Executive Summary
Biotricity reported QQ1 2026 revenue of $3.87 million, up 21.9% year over year and 7.0% quarter over quarter, with gross profit of $3.12 million and a robust gross margin of approximately 80.45%. Despite the healthier gross margin, the company posted a net loss of $0.67 million driven by interest expense of about $1.00 million, which pressured earnings per share to -$0.029. EBITDA was positive at roughly $0.33 million, and operating income stood at about $0.28 million, suggesting a modestly profitable core operating result before interest and other items. The balance sheet remains a material weakness: total liabilities of about $36.84 million far exceed $6.04 million of assets, resulting in negative equity of roughly $30.80 million. Cash and cash equivalents totaled about $0.39 million at quarter-end, with net debt near $12.90 million and a current ratio around 0.24, signaling significant liquidity risk unless operating cash burn improves or financing actions are taken.
Key takeaway for investors: Biotricity is delivering revenue growth and a healthier gross margin on a product mix that appears to be stabilizing, but the business remains cash-burn negative and balance-sheet fragile. Near-term momentum hinges on (1) sustaining top-line growth, (2) materially reducing interest burden or restructuring debt, and (3) extending Bioflux adoption and software monetization to generate sustainable free cash flow. Given the scale and liquidity constraints, investors should closely monitor any announced financing alternatives, working capital improvements, and milestones around payer acceptance and hospital adoption of Bioflux solutions.
Key Performance Indicators
QoQ: 266.85% | YoY:109.26%
Key Insights
Revenue: $3,873,993 in QQ1 2026; YoY growth +21.89%; QoQ growth +7.04%. Gross Profit: $3,116,800; Gross Margin 80.45%; YoY gross profit growth +37.16%; QoQ +12.77%. EBITDA: $333,337; EBITDA margin 8.60%; Operating Income: $281,945; Operating Margin 7.28% (vs. negative working capital pressures elsewhere). Net Income: -$671,977; Net Margin -17.35%; EPS -$0.029; EPS Diluted -$0.029; Weighted Avg Shares 26,284,734.
Cash Flow and liquidity: Net cash provided by operating activities -$373,389; Free ...
Financial Highlights
Revenue: $3,873,993 in QQ1 2026; YoY growth +21.89%; QoQ growth +7.04%. Gross Profit: $3,116,800; Gross Margin 80.45%; YoY gross profit growth +37.16%; QoQ +12.77%. EBITDA: $333,337; EBITDA margin 8.60%; Operating Income: $281,945; Operating Margin 7.28% (vs. negative working capital pressures elsewhere). Net Income: -$671,977; Net Margin -17.35%; EPS -$0.029; EPS Diluted -$0.029; Weighted Avg Shares 26,284,734.
Cash Flow and liquidity: Net cash provided by operating activities -$373,389; Free cash flow -$373,389; Cash and cash equivalents at period end $391,292. Balance sheet health: Total assets $6,037,319; Total liabilities $36,835,946; Total stockholders’ equity -$30,798,627; Current assets $5,144,540 vs. Current liabilities $21,806,321; Current ratio ~0.24; Quick ratio ~0.10. Debt profile: Short-term debt $13,587,017; Long-term debt $504,344; Net debt $12,896,689; Cash burn still evident despite EBITDA positivity. Revenue mix and profitability signals suggest improving gross margins, but the cash burn and leverage risk dominate near-term investment considerations.
Competitive benchmarking and industry context: In peer comparisons within the medical devices and cardiovascular monitoring space, Biotricity’s gross margin is favorable (approx. 80%), but peers generally exhibit more favorable liquidity profiles or larger scale. For example, selected peers show mixed profitability with higher losses or stronger cash positions; Biotricity’s current liquidity metrics indicate a material gap to sustain ongoing operations without external financing. Net debt and negative equity heavily weigh on valuation versus peers with more balanced balance sheets. Relative to revenue scale, BTCY’s quarterly run-rate remains modest, limiting near-term ability to delever without significant strategic actions or debt restructuring.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.87M |
21.89% |
7.04% |
| Gross Profit |
3.12M |
37.16% |
12.77% |
| Operating Income |
281.95K |
109.26% |
266.85% |
| Net Income |
-671.98K |
83.93% |
45.33% |
| EPS |
-0.03 |
93.41% |
46.69% |
Management Commentary
Note: The earnings transcript/quote data were not provided in the input. As such, this section synthesizes available financial results with typical management themes observed in small-cap healthcare device earnings – focusing on Bioflux adoption, software monetization, and cost discipline – rather than verbatim quotes. If the actual transcript is supplied, this section should be updated to reflect exact management statements, quotes, and context by theme (strategy, operations, market conditions, and guidance).
Forward Guidance
No explicit forward guidance was presented in the data provided. Given the QQ1 2026 performance, management commentary (from typical releases) would likely emphasize continued focus on gross margin expansion, ongoing cost controls, and progress in Bioflux market penetration. From a quantitative standpoint, the path to sustainable profitability will depend on (1) improved operating cash flow through revenue growth and working capital optimization, (2) potential refinancing or debt reduction to reduce interest burden, and (3) monetization of Bioflux software and value-added services to lift recurring revenue. Investors should monitor any updated guidance on revenue trajectory, gross margin targets, operating expense normalization, and debt remediation milestones.