FiEE, Inc. Announces Third Quarter 2026 Unaudited Financial Results

Rhea-AI Summary

FiEE (NASDAQ:FIEE) reported unaudited third-quarter 2026 revenue of approximately $2.6 million, alongside a return to profitability for the quarter. Revenue compared with $1.9 million a year earlier, while net income reached approximately $1.1 million versus a $0.3 million loss. Diluted earnings per share were $0.08 versus a $0.04 loss.

For the nine months ended September 30, revenue rose 382.1% to approximately $9.6 million. Net income reached approximately $3.6 million versus a $1.3 million loss, and diluted earnings per share were $0.24 versus a $0.25 loss. Gross margin fell to 76.3% from 83.0%. Digital authentication services generated $3.5 million in revenue versus none a year earlier. At September 30, cash was $5,226,422, compared with $3,084,461 at December 31, 2025; accounts receivable rose to $4,575,896 from $2,110,715.

23 points · 2 major

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0 major · 9 points

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Positive

• Major pointNine-month revenue increased 382.1% to $9,567,853 from $1,984,660 a year earlier.
• Major pointNine-month net income reached $3,578,371, versus a $1,266,575 loss a year earlier.
• Moderate pointSoftware services secured $4.1 million in contracts by September 30, 2026. 17% of market cap
• Moderate pointCash increased to $5,226,422 at September 30, 2026, from $3,084,461 at December 31, 2025.
• Moderate pointTotal liabilities fell to $2,446,494 at September 30, 2026, from $4,181,757 at December 31, 2025.
• Moderate pointStockholders' equity increased to $12,838,052 at September 30, 2026, from $6,589,378 at December 31, 2025.
• Moderate pointThird-quarter administrative expenses fell to $960,441 from $1,716,060 a year earlier.
• Moderate pointThird-quarter income taxes shifted to a $365,513 benefit from a $140,185 expense a year earlier.

15 minor points

• Minor pointNine-month diluted earnings per share reached $0.24, versus a $0.25 loss a year earlier.
• Minor pointThird-quarter revenue increased to $2,620,524 from $1,939,542 a year earlier.
• Minor pointThird-quarter net income reached $1,116,141, versus a $252,985 loss a year earlier.
• Minor pointThird-quarter diluted earnings per share reached $0.08, versus a $0.04 loss a year earlier.
• Minor pointNine-month gross profit increased to $7,295,759 from $1,648,241 a year earlier.
• Minor pointThird-quarter gross profit increased to $1,927,981 from $1,647,803 a year earlier.
• Minor pointNine-month operating income reached $3,822,742, versus a $1,108,638 loss a year earlier.
• Minor pointThird-quarter operating income reached $752,465, versus a $100,606 loss a year earlier.
• Minor pointNine-month digital services revenue increased 104.5% to $3,674,774 from $1,797,314 a year earlier.
• Minor pointNine-month software services revenue increased 1,130.6% to $2,305,473 from $187,346 a year earlier.
• Minor pointNine-month digital authentication revenue reached $3,543,862, versus none a year earlier.
• Minor pointNine-month other services revenue reached $43,744, versus none a year earlier.
• Minor pointDigital services had 939 customers and $9.2 million in total service fees at September 30, 2026.
• Minor pointSoftware services customers reached 32 at September 30, 2026, up one from June 30.
• Minor pointArt advisory, acquisition assistance, exhibition, post-transaction support and brokerage services have begun generating revenue.

Negative

• Moderate pointNine-month gross margin fell to 76.3% from 83.0%, reflecting changed business mix and higher amortization costs.
• Moderate pointAccounts receivable rose to $4,575,896 at September 30, 2026, from $2,110,715 at December 31, 2025.
• Moderate pointNine-month basic weighted-average common shares increased to 8,309,153 from 5,037,981 a year earlier.
• Minor pointNine-month selling and marketing expenses increased to $457,766 from $49,160 a year earlier.
• Minor pointNine-month administrative expenses increased to $2,895,476 from $2,660,300 a year earlier.

