Here are the 10-K annual reports from Escalon Medical Corp (ESMC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ESMC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ESMC filings page.
Escalon Medical Corp. reported fiscal 2026 net revenue of $12.736 million, up 5.7% from $12.046 million in fiscal 2025. Income from operations was $45,235, compared with $133,217; net income was $4.013 million, versus $105,525. Results included a $2,813,525 pretax gain on the AXIS software sale and a $1,139,449 deferred tax benefit. The software was sold for an aggregate purchase price of $3 million, and Escalon reported $2.8 million in net proceeds.
At June 30, 2026, cash was $3.065 million and working capital was $4.624 million. Operating activities used $402,604 in fiscal 2026, versus $380,725 provided in fiscal 2025; management said it believes liquidity is sufficient for the foreseeable future. The inventory-valuation material weakness first identified in 2023 remained as of June 30, 2026. Management said the inventory-reserve spreadsheet still relied on manual inputs, testing of enhanced controls was incomplete, and internal control over financial reporting was not effective.
Escalon Medical Corp. (ESMC) reported consolidated net revenue of $12,046,000 for year ended June 30, 2025, a 0.5% increase versus prior year. Cost of revenue totaled $6,535,000 or 54.3% of revenue, a 2.7 percentage-point improvement driven by a change in product mix. The company reported increased Trek sales offset by declines in Sonomed and AXIS revenues.
The company has an accumulated deficit of $68.4 million, 7,415,329 shares outstanding, and an OTCQB closing price of $0.37 as of September 26, 2025 (aggregate market value of non‑affiliate equity ~$386,652). Independent auditors and management disclosed substantial doubt about the company’s ability to continue as a going concern. A related‑party holder controls approximately 77.81% of voting power via Series A preferred stock, convertible into 4,300,000 common shares (≈36.7% on conversion). The filing highlights working capital deficiencies, supplier and customer concentration, and ongoing evaluation of new accounting standards.