Significant Reduction in Operating Expenses
Total operating expenses were reduced by approximately 39% year-over-year in Q1 from $12.9 million in Q1 last year to $7.8 million in Q1 this year.
Improvement in Net Loss
Net loss improved from $5.6 million in fiscal Q1 2025 to $3.3 million for Q1 fiscal 2026.
Positive Non-GAAP EBITDA
Non-GAAP EBITDA improved to $600,000 for the quarter ended September 30, 2025.
Progress in IKE Tech Joint Venture
IKE Tech joint venture is gaining traction with blockchain-based age verification technology, and efforts are ongoing with regulators across Europe, Southeast Asia, and the Middle East.
Manufacturing Expansion in Malaysia
Build-out of the manufacturing facility in Malaysia is progressing well, with plans to increase from 6 to 80 production lines, significantly increasing capacity.
Focus on High-Quality Customers
Shifted strategic focus to higher-quality customers and the higher-value nicotine sector, strengthening cash flow and accounts receivable.