The massive gap between Q1 revenue ($3.4M) and the $200M annual target means the company must deliver ~$196.6M in the next three quarters — a 5,700% sequential increase. The $60M dilutive offering just 10 days before this earnings release signals the company needed cash urgently. Monitor for guidance revision or further capital raises; the tokenization contract revenue recognition timeline is critical.
Price Chart
Executive Summary
Datavault AI reported Q1 2026 revenue of $3.4M (+443% YoY but well below the $20.0M consensus), a GAAP net loss of -$53.1M (vs -$9.6M in Q1 2025), and gross margin collapsing to 3% from 11%. The company reiterated its $200M full-year 2026 revenue target, signed $800M+ in tokenization contracts, and raised $60M in a dilutive offering. The massive net loss, negative adjusted EBITDA of -$25.8M, and the gap between Q1 revenue and the annual target create severe credibility risk around the guidance.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $3.4M was 83% below the $20.0M consensus estimate
- GAAP net loss widened to -$53.1M from -$9.6M in Q1 2025
- Gross margin collapsed to 3% from 11% due to lower-margin CSI acquisition revenue
- Adjusted EBITDA worsened to -$25.8M from -$6.5M in the prior year quarter
- Operating cash flow negative at -$8.7M; cash balance only $2.2M
- Company reiterated $200M FY2026 revenue target, implying ~$196.6M needed in remaining three quarters
- Completed $60M registered direct offering on May 5, 2026 (10 days prior), causing ~14.6% dilution
- Signed $800M+ in tokenization contracts but only ~$100M in fees expected to be recognized in 2026
- Shares outstanding increased to 617.8M from 573.4M at year-end 2025, a 7.7% increase in one quarter
Financial Impact
Q1 revenue miss of $16.6M vs consensus; net loss of -$53.1M vs -$9.6M YoY; gross margin decline from 11% to 3%
Risk Factors
- Extreme disconnect between Q1 revenue run-rate and $200M FY guidance creates high risk of guidance failure
- Gross margin collapse to 3% suggests the CSI acquisition is diluting profitability significantly
- Negative operating cash flow of -$8.7M and only $2.2M cash on hand despite $60M raise indicates rapid cash burn
- Massive share dilution (617.8M shares outstanding, up from 573.4M in one quarter) continues to pressure EPS
- Multiple concurrent transactions (NYIAX merger, CyberCatch acquisition, King Mining deal) create execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-061850 |
| Document: tm2614768d1_8k.htm | 0001104659-26-061850 |
| Document: 0001104659-26-061850-index-headers.html | 0001104659-26-061850 |
| Document: 0001104659-26-061850-index.html | 0001104659-26-061850 |
| Document: 0001104659-26-061850.txt | 0001104659-26-061850 |
| 8-K Data (Synthetic) | 0001104659-26-061850 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | Press Release | $0.2136 $0.1569 | ▲ +26.54% | ▲ +25.43% | $0.1500 (+29.78%) |
Aug 19, 2026 6w ago | 8-K | $0.2962 $0.2922 | ▲ +1.35% | ▲ +0.96% | $0.1500 (+49.36%) |
Aug 19, 2026 6w ago | 8-K | $0.2962 $0.2922 | ▲ +1.35% | ▲ +0.96% | $0.1500 (+49.36%) |
Aug 18, 2026 6w ago | 8-K | $0.3867 $0.3095 | ▼ −19.96% | ▼ −19.76% | $0.1500 (−61.21%) |
Aug 12, 2026 7w ago | S-3 | $0.3240 $0.3151 | ▲ +2.75% | ▲ +0.78% | $0.1500 (+53.70%) |
Jul 30, 2026 9w ago | 8-K | $0.3402 $0.3079 | ▼ −9.49% | ▼ −13.01% | $0.1500 (−55.91%) |
Jun 29, 2026 13w ago | 8-K | $0.3500 $0.3652 | ▲ +4.34% | ▲ +3.74% | $0.1500 (−57.14%) |
Jun 22, 2026 14w ago | 8-K | $0.3689 $0.3250 | ▼ −11.90% | ▼ −12.91% | $0.1500 (−59.34%) |
Jun 22, 2026 14w ago | 424B5 | $0.3689 $0.3250 | ▲ +11.90% | ▲ +12.91% | $0.1500 (+59.34%) |
Jun 22, 2026 14w ago | 8-K | $0.3689 $0.3250 | ▲ +11.90% | ▲ +12.91% | $0.1500 (+59.34%) |
US Market Status
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