The FY2026 20-F shows a return to profitability but with contracting margins and a material internal control weakness. The dual-class voting increase further entrenches insider control. Monitor the next quarter for revenue mix trends between oilfield vehicles and the new gas-to-electricity business, and watch for any remediation of the material weakness.
Price Chart
Executive Summary
STAK Inc. filed its annual 20-F for FY2026 (year ended June 30, 2026), reporting a return to profitability with net income of $0.4 million versus a $5.7 million net loss in FY2025. Revenue grew 13.21% to $28.2 million, driven by a 103% surge in specialized oilfield vehicle sales to $22.2 million, though gross margin contracted from 30.86% to 26.43%. The company is expanding into modular gas-to-electricity power generation for AI data centers via its new U.S. subsidiary STAK Vision Energy Inc., and shareholders approved increasing Class B voting rights from 30 to 100 votes per share, further entrenching insider control at ~96.5% of voting power.
Key Facts
- Net income of $0.4 million for FY2026 vs. net loss of $5.7 million in FY2025
- Revenue increased 13.21% to $28.2 million from $24.9 million
- Specialized oilfield vehicle sales rose 103.35% to $22.2 million
- Gross profit margin declined from 30.86% to 26.43%
- Cash and cash equivalents + restricted cash of $4.9 million as of June 30, 2026
- Material weakness in internal controls over financial reporting remains un-remediated
- Shareholders approved increase in Class B voting rights from 30 to 100 votes per share (not yet effective)
- Directors and officers collectively hold ~96.5% of total voting power
- Expanding into modular gas-to-electricity power generation for AI data centers via STAK Vision Energy Inc.
- Top three customers contributed ~50% of revenue in FY2026
Financial Impact
Revenue $28.2M, net income $0.4M, gross profit $7.5M, cash $4.9M
Risk Factors
- Material weakness in internal controls over financial reporting persists
- Gross margin compression from product mix shift toward higher-cost vehicles
- Dual-class voting structure concentrated in insiders (~96.5% voting power)
- Expansion into unproven gas-to-electricity business requires significant capital
- Dependence on top three customers for ~50% of revenue
Investment Themes
Documents Analyzed
This report is based on 13 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-047890 |
| Exhibit: ex2-2.htm | 0001493152-26-047890 |
| Exhibit: ex12-1.htm | 0001493152-26-047890 |
| Exhibit: ex12-2.htm | 0001493152-26-047890 |
| Exhibit: ex15-2.htm | 0001493152-26-047890 |
| Exhibit: ex8-1.htm | 0001493152-26-047890 |
| Exhibit: ex15-1.htm | 0001493152-26-047890 |
| Exhibit: ex13-1.htm | 0001493152-26-047890 |
| Exhibit: ex13-2.htm | 0001493152-26-047890 |
| Exhibit: ex15-3.htm | 0001493152-26-047890 |
| Document: 0001493152-26-047890-index-headers.html | 0001493152-26-047890 |
| Document: 0001493152-26-047890-index.html | 0001493152-26-047890 |
| Document: 0001493152-26-047890.txt | 0001493152-26-047890 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 6-K | $1.67 | awaiting T+20 | — | $1.60 (−4.19%) |
Oct 21, 2026 6d ago | Press Release | $1.67 | awaiting T+20 | — | $1.60 (−4.19%) |
Oct 21, 2026 6d ago | 20-F | $1.67 | awaiting T+20 | — | $1.60 (−4.19%) |
Oct 9, 2026 18d ago | 6-K | $1.08 | awaiting T+20 | — | $1.60 (+48.15%) |
Apr 14, 2026 28w ago | 6-K | $0.8160 $1.11 | ▲ +36.03% | ▲ +29.73% | $1.60 (+96.08%) |
US Market Status
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