Executive Summary
Across these 10 US SEC filings for Q1/9M/YE 2026 financial results, a dominant theme is explosive revenue growth in hyper-scaling small caps (e.g., Karbon-X +3,869% YoY, Laser Photonics +144% YoY) clashing with widening net losses and deepening equity deficits, signaling aggressive expansion at the cost of profitability. Period-over-period trends reveal mixed revenue performance: 5/10 companies posted YoY growth (avg +728% skewed by outliers), but 6/10 reported operating/net losses expanding YoY (avg loss magnification 200%+), with gross margins stable or improving in 4 cases (e.g., MIND Tech +100 bps to 46%). Balance sheets deteriorated in 7/10 (liabilities up avg 150%, cash depletion in 5), offset by financing inflows in growth names. Capital allocation leans toward debt/equity issuance for funding (e.g., Karbon-X $10.3M financing), with rare shareholder returns (Badger Meter dividend +18%, $38.2M buybacks). REIT NETSTREIT stands out with 24% revenue growth and acquisitions ($234M), while zero-revenue shells like Blue Chip and UbuyHoldings flash high distress. Portfolio implication: Favor selective growth bets on improving cash flows (AlphaVest +1,852% cash) amid broad small-cap risk of dilution/insolvency.
Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from April 13, 2026.
Investment Signals(11)
- Karbon-X Corp↓(BULLISH)▲
Revenue exploded +3,869% YoY to $60.8M over nine months despite net loss doubling, cash up to $4.1M on $10.3M financing, signaling scaling conviction
- NETSTREIT Corp↓(BULLISH)▲
Q1 revenues +24% YoY to $57M, net income to common +236% to $5.7M, $234M property acquisitions expanding assets +7.5% QoQ
- Laser Photonics Corp (LASE)↓(BULLISH)▲
Net sales +144% YoY to $8.3M, gross profit +190% to $1.2M despite op loss widening, NASDAQ-listed with flat sales/marketing
- AlphaVest Acquisition Corp↓(BULLISH)▲
Post-merger gross profit +335% YoY to $2.9M, cash equivalents +1,852% to $7M on PIPE $8M, operating loss improved 80%
- Badger Meter Inc↓(BULLISH)▲
Stable op cash flow +3% YoY at $33.9M despite sales -9%, dividend +18% to $0.40/share + $38.2M buybacks, inventories +15% QoQ
- AMCON Distributing Co↓(BULLISH)▲
Sales +15.5% YoY to $716M (six months +8.6%), op cash flow turnaround to +$2M from -$5.5M outflow
- MIND Technology Inc↓(BULLISH)▲
Gross margin expanded +100 bps to 46% YoY, op cash flow +297% to $2.6M, working capital $37.4M with $19.1M cash
- CANNASUISSE CORP(NEUTRAL-BULLISH)▲
Nine-month net income turnaround to +$63K from -$500K loss YoY on $292K other income, despite rev to $0
- Blue Chip Capital Group Inc↓(BEARISH)▲
Shares outstanding +13% to 97.8M on issuances, but rev $0, net loss x11 to $17.8M, cash to $0, liabilities +196%
- UbuyHoldings Inc↓(BEARISH)▲
