Record Q1 Revenue
Revenue of $9.6M in Q1 2026, up 3% year‑over‑year from $9.3M; highest Q1 revenue in company history (growth at the low end of quarterly guidance of 3%–10%).
Record Applicator Unit Sales and Active Systems Growth
Company sold 97 systems in Q1 and reported a net increase of 90 active systems to 1,382 (from 1,292 at year‑end), driving an all‑time record in applicator unit sales.
Strong Consumables Traction
Consumables utilization increased 22% year‑over‑year and 4% sequentially from Q4 2025, signaling improving usage per system.
Improved Net Loss and Lower Interest Expense
Net loss narrowed to $1.4M in Q1 2026 versus a $6.1M loss in Q1 2025 (improvement of $4.7M), driven largely by the nonrecurrence of a $4.9M noncash derivative loss in the prior year; interest expense was $1.4M lower year‑over‑year following senior debt refinancing.
Maintained Guidance and Growing Pipeline
Company maintained full‑year guidance of $51M–$55M and provided Q2 guidance of 10%–15% YoY growth ($11.1M–$11.6M); management cites increased engagement and evaluations with large national systems and a successful SAWC conference as drivers of second‑half optimism.
Sales Tax Remediation Progress
Entered voluntary disclosure agreements (VDAs) with almost all applicable states to limit look‑back exposure and abate penalties; meaningful progress reported with third‑party tax advisers.