Trilogy secures U.S. Defense investment, raises $47.8M cash as Q1 loss doubles to $7.1M

Filed April 2, 2026 · Period ending February 28, 2026 · Compared to 10-Q Apr 2, 2025 · ~1 min read

Key Changes

• high

  U.S. Department of War strategic investment agreement extended to May 31, 2026 deadline; $1.5M derivative liability recorded for share/warrant obligation to government.

  MD&A: Strategic Investment verify on EDGAR →
• high

  Cash position nearly doubled to $47.8M from $25.2M year-ago via new $200M at-the-market equity program established November 2025; $1.3M raised in Q1.

  MD&A: Liquidity verify on EDGAR →
• high

  FY2026 budget increased to $22.5M from prior $3.1M corporate spend; Q1 actual loss $7.1M vs $3.6M prior year, exceeding $4.8M budget due to non-cash charges.

  MD&A: Budget verify on EDGAR →