Wellgistics revenue collapses 86% as liquidity crisis halts distribution operations

Filed May 19, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

• high

  Revenue fell from $10.9M to $1.6M (down 86%) as liquidity constraints prevented the wholesale distribution arm from procuring and fulfilling orders. Distribution revenue specifically dropped 98% to $226K.

  MD&A: Revenue verify on EDGAR →
• high

  Company disclosed material weaknesses across all five COSO internal control components for the first time, concluding disclosure controls are now ineffective. Remediation underway includes hiring accounting staff and implementing NetSuite ERP.

  Controls & Procedures verify on EDGAR →
• high

  Cash balance fell to $52K with a $29M working capital deficit. Management explicitly raised substantial doubt about ability to continue as a going concern. Operating cash burn doubled to $3.4M despite revenue collapse.

  MD&A: Liquidity verify on EDGAR →