Quarterly ResultMay 14, 2026, 05:26 PM
BluSky AI Reports Q1 Net Loss of $429,539; Going Concern Warning
AI Summary
BluSky AI Inc. reported a net loss of $(429,539) for the three months ended March 31, 2026, a significant decline from a net income of $175,389 in the prior year period. The company also disclosed a working capital deficit of $2,650,009 and expressed substantial doubt about its ability to continue as a going concern. Additionally, BluSky AI settled a $2,219,442 note receivable from Mother Lode Mining, Inc., releasing the counterparty from its payment obligation.
Key Highlights
- Net loss for Q1 2026 was $(429,539), compared to net income of $175,389 in Q1 2025.
- Basic and diluted loss per share was $(0.02) for Q1 2026, versus $0.07 income per share in Q1 2025.
- Working capital deficit reached $2,650,009 as of March 31, 2026.
- Company expressed substantial doubt about its ability to continue as a going concern.
- Settled a $2,219,442 note receivable from Mother Lode Mining, Inc., releasing them from obligation.
- Total operating expenses increased to $414,741 in Q1 2026 from $146,105 in Q1 2025.
- Net cash used in operating activities was $(322,486) in Q1 2026, up from $(37,271) in Q1 2025.
- Cash and cash equivalents decreased to $562,950 at March 31, 2026, from $960,436 at Dec 31, 2025.