of affiliate improved to $24,748 from $204,705 for the 26-week period.
  • · Net cash provided by operating activities increased to $117,490 from $77,623.
  • · Net cash provided by investing activities was $698,101 vs used in of $1,375,045, driven by proceeds from sale of marketable securities.
  • · The company wrote down $174,000 of bottled water inventory held for sale.
  • · Intangible assets net carrying value decreased to $277,137 from $305,270, primarily due to amortization of covenants not to compete.
  • · Several restaurant locations closed: Sioux Falls, SD (2024), Ham Lake, MN (end of 2024), and Minot, ND (July 2025).
Mitesco, Inc. 10-Q negative materiality 9/10

17-08-2026

Mitesco, Inc. reported a net loss of $1,754,673 for the six months ended June 30, 2026, compared to net income of $3,362,952 in the same period of 2025, a significant decline driven by the absence of a $4.4M gain on revaluation of derivative liabilities and a $562,793 gain on forgiveness of liabilities. Revenue fell 44% to $20,000 from $35,700, while operating expenses increased 27% to $831,801, primarily due to higher software development costs. The company's cash position deteriorated sharply to $7,984 from $100,857 at year-end 2025, and total liabilities exceeded total assets by $24.3 million, resulting in a stockholders' deficit of $24,313,810.

  • · Net cash used in operating activities was $495,106 for the six months ended June 30, 2026, compared to $188,060 in the prior year period.
  • · The company had a stockholders' deficit of $24,313,810 as of June 30, 2026, worsening from $23,472,591 at December 31, 2025.
  • · Total liabilities of $24,415,335 exceeded total assets of $101,525 by a factor of 240x.
  • · Legal settlements payable were $3,505,843 as of June 30, 2026, up from $3,387,536 at December 31, 2025.
  • · Series A preferred stock liability (current) increased to $11,619,154 from $9,447,335 at year-end 2025.
  • · Derivative liabilities doubled to $822,696 from $399,160 at December 31, 2025.
  • · The company issued 5,151,063 common shares for Series A redemptions during the six months ended June 30, 2026.
  • · Software development expenses surged to $136,678 for the six months ended June 30, 2026, compared to $21,122 in the prior year period.
  • · Interest expense increased to $879,764 for the six months ended June 30, 2026, from $750,656 in the prior year period.
  • · The company had no revenue in the first quarter of 2026; all $20,000 of revenue was recognized in the second quarter.
DocGo Inc. 10-Q negative materiality 8/10

17-08-2026

DocGo Inc. reported a net loss of $15.8M for Q2 2026, widening from a $11.2M loss in Q2 2025, as revenues declined 8.7% YoY to $73.4M. For the first half of 2026, revenues fell 15.6% to $149.0M and the net loss attributable to stockholders increased to $30.6M from $20.6M. The company's cash position weakened significantly, with cash and cash equivalents dropping to $25.2M from $51.0M at year-end 2025, while operating cash flow was negative $13.9M for the six-month period.

  • · Cost of revenues decreased to $51.0M in Q2 2026 from $55.0M in Q2 2025, a 7.2% decline.
  • · General and administrative expenses fell to $29.7M in Q2 2026 from $31.2M in Q2 2025.
  • · Legal and regulatory expenses were $4.0M in Q2 2026, down from $4.4M in Q2 2025.
  • · Technology and development expenses increased to $3.4M in Q2 2026 from $3.0M in Q2 2025.
  • · The company recorded a $2.8M loss on change in fair value of contingent consideration in H1 2026.
  • · Insurance proceeds of $4.7M were recognized in H1 2026.
  • · Accounts receivable decreased to $86.2M as of June 30, 2026 from $92.9M at December 31, 2025.
  • · Total assets fell to $186.8M from $217.1M at year-end 2025.
  • · Accumulated deficit grew to $214.4M from $183.8M at December 31, 2025.
  • · Noncontrolling interests deficit widened to $23.3M from $18.1M.
  • · No common stock repurchases occurred in H1 2026, compared to $10.8M in H1 2025.
  • · Stock-based compensation decreased to $5.9M in H1 2026 from $9.7M in H1 2025.
  • · Bad debt expense increased to $2.8M in H1 2026 from $2.5M in H1 2025.
Copley Acquisition Corp 10-Q mixed materiality 5/10

