Quarterly ResultMay 20, 2026, 03:56 PM
Elite Health Systems Q1 Net Loss $(1.29M); Going Concern Doubt Raised
AI Summary
Elite Health Systems Inc. reported a net loss of $(1,294,000) for the first quarter of 2026, significantly wider than the $(424,000) loss in the prior year, despite generating $1,398,000 in revenue from its newly operational Medicare Advantage plan. The company's cash and working capital declined, and it continues to face substantial doubt about its ability to continue as a going concern, requiring additional capital in 2026. Management believes its plans to establish and operate managed health care plans will alleviate this doubt.
Key Highlights
- Net loss for Q1 2026 was $(1,294,000), compared to $(424,000) in Q1 2025.
- Revenue for Q1 2026 was $1,398,000, up from $0 in Q1 2025.
- Cash and cash equivalents decreased to $2,602,000 at March 31, 2026, from $3,758,000.
- Accumulated deficit reached $(13,543,000) at March 31, 2026.
- Net cash used in operating activities increased to $(1,256,000) in Q1 2026.
- Company raised $100,000 from share sales in Q1 2026.
- Goodwill impairment charge of $3,978,000 was recorded at December 31, 2025.
- Medicare Advantage plan began onboarding members and reporting revenue on January 1, 2026.
Price Impact
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