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VAT slashes Saudi project stake to 5-10% as gross margin surges to 62%
Filed August 17, 2026 · Compared to S-1/A Jul 22, 2026 · ~1 min read
Key Changes
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Gross margin jumped to 62% for the nine months ended June 30, 2026, from 36% a year earlier, driven by improved supplier pricing and process optimization.
MD&A: Gross Margin verify on EDGAR → -
high
Customer concentration eased: Customer A fell to 64% of revenue from 83%, while Customer B resumed buying and contributed 25% after zero in the prior period.
Risk Factors: Customer Concentration verify on EDGAR → -
high
Saudi Arabia greenfield project: planned cash investment cut from 51% ($10-15M) to 5-10% ($5-10M), with external financing rising to $90-95M.
Use of Proceeds: Middle East Project verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 30, 2026 · How we verify