The return to profitability and customer diversification are positive, but the sharp cash decline to $25,565 and reliance on related-party support are material liquidity risks. Monitor the second-half for gross margin stabilization and whether overseas initiatives (U.S., Indonesia, Jakarta clinic) begin contributing revenue in fiscal 2027 as targeted.
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Executive Summary
BIOT reported first-half fiscal 2026 results for its operating group: revenue of $1,142,598 (+4.7% USD, +9.8% in yen), a return to profit after tax of $90,251 vs. a $206,817 loss in the prior-year period, and a gross margin decline from 79.7% to 72.6%. Cash fell to $25,565 from $124,764, and the company depends on related-party support and receivable collection for liquidity. The results are the first since the July 2026 Nasdaq listing via a $225M business combination.
Key Facts
- Revenue $1,142,598 for six months ended May 31, 2026, up 4.7% USD (9.8% in yen) from $1,091,050
- Profit after tax of $90,251 vs. loss of $206,817 in prior-year period
- Gross margin declined to 72.6% from 79.7% due to smaller inventory build, new imported purchases, and higher manufacturing overhead
- Cash and bank balances $25,565 at May 31, 2026, down from $124,764 at November 30, 2025
- Net cash used in operating activities $12,323 vs. $371,404 in prior period
- Largest customer (Customer A) revenue fell to 34.8% of total from 51.7%
- Administrative expenses fell 30.1% to $741,691, mainly due to non-recurrence of ~$208,000 in listing-related fees
- Subsequent to period end, on July 23, 2026, the company completed a business combination with Relativity Acquisition Corp. for ~$225M equity consideration, listing on Nasdaq under BIOT
Financial Impact
Revenue growth of $51,548 (4.7%) but gross profit declined $40,331 (4.6%) due to margin compression; cash burn of $99,199 in the period
Risk Factors
- Cash balance of $25,565 is critically low relative to $1.9M in current liabilities; liquidity depends on receivable collection and director support
- Gross margin declined 7.1 percentage points to 72.6% from new imported purchases and higher overhead
- Customer concentration remains high — top 10 customers account for ~90% of revenue, and largest customer revenue fell 26% in yen
- JPY/USD exchange rate volatility impacts reported USD results; yen weakened further during the period
- Overseas expansion initiatives are pre-revenue and subject to regulatory approvals and partner performance
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-116467 |
| Document: tm2627737d1_ex99-2.htm | 0001104659-26-116467 |
| Document: tm2627737d1_ex99-3.htm | 0001104659-26-116467 |
| Document: tm2627737d1_6k.htm | 0001104659-26-116467 |
| Document: 0001104659-26-116467-index-headers.html | 0001104659-26-116467 |
| Document: 0001104659-26-116467-index.html | 0001104659-26-116467 |
| Document: 0001104659-26-116467.txt | 0001104659-26-116467 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | 6-K | $0.2300 | awaiting T+20 | — | $0.2007 (−12.74%) |
Oct 1, 2026 26d ago | 6-K | $0.3533 | awaiting T+20 | — | $0.2007 (−43.19%) |
Sep 15, 2026 6w ago | 6-K | $0.3700 $0.3602 | ▲ +2.65% | ▲ +5.63% | $0.2007 (+45.76%) |
Aug 10, 2026 11w ago | 6-K | $0.4019 $0.3863 | ▼ −3.88% | ▼ −2.97% | $0.2007 (−50.06%) |
Jul 30, 2026 12w ago | 6-K | $0.4990 $0.4470 | ▼ −10.42% | ▼ −14.39% | $0.2007 (−59.78%) |
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