AIDX revenue drops 36% as losses triple; material control weaknesses disclosed

Filed May 20, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

• high

  Q1 2026 revenue fell 36% to $353K while net loss nearly tripled to $2.2M, driven by declining demand across all product lines and fixed lab costs that don't scale with lower volumes. Gross margin compressed from 30% to 18%.

  MD&A: Financial Results verify on EDGAR →
• high

  Management disclosed material weaknesses in internal controls, citing insufficient qualified accounting personnel to handle complex transactions, maintain segregation of duties, or review specialist valuations. Remediation underway but no assurance of success.

  Controls and Procedures verify on EDGAR →
• high

  Company raised $5M through Series E preferred stock with 3.5M warrants at $11.42 strike, plus $570K in secured convertible debt from Streeterville. Both facilities carry significant dilution risk as cash burn accelerated to $1.3M in Q1 from $488K prior year.

  MD&A: Liquidity and Capital Resources verify on EDGAR →