Zeo ScientifiX, Inc.

Filed 2026-06-15Period ending 2026-04-30

Income Statement

Line Item	2026-04-30	Q/Q	Y/Y
Revenue	$2.6M	+78.5%	+124.6%
Cost of Revenue	$526K	+87.2%	+105.5%
Gross Profit	$2.1M	+76.4%	+130.1%
R&D Expense	$31K	+63.2%	-26.2%
SG&A Expense	$2.6M	+25.6%	+12.2%
Operating Income	-$512K	+41.7%	+63.3%
Interest Expense	$11K

Balance Sheet

Line Item	2026-04-30	Q/Q	Y/Y
Accounts Receivable	$276K	+338.1%	+2409.1%
Inventory	$686K	+36.7%	+191.9%
Current Assets	$3.3M	+62.7%	+277.6%
Total Assets	$3.9M	+51.1%	+170.8%
Current Liabilities	$3.1M	+7.8%	-9.9%
Total Liabilities

Cash Flow

Line Item	2026-04-30	Q/Q	Y/Y
Operating Cash Flow	-$609K	-29.3%	—
Capital Expenditures	$78K	+457.1%	—
Investing Cash Flow	$298K	+2228.6%	—
Financing Cash Flow	$1.9M	+49.6%	—
Free Cash Flow	-$687K	-41.6%	—

Management Commentary

AI-extracted from MD&A · 2026-07-31

Business Overview

Zeo ScientifiX is a clinical-stage biopharmaceutical company developing innovative biological therapeutics for degenerative diseases and regenerative medicine, with a portfolio of proprietary products derived from ethically sourced birth tissue including mesenchymal stem cells and exosomes. The company has shifted its strategy to pursue clinical research and commercial sales compliant with new state stem cell legislation (such as Florida's SB 1768 effective July 1, 2025) and has begun distributing additional products for topical aesthetic applications. During the six months ended April 30, 2026, the company increased revenues to $4.0 million (from $2.2 million in prior year) and improved its net loss position to $(997,000) compared to $(2.6 million) in the prior year period.

Segment Performance

The filing does not present segment performance data. Overall company performance shows: Six months ended April 30, 2026 vs. 2025 - Revenues increased to $4,027,000 from $2,239,000; Gross profit increased to $3,220,000 from $1,792,000; Net loss improved to $(997,000) from $(2,634,000). Three months ended April 30, 2026 vs. 2025 - Revenues increased to $2,581,000 from $1,149,000; Gross profit increased to $2,055,000 from $893,000; Net loss improved to $(145,000) from $(1,391,000).

Forward Guidance

The company states: "Management anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses and research and development costs related to development of new products and to perform required clinical studies in connection with the sale of its products." The filing also notes the company's efforts to establish "a stabilized source of sufficient revenues to cover operating costs has yet to be achieved and ultimately may prove to be unsuccessful" unless regulatory restrictions are lifted or additional working capital financing is obtained. Management cautions that "forward-looking statements contained in this Report are not guarantees of future performance" and "the Company's actual results may differ materially from those anticipated, estimated, projected or expected by management."

Key Risk Factors

The company faces significant regulatory uncertainty regarding FDA restrictions on HCT/P products and whether its current operations fall under FDA enforcement policies, which could restrict its ability to process and sell products. The company has substantial accumulated losses ($68.7 million at April 30, 2026), minimal working capital ($155,000), and continues to consume cash from operations, raising substantial doubt about its ability to continue as a going concern without additional financing. The company has major customer concentration, with two customers representing 14.2% and 12.7% of revenues respectively, and maintains uninsured cash balances significantly exceeding FDIC coverage limits ($884,000 and $347,000 in two institutions). Additionally, the company lacks sufficient assets to pledge for borrowing and remains heavily dependent on equity or debt financing to fund operating expenses and R&D costs.