BayFirst posts $32.7M Q2 loss on $41.5M asset resolution charge; restates prior periods

Filed August 14, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 11, 2025 · ~2 min read

Key Changes

• high

  Net loss of $32.7M ($8.05 per share) in Q2 2026 versus $1.2M loss ($0.39 per share) in Q2 2025, driven by $41.5M asset resolution plan expense covering over 7,000 unguaranteed SBA 7(a) loans, a $1.5M impairment.

  MD&A: Asset Resolution Plan verify on EDGAR →
• high

  Material weakness identified in loan accounting controls (nonaccrual status, charge-offs, origination cost recognition, gain-on-sale calculations); disclosure controls now ineffective versus effective prior year. Remediation plan targets Q3 2026 implementation.

  Controls and Procedures verify on EDGAR →
• high

  Restated 2024, 2025, and Q1 2026 financials for $4.9M pretax cumulative errors that understated provision for credit losses and overstated net interest income and gain on sale of government guaranteed loans. Errors accumulated over multiple quarters in defaulted SBA 7(a) loan accounting.

  MD&A: Restatement; Notes verify on EDGAR →