The company is burning cash rapidly with no clear path to profitability or financing — the going-concern flag and Nasdaq delisting severely limit capital access. Expect further dilution if any financing is secured, or a potential restructuring/bankruptcy if not. Avoid until a clear solvency plan emerges.
Price Chart
Executive Summary
Functional Brands reported Q2 2026 revenue of $1.87M, up ~2% YoY, but the operating loss widened to $1.3M from $0.16M, driven by a 119% increase in G&A. The net loss increased to $2.6M from $0.2M. The company raised substantial doubt about its ability to continue as a going concern, with only $352K cash and a working capital deficit of $2.9M. The BullionFX acquisition terminated, and the stock was delisted from Nasdaq to OTC Markets.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $1.87M, up ~2% from $1.83M YoY
- Operating loss widened to $1.3M from $0.16M YoY
- Net loss of $2.6M compared to $0.2M YoY
- Cash balance dropped to $352,142 from $2.73M at Dec 2025
- Working capital deficit of $2.9M as of June 30, 2026
- Accumulated deficit of $16.7M
- Going concern warning explicitly raised
- BullionFX acquisition LOI terminated on June 29, 2026
- Stock delisted from Nasdaq to OTC Markets
- Q2 2026 EPS: $(0.06) vs $(0.03) YoY
Financial Impact
Cash burn of ~$1.65M in Q2; operating cash outflow of $943K for 6 months; equity value at risk given going concern and OTC listing
Risk Factors
- Going concern risk — cash may run out within months
- Inability to raise capital due to OTC listing
- Massive share dilution from any future financing
- No acquisition catalyst after BullionFX termination
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-090736 |
| Document: ea0302335-8k_function.htm | 0001213900-26-090736 |
| Document: 0001213900-26-090736-index-headers.html | 0001213900-26-090736 |
| Document: 0001213900-26-090736-index.html | 0001213900-26-090736 |
| Document: 0001213900-26-090736.txt | 0001213900-26-090736 |
| 8-K Data (Synthetic) | 0001213900-26-090736 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 10w ago | 8-K | $0.004200 | awaiting T+60 | — | $0.004000 (+4.76%) |
Jul 13, 2026 15w ago | 25-NSE | $0.005000 $0.004800 | ▲ +4.00% | ▲ +8.25% | $0.004000 (+20.00%) |
Jun 15, 2026 19w ago | 8-K | $0.0188 $0.005300 | ▲ +71.81% | ▲ +73.07% | $0.004000 (+78.72%) |
May 28, 2026 21w ago | 8-K | $0.0810 $0.004000 | ▲ +95.06% | ▲ +96.80% | $0.004000 (+95.06%) |
May 27, 2026 21w ago | DEFA14A | $0.0810 $0.004000 | ▼ −95.06% | ▼ −96.80% | $0.004000 (−95.06%) |
May 27, 2026 21w ago | DEFA14A | $0.0800 $0.004200 | ▼ −94.75% | ▼ −96.63% | $0.004000 (−95.00%) |
May 22, 2026 22w ago | 8-K | $0.1060 $0.004200 | ▲ +96.04% | ▲ +99.23% | $0.004000 (+96.23%) |
May 20, 2026 22w ago | 3 | $0.0770 $0.004900 | ▼ −93.64% | ▼ −97.94% | $0.004000 (−94.81%) |
May 20, 2026 22w ago | 8-K | $0.0770 $0.004900 | ▼ −93.64% | ▼ −97.94% | $0.004000 (−94.81%) |
May 19, 2026 22w ago | DEFA14A | $0.0850 $0.004200 | ▼ −95.06% | ▼ −100.06% | $0.004000 (−95.29%) |
US Market Status
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