4 minor points

• Minor pointNine-month research and development expenses increased to $119,775 from $47,419 a year earlier.
• Minor pointThird-quarter selling and marketing expenses increased to $171,113 from $32,349 a year earlier.
• Minor pointThird-quarter research and development expenses reached $43,962, versus none a year earlier.
• Minor pointNine-month income tax expense increased to $298,213 from $140,185 a year earlier.

News Explained

FiEE reports $4.1 million in software-service contracts and $2.3 million in software revenue recognized during the nine months ended September 30; MCN services contributed $3.7 million in revenue over that period.

Key Figures

Nine-month revenue: Approximately $9.6 million; +382.1% year-on-year Nine-month gross profit: Approximately $7.3 million Gross margin: 76.3% +4 more

Nine-month revenue

Approximately $9.6 million; +382.1% year-on-year

Nine months ended September 30, 2026; compared with $2.0 million in 2025

Nine-month gross profit

Approximately $7.3 million

Nine months ended September 30, 2026; compared with $1.6 million in 2025

Gross margin

76.3%

Nine months ended September 30, 2026; compared with 83.0% in 2025

Nine-month net income

Approximately $3.6 million

Nine months ended September 30, 2026; turnaround from a $1.3 million net loss in 2025

Diluted earnings per common share

$0.24

Nine months ended September 30, 2026; compared with a diluted loss of $0.25 in 2025

Third-quarter revenue

Approximately $2.6 million

Three months ended September 30, 2026; compared with $1.9 million in 2025

Third-quarter net income

Approximately $1.1 million

Three months ended September 30, 2026; turnaround from a $0.3 million net loss in 2025

Previous Earnings Reports

1 past event · Latest: Aug 14

Same Type 1 event

1. Aug 14

   earnings report

   24h Move

   +12.6%

   First-half revenue reached $6.9 million with $2.5 million net income after a prior-year loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

saas, iot, accounts receivable, diluted earnings per common share

4 terms

saas technical

"a technology company that leverages IoT, connectivity, and AI to deliver SaaS solutions"

SaaS, or Software as a Service, is a way of delivering computer programs over the internet, allowing users to access and use them through a web browser without needing to install or maintain the software themselves. For investors, it highlights a business model where companies generate recurring revenue by providing ongoing access to their software, often leading to predictable income and growth potential.

iot technical

"leverages IoT, connectivity, and AI to deliver SaaS solutions"

The Internet of Things (IoT) describes a network of everyday devices—such as appliances, vehicles, and equipment—that are connected to the internet and can share data automatically. For investors, IoT represents a growing trend that can drive efficiency and innovation across many industries, potentially creating new opportunities for growth and value. Its expansion influences how companies operate and compete in a digitally connected world.

accounts receivable financial

"with related accounts receivable of $2.2 million"

Money a company is owed by its customers for goods or services already delivered but not yet paid for. Think of it like a stack of IOUs or open tabs: it represents future cash the business expects to collect. Investors watch accounts receivable because large or growing balances can signal strong sales or potential cash shortfalls if customers don’t pay, affecting liquidity, working capital and the company’s financial health.

diluted earnings per common share financial

"Diluted earnings per common share was $0.24"

Diluted earnings per common share measures a company’s profit allocated to each share assuming all potential shares that could be created — like employee stock options, warrants, or convertible debt — are exercised or converted. Think of a pie split among current and possible future diners: it shows a more conservative slice size each shareholder would get if all claims became shares, helping investors compare profitability on a worst‑case dilution basis.

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Revenue for the First Nine Months of 2026 Surged 382.1% Year-on-Year to Approximately $9.6 Million

Profit Turnaround for the First Nine Months of 2026 with Net Income of $3.6 Million

OSAKA, Japan, Nov. 13, 2026 /PRNewswire/ -- FiEE, Inc. (NASDAQ:FIEE) ("FiEE," the "Company," "we," "our," or similar terms), a technology company that leverages IoT, connectivity, and AI to deliver SaaS solutions for content creation and brand management, along with phygital art advisory services that connect artists, collectors, and brands, today announced its unaudited financial results for the three and nine months ended September 30, 2026.

