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Get filing alertsStanding Risk Factors
- Going Concern (unchanged) — Substantial doubt about going concern persists; operating loss widened 69% YoY to $159K and operating cash flow reversed to $124K consumption.
- Qualified Audit Opinion (unchanged) — Auditor issued a qualified (or adverse/disclaimer) opinion — a GAAP departure from a clean / unqualified report. Treat earnings quality claims that rely on the qualified amounts with caution. The same qualification appeared in the baseline filing.
ADMT net loss narrows 18% to $100K on non-operating gains as operating loss widens 69%
Filed July 10, 2026 · Period ending March 31, 2026 · Compared to 10-K Jul 14, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorMar 31, 2025 | CurrentMar 31, 2026 | Δ |
|---|---|---|---|
| Revenue | $3.2M | $3.3M | ▲ +4.7% |
| Net income | -$123,056 | -$100,374 | ▲ +18.4% |
| Diluted EPS | $0.00 | $0.00 | $0.00 |
| Operating income | -$94,024 | -$159,097 | ▼ -69.2% |
| Cash & equivalents | $382,969 | $255,730 | ▼ -33.2% |
| Total assets | $2.1M | $1.8M | ▼ -14.2% |
As reported in XBRL by the filer · 10-K vs 10-K. Income figures cover the fiscal year; cash & assets are period-end balances. verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
Loss from operations for the year ended March 31, 2025 was $123,056. Loss from operations for the year ended March 31, 2024 was $877,222.
Current filing · verify on EDGAR →
Loss from operations for the year ended March 31, 2026 was $98,874. Loss from operations for the year ended March 31, 2025 was $121,556.
Prior filing · verify on EDGAR →
Revenues increased $231,704 or 8% from the prior year, which resulted from increases of $13,544 in the electronic segment, $232,469 in the engineering segment offset by a decrease of $14,309 in the chemical segment.
Current filing · verify on EDGAR →
Revenues increased $149,972 or 5% from the prior year, which resulted from increases of $311,916 in the electronic segment, $72,876 in the chemical segment offset by a decrease of $234,820 in the engineering segment.
Prior filing · verify on EDGAR →
At March 31, 2025, we had cash and cash equivalents of $382,969 as compared to $537,041 at March 31, 2024. The decrease of $154,072 was primarily the result of cash provided in operations in the amount of $9,978 and financing activities of $61,700, offset by cash used in investing activities of $225,750.
Current filing · verify on EDGAR →
At March 31, 2026, we had cash and cash equivalents of $255,730 as compared to $382,969 at March 31, 2025. The decrease of $127,239 was primarily the result of cash used in operations in the amount of $124,059 and financing activities of $3,180.
Prior filing · verify on EDGAR →
Net loss for the fiscal years ended March 31, 2025 and 2024 was $121,556 and $877,222 or ($0.00) and ($0.01) per share, respectively.
Current filing · verify on EDGAR →
Net loss for the fiscal years ended March 31, 2026 and 2025 was $100,374 and $123,056 or ($0.00) and ($0.00) per share, respectively.
Prior filing · verify on EDGAR →
Customer deposits of approximately $137,000 as of March 31, 2024 were recognized as revenues during the year ended March 31, 2025.
Current filing · verify on EDGAR →
Customer deposits of approximately $159,000 as of March 31, 2025 were recognized as revenues during the year ended March 31, 2026.
Prior filing · verify on EDGAR →
At March 31, 2025, the outstanding balance is $896.
Current filing · verify on EDGAR →
At March 31, 2026, the outstanding balance is $-0-.
Key Changes
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high
Operating loss widened 69% to $159K while net loss narrowed 18% to $100K — the earnings improvement did not come from operations. Below-the-line items contributed a net $88K gain (non-operating/other +$88K, income tax +$0), masking operational deterioration.
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high
Operating cash flow reversed from $10K generation to $124K consumption; cash declined $127K to $256K. Available line-of-credit capacity fell from $23K to $21K. Going concern remains in effect.
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high
Engineering revenue fell $235K (40% decline to $349K), reversing prior year's $232K gain. Electronics revenue rose $312K (20% increase), accelerating from prior year's $14K gain. Total revenue growth slowed from 8% to 4.7%.
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medium
Sonotron Medical Systems subsidiary dissolved and merged into parent during FY2026. Financial statements now standalone (non-consolidated) for ADM Tronics only; no restatement required as subsidiary was wholly owned.
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medium
Non-US revenue (all chemical segment) rose 4.7% to $537K while US chemical revenue fell 17% to $622K. Geographic revenue disclosure added for first time in FY2026 filing.
