Key Highlights

  • Revenue for the fiscal first quarter of 2027, ended September 30, 2026, was a record USD 1,391,835, up from USD 1,111,797, which is about 25.2% growth by simple calculation, with 27 new customer accounts added.
  • Gross Margin rose to 54.46% from 46.62%, and Gross Profit increased to USD 758,004 from USD 518,291, helped by a richer product mix with more cartridge sales and outsourced reader manufacturing.
  • Net loss attributable to the company narrowed to USD 2.66 million from USD 2.98 million, while loss per share was USD 0.86 against USD 3.49 on a much larger share count.
  • Cash was USD 5,929,871 at quarter end, and management said it will not be enough to fund operations for 12 months, so the company must raise additional funds.

Cartridge Sales Drive a Record Quarter

Intelligent Bio Solutions (NASDAQ:INBS) filed its Quarterly Report on November 10, 2026. The medical technology company sells a fingerprint sweat-based drug screening system that returns results in under ten minutes. Revenue of USD 1,391,835 was its third consecutive quarter above USD 1 million and sixth straight quarter of year-over-year growth, according to the filing. Sales of cartridge consumables rose USD 205,283, which the company links to its razor-and-blades model of adding readers and then selling repeat consumables. Cost of revenue rose only USD 40,325 to USD 633,831, so gross profit climbed USD 239,713. The non-GAAP contribution margin was 79.96% against 72.11%.

Smaller Loss Still Leaves a Going-Concern Question

Total operating expenses eased to USD 3.65 million from USD 3.71 million, with selling, general and administrative costs of USD 2.58 million offset by higher development and regulatory spending of USD 829,544. Loss from operations narrowed to USD 2.68 million. Net cash used in Operating Activities was USD 2.75 million. Cash of USD 5.93 million followed roughly USD 5.0 million of gross proceeds from a private placement, and the accumulated Deficit stands at USD 77.6 million. The loss per share figures reflect a Reverse Stock Split that took effect in December 2025 and a weighted average of 3.1 million shares against 0.85 million a year earlier.

FDA Submission for Codeine Detection Is the Next Gate

On September 9, 2026 the company submitted a 510(k) premarket notification to the FDA seeking clearance of its drug screening system for the opiate codeine. A three-site method comparison study it announced on September 1, 2026 showed accuracy above 98%, sensitivity above 94% and specificity of 100%. The product is sold in countries outside the United States today, so clearance would open the U.S. market. The company is also an authorized distributor of a sweat patch worn for 7 to 10 days, which covers longer detection windows than the fingerprint test. The filing is clear on the risk: it does not expect positive Operating Cash Flow in the near term, and failure to raise funds could force it to delay, reduce or curtail operations.

Where Things Stand

Intelligent Bio Solutions (NASDAQ:INBS) lifted its gross margin to 54.46% because cartridge sales grew faster than the cost of making them, and a better mix and outsourced reader Manufacturing helped. The warning is separate: cash of USD 5.93 million is not expected to last 12 months, so a fresh raise looks required. Next markers are the FDA's response to the 510(k) submission, whether quarterly revenue holds above USD 1 million, the pace of new customer additions and the terms of any financing. The material gives no guidance for the rest of the fiscal year.