Quarterly ResultMay 14, 2026, 04:28 PM
Nexentis Q1 Net Loss $(6.59M) on $6.29M Goodwill Impairment
AI Summary
Nexentis Technologies Inc. reported a net loss of $(6.589) million for the three months ended March 31, 2026, significantly wider than the $(1.257) million loss in the prior year, primarily due to a $6.291 million goodwill impairment related to its MitoCareX reporting unit. The company also completed the sale and deconsolidation of its 98% owned subsidiary, Save Foods Ltd., on March 15, 2026. Management expressed substantial doubt about the company's ability to continue as a going concern, expecting existing cash to fund operations only through Q1 2027.
Key Highlights
- Reported Q1 2026 net loss of $(6.589) million, compared to $(1.257) million in Q1 2025.
- Recognized a $6.291 million goodwill impairment related to the MitoCareX reporting unit.
- Basic loss per share was $(10.74) for Q1 2026, adjusted for a 1-for-7 reverse stock split.
- Completed the sale and deconsolidation of Save Foods Ltd. on March 15, 2026.
- Total assets decreased to $16.399 million from $20.405 million as of December 31, 2025.
- Net cash used in operating activities was $(1.419) million for Q1 2026.
- Expressed substantial doubt about going concern, with cash for operations until Q1 2027.