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.