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CIRTRAN CORP (CIRX) reported sharply higher activity for the six months ended June 30, 2026. Net sales rose to $2.33 million from $0.63 million a year earlier, driven mainly by increased demand for HUSTLER-branded vapor products under its GloBrands distribution agreement. Gross profit increased to $1.08 million, and income from operations turned positive at $196,750 versus a prior-period operating loss of $236,531.
Despite the operating improvement, continuing operations still produced a net loss of $161,254, and overall net income of $2.11 million was mainly due to a $2.32 million gain from writing off time-barred debt in discontinued operations. CirTran remains highly leveraged, with total assets of $2.60 million versus total liabilities of $25.60 million, including $2.60 million of convertible debentures and $2.33 million of derivative liabilities.
Working capital was deeply negative, with a working capital deficit of about $20.3 million and cash of only $158,137. Management disclosed that these conditions raise substantial doubt about the company’s ability to continue as a going concern and plans to rely on revenue growth, cost controls, related-party advances, and additional financing. Management also concluded its disclosure controls and procedures were not effective as of June 30, 2026.
CirTran Corporation reported Q1 2026 net sales of $1,161,353, up sharply from $460,816 a year earlier, as demand for its HUSTLER-branded vapor products increased. Gross profit rose to $463,382, and loss from continuing operations narrowed to $65,737.
Overall net income reached $2,220,701, mainly from a $2,286,438 gain related to discontinued operations after writing off time-barred debt. Despite this accounting gain, CirTran carried a working capital deficit of about $20.2 million, total stockholders’ deficit of $22,886,494, and an accumulated deficit of $60,125,000 as of March 31, 2026.
Management disclosed that these conditions raise substantial doubt about the company’s ability to continue as a going concern and noted heavy use of related-party advances, substantial derivative liabilities, and significant accrued payroll and royalty obligations while disclosure controls and procedures were deemed not effective.
CirTran Corporation reported 2025 revenue of $3,126,891, up sharply from $1,296,796 in 2024 as sales of HUSTLER-branded vapor products improved in the second half of the year.
Despite higher gross profit of $1,540,697, the company recorded a net loss of $701,634 and continues to carry a large accumulated deficit of $62,345,701. Auditors issued a going-concern warning, citing a working capital deficit of $22,432,958 and heavy reliance on convertible debentures and related-party financing. At December 31, 2025, total liabilities were $27,621,226 against assets of $2,514,031, and all assets secure convertible debt maturing in 2027.
CirTran Corporation is registering up to 1,731,509 shares of common stock for resale tied to a $10,000,000 standby equity purchase agreement. The shares may be issued over 24 months to YA II PN, Ltd. at 95% of the lowest volume-weighted average price over a three‑day period, subject to a 4.99% ownership cap. Common stock outstanding is 4,945,417 shares before this arrangement and would be 6,676,926 shares if all registered shares are issued.
CirTran will not receive proceeds from the resale itself but may raise up to $10,000,000 from primary sales to the investor, with 50% of any cash required to repay secured debt owed to Tekfine, LLC. The company reports continued net losses, an accumulated deficit of about $62.8 million, and a working capital deficit of roughly $22.9 million, and its auditors have issued a going concern warning. Management discloses potential insolvency, approximately $4.4 million of secured convertible debentures and interest that encumber all assets, and highlights that this equity line and any additional equity financings could cause substantial dilution and pressure on its low-priced OTC-traded shares.
CirTran Corporation has filed an S-1 registering up to 1,731,509 shares of common stock for resale by YA II PN, Ltd. under a standby equity purchase agreement of up to $10,000,000. CirTran will not receive proceeds from the Selling Stockholder’s resales, but may raise cash by selling shares to YA II PN, with 50% of any such proceeds required to repay secured indebtedness owed to Tekfine, LLC.
The registered shares equal about 40% of the float and could materially dilute existing holders, on top of penny stock trading on the OTCID at $0.043 per share on January 2, 2026. The Purchase Agreement includes a 4.99% ownership cap for the Selling Stockholder, yet CirTran notes it is unlikely to realize the full $10,000,000 without additional registrations.
CirTran reports continued losses, with $1,296,796 of 2024 revenue (down 19.8% year over year) and a 2024 net loss from continuing operations of $2.6M, plus a working capital deficit of about $22.9M as of September 30, 2025. All assets secure roughly $4.4M of convertible debentures and interest, and auditors have issued going concern warnings, highlighting insolvency and liquidation risks.
CirTran Corporation entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. that gives the company the right, but not the obligation, to sell up to $10,000,000 of its common stock to YA over a 24‑month period. CirTran will decide when and how many shares to sell through individual advances, with pricing based on the stock’s volume weighted average price, and the company may set a minimum acceptable price for certain advances.
CirTran plans to file a registration statement to cover YA’s resale of any shares it may buy and is required to issue 3,846,154 shares of common stock to YA in December 2026. The agreement caps YA’s beneficial ownership at 4.99% of CirTran’s outstanding common stock at any time. The company expects to use proceeds for working capital and general corporate purposes and must apply 50% of any proceeds to reduce indebtedness, including accrued interest, owed to Tekfine, LLC, which has agreed to refrain from selling stock received on note conversions during the agreement’s term. Both YA and Tekfine have agreed not to engage in short sales or net short positions in CirTran’s stock during the term.