In management commentary for the six months ended June 30, 2026, revenue fell 17.5% to US$10.3 million on delayed customer procurement decisions.
Product revenue dropped 21.7% to US$9.5 million; management cited trade policy turbulence and shifting renewable energy rules affecting late-2025 ordering.
Gross margin narrowed to 38.8% from 51.3% as lower-margin products rose in the mix, while higher silver and copper costs lifted cost of sales.
Operating expenses rose 9.2% to US$15.2 million, led by higher promotion spending and higher professional fees, partly offset by lower outsourcing R&D.
Net loss widened to US$11.1 million from US$7.3 million; management pointed to softer revenue and higher cost intensity.
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