17-08-2026

Copley Acquisition Corp (COPL-UN) filed its 10-Q for the quarter ended June 30, 2026, reporting net income of $1.49M for Q2 2026 and $2.77M for the first half of 2026, compared to $0.91M and $0.84M in the same periods of 2025. The improvement was driven by higher interest earned on trust account investments ($1.57M in Q2 2026 vs $1.12M in Q2 2025). However, the company continues to report operating losses ($88,500 in Q2 2026 vs $203,312 in Q2 2025) and its cash balance fell sharply from $67,568 at year-end 2025 to just $3,099 at June 30, 2026, while the working capital loan from a related party increased to $441,609.

  • · The company had no revenue-generating operations; all income came from interest on trust investments.
  • · Accumulated deficit grew from $5.22M at Dec 31, 2025 to $5.58M at June 30, 2026.
  • · Total assets increased to $181.22M from $178.16M, driven by trust account growth.
  • · Deferred underwriting fees remained unchanged at $5.175M.
  • · The company drew an additional $295,000 on a promissory note from a related party during H1 2026.
  • · Net cash used in operating activities was $359,469 in H1 2026 vs $386,745 in H1 2025.
  • · Weighted average redeemable shares outstanding were 17,250,000 in both Q2 2026 and H1 2026, compared to 11,373,626 in Q2 2025 and 5,718,232 in H1 2025.
Twelve Seas Investment Co III/Cayman 10-Q mixed materiality 5/10

17-08-2026

Twelve Seas Investment Co III (TWLV) filed its 10-Q for the quarter ended June 30, 2026, reporting net income of $1.4M for Q2 2026 versus a net loss of $31K in Q2 2025, driven by dividend income from trust assets. However, operating losses widened to $136K from $31K, and cash decreased 43% to $392K from $694K at year-end 2025. The company remains a SPAC with no business combination announced, and its accumulated deficit grew to $6.5M.

  • · The company has not yet completed a business combination and remains a SPAC.
  • · Dividends earned on trust securities were $1.54M in Q2 2026 and $3.07M in H1 2026, compared to zero in the prior-year periods.
  • · Accretion for Class A ordinary shares to redemption amount totaled $1.54M in Q2 2026 and $3.07M in H1 2026.
  • · Due to Sponsor increased to $37K at June 30, 2026 from $7K at December 31, 2025.
  • · Net cash used in operating activities was $302K in H1 2026 vs $23K in H1 2025.
  • · The company had no financing activities in H1 2026, compared to $1K net provided in H1 2025.
Constellation Acquisition Corp I 10-Q negative materiality 6/10

17-08-2026

Constellation Acquisition Corp I (CSTWF) filed its 10-Q for the quarter ended June 30, 2026, reporting a net loss of $3.3M for Q2 2026, significantly wider than the $0.2M loss in Q2 2025. The company continues to operate as a SPAC with no business combination consummated, and its cash held in trust decreased from $859K to $661K due to redemptions. Total liabilities decreased to $20.8M from $23.3M, but the accumulated deficit grew to $20.7M.

  • · The company has not yet consummated a business combination and continues to operate as a SPAC.
  • · Deferred underwriting fee decreased from $10.85M to $4.34M due to a reversal of $6.51M recorded in Q2 2026.
  • · Warrant liabilities increased from $2.53M to $3.40M, reflecting a change in fair value.
  • · Promissory notes – related parties increased to $2.55M from $2.12M, with $227,208 outstanding under the 2022 Notes.
  • · Net cash used in operating activities was $387,019 for H1 2026 vs $290,398 for H1 2025.
  • · Redemption of Class A ordinary shares totaled $238,039 in H1 2026, down from $27.43M in H1 2025.
Sandisk Corp 10-K positive materiality 9/10

17-08-2026

Sandisk Corp reported a dramatic turnaround in fiscal 2026, with revenue surging 175% YoY to $20,248M and net income of $11,433M compared to a net loss of $1,641M in 2025. The improvement was driven by a massive expansion in gross margin from 30.1% to 71.5% and strong growth in the Datacenter segment (revenue up 437% to $5,153M). However, the company's cash conversion cycle lengthened from 136 days to 162 days, and days in inventory rose from 135 to 178, indicating potential working capital strain.

