$GNSS

LRAD Corp

CIK:0000924383|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 7,295	$ 9,857	$ 39,865	$ 23,729
Cost of revenues	3,130	7,260	17,698	15,344
Gross profit	4,165	2,597	22,167	8,385
Operating expenses
Selling, general and administrative	6,127	6,422	18,973	19,904
Research and development	2,074	2,100	6,300	6,602
Total operating expenses	8,201	8,522	25,273	26,506
(Loss) income from operations	(4,036)	(5,925)	(3,106)	(18,121)
Other (expense) income
Interest income	102	15	120	113
Interest expense	(488)	(406)	(1,248)	(1,124)
Change in fair value of Term Loans and Warrants	(230)	560	(231)	3,180
Other	34	(723)	23	(673)
Other (expense) income, net	(582)	(554)	(1,336)	1,496
(Loss) income before income taxes	(4,618)	(6,479)	(4,442)	(16,625)
Income tax expense	59	8	329	79
Net (loss) income	$ (4,677)	$ (6,487)	$ (4,771)	$ (16,704)
Net loss per common share - basic (in dollars per share)	$ (0.1)	$ (0.14)	$ (0.11)	$ (0.37)
Net loss per common share - diluted (in dollars per share)	$ (0.1)	$ (0.14)	$ (0.11)	$ (0.37)
Weighted average common shares outstanding:
Basic (in shares)	45,526,953	45,154,504	45,330,732	45,022,635
Diluted (in shares)	45,526,953	45,154,504	45,330,732	45,022,635
Product [Member]
Revenues:
Revenues	$ 4,275	$ 7,001	$ 31,262	$ 14,215
Service [Member]
Revenues:
Revenues	$ 3,020	$ 2,856	$ 8,603	$ 9,514

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net loss	$ (4,771)	$ (16,704)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,035	2,114
Warranty provision (settlement)	95	(12)
Inventory obsolescence	147	254
Loss on disposition of fixed assets	0	1
Share-based compensation	1,239	1,264
Gain on change in fair value of Warrants	(1,810)	(4,560)
Loss on change in fair value of Term Loans	2,041	1,380
Loss on issuance of First Amendment Term Loan	0	480
Amortization of operating lease right of use asset	624	570
Accretion of investment of marketable securities	0	(40)
Changes in operating assets and liabilities:
Accounts receivable	(1,288)	(1,353)
Contract assets	2,242	(2,846)
Inventories, net	(2,835)	(4,367)
Prepaid expenses and other	(543)	(4,793)
Accounts payable	505	3,737
Customer deposit	(3,302)	0
Accrued and other liabilities	574	13,604
Net cash used in operating activities	(5,047)	(11,271)
Investing Activities:
Purchases of marketable securities	0	(1,401)
Proceeds from maturities of marketable securities	71	9,507
Capital expenditures	(41)	(213)
Net cash provided by investing activities	30	7,893
Financing Activities:
Proceeds from issuance of June Term Loan, net of $301 debt issuance cost	3,999	0
Proceeds from exercise of stock options	146	43
Proceeds from issuance of First Amendment Term Loan	0	4,000
Repayment of First Amendment Term Loan principal	(4,000)	0
Shares retained for payment of taxes in connection with exercise of stock options	(6)	0
Shares retained for payment of taxes in connection with settlement of restricted stock units	(1)	(18)
Net cash provided by financing activities	138	4,025
Effect of foreign exchange rate on cash	(22)	82
Net (decrease) increase in cash, cash equivalents, and restricted cash	(4,901)	729
Cash, cash equivalents and restricted cash, beginning of period	8,554	5,290
Cash, cash equivalents and restricted cash, end of period	3,653	6,019
Cash and cash equivalents	3,068	5,339
Restricted cash, current portion	0	95
Long-term restricted cash	585	585
Total cash, cash equivalents and restricted cash shown in the consolidated balance sheets	3,653	6,019
Noncash investing and financing activities:
Change in unrealized loss on marketable securities	0	(8)
Purchases of property and equipment included in accounts payable and accrued liabilities	0	2
Supplemental disclosure of cash flow information
Cash paid for interest	1,093	1,124
Cash paid for taxes	$ 356	$ 39

CONDENSED CONSOLIDATED BALANCE SHEETS (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 3,068	$ 7,969
Short-term marketable securities	0	70
Accounts receivable, net of allowance for credit losses of $65	8,878	7,596
Contract assets	3,875	6,117
Inventories, net	11,493	8,805
Prepaid expenses and other	9,027	8,742
Total current assets	36,341	39,299
Long-term restricted cash	585	585
Property and equipment, net	839	1,125
Goodwill	13,380	13,450
Intangible assets, net	4,438	6,147
Operating lease right of use assets, net	1,791	2,419
Other assets	878	844
Total assets	58,252	63,869
Current liabilities:
Accounts payable	8,676	8,181
Customer deposit	16,366	19,669
Accrued liabilities	9,765	7,451
Operating lease liabilities, current portion	1,181	1,125
Short-term debt payable	4,094	0
Notes payable, at fair value - short term	7,500	18,010
Total current liabilities	47,582	54,436
Notes payable, at fair value - long-term	7,590	0
Warrant liability	1,760	3,570
Deferred revenue, noncurrent	1,319	1,478
Operating lease liabilities, noncurrent	1,321	2,218
Total liabilities	59,572	61,702
Stockholders' (deficit) equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.00001 par value; 100,000,000 shares authorized; 45,542,009 and 45,161,172 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	0	0
Additional paid-in capital	128,762	127,384
Accumulated deficit	(130,675)	(125,904)
Accumulated other comprehensive income	593	687
Total stockholders' (deficit) equity	(1,320)	2,167
Total liabilities and stockholders' (deficit) equity	$ 58,252	$ 63,869