Panamera Holdings Swings to $153.8M Net Loss in H1 FY2026 on R&D Charge

Panamera Holdings Corporation swung to a net loss of $153.8 million for the six months ending January 31, 2026, compared to a loss of $191,076 in the prior-year period. The dramatic swing was driven by a $153.4 million research and development expense that appeared on the books for the first time in the current period. Read more earnings reports.

Revenue for the half-year period totaled $139,500, up 68% from $82,799 in the six months ending January 31, 2025. Cost of revenue was $54,900, compared to $39,243 in the prior period, yielding a gross profit of $84,600 versus $43,556 a year earlier.

Operating expenses for the six months ending January 31, 2026 reached $153.8 million, up sharply from $230,805 in the prior-year period. The company reported an operating loss of $153.7 million for the half, compared to an operating loss of $187,249 a year earlier. The bulk of the expense surge came from the $153.4 million R&D charge, which did not appear in the prior-year period.

For the three months ending January 31, 2026, the company posted a net loss of $126,599, compared to a loss of $100,015 in the same quarter a year earlier. Quarterly revenue was $139,500, up from $39,231 in the prior-year quarter. Operating expenses for the quarter were $163,241, down from $116,586 a year earlier, with no R&D expense recorded in the three-month period.

Balance Sheet Deterioration

Total assets fell to $124,893 as of January 31, 2026, down 84% from $803,519 as of July 31, 2025. Cash and restricted cash dropped to $17,061 from $85,980 at the prior fiscal year-end. Accounts receivable increased to $57,043 from $2,543.

Total liabilities surged to $4.26 million as of January 31, 2026, up from $179,064 six months earlier. All liabilities were classified as current, rising to $4.26 million from $155,355 at the prior year-end.

Stockholders' equity turned negative, reaching a deficit of $4.13 million as of January 31, 2026, compared to positive equity of $624,455 as of July 31, 2025. The retained earnings deficit widened to $177.1 million from $23.3 million at the prior fiscal year-end.

Cash Flow and Financing

Cash used in operations for the six months ending January 31, 2026 was $241,308, compared to $41,287 used in the prior-year period. The company raised $172,389 from financing activities during the half, versus $40,000 in the prior year.

Common shares outstanding increased to 73.9 million as of January 31, 2026, from 46.7 million as of July 31, 2025. Total shares issued rose to 79.9 million from 52.7 million over the same period. Additional paid-in capital climbed to $173.0 million from $23.8 million at the prior fiscal year-end.

Key Financials