Quarterly ResultMay 12, 2026, 04:27 PM
CID Holdco Q1 Net Loss $4.47M; Raises Going Concern Doubt
AI Summary
CID Holdco reported a net loss of $4.47 million for the first quarter of 2026, a significant increase from $1.28 million in Q1 2025, while revenue drastically fell to $12,214 from $352,498. The company's management has raised substantial doubt about its ability to continue as a going concern, citing limited operating history, significant losses, and a working capital deficit of $5.83 million. To address liquidity, CID Holdco secured new financing in April 2026, including an equity purchase facility for up to $10 million and senior secured convertible promissory notes for up to $2.875 million.
Key Highlights
- Net loss for Q1 2026 was $4.47 million, up from $1.28 million in Q1 2025.
- Revenue for Q1 2026 plummeted to $12,214 from $352,498 in Q1 2025.
- Net loss per share for Q1 2026 was $(0.15), compared to $(0.11) in Q1 2025.
- Working capital deficit as of March 31, 2026, was $5.83 million.
- Accumulated deficit reached $65.92 million as of March 31, 2026.
- Secured new equity purchase facility for up to $10 million in April 2026.
- Secured new senior secured convertible notes for up to $2.875 million in April 2026.
- Received $349,996 in short-term loans from executives as of March 31, 2026.