Revenue growth is encouraging but the expanding losses and margin compression signal ongoing operational challenges. The new credit facility provides near-term liquidity, but profitability remains elusive. Monitor Q4 results for signs of margin recovery or further deterioration.
Price Chart
Executive Summary
NAII reported Q3 FY2026 net sales of $35.5M (+23% YoY) but net loss widened to -$4.3M (-$0.72 EPS) from -$2.2M (-$0.37 EPS) a year ago, driven by gross margin collapse to 1.1% from 6.3% and underutilization. Guidance calls for continued net loss in Q4 and full year, offsetting the top-line growth.
Key Financial Metrics
Key Facts
- Q3 FY2026 net sales $35.5M, up 23% from $28.8M
- Net loss -$4.3M, more than doubling from -$2.2M
- EPS -$0.72 vs -$0.37 in prior year
- Gross margin fell to 1.1% from 6.3%
- New credit facility with Legacy Corporate Lending, $11M term loan and $20M revolver
- Cash $9.2M, working capital $24.9M, debt $18.7M
Financial Impact
Net loss doubled to -$4.3M on 23% revenue growth; gross margin compressed 520 bps
Risk Factors
- Continued losses may pressure cash and increase leverage
- Gross margin below 2% indicates severe underutilization
- Reliance on few large customers for revenue growth
- CarnoSyn royalty revenue flat/declining
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3297262 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | DEF 14A | $1.21 | awaiting T+5 | — | $1.13 (+6.61%) |
Sep 28, 2026 28d ago | Press Release | $1.47 $1.33 | ▲ +9.52% | ▲ +11.47% | $1.13 (+23.13%) |
May 19, 2026 23w ago | Press Release | $2.56 $2.63 | ▼ −2.73% | ▼ −0.44% | $1.13 (+55.86%) |
May 1, 2026 25w ago | 8-K | $2.67 $2.67 | · 0.00% | ▼ −2.94% | $1.13 (−57.68%) |
US Market Status
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