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Red Flags Detected

  • Material Weakness (new) — Company identified material weaknesses across all five COSO framework components in 2025, whereas 2024 controls were deemed effective.
  • Goodwill Impairment (new) — Company recorded $12.6M impairment on goodwill and intangibles from 2024 acquisitions due to lower-than-expected cash flows.
  • Asset Impairment (new) — Company wrote down $10.5M in intangible assets (customer relationships, trademarks, software) due to fair value decline.
  • Delisting (new) — Company received Nasdaq delisting notice for bid price below $1.00; has until June 8, 2026 to regain compliance or face delisting.
  • Going Concern (new) — Auditor's report now includes going-concern language citing substantial doubt about the Company's ability to continue operations due to losses and accumulated deficit.
NASDAQ: WGRX Wellgistics Health, Inc. 10-K

Wellgistics posts $101M loss on $54M stock comp, $12.6M impairment, and negative gross margin

Filed March 20, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 25, 2025 · ~2 min read

Key Changes

  • high

    Net loss exploded from $6.9M to $23,337,860 in FY2025, driven by $54M stock-based compensation (including $24.3M accelerated CEO grant), $12.6M impairment on 2024 acquisitions, $6M inventory write-off, and $3M debt extinguishment losses. Stockholders' equity turned negative at $(12.4)M.

    MD&A: Financial Results verify on EDGAR →
  • high

    Company disclosed material weaknesses across all five COSO framework components, reversing prior year's effective controls conclusion. Management cited inadequate documentation, insufficient evidence of control performance, and limited accounting personnel. Remediation plan includes hiring staff and implementing NetSuite ERP.

    Controls & Procedures verify on EDGAR →
  • high

    Gross margin collapsed from +9.7% to -27.5% as liquidity constraints forced higher procurement costs, delayed shipments, and prevented purchasing scale. Company recorded $6M reserve for aged FDNS inventory acquired in 2020 that has seen minimal sales activity.

    MD&A: Gross Margin 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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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify