Monitor the company's ability to collect receivables and negotiate extensions on overdue notes; the cash balance of $688K is insufficient to cover near-term obligations without additional financing or improved cash conversion. Watch for further equity dilution via warrant exercises or additional private placements.
Price Chart
Executive Summary
Helport AI reported H1 FY2026 revenue of $17.7M (+7.7% YoY) but swung to a net loss of $1.7M from net income of $1.1M in the prior-year period, driven by a 293% surge in R&D spending to $5.7M and a $2.4M credit loss provision on receivables. Gross margin contracted from 54.6% to 51.4%, and cash stood at just $688K with $2.925M in overdue promissory notes under negotiation. The company is investing heavily in new products (HyprX, TwinX) and global expansion, but the financial deterioration and tight liquidity raise concerns about near-term solvency without additional capital.
Key Facts
- Revenue increased 7.7% YoY to $17.7M for the six months ended Dec 31, 2025
- Net loss of $1.7M vs net income of $1.1M in the prior-year period
- EPS of -$0.04 vs +$0.03 YoY
- Gross profit margin declined from 54.6% to 51.4%
- R&D expenses surged 293% to $5.7M from $1.4M
- Recorded $2.4M in credit losses on accounts receivable
- Cash balance of $688K vs $152K at June 30, 2025
- Working capital fell to $1.6M from $4.7M
- Accounts receivable net ballooned to $35.0M from $23.5M
- Accounts payable surged to $17.9M from $3.5M
- $1.625M in promissory notes to third parties overdue, under negotiation
- $1.3M due to related party Chunyi Hao also overdue
- 18.8M warrants outstanding with $11.50 exercise price
- Subsequent equity issuances: 125K shares for $500K (Youth Spring), 90,942 shares for $690K (FountainX)
Financial Impact
Net loss of $1.7M on $17.7M revenue; cash burn from investing activities of $6.5M; $2.4M credit loss provision; $2.925M in overdue promissory notes
Risk Factors
- Liquidity risk: only $688K cash against $2.9M in overdue promissory notes and growing payables
- Credit risk: $2.4M allowance for credit losses on $37.4M gross receivables; 36.8% of receivables uncollected as of filing date
- Dilution risk: 18.8M warrants exercisable at $11.50 (far above current market price) and potential additional equity issuances
- Customer concentration: top 3 customers represent 66.1% of revenue; top 5 customers 90.5% of receivables
- Supplier concentration: one supplier accounts for 99.9% of accounts payable
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-072600 |
| Document: ea029560701ex99-1.htm | 0001213900-26-072600 |
| Document: ea0295607-6k_helport.htm | 0001213900-26-072600 |
| Document: 0001213900-26-072600-index-headers.html | 0001213900-26-072600 |
| Document: 0001213900-26-072600-index.html | 0001213900-26-072600 |
| Document: 0001213900-26-072600.txt | 0001213900-26-072600 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 26, 2026 17w ago | 6-K | $0.5859 $0.2908 | ▲ +50.37% | ▲ +54.75% | $0.2680 (+54.26%) |
Jun 2, 2026 20w ago | Press Release | $0.9200 $0.4201 | ▼ −54.34% | ▼ −55.45% | $0.2680 (−70.87%) |
Apr 9, 2026 28w ago | Press Release | $1.59 $0.7099 | ▼ −55.35% | ▼ −66.13% | $0.2680 (−83.14%) |
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