  • · The company eliminated all long-term debt by July 3, 2026, compared to $1,829M as of June 27, 2025.
  • · Treasury stock of $4,537M was recorded as of July 3, 2026, compared to zero in the prior year, indicating significant share repurchases.
  • · Contract liabilities surged from $25M to $849M, and refund liabilities increased from $126M to $1,500M, suggesting large advance payments from customers.
  • · Income tax payable (current) skyrocketed from $43M to $1,286M, reflecting the sharp increase in profitability.
  • · The effective tax rate turned positive at 12% in 2026, compared to negative rates of (11%) and (34%) in the prior two years.
  • · The company holds $1,777M in marketable equity securities as of July 3, 2026, compared to zero in the prior year.
  • · Goodwill remained nearly flat at $4,994M (2026) vs $4,999M (2025), after a $1,830M impairment in 2025.
  • · Accounts receivable more than quadrupled to $4,708M, while inventories rose 30% to $2,698M.
  • · The cash conversion cycle worsened from 136 days to 162 days, driven by a sharp increase in days in inventory (135 to 178).
  • · Asia remains the dominant geography, contributing 70.3% of total revenue in 2026, up from 60.6% in 2025.
  • · The Datacenter segment grew from 13.1% of revenue in 2025 to 25.5% in 2026, while Edge remained the largest segment at 60.1%.
  • · Consumer segment revenue grew 29.4% in 2026 but was flat in 2025 vs 2024.
  • · The company recorded a $46M loss on debt extinguishment in 2026, consistent with the debt repayment.
  • · Business separation costs declined from $67M in 2025 to $25M in 2026.
  • · Employee termination and other costs were a net benefit of $2M in 2026, compared to a charge of $21M in 2025.
  • · The company has major owned facilities in Penang (1,177,000 sq ft), Kfar Saba (204,000 sq ft), and Bangalore (108,000 sq ft).
  • · The largest leased facility is in Milpitas, California (578,000 sq ft).
Klotho Neurosciences, Inc. 10-Q mixed materiality 8/10

17-08-2026

Klotho Neurosciences, Inc. reported a net loss of $17.5M for the six months ended June 30, 2026, compared to a $6.3M loss in the prior year period, driven by a surge in operating expenses to $15.0M (up from $3.5M). The company raised $14.8M in financing activities and completed a $47.9M non-cash acquisition of mineral licenses via preferred shares, boosting total assets to $65.0M from $9.6M at year-end 2025. However, cash used in operations more than tripled to $11.8M, and the accumulated deficit widened to $38.7M.

  • · Series C Preferred Stock (47,940 shares) is convertible into 2,040,038,760 common shares, but only upon stockholder approval; not yet convertible as of June 30, 2026.
  • · Derivative liability surged from $53K at Dec 31, 2025 to $5.9M at June 30, 2026, a 11,131% increase.
  • · Impairment on intangible assets of $2.0M was recorded in the six months ended June 30, 2026 (none in prior period).
  • · Non-cash investing activity: acquisition of mineral licenses with preferred shares valued at $47.9M.
  • · Investment in equity securities of $3.7M was recorded via issuance of 12.4M common shares in connection with Anortech share exchange.
  • · Weighted average common shares outstanding increased from 30.8M (six months ended June 30, 2025) to 109.9M (six months ended June 30, 2026).
  • · Cash used in operations of $11.8M far exceeded net cash from financing of $14.8M, indicating heavy cash burn.
NexMetals Mining Corp. 10-Q negative materiality 6/10

17-08-2026

NexMetals Mining Corp. reported a net loss of $11.86M for Q2 2026 (ended June 30, 2026) compared to a $15.09M loss in Q2 2025, a 21.4% improvement. For the first half of 2026, the net loss was $22.49M, down from $30.32M in H1 2025. However, cash and cash equivalents fell sharply from $39.78M at year-end 2025 to $16.96M at June 30, 2026, and shareholders' equity decreased from $82.95M to $61.74M in the same period.

