OTC: VISK
Viskase Holdings, Inc.CIK 0000727510 · SIC 2836 · Biological Products
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Latest financial statements
From 10-Q filed Nov 3, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In Thousands, Except for Number of Shares and Per Share Amounts)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| NET SALES | 95,279 | 91,162 | 271,947 | 282,629 |
| Cost of sales | 86,776 | 85,297 | 243,346 | 250,724 |
| GROSS PROFIT | 8,503 | 5,865 | 28,601 | 31,905 |
| Selling, general and administrative | 11,189 | 13,522 | 35,772 | 38,146 |
| Amortization of intangibles | 162 | 398 | 1,233 | 1,148 |
| Asset impairment expense | 136 | — | 362 | 12,100 |
| Restructuring expense | 148 | 1,009 | 714 | 6,606 |
| OPERATING LOSS | (3,132) | (9,064) | (9,480) | (26,095) |
| Interest expense, net | 2,986 | 2,948 | 8,514 | 8,545 |
| Other expense (income), net | 294 | (965) | (780) | (2,682) |
| LOSS BEFORE INCOME TAXES | (6,412) | (11,047) | (17,214) | (31,958) |
| Income tax provision | 28 | 1,949 | 1,081 | 14,890 |
| NET LOSS | (6,440) | (12,996) | (18,295) | (46,848) |
| Less: net loss attributable to noncontrolling interests | (37) | (12) | (141) | (33) |
| Net loss attributable to Viskase Holdings, Inc | (6,403) | (12,984) | (18,154) | (46,815) |
| WEIGHTED AVERAGE COMMON STOCK | ||||
| - BASIC AND DILUTED | 14,331,620 | 5,419,340 | 12,221,608 | 5,273,964 |
| PER SHARE AMOUNTS: | ||||
| EARNINGS PER SHARE | ||||
| - BASIC AND DILUTED | (0.45) | (2.40) | (1.49) | (8.88) |
Condensed Consolidated Balance Sheets
(In Thousands, Except for Number of Shares and Per Share Amounts)
| Description | September 30, 2026 (Unaudited) | December 31, 2025 (Audited) |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 7,747 | 9,217 |
| Receivables, net | 69,981 | 60,182 |
| Inventories, net | 100,337 | 96,755 |
| Other current assets | 48,251 | 42,494 |
| Total current assets | 226,316 | 208,648 |
| Property, plant and equipment | 503,407 | 482,326 |
| Less accumulated depreciation | (347,822) | (341,022) |
| Property, plant and equipment, net | 155,585 | 141,304 |
| Right of use assets | 17,012 | 19,946 |
| Other assets, net | 7,606 | 9,842 |
| Intangible assets, net | 12,197 | 13,401 |
| Goodwill | 3,041 | 3,131 |
| Deferred tax asset | 5,713 | 5,870 |
| Total Assets | 427,470 | 402,142 |
| LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 135,706 | 141,774 |
| Accounts payable | 42,952 | 44,342 |
| Accrued liabilities | 27,888 | 24,282 |
| Short-term lease liabilities | 4,183 | 4,119 |
| Total current liabilities | 210,729 | 214,517 |
| Long-term liabilities: | ||
| Accrued employee benefits | 22,494 | 23,597 |
| Deferred income taxes | 1,460 | 1,557 |
| Long-term lease liabilities | 15,034 | 18,111 |
| Mezzanine equity: | ||
| Series C preferred stock $0.01 par value, 3,000,000 shares authorized, 384 and 0 issued and outstanding (liquidation value $1,129 and $0 per share) at September 30, 2026 and December 31, 2025, respectively | 433 | — |
| Stockholders’ equity: | ||
| Common stock, $0.01 par value; 170,000,000 shares authorized, 14,331,620 shares issued and 14,331,620 shares outstanding at September 30, 2026 and 170,000,000 shares authorized 6,651,652 shares issued and 6,612,099 shares outstanding at December 31, 2025 | 143 | 66 |
| Paid in capital | 267,923 | 213,019 |
| Retained earnings | (30,035) | (11,881) |
| Accumulated other comprehensive loss | (59,087) | (55,361) |
| Total Viskase stockholders’ equity | 178,944 | 145,843 |
| Deficit attributable to non-controlling interest | (1,624) | (1,483) |
| Total stockholders’ equity | 177,320 | 144,360 |
| Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | 427,470 | 402,142 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (18,295) | (46,848) |
| Adjustments to reconcile net loss to net cash | ||
| (used in) provided by operating activities: | ||
| Depreciation and amortization | 12,714 | 14,411 |
| Amortization of deferred financing fees | 1,272 | 552 |
| Deferred income taxes | 119 | 12,753 |
| Loss on impairment of assets | 362 | 12,100 |
| Changes in operating assets and liabilities: | ||
| Receivables | (11,350) | 9,767 |
| Inventories | (6,048) | 18,112 |
| Other current assets | (6,611) | 895 |
| Other assets | 1,959 | (295) |
| Accounts payable | (4,707) | (3,625) |
| Accrued liabilities | 4,392 | 377 |
| Accrued employee benefits | (381) | (2,240) |
| Other | (492) | (3,468) |
| Total adjustments | (8,771) | 59,339 |
| Net cash (used in) provided by operating activities | (27,066) | 12,491 |
| Cash flows from investing activities: | ||
| Capital expenditures | (23,274) | (25,590) |
| Net cash used in investing activities | (23,274) | (25,590) |
| Cash flows from financing activities: | ||
| Cash acquired in connection with reverse recapitalization | 40,855 | — |
| Deferred financing costs | (2,052) | (609) |
| Issuance of common stock | 15,000 | 20,000 |
| Repayment of short-term debt | (4,725) | (4,617) |
| Net cash provided by financing activities | 49,078 | 14,774 |
| Effect of currency exchange rate changes on cash | (208) | 315 |
| Net (decreases) increase in cash and equivalents | (1,470) | 1,990 |
| Cash, equivalents and restricted cash at beginning of period | 9,217 | 5,704 |
| Cash, equivalents and restricted cash at end of period | 7,747 | 7,694 |
| Supplemental cash flow information: | ||
| Interest paid less capitalized interest | 7,242 | 7,993 |
| Income taxes paid | 3,496 | 1,029 |
| Capital Expenditure in Accounts Payable | 7,935 | — |
Amounts as printed on the EDGAR/iXBRL face — (In Thousands, Except for Number of Shares and Per Share Amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