Executive Summary
IGC reported revenue of $0.328 million for QQ1 2026, driven by a YoY growth of 11.2% and QoQ growth of 27.6%. Despite top-line momentum, the company posted a net loss of $1.60 million and an EBITDA shortfall of $1.764 million, reflecting aggressive operating spend and R&D investment relative to revenue (R&D $0.851 million; SG&A $1.208 million). Gross margin stood at 46.95% on $0.154 million gross profit, but operating leverage remained negative with an operating loss of $1.91 million and a net loss margin of 4.88%. Free cash flow was negative at $(1.53) million for the quarter, and operating cash flow burned $(1.41) million, signaling continued cash burn absent meaningful top-line acceleration or cost rationalization. The balance sheet shows a cash balance of $0.454 million against total liabilities of $1.865 million and total assets of $7.943 million, resulting in a net debt position of $(0.252) million and a current ratio near 1.25. The company carries substantial intangible assets (~$2.0 million) and PPE (~$3.11 million), with limited short-term leverage (short-term debt $0.062 million, long-term debt $0.140 million). Management commentary from the QQ1 2026 period was not included in the provided data; as a result, the forward guidance and qualitative outlook are not explicitly stated in this document. Investors should monitor the cadence of revenue growth, cost controls, and any capital-raising actions that might sustain liquidity while pursuing strategic initiatives in infrastructure services and life-sciences product lines.
Key Performance Indicators
Key Insights
Revenue: $328,000; YoY growth: 11.19%; QoQ growth: 27.63%
Gross Profit: $154,000; Gross Margin: 46.95%; YoY Gross Profit change: -9.94%; QoQ change: +48.08%
Operating Income: $(1,905,000); Operating Margin: -5.81%; YoY: +12.21%; QoQ: -1.44%
EBITDA: $(1,764,000); EBITDA Margin: -5.38%
Net Income: $(1,599,000); Net Margin: -4.88%; YoY: +44.58%; QoQ: +12.58%
EPS: $(0.0193); Diluted EPS: $(0.0193); YoY: +55.73%; QoQ: +18.22%
Cash Flow: Operating cash flow $(1.407) million; Capex $(0.122) milli...
Financial Highlights
Revenue: $328,000; YoY growth: 11.19%; QoQ growth: 27.63%
Gross Profit: $154,000; Gross Margin: 46.95%; YoY Gross Profit change: -9.94%; QoQ change: +48.08%
Operating Income: $(1,905,000); Operating Margin: -5.81%; YoY: +12.21%; QoQ: -1.44%
EBITDA: $(1,764,000); EBITDA Margin: -5.38%
Net Income: $(1,599,000); Net Margin: -4.88%; YoY: +44.58%; QoQ: +12.58%
EPS: $(0.0193); Diluted EPS: $(0.0193); YoY: +55.73%; QoQ: +18.22%
Cash Flow: Operating cash flow $(1.407) million; Capex $(0.122) million; Free cash flow $(1.529) million
Liquidity/Balance Sheet: Cash and cash equivalents $0.454 million; Total assets $7.943 million; Total liabilities $1.865 million; Shareholders’ equity $6.078 million; Net debt position $(0.252) million; Current ratio ~1.25; Quick ratio ~0.37
Capital Structure: Short-term debt $0.062 million; Long-term debt $0.140 million; Total debt $0.202 million; Cash burn and working capital requirements remain a key near-term risk.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
328.00K |
11.19% |
27.63% |
| Gross Profit |
154.00K |
-9.94% |
48.08% |
| Operating Income |
-1.91M |
12.21% |
-1.44% |
| Net Income |
-1.60M |
44.58% |
12.58% |
| EPS |
-0.02 |
55.73% |
18.22% |
Management Commentary
Note: The QQ1 2026 earnings transcript content was not provided in the data set. As a result, this section synthesizes the available financial results and typical topics that accompany such calls. If the transcript is supplied, the following themes would be analyzed and quoted with context: (1) Revenue drivers and contractual visibility in infrastructure and life sciences segments; (2) Comments on gross margin resilience and cost control measures; (3) Cash burn trajectory, runway, and any planned financing actions; (4) Capital allocation priorities (R&D vs. SG&A vs. capex); (5) Regulatory and market conditions affecting CBD-related products and infrastructure projects; (6) Strategic updates on geographic expansion and potential partnerships. In lieu of quotes, this highlights a need for the transcript to extract management sentiment and actionable guidance.
Transcript not provided for QQ1 2026 call.
— Management (not available)
Transcript not provided for QQ1 2026 call.
— Management (not available)
Forward Guidance
There is no explicit forward guidance provided in the QQ1 2026 data set. Given the current quarterly results, forward-looking assessment focuses on two primary levers: (1) Revenue growth acceleration through existing channels (infrastructure services, equipment rental, highway projects) and any life-sciences product revenue potential; and (2) Margin and spend optimization (reducing burn, improving operating leverage, and prioritizing high-return activities). The feasibility of achieving sustainable improvement hinges on: a) securing new contracts or expanding current ones in the infrastructure segment; b) monetizing cannabinoid-based product lines or entering partnerships/licensing arrangements to reduce R&D and SG&A burn; c) external financing or equity/debt arrangements to bridge liquidity while the business scales. Key factors to watch include contract win momentum, regulatory developments affecting CBD products, capital-raising actions, and any reported changes in working capital efficiency.