  • · Basic and diluted loss per share improved to $0.33 in Q2 2026 from $0.70 in Q2 2025, and to $0.63 from $1.86 for H1 2026 vs H1 2025.
  • · Weighted average common shares outstanding increased to 35,646,516 in Q2 2026 from 21,449,318 in Q2 2025, reflecting share issuances.
  • · Total liabilities declined 42.3% from $15.57M at Dec 31, 2025 to $8.99M at Jun 30, 2026.
  • · Cash used in operating activities for H1 2026 was $21.08M, slightly improved from $21.69M in H1 2025.
  • · No proceeds from issuance of units in H1 2026 vs. $46.0M in H1 2025, and no debt conversion activity in H1 2026 vs. significant conversions in H1 2025.
  • · Exploration and evaluation assets remained relatively flat at $42.98M (Jun 2026) vs. $42.73M (Dec 2025).
GULF RESOURCES, INC. 10-K mixed materiality 8/10

17-08-2026

Gulf Resources reported a net loss of $43.9M for FY2025, a 27% improvement from the $59.9M loss in FY2024, driven by a 232% surge in net revenue to $25.4M. The Bromine segment was the primary growth engine, with revenue soaring 314% to $23.0M and volumes up 168%, while the Crude Salt segment grew 18% to $2.4M. However, the company recorded a massive $30.1M impairment of long-lived assets (up 344% from $6.8M), and other expenses skyrocketed 6,257% to $3.9M, partially offsetting the revenue gains.

  • · The company's net cash used in investing activities improved 22% to $22.6M from $28.9M.
  • · Net cash provided by financing activities swung to positive $4.8M from negative $31.9M in the prior year.
  • · The Chemical Products segment had zero revenue in both FY2025 and FY2024, but still incurred a loss from operations of $1.4M.
  • · The Natural Gas segment was completely wound down, with zero revenue and zero cost of revenue in FY2025.
  • · Corporate costs nearly doubled, increasing 95% to $1.5M from $744.5K.
  • · The company reported a gain on disposal of a subsidiary of $674.8K in FY2025, with no such gain in FY2024.
NanoVibronix, Inc. 10-Q negative materiality 8/10

17-08-2026

NanoVibronix reported a net loss of $8.7M for H1 2026, widening from $5.8M in H1 2025, with revenue declining 41% to $0.9M. The company raised $6.97M through preferred stock issuance but saw cash drop to $1.1M from $4.2M at year-end 2025. Operating expenses surged 44% to $8.9M, driven by higher G&A and selling costs, while gross profit turned negative.

  • · Gross profit turned negative: -$0.3M in H1 2026 vs +$0.3M in H1 2025
  • · Selling and marketing expenses nearly doubled: $1.9M in H1 2026 vs $1.0M in H1 2025
  • · G&A expenses increased 65%: $5.9M in H1 2026 vs $3.6M in H1 2025
  • · R&D expenses decreased 35%: $1.0M in H1 2026 vs $1.6M in H1 2025
  • · Accumulated deficit widened to $124.4M as of June 30, 2026 from $90.5M at year-end 2025
  • · Deemed dividend for down round on Series H Preferred Stock: $23.6M in H1 2026
  • · Repurchase of Series X Preferred Stock: $3.0M in H1 2026
  • · Stock-based compensation: $2.0M in H1 2026 (none in H1 2025)
  • · Cash used in operations: $7.0M in H1 2026 vs $4.7M in H1 2025
Clearthink 1 Acquisition Corp. 10-Q neutral materiality 5/10

17-08-2026

Clearthink 1 Acquisition Corp. (CTAA) reported net income of $930,123 for Q2 2026 and $1,344,917 for the first half of 2026, driven primarily by interest income from its trust account. The company completed its IPO and private placement during the period, raising $125.15M in trust and $3.15M in private placement proceeds, while incurring $366,932 in general and administrative expenses. The SPAC has not yet identified a target business combination, and its operating cash flow was negative at -$269,842 for the six-month period.

  • · The company had $1,406,691 in non-trust cash and $126,658,210 in trust as of June 30, 2026.
  • · Total assets were $128,228,025 at June 30, 2026, compared to $312,542 at December 31, 2025.
  • · Shareholders' equity improved from a deficit of $(21,492) at December 31, 2025 to $1,563,984 at June 30, 2026.
  • · The underwriters partially exercised their over-allotment option for 15,000 units on February 26, 2026; the remaining option expired unexercised.
  • · Operating cash flow was negative $(269,842) for the six months ended June 30, 2026.
  • · No business combination has been announced as of the filing date.
VANJIA CORP 10-Q negative materiality 3/10

17-08-2026

Vanjia Corporation filed its 10-Q for the quarter ended June 30, 2026, reporting a net loss of $3,950 for Q2 2026, an improvement from the $5,200 loss in Q2 2025. However, for the six-month period, the net loss remained flat at $5,650 compared to the same period last year. Total assets declined to $61,659 from $67,309 at year-end 2025, driven by a cash burn of $5,650 and no revenue generation.

  • · No revenue was generated in any period presented.
  • · General and administrative expenses were $5,650 for both six-month periods and $3,950 (Q2 2026) vs $5,200 (Q2 2025).
  • · The company has no current liabilities and no debt.
  • · Accumulated deficit increased from $130,090 (Dec 31, 2025) to $135,740 (Jun 30, 2026).
  • · The company is a shell company (Entity Shell Company: false) and a non-accelerated filer.
  • · Authorized common shares: 9,999,999,999; issued and outstanding: 30,000,000.
Certiplex Corp 10-Q negative materiality 8/10

17-08-2026

Certiplex Corp reported a net loss of $19,484 for Q2 2026 (three months ended June 30, 2026), widening from a $12,096 loss in Q2 2025, as revenue fell 35% to $25,837 from $39,761. For the first half of 2026, revenue dropped 40% to $41,611 from $69,116, while the net loss increased to $27,997 from $23,598. The company's cash position declined sharply to $1,621 as of June 30, 2026, from $4,666 at year-end 2025, and total liabilities exceeded total assets, resulting in a stockholders' deficit of $120,028.

  • · Gross profit margin declined to 78.7% in Q2 2026 from 83.3% in Q2 2025.
  • · Professional fees increased 37.9% in Q2 2026 to $26,000 from $18,850 in Q2 2025, despite overall revenue decline.
  • · General and administrative expenses dropped 81.5% in Q2 2026 to $1,930 from $10,447 in Q2 2025.
  • · Interest expense rose 38.8% in Q2 2026 to $1,108 from $798 in Q2 2025.
  • · The company wrote off a $1,064 loan receivable in H1 2026 (noncash).
  • · No income tax provision was recorded for any period due to a full valuation allowance against deferred tax assets.
  • · Net operating loss carryforward increased to $447,028 as of June 30, 2026.
  • · The company had no accounts receivable as of June 30, 2026 or December 31, 2025.
  • · Total liabilities of $243,934 exceeded total assets of $123,906, resulting in a negative equity position.
  • · Cash used in operating activities worsened to $3,044 in H1 2026 from $1,400 in H1 2025.
Cal Redwood Acquisition Corp. 10-Q mixed materiality 5/10

17-08-2026

Cal Redwood Acquisition Corp. (CRAQR) reported net income of $1.73M for Q2 2026 and $3.64M for H1 2026, up sharply from $0.60M and $0.56M in the prior-year periods, driven by higher trust account earnings. However, operating losses widened to $0.38M (Q2) and $0.52M (H1) from $0.14M and $0.18M, respectively, due to increased general and administrative expenses. Cash on hand fell 25% to $0.82M from $1.10M at year-end 2025, while the trust account grew to $239.78M.

  • · Cash used in operating activities was $200,517 for H1 2026 vs $151,248 for the inception period.
  • · No investing or financing cash flows occurred in H1 2026 (except $75,000 in offering cost payments).
  • · Deferred underwriting fee payable remained unchanged at $9.20M.
  • · Redemption value per share increased from $10.24 at Dec 31, 2025 to $10.43 at Jun 30, 2026.
  • · The company is a shell company and an emerging growth company.
HARMONIC INC. 10-Q mixed materiality 8/10

17-08-2026

HARMONIC INC. reported Q2 FY2026 total net revenue of $133.5M, up 53.5% YoY from $86.9M, driven by strong growth in Appliance and integration revenue (+61.2% to $117.0M). Income from operations swung to a profit of $23.6M from a loss of $0.8M in the prior year quarter. However, the company reported a net loss of $2.3M for the quarter due to a $19.4M loss from discontinued operations, compared to net income of $2.9M a year ago. For the six-month period, net income was $5.0M, down 43.4% from $8.8M in the prior period, as the gain from continuing operations was more than offset by discontinued operations losses.

  • · Assets held for sale were $0 as of July 3, 2026, down from $224.0M at December 31, 2025, indicating the disposal of a business classified as discontinued operations.
  • · Liabilities to be disposed of were $0 as of July 3, 2026, down from $85.7M at December 31, 2025.
  • · The company repurchased 4,220 thousand shares for $42.95M in H1 FY2026, compared to 5,089 thousand shares for $50.1M in H1 FY2025.
  • · Stock-based compensation was $18.6M in H1 FY2026, up from $15.9M in H1 FY2025.
  • · Accumulated deficit increased to $(2,114.7)M as of July 3, 2026 from $(2,076.4)M at December 31, 2025.
Calor Del Sol Inc. 10-K negative materiality 8/10

17-08-2026

Calor Del Sol Inc. filed its annual 10-K for the fiscal year ended April 30, 2026, reporting no revenue and a net loss of $25,109, widening from $20,566 in the prior year. The company's cash balance fell to zero (from $157), and its accumulated deficit grew to $69,807, with total liabilities of $65,807 exceeding total stockholder's deficit of $65,807. The company remains dependent on related-party advances to fund operations.

  • · The company has no revenue in either FY2026 or FY2025.
  • · Total operating expenses increased from $20,566 to $25,109, a 22.1% rise.
  • · The company's stockholder's deficit worsened from $(40,698) to $(65,807).
  • · Net cash used in operating activities rose to $22,586 from $20,566.
  • · The company relied on $22,429 in related-party advances in FY2026, up from $20,145.
  • · The net operating loss carry-forward increased to $5,273 from $4,319, fully offset by a valuation allowance.
BALTIC INTERNATIONAL USA INC 10-Q negative materiality 3/10

17-08-2026

Baltic International USA, Inc. reported no revenue for Q2 2026 and the first half of 2026, consistent with the prior-year periods. The company posted a net loss of $6,320 for the quarter and $12,613 for the six months, virtually unchanged year-over-year. The company remains a shell with no operations, a working capital deficit of $5,269,460, and substantial doubt about its ability to continue as a going concern.

  • · The company is a shell company with no operations, as indicated by the checkmark on the filing.
  • · Dividends payable on preferred stock increased from $4,497,304 at Dec 31, 2025 to $4,576,160 at June 30, 2026.
  • · Short-term debt to officers and directors remained unchanged at $69,481.
  • · Total shareholders' deficit worsened from $(5,177,991) at Dec 31, 2025 to $(5,269,460) at June 30, 2026.
  • · Disclosure controls and procedures were deemed ineffective due to a lack of adequate resources.
  • · The company has not filed Interactive Data Files electronically as required by Rule 405 of Regulation S-T.
BALTIC INTERNATIONAL USA INC 10-Q mixed materiality 7/10

17-08-2026

Baltic International USA Inc. reported a net loss of $6,293 for Q1 2026, virtually identical to the $6,294 loss in Q1 2025. The company had zero revenue in both periods and continues to face a severe liquidity crisis with only $2,976 in cash against $5,226,640 in total liabilities, resulting in a working capital deficit of $5.22 million. Management has disclosed substantial doubt about the company's ability to continue as a going concern and has identified material weaknesses in internal controls.

  • · The company is a shell company as defined in Rule 12b-2 of the Exchange Act.
  • · Disclosure controls and procedures were deemed not effective due to lack of adequate resources, a material weakness in internal control over financial reporting.
  • · No legal proceedings, unregistered sales of securities, or defaults on senior securities were reported.
  • · Total shareholders' deficit increased from ($5,177,991) at December 31, 2025 to ($5,223,664) at March 31, 2026.
  • · Dividends declared and unpaid on preferred stock were $39,380 in both Q1 2026 and Q1 2025.

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