Zomedica Corp reported QQ2 2026 revenue of $6.964 million, up 13.6% year-over-year and 7.1% quarter-over-quarter, with a gross profit of $4.666 million and a robust gross margin of 67.0%. Despite this solid gross profitability, the company delivered a GAAP operating loss of $8.035 million and a net loss of $7.398 million, resulting in an EPS of -$0.01. EBITDA was -$8.035 million, underscoring continued fixed-cost absorption as Zomedica advances its TRUFORMA platform and PulseVet opportunities. On a balance sheet basis, Zomedica remains liquidity-rich, ending QQ2 2026 with cash and short-term investments totaling approximately $58.1 million, a current ratio of 8.44x, and minimal indebtedness (short-term debt of $0.687 million; no long-term debt disclosed). Cash from operations was negative at about -$5.442 million for the quarter, with a negative free cash flow of -$5.442 million, reflecting ongoing investment in product development, commercial expansion, and go-to-market activities. The company’s revenue growth and high gross margins suggest early traction in diagnostic consumables and point-of-care testing relative to a still-narrow revenue base. The primary risk remains the sustainability of the operating burn as Zomedica scales TRUFORMA and PulseVet, potential capital needs for growth, and execution risk in converting platform adoption into sustained profitability. The investment thesis hinges on a meaningful step-up in TRUFORMA adoption, improved operating leverage, and selective strategic partnerships; absent a formal guidance update, investors should monitor adoption momentum, cost control, and the cadence of cash burn versus liquidity reserves.