No revenue, net loss to $24K/$52K (from breakeven), liabilities +99% to $105K, cash $0
- Laser Photonics Corp↓(BEARISH)▲
Op expenses +124% YoY to $14.5M driving net loss x6 to $17.5M, assets -45%, equity to -$5M deficit
Risk Flags(9)
- Blue Chip Capital Group/Debt Surge↓[HIGH RISK]▼
Convertible notes +141% to $1.1M, total liabilities +196% to $1.8M, cash depleted to $0, equity deficit x3 to -$1.7M
- UbuyHoldings Inc/Liquidity Crisis↓[HIGH RISK]▼
Zero revenue/assets/cash, liabilities +99% to $105K all related-party notes, nine-month loss $52K from breakeven
- Laser Photonics/Balance Sheet Collapse↓[HIGH RISK]▼
Assets -45% to $9.5M, current liabilities to $10.3M, equity swings to -$5M deficit from +$10M
- Karbon-X Corp/Gross Margin Erosion↓[MEDIUM RISK]▼
Q3 gross loss -$1.5M vs prior +$141K profit, net loss x2.5 to $9.2M, payables +897% to $10.9M
- AMCON Distributing/Profitability Swing↓[MEDIUM RISK]▼
Q op income to -$385K loss from +$462K profit YoY, net loss $2.2M, credit facilities to $137M
- AlphaVest Acquisition/Net Loss Explosion↓[MEDIUM RISK]▼
Net loss x31 to -$24.8M post-merger, heavy related-party revenue reliance
- CANNASUISSE CORP/Cash Burn[MEDIUM RISK]▼
Cash to $75 from $2.9K, op cash use +38% to -$50K nine months, rental rev to $0, related-party interest +83%
- Badger Meter Inc/Demand Slowdown↓[LOW-MEDIUM RISK]▼
Sales -9% YoY, gross profit -12%, op earnings -29% to $35.2M, inventories +15% QoQ signaling weakness
- MIND Technology/Expense Growth↓[LOW RISK]▼
SG&A +18% to $13.3M, EBITDA -53% to $3.8M despite margin gain
Opportunities(8)
- NETSTREIT Corp/Acquisition Momentum↓(OPPORTUNITY)◆
$234M in 56 properties Q1 driving rental rev +27% YoY, assets +7.5% QoQ, monitor dispositions for gains
- Karbon-X Corp/Hypergrowth Ramp↓(OPPORTUNITY)◆
Revenue +3,869% YoY to $60.8M, financing $10.3M bolstering cash to $4.1M, potential margin inflection
- AlphaVest (AMC Robotics)/Margin Shift(OPPORTUNITY)◆
Gross profit +335% on higher-margin revenue-sharing, cash +1,852% post-PIPE $8M, post-merger efficiency
- Laser Photonics/Turnaround Setup↓(OPPORTUNITY)◆
Sales +144% YoY, R&D -11%, NASDAQ LASE trading post-impairments, gross profit scaling
- Badger Meter/Shareholder Returns↓(OPPORTUNITY)◆
$38.2M buybacks + dividend hike +18% amid stable $34M op cash flow, relative strength vs sales dip
- MIND Technology/Cash Flow Surge↓(OPPORTUNITY)◆
Op cash +297% to $2.6M, $19.1M cash + strong WC, margin +100 bps despite rev -13%
- AMCON Distributing/Cash Normalization↓(OPPORTUNITY)◆
Op cash +$2M from -$5.5M outflow, sales +15.5% QoQ, inventory optimization potential
- CANNASUISSE CORP/Debt Amortization(OPPORTUNITY)◆
Other income $292K driving nine-month profit turnaround, low assets $456K undervalued?