Summary
ADM Tronics' FY2026 results present a troubling earnings-quality divergence: the company's net loss narrowed 18% to $100K, but that improvement came entirely from below-the-line gains totaling $88K (non-operating/other +$88K, income tax +$0), not from operations. Operating loss actually widened 69% to $159K, driven by a 40% collapse in engineering revenue (down $235K to $349K) that offset a 20% electronics gain. Operating cash flow reversed from $10K generation to $124K consumption, draining cash to $256K with only $21K of line-of-credit capacity remaining. The going-concern flag remains in effect. The company dissolved its Sonotron Medical Systems subsidiary during the year, merging its balances into the parent and shifting from consolidated to standalone financial statements. Revenue growth slowed from 8% to 4.7%, though non-US chemical sales (now disclosed geographically for the first time) rose 4.7% to $537K while US chemical revenue fell 17%. The auditor's qualified opinion on investment valuation persists. Investors should watch whether engineering revenue stabilizes and whether the electronics segment's momentum can offset the operational cash drain. The non-operating gains that flattered net income are unlikely to recur, leaving the widening operating loss as the core trend.Section-by-Section Diff
Business
~8,300 words (+2% vs prior)Sonotron Medical Systems, Inc. subsidiary dissolved and merged into ADM; otherwise no material business changes.
Previous filing · verify on EDGAR →
As a result, there is substantial doubt about the Company’s ability to continue as a going concern for one year from July 14, 2025, the date the Consolidated Financial Statements were available to be issued.
Current filing · verify on EDGAR →
As a result, there is substantial doubt about the Company’s ability to continue as a going concern for one year from the date the Financial Statements were available to be issued.
The current filing removes the specific calendar date (July 14, 2025) from the going-concern disclosure and uses generic language ("the date the Financial Statements were available to be issued"). The underlying going-concern condition persists: accumulated deficit of $33.1M (vs. $33.0M prior year), cash used in operations of $124k (vs. $10k cash provided prior year), and management's plan to reach profitability within the next fiscal year remains unchanged.
Previous filing · verify on EDGAR →
As of March 31, 2025, the Company had an accumulated deficit of $32,970,220 and cash provided from operating activities of $9,978.
Current filing · verify on EDGAR →
As of March 31, 2026, the Company had an accumulated deficit of $33,070,594 and cash used in operating activities of $124,059.
The Company's operating cash flow deteriorated from a $10k source to a $124k use year-over-year. The accumulated deficit widened by $100k (the net loss for FY2026). Both metrics reflect worsening liquidity, though the going-concern disclosure language and management's profitability plan remain substantively unchanged.
Show 2 minor / wording changes
Previous filing · verify on EDGAR →
The consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary Sonotron Medical Systems, Inc. (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.
Current filing · verify on EDGAR →
Sonotron Medical Systems, Inc. (“SMI”), a formerly wholly owned subsidiary of ADM, was dissolved during the fiscal year ended March 31, 2026. The balances of SMI were merged into ADM prior to dissolution. As a wholly owned subsidiary, no adjustment to prior period comparative amounts was required.
The Company dissolved its wholly-owned subsidiary Sonotron Medical Systems, Inc. during fiscal 2026 and merged its balances into the parent. The current filing now presents standalone (non-consolidated) financial statements for ADM Tronics Unlimited, Inc. only. Because SMI was wholly owned, the dissolution did not require restatement of prior-period comparatives.
Previous filing · verify on EDGAR →
The Company’s tax returns remain subject to examination, by major jurisdiction, for the years ended March 31, as follows: Jurisdiction | Fiscal Year | Federal | 2021 and beyond | New Jersey | 2020 and beyond
Current filing · verify on EDGAR →
The Company’s federal, state, and foreign income tax returns for tax years after March 31, 2023, for federal and March 31, 2022, for the State of New Jersey remain subject to examination by taxing authorities.
The statute-of-limitations window for open tax years advanced by two years for federal (now 2023 and beyond, vs. 2021 and beyond) and two years for New Jersey (now 2022 and beyond, vs. 2020 and beyond). This is a routine annual roll-forward as older years close and newer years remain open.
MD&A
~3,100 words (-6% vs prior)Operating loss widened 69% to $159M; cash declined $127K; engineering revenue fell $235K; electronics revenue rose $312K.
Previous filing · verify on EDGAR →
Loss from operations for the year ended March 31, 2025 was $123,056. Loss from operations for the year ended March 31, 2024 was $877,222.
Current filing · verify on EDGAR →
Loss from operations for the year ended March 31, 2026 was $98,874. Loss from operations for the year ended March 31, 2025 was $121,556.
