Executive Summary

Q1 2026 revenue was $0.90M, up 125% year over year (vs. ~$0.40M in Q1 2025), with gross margin expanding to 59% (from 51% YoY). Management attributed a significantly higher net loss to one-time expenses tied to launching its Dogecoin (DOGE) treasury strategy .
The company closed a $175M private placement to fund an official DOGE treasury strategy and reported DOGE holdings of 703.6M as of 9/30/25 (carrying fair value $163.85M) and “over 733.1M” as of 11/12/25, alongside quarter-end cash of $12.9M .
Operating expense intensity spiked: G&A rose to $8.6M (from $0.9M YoY), driving a net loss of ~$13.4M (from ~$0.9M YoY) despite core business growth and improved gross margin .
No formal guidance or sell-side consensus was provided; there was no earnings call transcript available in our system, limiting near-term visibility and estimate anchoring (transcript not found via document system search).

What Went Well and What Went Wrong

What Went Well

Strong YoY growth and margin expansion: Revenue reached ~$0.9M (+125% YoY) with gross margin at 59% (vs. 51% YoY), reflecting improving unit economics in the core business .
Strategic capital and treasury build: Closed a $175M private placement to fund the DOGE treasury; DOGE holdings reached 703.6M at quarter-end (FV $163.85M) and “over 733.1M” shortly thereafter, materially strengthening balance sheet resources .
Confirmed order momentum into Q1: From prior quarter disclosures, $491k of a $1.37M purchase order slipped from Q4 FY25 into Q1 2026, plus a new $261k PO scheduled to ship in Q1, supporting near-term revenue visibility .

Quote: “During the fiscal first quarter 2026 we executed on our vision to establish the world’s first Dogecoin Treasury… advancing toward our longer-term objective of acquiring up to 5% of Dogecoin’s circulating supply.” – CEO Clayton Adams .

What Went Wrong

Expense surge and bottom-line pressure: G&A jumped to ~$8.6M (from ~$0.9M YoY), driven by professional/consulting fees, stock comp, new hires, and D&O insurance; net loss widened to ~$13.4M (from ~$0.9M YoY) .
Limited external validation and communication: No sell-side consensus or published targets; no earnings call transcript available in our system, constraining investor ability to benchmark results or glean Q&A clarifications .
Going-concern flag in prior 10-K: The FY2025 audit report contained a going concern emphasis (disclosed in Aug 2025 8-K), which may remain an overhang until sustained cash generation or durable funding is demonstrated .

Financial Results

Note: Columns are ordered from oldest to newest.

Metric	Q3 2025	Q4 2025	Q1 2026
Revenue ($)	$557,915*	$892,751*	$904,699*
Diluted EPS (Continuing Ops)	-$0.10*	-$0.42*	-$0.07*
Net Income ($)	-$809,354*	-$4,071,806*	-$13,367,699*
Gross Profit ($)	$311,132	$427,823*	$536,470
Gross Margin (%)	55.8%	47.9%*	59.3%
Cash & Equivalents (end-period)	$0.80M	$1.46M*	$12.9M

YoY (Q1 2026 vs Q1 2025): Revenue ~$0.90M vs ~$0.40M (+~125%), gross margin 59% vs 51%, G&A $8.6M vs $0.9M, net loss ~$13.4M vs ~$0.9M .
Sequential: Revenue roughly flat vs Q4 2025 per S&P Global data (Q4 $892,751* vs Q1 $904,699*). The company’s Q4 press release cited U.S. revenue above $1.1M, which may not be directly comparable to consolidated revenue; investors should note this discrepancy .

Estimates vs Actuals (S&P Global)

Q1 2026 Revenue consensus: N/A; EPS consensus: N/A (no coverage returned). Actual revenue $904,699*; EPS -$0.07*.

Values marked with * are retrieved from S&P Global.

Segment Breakdown

No segment reporting disclosed in the Q1 2026 press release/8-K .

KPIs and Balance Sheet Additions (Digital Assets)

KPI	As of 9/30/25	As of 11/12/25
DOGE Holdings (units)	703,617,752	Over 733.1M
Digital Asset Carrying Fair Value	$163,852,717 (DOGE)	N/A
Cash & Cash Equivalents	$12.9M	N/A

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY or Q2 2026	None disclosed	None disclosed	N/A
Margins	FY or Q2 2026	None disclosed	None disclosed	N/A
OpEx	FY or Q2 2026	None disclosed	None disclosed	N/A
OI&E / Tax Rate	FY or Q2 2026	None disclosed	None disclosed	N/A
Segment/Other	FY or Q2 2026	None disclosed	None disclosed	N/A

The Q1 2026 8-K/press release did not provide formal quantitative guidance .

