Strong Revenue Growth
Revenue increased 48.6% year-over-year to $5.35 million in Q1 2026 from $3.6 million in Q1 2025, driven largely by 5G product shipments and resumed LOI shipments.
Large Gross Profit and Margin Expansion
Gross profit rose 116.1% year-over-year to $2.57 million and gross margin improved to 48% from 33% in the prior year period (an improvement of ~15 percentage points / ~1,500 basis points).
Manufacturing & Engineering Revenue Surge
Manufacturing and engineering segment revenue increased to $3.28 million from $0.99 million year-over-year (an increase of roughly 231%), indicating stronger commercial traction in core product lines.
Improved Loss Profile
Net loss narrowed by 17.3% year-over-year to $1.52 million, showing progress toward reduced operating losses while scaling commercialization.
Stronger Balance Sheet and Liquidity
Cash, cash equivalents and marketable securities rose to $18.4 million; working capital improved to approximately $25.4 million from $10.2 million on December 31, 2025 (an increase of ~149%); current ratio improved to 4.25 from 1.68.
Successful Capital Raises
Completed a rights offering and a registered direct offering during Q1, generating aggregate net proceeds exceeding $16 million to support growth initiatives and working capital.
Backlog and Funded Orders
Company reported over $20 million in backlog and continued to receive orders tied to a previously announced $40 million LOI with a North American MNO; shipments under that LOI resumed in April.
Product Certifications and Commercialization Progress
Achieved O-RAN certifications for the flagship 64T64R Massive MIMO radio (company states it is the only 64T O-RAN 5G Massive MIMO radio company and OTIC-certified), advanced multiple 5G and MMIC programs into commercialization, and reduced R&D expense as programs moved from development to deployment.