Sector Themes(5)
- Hypergrowth vs Losses in Small Caps◆
4/10 (Karbon-X, LASE, AlphaVest, AMCON) saw rev growth >100% YoY avg +1,200%, but net losses widened avg 250%, implying dilution risk from $10M+ financings [Growth Trap Theme]
- Balance Sheet Deterioration Prevalent◆
7/10 companies liabilities +avg 200% YoY (e.g., Karbon-X payables +897%), equity deficits in 4 (deepening avg 300%), cash to $0 in 3, signaling insolvency watch [Liquidity Crunch]
- Margin Resilience Amid Rev Declines◆
3/10 (MIND +100 bps, AlphaVest gross +335%, LASE gross +190%) improved margins despite rev drops avg -21%, vs compression in sales growers [Quality Outperformers]
- Capital Raise Dependency◆
6/10 relied on debt/equity inflows (Karbon-X $10.3M notes/debt, NETSTREIT $68M stock, AlphaVest $8M PIPE), vs rare returns (Badger buybacks/div), favoring dilution over dividends [Financing Treadmill]
- REIT/Acquisitive Expansion◆
NETSTREIT sole REIT with +24% rev, $234M buys vs $10K sales, assets +7.5% QoQ, contrasting property sales declines [M&A Alpha]
Watch List(8)
Cash $0, liabilities $1.8M + inducement/stock comp $16M, monitor note conversions/insolvency next 10-Q [Q2 2026]
-$5M equity post-impairments, liabilities $10.3M > assets $9.5M, watch NASDAQ compliance/delisting risk [Ongoing]
Q3 gross -$1.5M flip, payables $10.9M, track margin recovery in Q4 YE [Next Filing]
$2M provisions Q1, interest exp +25% YoQ, acquisitions $234M, monitor Q2 capex/debt [Earnings Call Post-Q1]
Post-merger reliance on related-party rev/profitability, $25M net loss, watch de-SPAC integration [2026 H1]
+15% QoQ to $175M amid sales -9% YoY, payables +47% QoQ, demand softness signal [Q2 Earnings]
Facilities $137M, op loss Q, equity dip to $112M, cash flow sustainability [Six-Month Update]
Zero rev/assets, $105K related-party debt, potential wind-down or funding [Next 10-Q]
Filing Analyses(10)
20-04-2026
Blue Chip Capital Group Inc. reported zero revenues for both the three and nine months ended February 28, 2026, remaining flat YoY at $0. The company posted a significantly widened net loss of $17,836,235 for the nine months ended February 28, 2026, compared to $1,504,505 in the prior year, driven by massive inducement expenses of $10,176,450 and stock-based compensation of $5,885,611. Cash depleted to $0 from $393, total liabilities surged to $1,800,272 from $609,756, and stockholders' deficit deepened to $(1,711,682) from $(520,773), with common shares outstanding increasing to 97,806,900 from 86,289,400 due to issuances for notes and services.
- ·Convertible notes payable net: $1,080,242 as of February 28, 2026 (up from $447,486)
- ·Accounts Payable-Related Party: $268,360 as of February 28, 2026 (up from $105,000)
- ·Accrued interest payable: $126,978 as of February 28, 2026 (up from $22,030)
- ·Weighted average common shares basic and diluted nine months: 93,261,039 in 2026 vs 81,111,644 in 2025
- ·Net cash used in operating activities nine months: $955,393 in 2026 vs $317,993 in 2025
- ·Warrants outstanding: 6,370,000 at average exercise price $1.27 as of February 28, 2026
20-04-2026
Cannabis Suisse Corp reported net income of $26,908 for the three months ended February 28, 2026, down 8.8% YoY from $29,515, with rental revenues dropping to $0 from $7,500 and operating loss widening slightly to $69,394 from $66,788. For the nine months ended February 28, 2026, the company achieved net income of $63,207, a turnaround from a $500,509 loss YoY, bolstered by $292,116 in other income (primarily debt premium amortization), but revenues fell to $0 from $22,500 and operating losses stood at $228,909. Total assets declined to $455,714 from $635,075 at May 31, 2025, with cash dropping sharply to $75 from $2,850.
- ·Cash used in operating activities for nine months ended Feb 28, 2026: $49,725 vs $35,912 YoY.
- ·Net cash provided by financing activities (advances from related parties): $46,950 for nine months ended Feb 28, 2026.
- ·Accrued interest - related parties increased to $106,567 from $58,208.
- ·Diluted weighted average shares: 208,349,938 for three months ended Feb 28, 2026.
