With revenue declining for three consecutive quarters and no guidance provided, the next 10-Q will be critical to see if the customer concentration risk materializes into further revenue loss. Monitor for any customer diversification announcements or cost restructuring.
Price Chart
Executive Summary
Integrated BioPharma reported a severe Q4 and FY2026 earnings miss, with Q4 revenue falling 31.0% YoY to $9.8M and a net loss of $1.4M vs a $0.2M loss last year. Full-year revenue declined 19.3% to $43.9M, swinging from $2.0M operating income to a $2.7M operating loss. Customer concentration worsened to 90% from two customers, and no guidance or recovery catalyst was provided.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue fell 31.0% YoY to $9.8M from $14.2M
- Q4 net loss of $1.4M ($0.04/share) vs $0.2M loss ($0.01/share) last year
- FY2026 revenue declined 19.3% to $43.9M from $54.4M
- FY2026 operating loss of $2.7M vs operating income of $2.0M in FY2025
- FY2026 net loss of $2.8M ($0.09/share) vs net income of $0.8M ($0.03/share) in FY2025
- Revenue from two largest customers represented ~90% of total in FY2026 (up from 84%)
- Gross margin collapsed to near zero: Q4 gross profit just $28K vs $1.5M last year
- No guidance or forward-looking recovery plan provided in the release
Financial Impact
Q4 revenue decline of $4.4M (31.0%) and FY revenue decline of $10.5M (19.3%); operating income swung from +$2.0M to -$2.7M
Risk Factors
- Extreme customer concentration (90% from two customers) creates existential revenue risk if either is lost
- Gross margin near zero suggests pricing pressure or cost structure issues that may not be fixable without scale
- No forward guidance or strategic update indicates management may lack visibility or a turnaround plan
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-031247 |
| Document: inbp20260925_8k.htm | 0001437749-26-031247 |
| Document: 0001437749-26-031247-index-headers.html | 0001437749-26-031247 |
| Document: 0001437749-26-031247-index.html | 0001437749-26-031247 |
| Document: 0001437749-26-031247.txt | 0001437749-26-031247 |
| 8-K Data (Synthetic) | 0001437749-26-031247 |
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%) |
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