The accelerating revenue decline (27.3% this quarter vs 10.3% last quarter) combined with negative gross margins and extreme customer concentration (90% from two customers) signals a deteriorating business. Monitor for customer loss announcements, potential covenant breaches, or going concern disclosure in the next 10-Q. No insider buying activity was noted in the prior 30 days, which is consistent with the negative trajectory.
Price Chart
Executive Summary
Integrated BioPharma reported Q3 FY2026 (quarter ended March 31, 2026) results with revenue of $10.1M, down 27.3% YoY from $13.9M, and a net loss of $0.8M vs net income of $0.6M a year ago. The company has now posted operating losses in three consecutive quarters, with customer concentration risk worsening (90% of revenue from two customers). No guidance was provided.
Key Financial Metrics
Key Facts
- Revenue fell 27.3% YoY to $10.1M from $13.9M
- Net loss of $0.8M vs net income of $0.6M in prior year quarter
- Gross loss of $0.3M vs gross profit of $1.6M a year ago
- Operating loss of $1.1M vs operating income of $0.7M
- Diluted EPS of $(0.03) vs $0.02 in prior year quarter
- Nine-month revenue down 15.2% to $34.1M from $40.2M
- Nine-month net loss of $1.5M vs net income of $1.0M
- Customer concentration increased to 90% of revenue from two customers (vs 83% a year ago)
- No guidance or forward-looking commentary provided in the release
Financial Impact
Revenue decline of $3.8M (27.3%) YoY; net income swing of -$1.4M from +$0.6M to -$0.8M
Risk Factors
- Further customer concentration risk — loss of either top customer would be catastrophic
- Negative gross margin suggests pricing pressure or cost structure issues
- Three consecutive quarters of operating losses with no turnaround catalyst visible
- No guidance provided, indicating high uncertainty about near-term outlook
- OTCQX-listed with limited institutional coverage and liquidity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-015928 |
| Document: inbp20260507_8k.htm | 0001437749-26-015928 |
| Document: 0001437749-26-015928-index-headers.html | 0001437749-26-015928 |
| Document: 0001437749-26-015928-index.html | 0001437749-26-015928 |
| Document: 0001437749-26-015928.txt | 0001437749-26-015928 |
| 8-K Data (Synthetic) | 0001437749-26-015928 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $0.1700 $0.1800 | ▼ −5.88% | ▼ −5.91% | $0.1700 (−0.00%) |
Aug 20, 2026 9w ago | 8-K | $0.1800 $0.1700 | ▼ −5.56% | ▼ −5.56% | $0.1700 (−5.56%) |
Jul 2, 2026 16w ago | 8-K | $0.1800 $0.1600 | ▼ −11.11% | ▼ −10.70% | $0.1700 (−5.56%) |
May 8, 2026 24w ago | 8-K | $0.2500 $0.1800 | ▲ +28.00% | ▲ +27.70% | $0.1700 (+32.00%) |
Apr 15, 2026 27w ago | 8-K | $0.2800 $0.2500 | ▼ −10.71% | ▼ −16.76% | $0.1700 (−39.29%) |
US Market Status
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