The MD&A narrative reports operating loss of $98,874 for FY2026 vs. $121,556 for FY2025, suggesting improvement. However, the authoritative XBRL endpoints show operating loss widened from -$94,024 to -$159,097 (69% deterioration). The MD&A figures appear to reflect pretax loss (operating + other income/expense), not pure operating income. Investors should rely on the XBRL-sourced operating loss of $159,097 for FY2026.
Previous filing · verify on EDGAR →
Revenues increased $231,704 or 8% from the prior year, which resulted from increases of $13,544 in the electronic segment, $232,469 in the engineering segment offset by a decrease of $14,309 in the chemical segment.
Current filing · verify on EDGAR →
Revenues increased $149,972 or 5% from the prior year, which resulted from increases of $311,916 in the electronic segment, $72,876 in the chemical segment offset by a decrease of $234,820 in the engineering segment.
Total revenue growth slowed from 8% to 5%. Engineering revenue fell $235K (40% decline from $584K to $349K), reversing the prior year's $232K gain. Electronics revenue rose $312K (20% increase), accelerating from the prior year's $14K gain. Chemical revenue rose $73K after declining $14K in the prior year.
Previous filing · verify on EDGAR →
At March 31, 2025, we had cash and cash equivalents of $382,969 as compared to $537,041 at March 31, 2024. The decrease of $154,072 was primarily the result of cash provided in operations in the amount of $9,978 and financing activities of $61,700, offset by cash used in investing activities of $225,750.
Current filing · verify on EDGAR →
At March 31, 2026, we had cash and cash equivalents of $255,730 as compared to $382,969 at March 31, 2025. The decrease of $127,239 was primarily the result of cash used in operations in the amount of $124,059 and financing activities of $3,180.
Cash declined $127K to $256K. Operating activities consumed $124K in FY2026, reversing the prior year's $10K cash generation. The company no longer reports investing activity (prior year used $226K). Available line-of-credit capacity fell from $23K to $21K.
Previous filing · verify on EDGAR →
Net loss for the fiscal years ended March 31, 2025 and 2024 was $121,556 and $877,222 or ($0.00) and ($0.01) per share, respectively.
Current filing · verify on EDGAR →
Net loss for the fiscal years ended March 31, 2026 and 2025 was $100,374 and $123,056 or ($0.00) and ($0.00) per share, respectively.
Net loss narrowed from $123K to $100K (18% improvement). The prior-year comparison showed a much larger improvement from $877K to $122K. Both periods round to $0.00 per share due to the small absolute loss and share count.
Previous filing · verify on EDGAR →
Net cash provided by operating activities was $9,978 for the fiscal year ended March 31, 2025. Cash provided during the year ended March 31, 2025 was primarily due to net loss of $123,656 coupled with a reduction in net operating liabilities of $69,516, write-off of inventories of $108,744, $22,214 increase in other assets, depreciation and amortization of $7,306.
Current filing · verify on EDGAR →
Net cash used in operating activities was $124,059 for the fiscal year ended March 31, 2026. Cash used during the year ended March 31, 2026 was primarily due to a net loss of $100,374, a decrease in net operating liabilities of $219,545, and payments of operating lease liabilities of $106,872, partially offset by non-cash adjustments including amortization of right-of-use asset of $91,932, write-off of inventories of $17,012, bad debt of $14,917, an unrealized gain on investments of $89,250, amortization of $6,818, and a net decrease in operating assets of $129,381 primarily driven by a reduction in inventories of $136,237 and collections on accounts receivable of $12,723.
The FY2026 operating cash flow narrative is substantially more detailed, breaking out lease payments ($107K), unrealized investment gain ($89K), bad debt ($15K), and working-capital components (inventory reduction $136K, A/R collections $13K). The baseline narrative was condensed and omitted these line items. The shift from $10K cash generation to $124K cash consumption is the underlying material change.
Added in current filing · verify on EDGAR →
The following table presents net revenues disaggregated by geography for the years ended March 31, 2026 and 2025: Twelve Months Ended March 31, | 2026 | 2025 | Net Revenue in the US | Chemical | $ 622,378 | $ 745,730 | Electronics | 1,838,152 | 1,526,236 | Engineering | 349,347 | 584,167 | 2,809,877 | 2,856,133 | Net Revenue outside the US | Chemical | 537,205 | 340,977 | Electronics | - | - | Engineering | - | - | 537,205 | 340,977 | Total Revenues | $ 3,347,082 | $ 3,197,110
FY2026 filing adds a geographic revenue table showing US vs. non-US revenue by segment. Non-US revenue (all chemical segment) rose from $341K to $537K (58% increase). US chemical revenue fell from $746K to $622K. The baseline filing did not disaggregate revenue by geography.
