Quarterly ResultMay 13, 2026, 04:37 PM
TurnOnGreen Q1 Net Loss Widens to $773K; Going Concern Doubt
AI Summary
TurnOnGreen, Inc. reported a significant increase in net loss for the first quarter of 2026, widening to $773,000, despite a 9% rise in revenue to $1.74 million. The company also disclosed substantial doubt about its ability to continue as a going concern due to recurring operating and net losses and insufficient cash flows. Increased operating expenses, including $200,000 for office and warehouse relocation, and higher interest expenses contributed to the expanded loss.
Key Highlights
- TurnOnGreen reported a net loss of $773,000 for Q1 2026, a 43% increase from $541,000 in Q1 2025.
- Revenue increased 9% to $1.74 million in Q1 2026, up from $1.59 million in Q1 2025.
- Operating loss widened by 51% to $621,000 in Q1 2026 compared to $410,000 in Q1 2025.
- Convertible notes payable increased to $1.31 million as of March 31, 2026, from $557,000 at year-end 2025.
- The company reported negative working capital of $9 million as of March 31, 2026.
- Sales of EV chargers grew 72% to $549,000 in Q1 2026 from $319,000 in Q1 2025.
- General and administrative expenses rose 29% to $993,000, partly due to $200,000 in relocation costs.