Old Market Capital Corporation delivered QQ1 2026 results characterized by solid top-line growth and an exceptionally high gross margin, yet the company remains unprofitable at the net level. Revenue of $3.034 million rose YoY by 11.83% and QoQ by 2.22%, supported by a gross margin of approximately 94.2% ($2.858 million in gross profit). However, operating expenses of $4.024 million eclipsed gross profit, producing an operating loss of $0.986 million and a net loss of $0.748 million for the quarter. EBITDA stood at a modest negative $0.062 million, with an EBITDA margin of approximately -2.04%. The company generated positive operating cash flow of $0.912 million, but invested heavily in non-operating activities (-$3.716 million), resulting in a negative free cash flow of about $0.104 million and a net cash decrease of roughly $1.956 million for the period. Balance sheet remains strong on a liquidity basis, with cash and equivalents of $22.034 million and a net cash position of $17.456 million (net debt negative), alongside a robust equity base of $52.465 million. The strategic takeaway is that the business shows meaningful revenue momentum and strong liquidity, but profitability hinges on achieving SG&A and operating efficiency improvements to convert revenue growth into sustained earnings.