Wider 2025 loss at Callan JMB (NASDAQ: CJMB) as revenue dips
Rhea-AI Filing Summary
Callan JMB Inc. reported full-year 2025 results with revenue of $5.7 million, down from $6.6 million in 2024 as some state and local governments reduced demand for emergency preparedness services. Gross profit was $2.1 million versus $2.6 million a year earlier.
Selling, general and administrative expenses rose to $8.6 million from $4.8 million, largely tied to costs of its initial public offering and becoming a public company, leading to a wider operating loss of $7.0 million and net loss of $8.0 million. The company ended 2025 with $2.1 million in cash, supported by IPO and equity line proceeds, and highlighted new partnerships in pharmaceutical logistics, expanded emergency preparedness contracts, and entry into food sampling and international healthcare logistics.
Positive
- None.
Negative
- Losses widened significantly: 2025 net loss increased to $8.0 million from $2.3 million, driven by higher SG&A and additional non-cash costs such as ELOC-related expenses and a new derivative liability.
Insights
Revenue slipped while costs from going public drove a much larger 2025 loss.
Callan JMB saw revenue decline to $5.7 million from $6.6 million, reflecting softer emergency preparedness demand from some government customers. Gross profit fell to $2.1 million, but the sharper pressure came from a surge in operating expenses.
SG&A nearly doubled to $8.6 million, mainly from professional and IT costs tied to the IPO and public-company requirements, pushing operating loss to $7.0 million and net loss to $8.0 million. Cash held steady around $2.1 million helped by $4.54 million in IPO proceeds and equity line funding.
The business update emphasizes expansion beyond core emergency preparedness into pharmaceutical logistics, international partnerships, and food sampling, along with extended contracts in Chicago and Oregon. Actual financial impact of these initiatives will be seen in later periods, as 2025 results still reflect a small revenue base and heavy transition costs.
8-K Event Classification
Key Figures
Key Terms
equity line of credit (ELOC) facility financial
derivative liability financial
cGMP facility technical
right of use assets – operating lease financial
emergency preparedness other
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.02. Results of Operations and Financial Condition.
On March 31, 2026, Callan JMB Inc., a Nevada corporation (the “Company”) announced its financial results for the year ended December 31, 2025. The full text of the press release (the “Press Release”) issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in the Press Release shall be considered “furnished” pursuant to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any of the Registrant’s reports or filings with the Securities and Exchange Commission, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being filed herewith:
| Exhibit No. | Description | |
| 99.1 | Press Release of the Company dated as of March 31, 2026. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 31, 2026 | Callan JMB Inc. | |
| By: | /s/ Wayne Williams | |
| Name: | Wayne Williams | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Callan JMB Reports Full Year 2025 Financial Results and Provides Business Update
The Company Deepened its Government Relationships at Both State and Federal Levels, Particularly to Support Onshoring Initiatives, While Reinforcing the Strength and Stability of Core Emergency Preparedness Operations
Built Momentum Across Several Growth Initiatives with Healthcare and Food Manufacturing Partners
SPRING BRANCH, Texas, March 31, 2026 — Callan JMB INC. (NASDAQ: CJMB) (“Callan JMB” or the “Company”), an integrative logistics company empowering the healthcare industry and emergency management agencies through fulfillment, storage, monitoring, and cold chain logistics services, today announced its financial results for the full year ended December 31, 2025 and is providing shareholders with a business update.
“Throughout 2025 and into the new year, while our emergency preparedness business has remained the core to our operations there are several critical initiatives Callan JMB is actively pursuing with significant growth potential,” commented Wayne Williams, CEO, Chairman & Founder of Callan JMB. “Our long history and established relationships across both the state and federal levels continue to be a driver for us as potential partners seek out our knowledge and expertise. While we are focused on maintaining exceptional service levels in emergency preparedness, we are also expanding our pharmaceutical logistics and specialty distribution operations, as well as advancing U.S. onshoring initiatives. Callan JMB operates at the rigorous quality standards required for pharmaceutical distribution and our recent partnership with Attune represents a meaningful acknowledgement of our leadership in this space.”
“As we look ahead into the remainder of 2026, we are focused on strengthening our core infrastructure, scaling our readiness capabilities, and advancing our strategic growth initiatives in high velocity sectors such as healthcare and food logistics. We are committed to long-term shareholder value creation by building a resilient, mission-driven organization positioned at the center of critical healthcare and national preparedness supply chains,” concluded Mr. Williams.
