Intelligent Bio Solutions Reports Record Fiscal First Quarter 2027 Revenue of $1.39 Million, Marking Sixth Consecutive Quarter of Year-Over-Year Growth

Cartridge consumables accounted for 61% of quarterly revenue, up from 58% a year earlier.

Rhea-AI Summary

Intelligent Bio Solutions (Nasdaq: INBS) reported record fiscal first-quarter 2027 revenue of $1.39 million, its sixth consecutive quarter of year-over-year growth. For the quarter ended September 30, 2026, revenue rose 25% year over year and 21% sequentially. Cartridge sales increased 32% year over year to $845,583. Gross profit rose 46% to $758,004, with gross margin reaching 54.5% versus 46.6% a year earlier.

Net loss attributable to the company narrowed to $2,658,302 from $2,983,006; loss per share fell to $0.86 from $3.49. Cash totaled $5,929,871, versus $3,992,312 at June 30, 2026. Development and regulatory approval expenses increased to $829,544 from $486,169. On September 9, 2026, the company submitted an FDA 510(k) premarket notification seeking clearance of its fingerprint drug screening system for codeine detection, supporting its planned U.S. market entry.

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Positive

• Moderate pointRevenue of $1,391,835 rose 25% year over year and 21% sequentially in fiscal Q1 2027.
• Moderate pointGross profit of $758,004 rose 46% year over year; margin expanded to 54.5% from 46.6%.
• Moderate pointNet loss attributable to the company narrowed to $2,658,302 from $2,983,006 a year earlier.
• Moderate pointCash increased to $5,929,871 at September 30, 2026, from $3,992,312 at June 30, 2026.
• Moderate pointSeptember 9, 2026 FDA submission completed a regulatory milestone toward planned U.S. market entry.

11 minor points

• Minor pointCartridge sales of $845,583 increased 32% year over year and 35% sequentially, reaching 61% of revenue.
• Minor pointOther sales of $281,253 grew 52% year over year, representing 20% of quarterly revenue.
• Minor pointLoss per share narrowed to $0.86 from $3.49 in the prior-year quarter.
• Minor pointMethod comparison study showed accuracy above 98%, sensitivity above 94%, and specificity of 100%.
• Minor pointClinical program completed precision, interference, usability and method comparison studies; all cybersecurity review items were resolved.
• Minor pointISO 13485:2016 recertification supported alignment with the FDA’s amended Quality Management System Regulation.
• Minor point27 new customer accounts were added during the quarter, bringing active accounts to 516.
• Minor pointSelling, general and administrative expenses declined to $2,579,641 from $2,706,889 in the prior-year quarter.
• Minor pointDepreciation and amortization declined to $237,067 from $257,907 in the prior-year quarter.
• Minor pointNo long-lived asset impairment was recorded, versus $261,780 in the prior-year quarter.
• Minor pointTotal liabilities declined to $6,269,147 at September 30, 2026, from $6,651,010 at June 30, 2026.

Negative

• Moderate pointDevelopment and regulatory approval expenses increased to $829,544 from $486,169 in the prior-year quarter.
• Moderate pointCommon shares outstanding increased to 3,316,803 at September 30, 2026, from 2,905,603 at June 30, 2026.
• Minor pointFDA clearance remains sought for codeine detection; the submission does not constitute clearance.

News Explained

As of September 30, 2026, cash equaled 198.2 days of the latest quarter’s operating cash use at that quarter’s rate.

In its fiscal first-quarter update, Intelligent Bio Solutions reported 516 active customer accounts at September 30, 2026, including 27 added during the quarter, and 1,978 installed readers; the company says this installed base drives recurring cartridge demand, and cartridges accounted for 61% of quarterly revenue.

At September 30, 2026, cash and equivalents were $5,929,871, against operating cash outflow of $2,752,991 for the quarter; at that reported rate, cash equaled 198.2 days of first-quarter operating cash use.

