VisionWave Holdings Swings to $6.9M Net Loss in Q1 2026 as Operating Expenses Surge

VisionWave Holdings posted a net loss of $6.9 million for the three months ending December 31, 2025, a sharp deterioration from a loss of $203,724 in the same quarter of fiscal 2025. The Delaware-incorporated company reported total revenue of $10 million for the quarter, its first disclosed revenue figure in the filing data. Read more earnings reports.

Operating expenses climbed to $6.6 million from $203,724 in the prior-year quarter, driving the operating loss to $6.6 million compared to an operating loss of $203,724 a year earlier. Research and development expenses accounted for $315,075 of the operating spend during the quarter.

The company recorded $142,542 in interest expense for the quarter, up from zero in the year-ago period. Other income of $60,000 partially offset losses.

Cash from operations was negative $5.4 million for the quarter, a reversal from positive cash flow of $108,419 in the prior-year period. VisionWave raised $6.1 million from financing activities during the quarter and deployed $329,491 in investing activities.

Balance Sheet Transformation

Total assets surged to $18.4 million as of December 31, 2025, from $2.7 million at the end of the previous quarter on September 30, 2025. Current assets rose to $4 million from $2.7 million over the same period.

The company held $15,723 in unrestricted cash and cash equivalents as of December 31, up from zero at September 30. Combined cash and restricted cash totaled $2.6 million at quarter-end, compared to $2.3 million three months earlier.

Total liabilities increased to $15.3 million from $14.5 million during the quarter. Accounts payable rose to $1 million from $939,192, while accrued liabilities climbed to $404,251 from $359,667. All liabilities were classified as current.

Equity Position

Stockholders' equity turned positive at $3.1 million as of December 31, 2025, compared to a deficit of $11.8 million at September 30, 2025. Additional paid-in capital jumped to $24.9 million from $3.2 million quarter-over-quarter.

The company's accumulated deficit widened to $22 million from $15.1 million over the three-month period, reflecting the quarterly net loss. Common shares outstanding increased to 16.5 million from 14.5 million during the quarter.

Property, plant and equipment stood at $56,786 as of December 31. The company recorded $118,895 in depreciation and amortization expense for the quarter.

Key Financial Data