Operational and Financial Highlights for the Nine Months Ended September 30, 2026

• Revenue surged 382.1% year-on-year to approximately $9.6 million for the nine months ended September 30, 2026, compared to $2.0 million in the same period of 2025. The increase in revenue primarily reflects the Company's strategic transition from legacy hardware operations to SaaS solutions, with a new business model focusing on integrating AI and big data into content creation and brand management, along with the successful expansion into multiple new business lines, including SaaS – MCN digital services, software services, phygital art advisory services (currently, digital authentication services), and other services, most of which experienced rapid growth following their launch.
  • As of September 30, 2026, FiEE had onboarded 939 customers for its SaaS – MCN digital services, representing total service fees of $9.2 million, of which $9.0 million had been recognized as revenue on a cumulative basis. During the nine months ended September 30, 2026, we recognized $3.7 million in revenue from this business.
  • As of September 30, 2026, FiEE had secured contracts totaling $4.1 million for software services. We recognized $2.3 million in software services revenue during the nine months ended September 30, 2026, under the applicable over-time or point-in-time revenue recognition model. The number of software services customers increased by one from June 30, 2026, bringing the total to 32 as of September 30, 2026.
  • For the nine months ended September 30, 2026, the Company's phygital art advisory services generated revenue of $3.5 million, compared to $0 for the same period in 2025. These services had served a total of five corporate clients and 601 individual clients, with related accounts receivable of $2.2 million.
• Gross profit was approximately $7.3 million, compared to $1.6 million in the same period of 2025. The increase in gross profit was attributable to higher revenue during the period. Gross margin decreased to 76.3% for the nine months ended September 30, 2026, from 83.0% in the same period of 2025. The expansion of our MCN digital services, software services, and phygital art advisory services has changed our revenue mix and cost structure, while higher amortization costs included in cost of revenues also contributed to the decrease in consolidated gross margin during the period.
• Net income was approximately $3.6 million, representing a turnaround from a net loss of $1.3 million in the same period of 2025.

Operational and Financial Highlights for the Three Months Ended September 30, 2026

• Revenue was approximately $2.6 million, compared to $1.9 million for the three months ended September 30, 2025.
• Gross profit was approximately $1.9 million, compared to $1.6 million for the three months ended September 30, 2025.
• Net income was approximately $1.1 million, representing a turnaround from a net loss of $0.3 million for the three months ended September 30, 2025.

Rafael Li, Chief Executive Officer and President of FiEE, commented, "We delivered solid financial results during the period and made meaningful progress in building a more diversified, scalable digital services platform. By expanding our AI-driven content offerings, phygital art advisory services, and software services, we continued to strengthen our market position and open up new avenues for growth. We were also pleased with the success of our recent art exhibition and collector engagement, which highlighted the increasing value of connecting creators, audiences, and collectors through our ecosystem."

Mr. Li added, " Building on this foundation, including our recently completed art exhibition, we have begun generating revenue across art advisory, acquisition assistance, exhibition services, post-transaction support, and MCN brokerage services, and expect this momentum to continue. We are excited about what this means for our creator ecosystem, as these services have given creators a platform to showcase their work and a direct line to collectors who value their work. By broadening our services and deepening engagement with our community of creators and collectors, we believe we can further expand our market reach, scale our platform, and deliver sustainable, long-term value to our stockholders."

Financial Results for the Nine Months Ended September 30, 2026

Revenue was approximately $9.6 million, compared to $2.0 million in the same period of 2025.

Revenues		Nine Months Ended September 30,				%
		2026		2025		change
		$		$		YoY
Services
SaaS – MCN digital services		3,674,774		1,797,314		104.5 %
Software services		2,305,473		187,346		1,130.6 %
Phygital art advisory services – Digital authentication		3,543,862		-		N/A
Others		43,744		-		N/A
Total	$	9,567,853	$	1,984,660		382.1 %

Gross profit was approximately $7.3 million, compared to $1.6 million in the same period of 2025.

Gross margin was 76.3%, compared to 83.0% in the same period of 2025. The decrease primarily reflected higher amortization costs included in cost of revenues.

Operating expenses were approximately $3.5 million, representing an increase of 26.0% from $2.8 million in the same period of 2025.