Sources and calculations

• Intelligent Bio Solutions fiscal first-quarter 2027 results release (2026-11-10)
• Intelligent Bio Solutions fiscal first-quarter 2027 fundamentals (2027Q1)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $5,929,871 / ($2,752,991 / 92) = 198.2 days

Key Figures

Revenue: $1,391,835 Revenue growth: 25% Cartridge sales: $845,583 +5 more

Revenue

$1,391,835

Fiscal Q1 2027

Revenue growth

25%

Year over year, fiscal Q1 2027

Cartridge sales

$845,583

Fiscal Q1 2027

Gross profit margin

54.5%

Fiscal Q1 2027; 46.6% in the prior-year quarter

510(k) submission

September 9, 2026

Premarket notification submitted to the FDA

Accuracy

Above 98%

Method comparison study across three U.S. clinical sites

Sensitivity

Above 94%

Method comparison study across three U.S. clinical sites

Specificity

100%

Method comparison study across three U.S. clinical sites

Previous Earnings Reports

1 past event · Latest: Nov 12

Same Type 1 event

1. Nov 12

   Quarterly earnings

   24h Move

   -1.7%

   Q1 FY2026 revenue rose 28% year over year and gross margin reached 46.6%.

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

Key Terms

510(k) premarket notification, specificity, iso 13485:2016

3 terms

510(k) premarket notification regulatory

"submitted our 510(k) premarket notification to the FDA"

A 510(k) premarket notification is a regulatory submission to the U.S. Food and Drug Administration that shows a new medical device is as safe and effective as an existing, legally marketed device. Think of it like demonstrating your new model performs like a trusted older model so it can be sold; for investors, 510(k) clearance is a key hurdle that affects how quickly a device can reach market, development cost, and the level of regulatory risk in a medical-device investment.

specificity medical

"accuracy above 98%, sensitivity above 94%, and specificity of 100%"

Specificity measures how well a diagnostic test or screening correctly identifies people who do not have a condition — the percentage of healthy cases the test labels as negative. Think of it as a smoke alarm that stays quiet when there’s no fire; high specificity means fewer false alarms. For investors, specificity affects regulatory approval, clinical adoption, follow-up costs, and the perceived reliability and market potential of medical products.

iso 13485:2016 regulatory

"recertified to the ISO 13485:2016 quality management system standard"

ISO 13485:2016 is an internationally recognized standard that sets out requirements for a quality management system specific to manufacturers and suppliers of medical devices. Think of it as a rulebook and inspection checklist that helps ensure devices are designed, produced, and tracked consistently to meet safety and regulatory expectations. Investors care because certification lowers the risk of product recalls, regulatory penalties, and market delays, supporting more predictable costs and revenue.

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Revenue up 25% year-over-year and 21% sequentially, marking third consecutive quarter above $1 million

Higher-margin cartridge sales grew 32% year-over-year and 35% sequentially, representing 61% of total revenue

Gross profit margin expanded to 54.5%, up from 46.6% in the prior-year quarter

Company submitted its FDA 510(k) premarket notification during the quarter, a key step toward planned U.S. market entry

NEW YORK, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results and operational highlights for the fiscal first quarter ended September 30, 2026.
“Fiscal first quarter revenue was the highest quarterly revenue in our Company’s history,” said Harry Simeonidis, President and CEO at Intelligent Bio Solutions. “Each reader draws on a recurring supply of higher-margin cartridges, which is driving most of our revenue growth. Our business continues to scale with improving unit economics, including expanding gross profit margins driven by manufacturing efficiencies and a higher share of revenue from higher-margin cartridge consumables.”

Mr. Simeonidis continued, “In September, we submitted our 510(k) premarket notification to the FDA for the Intelligent Fingerprinting Drug Screening System, the culmination of the clinical program we executed throughout 2026 and a key step toward our planned entry into the multi-billion-dollar U.S. drug screening market. Going forward, we will continue to invest in the clinical and regulatory work behind our 510(k) submission while maintaining discipline across the rest of the business.”

