Financials
Financial overview
Recognized revenue, GAAP. June 2026 (preliminary close).
| Period | Recognized | Gross margin | Net income |
|---|---|---|---|
| Q1 2025 | $680,000 | 44% | −$410,000 |
| Q2 2025 | $840,000 | 47% | −$360,000 |
| Q3 2025 | $1,120,000 | 50% | −$210,000 |
| Q4 2025 | $1,540,000 | 53% | −$80,000 |
| Q1 2026 | $1,820,000 | 56% | $20,000 |
| Q2 2026 | $2,240,000 | 60% | $95,000 |
| FY 2025 | $4,180,000 | — | — |
| H1 2026 | $4,060,000 | — | — |
| TTM | $6,720,000 | — | — |
June 2026 recognized $810,000 at 64% gross margin. Annualized $9.72M on that month. Do not annualize a quarter and call it a run-rate.
Pipeline is management-qualified and contingent. It is not recognized revenue, not invoiced, and not part of the run-rate.