Executive Summary
PetVivo Holdings reported QQ1 2026 results with modest revenue of $297,500 and a gross profit of $186,726, yielding a gross margin of 62.8%. Despite the top-line uptick on a year-over-year basis, net income remained negative at $(2.31) million, reflecting a deliberate ramp in R&D and selling/general/admin spend as the company advances Kush commercialization and its early-stage device pipeline. Operating loss widened on a GAAP basis to $(1.84) million, with EBITDA of $(2.06) million and an EPS of $(0.09).
The company generated negative operating cash flow of $(1.63) million for the quarter, while net financing activity contributed $4.71 million, producing a net cash increase of $3.08 million and an ending cash balance of $3.30 million. Balance sheet metrics show total assets of approximately $6.89 million and total stockholders’ equity of about $3.73 million; the firm carries a small amount of short-term debt and a modest long-term debt load, with substantial accumulated deficits reflected in retained earnings of $(93.54) million.
Looking ahead, the QQ1 2026 results underscore the ongoing investment phase required to scale Kush commercialization and expand the 17-device pipeline. The near-term catalysts include regulatory and field-adoption progress, potential licensing or collaboration milestones, and the ability to convert pipeline activity into tangible revenue. The main risks center on operating losses, reliance on external financing to fund ongoing R&D and SG&A, and the pace of veterinary market adoption. Investors should monitor cash burn versus financing capacity, progress in Kush uptake, and milestones across the pipeline that could unlock additional revenue streams.
Key Performance Indicators
QoQ: -49.00% | YoY:516.38%
QoQ: -64.22% | YoY:-17.14%
QoQ: -31.53% | YoY:12.81%
Key Insights
Revenue: $297,500; YoY growth +516.38%; QoQ change -49.00%
Gross Profit: $186,726; Gross Margin 62.765% ; YoY gross profit change -17.14%; QoQ change -64.22%
Operating Income: $(1,844,317); YoY change +30.40%; QoQ change -4.89%
Net Income: $(2,311,037); YoY change +12.81%; QoQ change -31.53%
EPS (Diluted): $(0.09); YoY change +52.63%; QoQ change -5.63%
Cash Flow: Operating cash flow $(1,633,755); Net change in cash $3,076,155; Cash at end of period $3,303,844; Free cash flow $(1,633,755) (Note: ...
Financial Highlights
Revenue: $297,500; YoY growth +516.38%; QoQ change -49.00%
Gross Profit: $186,726; Gross Margin 62.765% ; YoY gross profit change -17.14%; QoQ change -64.22%
Operating Income: $(1,844,317); YoY change +30.40%; QoQ change -4.89%
Net Income: $(2,311,037); YoY change +12.81%; QoQ change -31.53%
EPS (Diluted): $(0.09); YoY change +52.63%; QoQ change -5.63%
Cash Flow: Operating cash flow $(1,633,755); Net change in cash $3,076,155; Cash at end of period $3,303,844; Free cash flow $(1,633,755) (Note: FCF aligns with operating cash flow in this report).
Balance Sheet highlights: Total assets $6,890,496; Total liabilities $3,159,519; Total stockholders’ equity $3,730,977; Cash and equivalents $3,303,844; Intangible assets $1,872,494; Retained earnings $(93,538,130).
Liquidity/Leverage: Short-term debt $1,526,663; Long-term debt $42,086; Net debt negative $(1,735,095) due to cash holdings.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
297.50K |
516.38% |
-49.00% |
| Gross Profit |
186.73K |
-17.14% |
-64.22% |
| Operating Income |
-1.84M |
30.40% |
-4.89% |
| Net Income |
-2.31M |
12.81% |
-31.53% |
| EPS |
-0.09 |
52.63% |
-5.63% |
Management Commentary
transcriptHighlights: "N/A"
Forward Guidance
Management did not publish formal numeric guidance for QQ2 2026 in the provided data. Given PetVivo’s positioning as a veterinary-biotech/device company in an early commercialization phase, the near-term focus is on scaling Kush adoption, advancing the 17-device pipeline, and stabilizing unit economics. Qualitative factors to monitor include: (i) progress toward revenue visibility from Kush and other devices, (ii) partnerships or licensing deals that could provide non-dilutive or low-dilution capital, (iii) cadence of R&D and SG&A investments versus topline progress, and (iv) working capital dynamics and debt maturities. If revenue accelerates and operating leverage improves, the company could approach breakeven on a quarterly basis; however, without stronger revenue contribution, continued reliance on external financing remains a key risk.