• Selling and marketing expenses were approximately $0.5 million, as compared to $0.05 million in the same period of 2025. The increase was primarily due to the Company's business transformation and share-based compensation expense in connection with equity awards granted in May 2026 under our 2025 Equity Incentive Plan. The expenses incurred during the nine months ended September 30, 2026, primarily reflected costs related to the expansion of our four core business lines (SaaS – MCN digital services, software services, phygital art advisory services, and other services), as well as corporate branding initiatives.
• General and administrative expenses were approximately $2.9 million, compared to $2.7 million in the same period of 2025. The increase reflected higher share-based compensation expense, legal and audit fees, and other fees.
• Research and development expenses were approximately $0.1 million, as compared to $0.05 million in the same period of 2025. The increase primarily reflected ongoing enhancements and optimizations to our system during the respective periods.

Operating income was approximately $3.8 million, marking a turnaround from a loss of $1.1 million for the nine months ended September 30, 2025.

Net income was approximately $3.6 million, representing a turnaround from the $1.3 million loss for the nine months ended September 30, 2025.

Diluted earnings per common share was $0.24, compared to a diluted loss per common share of $0.25 for the nine months ended September 30, 2025.

About FiEE, Inc.

FiEE, Inc. (NASDAQ:FIEE), formerly Minim, Inc., was founded in 1977. The Company has a historical track record of delivering a comprehensive WiFi/Software as a Service platform in the market. After years of development, FiEE made the strategic decision to transition to a Software First Model, rebranding itself as a technology company leveraging its expertise in IoT, connectivity, and AI to improve artwork circulation, as well as engagement with artists and collectors.

Notably, FiEE has introduced its innovative Software as a Service solutions, which integrate its AI and data analytics capabilities into content creation and brand management. Building on its established pool of KOLs and artist network, FiEE further extended its offerings to phygital art advisory services, providing a platform for artists, collectors, and brands to connect through exhibitions and other value-added services.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements, written, oral, or otherwise made, represent the Company's expectation or belief concerning future events. Without limiting the foregoing, the words "believes," "expects," "may," "might," "will," "should," "seeks," "intends," "plans," "strives," "goal," "estimates," "forecasts," "projects" or "anticipates" or the negative of these terms and similar expressions are intended to identify forward-looking statements. Forward-looking statements included in this press release may include, among others, statements relating to (i) the future financial position and results of operations of the Company, (ii) our ability to successfully implement our strategic business transformation and expand our AI-driven content offerings, software services, and phygital art advisory services, (iii) our expectations regarding the commencement of revenue generation from art advisory, acquisition assistance, exhibition services, post-transaction support, and MCN brokerage services, (iv) our ability to broaden our service offerings and deepen engagement with creators and collectors, (v) our ability to expand our market reach and scale our digital services platform and creator ecosystem, and (vi) our long-term growth objectives and opportunities and our ability to deliver sustainable, long-term value to our stockholders.

By nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statement. In addition, there may be other factors of which we are presently unaware or that we currently deem immaterial that could cause our actual results to be materially different from the results referenced in the forward-looking statements. All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. Although we believe that our plans, intentions and expectations are reasonable, we may not achieve our plans, intentions or expectations. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See "Risk Factors" and "Special Note Regarding Forward-Looking Statements" included in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's most recent annual report on Form 10-K and other risk factors described from time to time in subsequent quarterly reports on Form 10-Q, or other subsequent filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

For investor and media inquiries, please contact:
Email: fiee@dlkadvisory.com

 

 

 

FIEE, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
		September 30, 2026				December 31, 2025
ASSETS
Current assets
Cash		$	5,226,422			$	3,084,461
Accounts receivable			4,575,896				2,110,715
Other receivables, net			673,117				1,217,692
Prepaid expenses and other current assets			980,379				199,309
Total current assets			11,455,814				6,612,177
Property, equipment and software, net			843,140				366,439
Intangible assets, net			2,571,604				3,529,835
Operating lease right-of-use assets, net			-				31,004
Goodwill			24,990				-
Deferred tax assets			27,102				-
Other assets			361,896				231,680
Total assets		$	15,284,546			$	10,771,135
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	355,246			$	511,206
Contract liabilities			101,896				1,497,721
Accrued expenses and other current liabilities			972,346				1,169,737
Income tax payable			1,017,006				972,743
Current maturities of operating lease liabilities			-				30,350
Total current liabilities			2,446,494				4,181,757
Total liabilities			2,446,494				4,181,757
Commitments and Contingencies
Stockholders' equity
Preferred Stock			1,639,779				1,639,779
Common Stock			85,286				79,341
Additional paid-in capital			103,207,291				100,500,280
Accumulated deficit			(92,037,851)				(95,621,579)
Accumulated other comprehensive loss			(6,580)				(8,443)
Total stockholders' equity attributable to parent			12,887,925				6,589,378
Non-controlling interests			(49,873)				-
Total stockholders' equity			12,838,052				6,589,378
Total liabilities and stockholders' equity		$	15,284,546			$	10,771,135