Business Highlights to Date:
| ● | Signed a manufacturing oversight, federal deployment, and commercialization agreement of multi-asset therapeutic pipeline with Biostax Corp d/b/a Attune Biotech Inc. (“Attune”), a clinical-stage biopharmaceutical company with a diversified therapeutic pipeline, to serve as independent third-party overseer of Attune’s manufacturing, quality assurance and control, and deployment operations for Attune’s pipeline of multiple clinical and commercial-stage assets whose focus is on addressing significant unmet medical needs. | |
| ● | Advanced multiple growth initiatives with global healthcare manufacturing leaders. |
| ○ | Established a joint venture with Revival Health, to integrate logistics, shipping systems, bioservices, and data infrastructure to support Revival Health’s imports and U.S.-based manufacturing. | |
| ○ | Launched Callan JMB Services (India) Private Limited with planned temperature-controlled warehouse in Pune, Maharashtra for pharmaceutical storage and distribution. | |
| ○ | Secured an agreement with Walker’s Pharmaceuticals Ltd. and working with additional Indian companies to facilitate U.S. market entry and manufacturing plant establishment. | |
| ○ | Entered a preliminary agreement with the maker of an oral drug delivery system to install its innovative manufacturing equipment in Callan JMB’s cGMP facility in Texas. |
| ● | Strengthened core emergency preparedness operations, further deepening both state and federal relationships. |
| ○ | Extended emergency preparedness contract with the City of Chicago through June 2026 with $1.5 million funding increase, bringing total contract value to $9.1 million. | |
| ○ | Awarded a second five-year contract by the Oregon Health Authority (OHA) for medical emergency preparedness and response services. | |
| ○ | Appointed former Assistant Commissioner of the Chicago Department of Public Health, Christopher Shields, as Senior Vice President, Emergency Preparedness & Response/Government Affairs. | |
| ○ | Supported Texas and New Mexico in the response to measles outbreak in each state by redistributing doses of the MMR II vaccine from Chicago to their respective states. | |
| ○ | Announced a new comprehensive lease program for vaccine management that enables government agencies and private organizations to provide crucial immunizations without the economic burden of purchasing the necessary equipment outright. | |
| ○ | Successful administration of immunizations across 44 Tennessee counties through its partnership with Health Hero Tennessee out of a dedicated operations center set up by Callan JMB. |
| ● | Entered the food sampling sector by expanding the Company’s reclamation operations. | |
| ● | Upgraded the proprietary Sentry Monitoring System, transitioning from Java to HTML5 to enable healthcare facilities and emergency management agencies to monitor temperature-sensitive pharmaceutical storage from any web-enabled device without downloading additional software. |
Financial Highlights for the Full Year Ended December 31, 2025:
| ● | Revenues for the twelve months ended December 31, 2025, was $5.7 million compared to $6.6 million for the twelve months ended December 31, 2024. The decrease in revenue was due to the decrease in demand for our emergency preparedness services by certain states and local governments. | |
| ● | Cost of revenues for the twelve months ended December 31, 2025, was $3.6 million compared to $4 million for the twelve months ended December 31, 2024. The decrease in cost of revenue was primarily attributed to a decrease in revenue. | |
| ● | Gross profit for the twelve months ended December 31, 2025, was $2.1 million compared to $2.6 million for the twelve months ended December 31, 2024. | |
| ● | SG&A expenses for the twelve months ended December 31, 2025, were $8.6 million compared to $4.8 million for the twelve months ended December 31, 2024. The increase was primarily driven by increases in professional fees to support the Company’s initial public offering and becoming a public entity, as well as increases in information technology support costs. | |
| ● | Loss from operations for the twelve months ended December 31, 2025, was $7.0 million compared to a loss of $2.3 million for the twelve months ended December 31, 2024. | |
| ● | Cash and cash equivalents for the period ended December 31, 2025, were $2.1 million. |
About Callan JMB Inc.
