Xtract One Announces Fiscal 2026 First Quarter Results

Core Insights - Xtract One Technologies Inc. reported a record backlog of over $53 million, indicating strong revenue growth potential for fiscal 2026 and beyond [3] - The company successfully ramped up the commercial deployment of its Xtract One Gateway, with new bookings totaling $5.1 million from seven customers in the first quarter [3] - A public offering raised gross proceeds of over $11.5 million, enhancing the company's capacity to meet customer demand and invest in business development [3] Financial Performance - Consolidated revenue for the first quarter ended October 31, 2025, was $4.6 million, up from $3.6 million in the same period last year, driven by the initial commercial deployments of Xtract One Gateway [4][6] - Gross profit was $2.7 million, with a gross profit margin of 58%, compared to $2.3 million and a margin of 64% in the prior-year period, due to higher initial production and installation costs [4][6] - Comprehensive loss for the quarter was $3.0 million, slightly higher than the $2.7 million loss in the same period last year, primarily due to unrealized foreign currency translation adjustments [5][6] Operational Highlights - The total contract value of new bookings reached $8.4 million for the quarter, compared to $4.2 million in the prior-year period [6] - Contractual backlog at the end of the first quarter was $14.1 million, a slight increase from $14.0 million in the previous year, excluding an additional $39.1 million in agreements pending installation [6] - The company is working with its manufacturing partner to increase production capacity to meet current and forecasted demand for Xtract One Gateway by the end of the second quarter of fiscal 2026 [3] Cash Flow and Financial Position - Cash and cash equivalents increased to $9.1 million as of October 31, 2025, from $8.2 million at the end of the previous quarter [17][18] - The company reported cash used in operating activities of $1.2 million for the quarter, an improvement compared to $1.95 million in the same period last year [18] - Total assets as of October 31, 2025, were $23.7 million, up from $23.4 million at the end of July 2025 [17]