Product Revenue Breakdown

Three Months Ended September 30, 2026 (Q1 Fiscal 2027):

• Total revenue of $1.39 million, up 25% year-over-year and 21% sequentially
• Cartridge sales of $845,583, up 32% year-over-year and 35% sequentially, representing 61% of Q1 revenue
• Other sales of $281,253, up 52% year-over-year, representing 20% of Q1 revenue
• Gross profit of $758,004, up 46% year-over-year, with gross profit margin of 54.5%, up from 46.6% in the same period the year prior
• Cash and cash equivalents of $5.93 million at September 30, 2026, compared to $3.99 million at June 30, 2026

Fiscal First Quarter 2027 and Subsequent Highlights

• Record quarterly revenue: Revenue of $1,391,835 surpassed the Company’s prior quarterly record of $1,145,802, set in the fourth quarter of fiscal 2026, and marked the third consecutive quarter of sequential revenue growth and the third consecutive quarter above $1 million.
• Cartridge consumables driving growth: Cartridge sales accounted for 73% of the $280,038 year-over-year increase in total revenue and grew to 61% of quarterly revenue, up from 58% a year ago.
• Gross profit margin above 54%: Gross profit margin of 54.5% improved approximately 790 basis points year-over-year, reflecting manufacturing efficiencies and a growing share of higher-margin cartridge sales.
• FDA 510(k) submitted: On September 9, 2026, the Company submitted its 510(k) premarket notification to the FDA, seeking clearance of the Intelligent Fingerprinting Drug Screening System for detection of the opiate codeine. The submission included a method comparison study that demonstrated accuracy above 98%, sensitivity above 94%, and specificity of 100% across three independent U.S. clinical sites.
• 510(k) clinical program completed: During the quarter, the Company completed precision testing, interference, usability, and method comparison studies, and resolved all cybersecurity review items, finalizing the body of clinical evidence supporting its submission.
• ISO 13485:2016 recertification: The Company’s Intelligent Fingerprinting Drug Screening business was recertified to the ISO 13485:2016 quality management system standard by the British Standards Institution, supporting alignment with the FDA’s amended Quality Management System Regulation.
• Customer and installed base growth: 516 active customer accounts as of September 30, 2026, including 27 new accounts added during the quarter, with a reader installed base of 1,978 units.

The fiscal first quarter extended INBS’s consistent run of growth, with the installed base built through prior reader placements continuing to drive recurring, higher-margin cartridge demand. With its 510(k) submission complete, record quarterly revenue, and expanding gross profit margins, management believes the Company is well-positioned to continue its growth through fiscal 2027 as it pursues its planned entry into the multi-billion-dollar U.S. drug screening market.

About Intelligent Bio Solutions Inc. 

Intelligent Bio Solutions Inc. (Nasdaq: INBS) is a medical technology company delivering intelligent, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Testing Solution, comprising its portable, on-site Intelligent Fingerprinting Drug Screening System (“System”) and its Confirmatory Analysis Kit for back-to-lab testing, will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a fast, hygienic, and cost-effective solution, the System screens for the recent use of common drugs of abuse, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool across workplace, law enforcement, and government settings. The Company’s current customer segments outside the U.S. include construction and engineering, manufacturing, transport and logistics, mining, energy and utilities, government and public services, law enforcement and forensics, and drug treatment and rehabilitation.

Intelligent Bio Solutions Inc. is an authorized distributor of the SMARTOX SmarTest Patch. The SmarTest Patch is a discreet, water-resistant, and tamper-evident device worn on the skin for 7 to 10 days at a time, continuously collecting sweat to detect a broad range of substances, including cocaine, opiates, methamphetamine, marijuana, and fentanyl. The differing detection windows of the SmarTest Patch and the System allow the Company to address both short- and long-term detection needs while maintaining a consistent, non-invasive, sweat-based approach. 

For more information, visit: https://ibs.inc/

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, statements regarding Intelligent Bio Solutions Inc.’s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefits from its partnerships and collaborations, secure regulatory clearance or approvals, including the timing and outcome of the FDA’s review of its 510(k) premarket notification, and timelines to enter the U.S. market, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, actual results may differ materially from those expressed or implied by such statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” and “approximately,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those described in Intelligent Bio Solutions’ public filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of the date of this release. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Company Contact
Intelligent Bio Solutions Inc. 
info@ibs.inc  

Investor & Media Contact
Valter Pinto, Managing Director 
KCSA Strategic Communications 
PH: (212) 896-1254 
INBS@kcsa.com

