Evolution Metals & Tech

Q2 FY2026 EarningsQ2 FY26 revenue was $1.64M, missing the consensus of $2.10M, while gross margin of -7.03pct was significantly below the expected 35.00%. Despite the top-line miss, EBIT of -$17.27M and GAAP EPS of -$0.02 were largely in-line with expectations due to transaction-related reclassifications following the January 2026 business combination. A massive non-cash fair value loss of $423.6M YTD dominates the bottom line, but liquidity remains the primary concern with a $78.8M working capital deficit and a going concern warning.