Callan JMB Inc. is an integrative logistics company empowering the healthcare industry and emergency management agencies through fulfillment, storage, monitoring, and cold chain logistics services to secure medical materials and protect patients and communities with compliant, safe, and effective medicines. Our combined expertise in supply chain logistics, thermodynamics, biologics, inventory management, regulatory compliance and emergency preparedness is unparalleled in the industry. We offer a gold standard in client experience with customizable interfaces, next-level reliability in shipping and environmental sustainability in our specialty packaging.
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs, such as “will,” “should,” “would,” “may,” and “could,” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Registration Statement Under the Securities Act of 1933 on Form S-1, including but not limited to the discussion under “Risk Factors” therein, which the Company filed with the SEC and which may be viewed at http://www.sec.gov/.
Investor Contacts:
Valter Pinto, Managing Director
KCSA Strategic Communications
CallanJMB@kcsa.com
212.896.1254
CALLAN JMB INC.
(Formerly known as Coldchain Technology Services, LLC)
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2025 and 2024
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 2,130,758 | $ | 2,097,945 | ||||
| Accounts receivable, net of allowance for credit losses of $61,675 and $64,000, respectively | 343,246 | 622,914 | ||||||
| Inventory | 243,285 | 158,362 | ||||||
| Related party loans | - | 18,669 | ||||||
| Tax refund receivable | - | 6,377 | ||||||
| Other current assets | 341,311 | 278,896 | ||||||
| Deferred offering costs | - | 136,025 | ||||||
| Total current assets | $ | 3,058,600 | 3,319,188 | |||||
| Right of use assets – operating lease | 1,917,563 | 883,029 | ||||||
| Property and equipment, net of accumulated depreciation of $760,655 and $608,703, respectively | 799,538 | 876,682 | ||||||
| Security deposit | - | 3,650 | ||||||
| Total assets | $ | 5,775,701 | $ | 5,082,549 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 564,014 | $ | 371,661 | ||||
| Accrued expenses | 502,183 | 506,381 | ||||||
| Corporate taxes payable | 23,085 | 23,000 | ||||||
| Deferred revenue | - | 94,097 | ||||||
| Right of use liability – operating lease | 323,935 | 279,176 | ||||||
| Total current liabilities | 1,413,217 | 1,274,315 | ||||||
| Right of use liability – operating lease | 1,663,229 | 628,274 | ||||||
| Derivative liability | 371,216 | - | ||||||
| Deferred tax liabilities | - | 6,602 | ||||||
| Total long-term liabilities | $ | 2,034,445 | 634,876 | |||||
| Total liabilities | $ | 3,447,662 | 1,909,191 | |||||
| Commitments and contingencies – Note 7 | ||||||||
| Stockholders’ Equity | ||||||||
| Preferred stock - authorized 10,000,000 shares, $0.001 par value; zero issued and outstanding as of December 31, 2025 and December 31, 2024 | - | - | ||||||
| Common stock - authorized 190,000,000 shares, par value $0.001 par value; 4,858,663 issued and outstanding as of December 31, 2025 and 3,000,000 December 31, 2024 | 4,860 | 3,000 | ||||||
| Additional paid in capital | 12,583,193 | 5,464,006 | ||||||
| Accumulated deficit | (10,260,014 | ) | (2,293,648 | ) | ||||
| Total stockholders’ equity | $ | 2,328,039 | $ | 3,173,358 | ||||
| Total liabilities and stockholders’ equity | $ | 5,775,701 | $ | 5,082,549 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
CALLAN JMB INC.
(Formerly known as Coldchain Technology Services, LLC)
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025 and 2024
| 2025 | 2024 | |||||||
| Revenue | $ | 5,723,178 | $ | 6,563,412 | ||||
| Cost of revenue | 3,618,637 | 4,000,149 | ||||||
| Gross profit | 2,104,541 | 2,563,263 | ||||||
| Selling, general and administrative expenses | 8,597,032 | 4,838,077 | ||||||
| Impairment loss on property and equipment | 542,088 | - | ||||||
| Income (Loss) from operations | (7,034,579 | ) | (2,274,814 | ) | ||||
| Other income (expenses) | ||||||||
| Interest income | 8,691 | 11,904 | ||||||
| Interest expense | (2,675 | ) | (5,372 | ) | ||||
| ELOC facility transaction expenses | (569,552 | ) | - | |||||
| Changes in fair value of derivative liability (see Note 8) | (371,216 | ) | - | |||||
| Total other income (expenses) | (934,752 | ) | 6,532 | |||||
| Income (Loss) before income taxes | (7,969,331 | ) | (2,268,282 | ) | ||||
| Provision (benefit) for income taxes | (2,965 | ) | 25,366 | |||||
| Net income (loss) | $ | (7,966,366 | ) | $ | (2,293,648 | ) | ||
| Weighted average common shares outstanding – basic and diluted (See Notes 3 and 4) | 4,379,624 | 2,630,137 | ||||||
| Net loss per common share - basic and diluted (See Notes 3 and 4) | $ | (1.82 | ) | $ | (0.87 | ) | ||
The accompanying notes are an integral part of these consolidated financial statements.
