IRIX revenue up 8%, loss halves to $4.4M; gross margin crashes 3650bp on tariffs & write-downs

Filed April 2, 2026 · Period ending January 3, 2026 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

• high

  Gross margin collapsed from 40.1% to 36.5% (down 3650 basis points) driven by inventory write-downs, tariff-related cost increases, and lower overhead capitalization as inventory levels declined.

  MD&A: Gross Margin verify on EDGAR →
• high

  Secured$$20M Novel financing ($6M preferred + $4M convertible notes, with rights to $10M more in Growth Notes over 3 years); used proceeds to extinguish $3.3M Lind debt, recognizing $1.3M loss on early repayment.

  Notes: Novel Financing & Lind Extinguishment verify on EDGAR →
• high

  Revenue grew 8.2% to $52.7M and net loss improved 51% to $4.4M from $8.9M, driven by cost cuts (opex down 22% to $21.8M) and improved operating cash burn ($2.1M vs $7.3M prior year).

  MD&A: Financial Performance verify on EDGAR →