Revenue Growth
Q1 2026 revenues of $4.2 million, up 32% from $3.2 million in Q1 2025, driven by growth in water treatment and increased product supply in the air business.
Improved Gross Profit and Margin
Gross profit of $1.4 million (approx. 33% gross margin) versus $1.2 million in the prior-year quarter, reflecting higher revenue mix from product supply.
Strengthened Balance Sheet via NYSE Uplisting and Capital Raise
Completed uplisting to NYSE American and concurrent public offering that raised aggregate gross proceeds of approximately $16.4 million; cash on hand increased to $14.7 million as of 3/31/2026 (from $2.2 million on 12/31/2025) and the company has no debt.
Narrowing Losses and Improved Adjusted EBITDA
Net loss of $1.3 million ($0.06 per share) in Q1 2026 vs. $1.7 million ($0.09) in Q1 2025; Adjusted EBITDA loss improved to $1.0 million from $1.2 million year-over-year.
Operational Progress in Air Business
Air division revenue of approximately $3.5 million in the quarter (mostly product supply); management reports increasing conversion of licensees to recurring product-supply customers and stable U.S. coal market demand supporting SEA platform sales.
Water Business Momentum and New Capabilities
Transitioned from lab validation to commercial activity: expanded projects, launched national design/analytical partnerships (including a partnership with a national engineering firm with ~1,600 professionals), and scaled RSSCT testing capability to accelerate media selection for utilities.
New Product Launch with Early Orders
Launched SEA-IX nuclear-grade ion exchange resin product line in March 2026, targeting an estimated $220 million addressable market; received approximately $1.0 million in purchase orders to date, including a $0.4 million order from a large coal plant.
Technical Breakthroughs Supporting Rejuvenation Strategy
Demonstrated that thermally rejuvenated granular activated carbon performs comparably to virgin carbon for PFAS removal, potentially lowering life-cycle costs for utilities and supporting plans for a GAC rejuvenation facility and offtake agreements.
Corporate and Leadership Strengthening
Appointed new CFO Michael Mioska (experienced CPA with M&A and capital markets background) and thanked outgoing fractional CFO for support during the uplisting—management emphasizes smoother financial and M&A execution going forward.