Financial Tables to Follow

Intelligent Bio Solutions Inc. Condensed Consolidated Balance Sheets
	As of September 30,				As of June 30,
	2026				2026
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	5,929,871			$	3,992,312
Accounts receivable, net		999,756				848,464
Inventories, net		478,048				418,577
Research and development tax incentive receivable		529,433				806,951
Other current assets		1,108,355				1,030,932
Total current assets		9,045,463				7,097,236
Property and equipment, net		278,000				294,399
Operating lease right-of-use assets		1,702,337				1,751,040
Intangibles, net		2,595,875				2,799,161
Total assets	$	13,621,675			$	11,941,836
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	3,669,088			$	4,130,213
Current portion of operating lease liabilities		152,700				147,005
Current employee benefit liabilities		756,680				651,706
Total current liabilities		4,578,468				4,928,924
Employee benefit liabilities, less current portion		54,947				49,931
Operating lease liabilities, less current portion		1,635,732				1,672,155
Total liabilities		6,269,147				6,651,010
Commitments and contingencies
Shareholders’ equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 3,316,815 and 3,316,803 shares issued and outstanding, as of September 30, 2026, respectively; 2,905,615 and 2,905,603 shares issued and outstanding, as of June 30, 2026, respectively		33,168				29,056
Treasury stock, at cost, 12 shares as of September 30, 2026 and June 30, 2026, respectively		(1	)			(1	)
Additional paid-in capital		85,770,298				80,992,006
Accumulated deficit		(77,622,342	)			(74,964,040	)
Accumulated other comprehensive loss		(598,453	)			(546,186	)
Total consolidated Intelligent Bio Solutions Inc. equity		7,582,670				5,510,835
Non-controlling interest		(230,142	)			(220,009	)
Total shareholders’ equity		7,352,528				5,290,826
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	13,621,675			$	11,941,836

Intelligent Bio Solutions Inc. Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited)
	Three Months Ended September 30,
	2026				2025
Revenue	$	1,391,835			$	1,111,797
Cost of revenue (exclusive of amortization shown separately below)		(633,831	)			(593,506	)
Gross profit		758,004				518,291
Other income
Government support income		205,501				193,267
Operating expenses
Selling, general and administrative expenses		(2,579,641	)			(2,706,889	)
Development and regulatory approval expenses		(829,544	)			(486,169	)
Depreciation and amortization		(237,067	)			(257,907	)
Impairment of long-lived assets		-				(261,780	)
Total operating expenses		(3,646,252	)			(3,712,745	)
Loss from operations		(2,682,747	)			(3,001,187	)
Other income (expense), net
Interest expense		(1,435	)			(2,309	)
Realized foreign exchange loss		(5,344	)			-
Interest income		21,091				8,504
Total other income, net		14,312				6,195
Net loss		(2,668,435	)			(2,994,992	)
Net loss attributable to non-controlling interest		(10,133	)			(11,986	)
Net loss attributable to Intelligent Bio Solutions Inc.	$	(2,658,302	)		$	(2,983,006	)
Other comprehensive (loss) income
Foreign currency translation (loss) gain		(52,267	)			48,716
Total other comprehensive (loss) income		(52,267	)			48,716
Comprehensive loss		(2,720,702	)			(2,946,276	)
Comprehensive loss attributable to non-controlling interest		(10,133	)			(11,986	)
Comprehensive loss attributable to Intelligent Bio Solutions Inc.	$	(2,710,569	)		$	(2,934,290	)
Net loss per share, basic and diluted	$	(0.86	)		$	(3.49	)
Weighted average shares outstanding, basic and diluted		3,095,306				854,693

FAQ

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

How much revenue did Intelligent Bio Solutions report for fiscal Q1 2027?

Intelligent Bio Solutions reported $1,391,835 in revenue for the quarter ended September 30, 2026, up 25% year over year and 21% sequentially. It was the company’s highest quarterly revenue and its third consecutive quarter above $1 million.

What FDA clearance is INBS seeking for its fingerprint drug screening system?

INBS is seeking FDA clearance for detection of the opiate codeine with its Intelligent Fingerprinting Drug Screening System. The company submitted its 510(k) premarket notification on September 9, 2026, as a step toward its planned U.S. market entry.

What clinical results supported INBS’s FDA submission?

The method comparison study demonstrated accuracy above 98%, sensitivity above 94%, and specificity of 100% across three independent U.S. clinical sites. During the quarter, the company also completed precision, interference and usability studies and resolved all cybersecurity review items supporting the submission.