Previous filing · verify on EDGAR →
Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Current filing · verify on EDGAR →
Our discussion and analysis of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
The FY2026 filing refers to "financial statements" rather than "consolidated financial statements." The financial statement index also changed from "CONSOLIDATED FINANCIAL STATEMENTS" to "FINANCIAL STATEMENTS," and the entity name in the index dropped "AND SUBSIDIARY." This suggests the company may no longer consolidate a subsidiary, though the MD&A does not explain the change.
Show 2 minor / wording changes
Previous filing · verify on EDGAR →
Customer deposits of approximately $137,000 as of March 31, 2024 were recognized as revenues during the year ended March 31, 2025.
Current filing · verify on EDGAR →
Customer deposits of approximately $159,000 as of March 31, 2025 were recognized as revenues during the year ended March 31, 2026.
Customer deposits recognized as revenue in FY2026 were $159K, up from $137K in FY2025 (16% increase). This reflects higher advance payments from customers in the prior period that converted to revenue in the current period.
Previous filing · verify on EDGAR →
At March 31, 2025, the outstanding balance is $896.
Current filing · verify on EDGAR →
At March 31, 2026, the outstanding balance is $-0-.
The unforgiven portion of the first PPP loan ($19,725 converted to a term loan in 2021) was fully repaid by March 31, 2026. The prior year-end balance was $896. The loan matured May 15, 2025.
Notes
~2,100 words (-4% vs prior)Auditor's report updated to reflect deconsolidation (subsidiary removed); critical audit matters and going concern language unchanged.
Previous filing · verify on EDGAR →
ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY MARCH 31, 2025 AND 2024 | I N D E X | Page No. Report of Independent Registered Public Accounting Firm (PCAOB Firm ID - 89) F-1 CONSOLIDATED FINANCIAL STATEMENTS: Balance Sheets as of March 31, 2025 and 2024 F-4 Statements of Operations for the Years Ended March 31, 2025 and 2024 F-5
Current filing · verify on EDGAR →
ADM TRONICS UNLIMITED, INC. | MARCH 31, 2026 AND 2025 | I N D E X | Page No. Report of Independent Registered Public Accounting Firm (PCAOB Firm ID - 89) F-1 FINANCIAL STATEMENTS: Balance Sheets as of March 31, 2026 and 2025 F-3 Statements of Operations for the Years Ended March 31, 2026 and 2025 F-4
The current filing presents standalone financial statements for ADM Tronics Unlimited, Inc. only, removing "AND SUBSIDIARY" from the header and "CONSOLIDATED" from all statement titles. This indicates the company no longer consolidates a subsidiary as of March 31, 2026, likely due to disposition, dissolution, or deconsolidation of the previously-consolidated entity.
Previous filing · verify on EDGAR →
We have audited the accompanying consolidated balance sheet of ADM Tronics Unlimited, Inc. (the Company) as of the year ended March 31, 2025, and the consolidated statements of operations, stockholders’ equity, and cash flows for the year ended March 31, 2025
Current filing · verify on EDGAR →
We have audited the accompanying balance sheets of ADM Tronics Unlimited, Inc. (the Company) as of the years ended March 31, 2026 and 2025, and the statements of operations, stockholders’ equity, and cash flows for the years ended March 31, 2026 and 2025
The auditor's opinion now covers two years of comparative standalone statements (2026 and 2025) rather than one year of consolidated statements (2025 only). The baseline filing noted that prior-year 2024 consolidated statements were audited by other auditors; the current filing removes that reference, consistent with the deconsolidation.
Previous filing · verify on EDGAR →
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025, and the results of its operations and its cash flows for the year ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America except for the effects of the matter described in the following section of our report. As disclosed in Note 12 to the consolidated condensed financial statements, accounting principles generally accepted in the United States of America require that investments be stated at fair value.
Current filing · verify on EDGAR →
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for the years ended March 31, 2026 and 2025, in conformity with accounting principles generally accepted in the United States of America except for the effects of the matter described in the following section of our report. As disclosed in Note 12 to the financial statements , accounting principles generally accepted in the United States of America require that investments be stated at fair value.
The qualified opinion (investments not stated at fair value) persists in both periods. The current filing references "Note 12 to the financial statements" (with extra space before the comma) versus "Note 12 to the consolidated condensed financial statements" in the baseline; the qualification itself is unchanged.
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Source-verified from EDGAR · Narrative written by AI · Jul 13, 2026 · How we verify