Earnings Call Themes & Trends

Note: No earnings call transcript was available in our system; themes reflect company press releases.

Topic	Q-2 (Q3 2025)	Q-1 (Q4 2025)	Current (Q1 2026)	Trend
Treasury/Digital Assets	No DOGE treasury disclosure	N/A	Launched DOGE treasury; closed $175M; holdings 703.6M DOGE at Q/E; 733.1M+ by 11/12	New strategic pivot
Core Revenue Trajectory	Revenue $558k; +77.7% YoY; G&A $968k; net loss ~$809k	“Record” U.S. revenue >$1.1M; carry-forward POs into Q1	Revenue ~$0.9M; margin 59%	Building but lumpy
Gross Margin	Noted improvement YoY; execution focus	—	59% vs 51% YoY	Expanding YoY
Government Channel (GSA)	GSA MAS IDIQ award highlighted	—	—	Potential pipeline
International Expansion	Sanzonate Europe acquisition to expand pipeline	—	—	Early stage
Liquidity/Financial Risk	—	Going-concern emphasis in FY25 audit	Cash $12.9M at Q/E; large private placement	Funding secured; expense risk elevated

Management Commentary

“We executed on our vision to establish the world’s first Dogecoin Treasury… advancing toward our longer-term objective of acquiring up to 5% of Dogecoin’s circulating supply.” – CEO Clayton Adams .
“Our financial results during the quarter reflect several one-time expenses related to our treasury strategy transaction, while our core business experienced growth and cash flow on a stand-alone basis.” – CEO Clayton Adams .
Prior context on core operations momentum: “Achieved $1.1 million in U.S. revenue for the fourth quarter… received a $1.37M purchase order… $491k carried forward into Q1 2026; new $261k PO also scheduled to ship in Q1.” .
On growth catalysts (Q3 2025): Sanzonate acquisition (Europe), GSA MAS contract, and major airport deployment cited as drivers of adoption and pipeline expansion .

Q&A Highlights

No earnings call transcript was found in our document system; no Q&A details available to report (we searched for an earnings-call-transcript and found none) .

Estimates Context

S&P Global did not return consensus estimates for Q1 2026 revenue or EPS; sell-side coverage appears limited. Actual revenue printed at $904,699* and EPS at -$0.07* relative to no published consensus. Values retrieved from S&P Global.

Where estimates may need to adjust:

With the strategic shift to a DOGE treasury and sharply higher G&A, any prospective models must incorporate higher OpEx run-rate assumptions near term, while reflecting core business growth and higher gross margin as offsets .

Key Takeaways for Investors

DOGE treasury pivot is the dominant narrative and near-term stock catalyst; large capital inflow and sizable DOGE position materially alter the balance sheet and risk profile .
Core cleaning business continues to grow with improved gross margin (59%), but the quarter’s net loss was driven by one-time and elevated costs linked to the treasury launch; watch OpEx normalization trajectories .
Limited sell-side coverage and lack of formal guidance increase uncertainty; absence of a transcript reduces transparency pending the 10-Q and subsequent disclosures .
Prior “record” U.S. revenue in Q4 and carried-over POs supported Q1 activity, but reported consolidated revenue appears lumpy; reconcile U.S.-only vs consolidated disclosures in analysis .
FY2025 going-concern emphasis remains a consideration until sustained operating cash generation or ongoing funding clarity emerges; DOGE asset values introduce market-volatility exposure .
Near-term: trading likely driven by updates on DOGE accumulation, governance, and any monetization/utility milestones; Medium-term: thesis hinges on balancing treasury strategy execution with scaling the core cleaning business and maintaining margin gains .

Supporting Details and Additional Data

Q1 2026 highlights: Revenue ~$0.9M, gross profit ~$0.5M (59% margin), G&A ~$8.6M, net loss ~$13.4M; cash $12.9M; DOGE 703.6M at Q/E (FV $163.85M), >733.1M by 11/12 .
Q3 2025 highlights: Revenue ~$558k; G&A ~$968k; net loss ~$809k; cash ~$0.80M; non-cash stock comp ~$230k .
Q4 2025 context: Record U.S. revenue >$1.1M; $1.37M PO with $491k carried into Q1 2026 and additional $261k PO slated for Q1; going-concern emphasis in FY2025 audit .