PetVivo Holdings Inc (PETV) Q1 2026 Earnings Report

Revenue: $297,500 for QQ1 2026; YoY growth +516.38%; QoQ change -49.00%.
Gross Profit: $186,726; gross margin 63.0%; YoY margin change -17.14%; QoQ change -64.22% (reflecting product mix shift to PrecisePRP alongside Spryng).
Operating Income: -$1,844,317; operating margin -6.20%; YoY improvement +30.40%; QoQ change -4.89%.
Net Income: -$2,311,037; net margin -7.77%; YoY improvement +12.81%; QoQ change -31.53%.
EPS (basic/diluted): -$0.09; YoY +52.63%; QoQ -5.63%.
Cash Flow and liquidity: Net cash used in operating activities -$1,633,755; net cash provided by financing activities +$4,709,910; net change in cash +$3,076,155; cash at end of period $3,303,844; cash at beginning $227,689; free cash flow -$1,633,755.
Balance sheet highlights: Total assets $6,890,496; total liabilities $3,159,519; cash & equivalents $3,303,844; total current assets $4,400,859; total current liabilities $3,117,433; current ratio ~1.41; long-term debt $42,086; total debt $1,568,749; net debt -$1,735,095; retained earnings -$93,538,130; total stockholders’ equity $3,730,977. These figures indicate a liquidity runway supported by external financing but ongoing losses and a sizable accumulated deficit.

Themes and excerpts from the earnings call:
- Growth strategy and channel expansion: Management highlighted Spryng adoption across >1,000 clinics and the ramp in distributor sales (192% YoY to $198,000; 67% of total revenue) with a 140% quarterly revenue increase to ~$0.30M. Quote: “Our growth momentum continued into the first quarter as we continue to expand the use of our lead animal osteoarthritis veterinary medical device Spryng with OsteoCushion technology... the U.S. national distributor network increased their sales by 192% compared to a year ago, reaching $198,000 or 67% of total revenue.”
- PrecisePRP launch and impact: The company expanded product offerings with PrecisePRP, an allogeneic PRP product licensed from VetStem, contributing to revenue growth and mix shift. Quote: “Expanded in-house sales force and additional product offerings that now include PrecisePRP, a platelet-rich plasma animal health product which is administered alongside Spryng also helped drive the increase in our revenue.”
- International expansion and market opportunity: Mexico added as a distributor market with favorable macro tailwinds (Mexico veterinary care market growth 11% CAGR to $2.4B by 2031). Management emphasized strong tailwinds from international expansion and the large US companion animal market. Quote: “Mexico is a very attractive market for animal health solutions, especially given now the country’s veterinary health care market is expected to grow at a compounded annual growth rate of 11% to reach $2.4 billion by 2031.”
- AI and strategic technology partnerships: Digital Landia AI integration aimed at decoding pet behavior to augment Spryng/PrecisePRP value; beta testing ongoing with commercial launch targeted for Q3 2025. Quote: “Beta testing is underway and advancing well, and we anticipate the official commercial launch to take place in our third quarter of this year.”
- Strategic alliances and R&D pipeline: Commonwealth Markets partnership to promote Spryng and PrecisePRP within top-tier thoroughbred stables; PiezoBioMembrane collaboration for regenerative biomaterials; canine elbow pilot study progressing with Orthobiologic Innovations. Management noted that university/independent studies support product adoption and distribution strategies.
- Corporate governance and liquidity: The company uplisted from OTCQB to OTCQX Best Market, signaling governance discipline and enhanced liquidity. Quote: “We uplisted from the QB to the QX… trading at OTCQX will enhance our visibility within the investment community and provide greater liquidity.”
- Cautious tone on near-term profitability: The call emphasized continued aggressive investment in growth initiatives and the need to translate partnerships and trials into meaningful revenue growth over fiscal 2026 and beyond.

PetVivo remains a high-risk, high-pollow potential investment. The QQ1 2026 results underscore the company’s early-stage status, characterized by a small but growing revenue base and meaningful R&D and go-to-market investments that drive net losses. The upside rests on multiple catalysts: rapid scale-up of Spryng and PrecisePRP adoption across US and international clinics, successful commercialization of the Digital Landia AI platform, and continued partnerships with VetStem, Commonwealth, and PiezoBioMembrane. If these initiatives translate into sustained revenue growth and a path toward profitability, the stock could benefit from an expanding TAM in US and Mexico animal health markets. However, investors should be prepared for continued cash burn and the potential need for additional financing. The stock’s upside is contingent on execution, clinical validation, and the speed at which partnerships convert into recurring, scalable revenue.