Quarterly ResultMay 14, 2026, 04:47 PM
Lifeloc Q1 Net Loss Narrows to $152.7K; Secures $500K Loan from CFO
AI Summary
Lifeloc Technologies reported a significant narrowing of its net loss for the first quarter of 2026, decreasing by 48% to ($152,713) compared to the same period last year. Total revenues saw a modest 1% increase to $2.29 million, driven by higher product sales and improved gross profit margins. Subsequent to the quarter end, the company secured a $500,000 loan from its CFO and Board Chairman, indicating ongoing financing needs as it continues development of its SpinDetect™ drug detection technology.
Key Highlights
- Secured a $500,000 loan from its CFO and Board Chairman on May 4, 2026.
- Q1 2026 net loss narrowed by 48% to ($152,713) from ($292,686) year-over-year.
- Total revenues for Q1 2026 increased 1% to $2,293,812 from $2,277,034 year-over-year.
- Gross profit for Q1 2026 rose 9% to $987,074 from $908,566 year-over-year.
- Basic net loss per share was ($0.06) in Q1 2026, compared to ($0.11) year-over-year.
- Research, development, and sustaining engineering expenses decreased 12% to $414,445.
- Sales and marketing expenses decreased 6% to $313,229.
- Cash and cash equivalents decreased to $569,330 at March 31, 2026, from $746,001 at December 31, 2025.