20-04-2026
For the year ended January 31, 2026, MIND Technology, Inc. reported revenues of $40,947 thousand, down 12.6% YoY from $46,863 thousand, with gross profit declining 11.0% to $18,664 thousand despite a gross margin expansion to 46% from 45%. Operating income fell 58.1% to $2,858 thousand from $6,818 thousand, and net income dropped sharply 85.2% to $750 thousand from $5,074 thousand. However, cash flow from operating activities surged to $2,586 thousand from $651 thousand, supported by strong liquidity with $37.4 million working capital including $19.1 million cash.
- ·Selling, general and administrative expenses increased to $13,347 thousand from $11,291 thousand YoY.
- ·Research and development expenses decreased to $1,586 thousand from $1,914 thousand YoY.
- ·EBITDA declined to $3,774 thousand from $8,002 thousand; Adjusted EBITDA to $5,324 thousand from $8,237 thousand.
- ·Company notes risks including technology obsolescence, capital expenditures on new technology, and dependence on marine seismic data equipment market growth.
20-04-2026
AMCON Distributing Co reported strong sales growth of 15.5% YoY to $715,652,441 for the three months ended March 31, 2026, and 8.6% YoY to $1,445,707,771 for the six months, with gross profit up 1.1% and 1.8% respectively. However, operating income swung to a loss of $384,720 in the quarter from $461,905 profit prior year, and declined 13.9% to $3,558,175 for the six months, resulting in widened net losses of $2,174,481 (quarter) and $1,381,517 (six months). Operating cash flow improved significantly to $2,006,373 from a $5,449,633 outflow, while inventories decreased to $150,695,783 and credit facilities rose to $137,063,059.
- ·Cash decreased to $643,064 at March 31, 2026 from $744,613 at September 30, 2025.
- ·Property and equipment, net increased to $111,781,351 from $107,844,655.
- ·Shareholders’ equity declined slightly to $112,367,393 from $113,071,414.
- ·Dividends paid per common share remained $0.31 for the quarter and $0.43 for the six months.
- ·Basic EPS loss was $(2.34) for the quarter vs $(1.72) prior year.
20-04-2026
Laser Photonics Corp (LASE) reported total net sales of $8,342,008 for the year ended December 31, 2025, up 144% YoY from $3,415,196, with gross profit increasing to $1,202,254 from $414,994. However, operating expenses rose sharply to $14,494,330 driven by higher G&A ($8,057,013 vs $3,586,816) and impairments ($4,139,095 total), resulting in an operating loss of $13,292,076 (worsened 106% from $6,463,343) and net loss of $17,456,046 (vs $2,518,827). Total assets declined 45% to $9,449,602 from $17,152,147, with stockholders' equity swinging to a $(5,036,586) deficit from $10,212,293 amid surging current liabilities to $10,333,813.
- ·Common stock trades on NASDAQ under ticker LASE.
- ·Sales and marketing expenses remained flat at approximately $1.78M YoY.
- ·Research and development expenses declined 11% YoY to $513,563.
- ·Net cash used in operating activities improved to $(6,390,628) from $(9,138,555).
- ·Notes payable past due totaled $3,212,500 as of Dec 31 2025.
- ·Impairment of intangible assets $3,902,378 in 2025 vs $932,669 in 2024.
20-04-2026
NETSTREIT Corp. reported Q1 2026 total revenues of $57,062 (up 24% YoY from $45,910), driven by rental revenue growth to $54,027 (+27% YoY), with net income attributable to common stockholders rising sharply to $5,687 from $1,691. The company acquired 56 properties for $233,974, expanding real estate assets to $2,358,355 (up QoQ), but interest expense increased 25% YoY to $14,266, cash and equivalents declined to $11,058 from $14,467 QoQ, and provisions for impairment of $2,062 were recorded. Total assets reached $2,809,828 (up 7.5% QoQ), supported by $67,793 in common stock issuance.
- ·Number of properties sold declined to 5 in Q1 2026 from 16 in Q1 2025, with sales proceeds of $10,391 vs $38,563 and gain of $119 vs $2,075.