CALLAN JMB INC.
(Formerly known as Coldchain Technology Services, LLC)
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 and 2024
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (7,966,366 | ) | $ | (2,293,648 | ) | ||
| Adjustment to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Provision (Recovery) for credit losses | 230,190 | (131,000 | ) | |||||
| Depreciation and amortization | 151,952 | 143,691 | ||||||
| Changes in fair value of derivative liability | 371,216 | - | ||||||
| Other non-cash expenses relating to ELOC Facility | 519,552 | - | ||||||
| Stock based compensation | 1,559,756 | - | ||||||
| Impairment loss on property and equipment | 542,088 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 49,478 | 2,407,236 | ||||||
| Inventory | (84,923 | ) | (43,623 | ) | ||||
| Tax refund receivable | 6,377 | (6,377 | ) | |||||
| Other current assets | (58,765 | ) | (42,909 | ) | ||||
| Operating lease liabilities | 45,180 | 15,514 | ||||||
| Accounts payable and accrued expenses | 188,155 | 461,958 | ||||||
| Deferred revenue | (94,097 | ) | 73,909 | |||||
| Corporate taxes payable | 85 | (44,000 | ) | |||||
| Deferred tax liabilities | (6,602 | ) | (398 | ) | ||||
| Net cash provided by (used in) operating activities | $ | (4,546,724 | ) | $ | 540,353 | |||
| Cash flows used in investing activity: | ||||||||
| Purchase of property and equipment | (616,896 | ) | (46,167 | ) | ||||
| Net cash used in investing activity | $ | (616,896 | ) | $ | (46,167 | ) | ||
| Cash flows from (used in) financing activities: | ||||||||
| Related party receivable | - | 3,300 | ||||||
| Related party loans | 18,669 | (17,073 | ) | |||||
| Deferred offering costs | 136,025 | (111,025 | ) | |||||
| Partner distributions | - | (3,328,254 | ) | |||||
| Net change note payable | - | (98,809 | ) | |||||
| Proceeds from IPO and overallotment, net | 4,543,989 | - | ||||||
| Proceeds from offering of ELOC shares | 497,750 | - | ||||||
| Net cash provided by (used in) financing activities | $ | 5,196,433 | $ | (3,551,861 | ) | |||
| Increase (decrease) in cash and cash equivalents | 32,813 | (3,057,675 | ) | |||||
| Cash and cash equivalents at beginning of period | 2,097,945 | 5,155,620 | ||||||
| Cash and cash equivalents at end of period | $ | 2,130,758 | $ | 2,097,945 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | 2,675 | $ | 5,372 | ||||
| Initial recognition of derivative liability | 974,309 | - | ||||||
| Right of use assets acquired and corresponding operating lease liability | $ | 708,321 | $ | - | ||||
| Right-of-use assets and corresponding lease liabilities due to lease modifications | $ | 628,407 | $ | 900,133 | ||||
| Reduction in allowance for credit losses | - | $ | 163,000 | |||||
| Membership exchange for common stock | $ | - | $ | 5,410,007 | ||||
| Fair value of Stock Warrants issued at IPO | $ | 144,358 | $ | - | ||||
| Deferred offering costs charged to additional paid-in-capital | $ | 136,025 | $ | - | ||||
| Par value of shares issued for restricted stock award units vesting | $ | 75 | $ | - | ||||
| Commitment shares adjustment to APIC | $ | 78,000 | $ | - | ||||
| Other non-cash ELOC expenses | $ | 441,552 | $ | - | ||||
The accompanying notes are an integral part of these consolidated financial statements.
FAQ
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