 

 

 

FIEE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues		$	2,620,524			$	1,939,542			$	9,567,853			$	1,984,660
Cost of revenues			692,543				291,739				2,272,094				336,419
Gross profit			1,927,981				1,647,803				7,295,759				1,648,241
Operating expenses:
Selling and marketing			171,113				32,349				457,766				49,160
General and administrative			960,441				1,716,060				2,895,476				2,660,300
Research and development			43,962				-				119,775				47,419
Total operating expenses			1,175,516				1,748,409				3,473,017				2,756,879
Operating income (loss)			752,465				(100,606)				3,822,742				(1,108,638)
Other income (expense):
Interest income (expense), net			200				(3,246)				297				(8,673)
Foreign currency exchange income (loss)			(2,717)				(8,948)				25,835				(9,079)
Other, net			680				-				27,710				-
Total other income (expense)			(1,837)				(12,194)				53,842				(17,752)
Income (loss) before income taxes			750,628				(112,800)				3,876,584				(1,126,390)
Income tax expense (benefit)			(365,513)				140,185				298,213				140,185
Net income (loss)		$	1,116,141			$	(252,985)			$	3,578,371			$	(1,266,575)
Attributable to noncontrolling interests			(4,875)				-				(5,357)				-
Net income (loss) attributable to owners of parent		$	1,121,016			$	(252,985)			$	3,583,728			$	(1,266,575)
Allocation to participating preferred stock			(307,762)				-				(1,002,586)				-
Net income (loss) attributable to common stockholders		$	813,254			$	(252,985)			$	2,581,142			$	(1,266,575)
Basic earnings (loss) per common share		$	0.10			$	(0.04)			$	0.31			$	(0.25)
Diluted earnings (loss) per common share		$	0.08			$	(0.04)			$	0.24			$	(0.25)
Weighted-average number of common shares     outstanding:
Basic			8,528,598				6,295,961				8,309,153				5,037,981
Diluted			10,598,124				6,295,961				10,566,371				5,037,981
Net income (loss)		$	1,116,141			$	(252,985)			$	3,578,371			$	(1,266,575)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment			33,849				34				1,863				1,996
Total comprehensive income (loss)		$	1,149,990			$	(252,951)			$	3,580,234			$	(1,264,579)

 

View original content:https://www.prnewswire.com/news-releases/fiee-inc-announces-third-quarter-2026-unaudited-financial-results-302939179.html

SOURCE FiEE, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FiEE's third-quarter 2026 earnings results?

FiEE reported third-quarter revenue of $2,620,524 and net income of $1,116,141, compared with revenue of $1,939,542 and a net loss of $252,985 a year earlier. Diluted earnings per common share were $0.08, versus a $0.04 loss. The results are unaudited.

How much did FiEE's revenue grow in the first nine months of 2026?

FiEE's revenue increased 382.1% to $9,567,853 for the nine months ended September 30, 2026, from $1,984,660 a year earlier. Net income was $3,578,371, compared with a $1,266,575 loss, while diluted earnings per common share reached $0.24 versus a $0.25 loss.

How much of FiEE's digital services fees had been recognized as revenue by September 30, 2026?

FiEE had recognized $9.0 million of its $9.2 million in total digital services fees as revenue on a cumulative basis by September 30, 2026. Revenue recognized from this business during the first nine months of 2026 was $3.7 million.

How many clients had FiEE's phygital art advisory services served?

FiEE's phygital art advisory services had served five corporate clients and 601 individual clients, with related accounts receivable of $2.2 million. These services generated $3.5 million in revenue for the nine months ended September 30, 2026, compared with none in the same period of 2025.