Amesite Inc. (AMST) - 10-Q Filing Summary
Business Context and Reporting Period
This Quarterly Report on Form 10-Q covers the period ended March 31, 2026. Amesite Inc. is a technology company developing AI-driven solutions, primarily through its "Site" platform and the NurseMagic™ healthcare application. The company is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company. As of May 18, 2026, there were 5,852,985 shares of common stock issued and outstanding.
Key Financial Metrics
| Metric | Three Months Ended Mar 31, 2026 | Nine Months Ended Mar 31, 2026 | Nine Months Ended Mar 31, 2025 |
|---|---|---|---|
| Net Revenue | $83,332 | $285,678 | $54,700 |
| Net Loss | $(678,061) | $(2,052,875) | $(2,693,100) |
| Loss Per Share (Basic/Diluted) | $(0.15) | $(0.45) | $(0.85) |
| Cash and Cash Equivalents | $640,711 | $640,711 (End of Period) | N/A |
| Total Cash, Equivalents, & Restricted Cash | $740,711 | $740,711 (End of Period) | $2,958,963 (End of Period) |
| Net Cash Used in Operating Activities | N/A | $(1,486,007) | $(2,015,804) |
| Stockholders' Equity | $1,302,384 | $1,302,384 | $3,598,262 (End of Period) |
Revenue Breakdown (Nine Months Ended Mar 31, 2026): Business (B2B) revenue was $222,026, while Individual (B2C) revenue was $63,652.
Material Changes vs. Prior Period
- Revenue Growth: Net revenue increased significantly by 422% for the nine months ended March 31, 2026, compared to the prior year period, driven by a strategic pivot toward healthcare solutions and a larger client base.
- Expense Reduction: Total operating expenses decreased by 15% year-over-year for the nine-month period ($2.38M vs. $2.80M). This reduction was achieved through lower headcount, reduced stock-based compensation (due to fewer board members), and lower third-party software costs.
- Liquidity Decline: Total cash, cash equivalents, and restricted cash decreased from $2.43 million at June 30, 2025, to $740,711 at March 31, 2026, reflecting continued operating losses and capital expenditures.
- Stockholders' Equity: Equity declined from $2.74 million (June 30, 2025) to $1.30 million (March 31, 2026) due to accumulated net losses.
Guidance, Outlook, Risks, and Unusual Items
Going Concern Uncertainty: The filing explicitly states that conditions raise substantial doubt about the Company's ability to continue as a going concern. Management believes it may not have sufficient cash to maintain operations for the next twelve months without additional financing. Plans to raise capital via common stock offerings are subject to market conditions and are not deemed probable.
Nasdaq Compliance: The Company received a deficiency letter in October 2025 regarding failure to meet the $2.5 million stockholders' equity requirement. On April 28, 2026 (subsequent to the period end), the Company closed a registered direct offering and private placements raising approximately $2.6 million. On May 4, 2026, Nasdaq confirmed the Company has regained compliance with the equity requirement.
Strategic Pivot: Management has shifted focus from struggling academic customers to the healthcare industry, specifically promoting the NurseMagic™ app. This pivot aims to reduce cash burn and secure more sustainable revenue streams.
Risk Factors: Key risks include the inability to raise additional funds, reliance on third-party partners, intellectual property challenges, and the potential for delisting if future compliance is not maintained.
Investor Verification Checklist
- Capital Raise Execution: Verify the final net proceeds and share count impact from the April 28, 2026 registered direct offering and private placements to confirm the restoration of the $2.5M equity threshold.
- Cash Runway: Assess the updated cash runway post-financing to determine if the "substantial doubt" regarding going concern status has been alleviated.
- Revenue Quality: Review the concentration of B2B revenue; one customer accounted for 14% of revenue in the quarter and 12% for the nine months ended March 31, 2026.
- Delisting Risk: Monitor future filings to ensure the Company continues to meet Nasdaq listing requirements, as failure to do so in the next periodic report could trigger delisting proceedings.
- Stock-Based Compensation: Note the significant non-cash expense related to director restricted stock units ($300,000 for the nine months) and its impact on net loss.