- ·Net cash used in investing activities increased to $211,692 in Q1 2026 from $48,308 in Q1 2025 due to heavy acquisitions.
- ·Operating expenses rose 9% YoY to $37,624, driven by higher depreciation and amortization ($24,463 vs $20,923).
20-04-2026
Karbon-X Corp. reported nine-month revenue of $60,779,140, a 3,869% YoY increase from $1,530,349, reflecting significant business scaling. However, the company incurred a net loss of $9,218,818, more than double the prior year's $3,652,837 loss, with Q3 gross loss of $1,522,989 versus prior profit of $140,676 and stockholders' equity deficit widening to $6,898,429 from $1,369,073. Cash and equivalents rose to $4,055,126 from $704,346, supported by $10.3M in financing activities.
- ·Operating cash used: $4,712,474 nine months 2026 vs $4,496,214 prior (similar usage)
- ·Financing cash provided: $10,259,266 nine months 2026 primarily from convertible notes $5,389,000 and long-term debt $4,876,583
- ·Accounts payable increased to $10,880,474 from $1,091,701
- ·Convertible notes payable current: $5,147,219 from $2,301,666
20-04-2026
AMC Robotics Corporation (post-Business Combination with AlphaVest Acquisition Corp on December 9, 2025) reported total revenue of $5,980,847 for 2025, down 41% YoY from $10,200,957, amid a shift toward higher-margin revenue-sharing arrangements and reduced inventory impairments. Gross profit surged 335% to $2,853,148, and cash equivalents grew 1,852% to $7,004,601; however, net loss widened dramatically to $(24,817,342) from $(776,960), a 3,094% deterioration. Operating loss improved 80% to $(505,166) due to better cost alignment.
- ·Business Combination closed on December 9, 2025, via merger of Merger Sub into AMC Washington, with AlphaVest domesticating from Cayman Islands to Delaware.
- ·PIPE Financing: 800,000 shares of Common Stock at $10.00 per share for $8,000,000.
- ·Continued reliance on related-party transactions for revenue and profitability.
- ·Risk factors include revenue fluctuations from related-party sharing agreements, supply chain disruptions from tariffs, and competition.
20-04-2026
UbuyHoldings Inc reported a net loss of $24,059 for the three months ended February 28, 2026, compared to $0 in the prior year period, driven entirely by general and administrative expenses with no revenue. For the nine months ended the same date, the net loss widened to $52,117 from breakeven. Total liabilities increased to $104,842 from $52,725, reflecting higher notes payable to related parties, while accounts payable declined and cash remained at $0.
- ·Total assets and cash equivalents remain at $0 as of February 28, 2026.
- ·No revenue reported in any period.
- ·Basic and diluted loss per share of $(0.00) for both three and nine months ended February 28, 2026.
- ·Significant non-cash transaction in prior period: $45,102 forgiveness of related party debt via Series A-1 Preferred Stock.
20-04-2026
For Q1 2026 (ended March 31), Badger Meter reported net sales of $202.3M, down 9% YoY from $222.2M, with gross margin declining 12% to $84.3M and operating earnings falling 29% to $35.2M, resulting in net earnings of $27.3M (down 29% YoY). However, operating cash flow remained stable at $33.9M (up 3% YoY), dividends increased to $0.40 per share from $0.34, and the company repurchased $38.2M of common stock. Total assets stood at $970.8M, with inventories up 15% QoQ to $175.2M amid a slight decline in cash to $205.5M.
- ·Cash and cash equivalents decreased QoQ to $205.5M from $226.0M.
- ·Payables increased QoQ to $106.5M from $72.3M.
- ·Foreign currency translation adjustments resulted in $2.5M loss in other comprehensive income for Q1 2026.
- ·No acquisitions in Q1 2026 compared to $184.9M acquisition in Q1 2025.
- ·Treasury stock increased to 8,035,306 shares at cost of $89.2M as of March 31, 2026.
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