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FiEE (NASDAQ: FIEE) swings to Q1 2026 profit on $2.1M revenue

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

FiEE, Inc. reported a sharp turnaround in its first quarter ended March 31, 2026, moving from losses to profit. Revenue climbed to approximately $2.1 million, up from $125 a year earlier, driven by SaaS MCN digital services, software services, and digital authentication services.

Gross profit reached about $1.5 million with a 70.4% gross margin, compared to a gross loss in the prior-year quarter. Operating income was roughly $0.4 million versus a loss of similar size previously, and net income was about $0.4 million, or $0.02 diluted earnings per share, compared to a diluted loss per share of $0.10. Cash and cash equivalents were $4.6 million as of March 31, 2026, up from $3.1 million as of December 31, 2025.

Positive

  • Strong revenue surge: Quarterly revenue reached approximately $2.1 million versus $125 a year earlier, reflecting rapid scaling of SaaS MCN digital services, software services, and digital authentication services.
  • Return to profitability: Net income was about $0.4 million, or $0.02 diluted earnings per share, compared with a net loss and diluted loss per share of $0.10 in the prior-year quarter.
  • High gross margin: Gross margin of 70.4% supported gross profit of roughly $1.5 million, demonstrating attractive economics in the company’s software and digital service mix.
  • Improved liquidity: Cash and cash equivalents were approximately $4.6 million as of March 31, 2026, up from $3.1 million as of December 31, 2025.

Negative

  • None.

Insights

FiEE posts explosive revenue growth and returns to profitability in Q1 2026.

FiEE delivered approximately $2.1 million in revenue for the quarter ended March 31, 2026, compared with just $125 a year earlier, mainly from SaaS MCN digital services, software services, and digital authentication services. Gross margin reached 70.4%, producing gross profit of about $1.5 million.

Operating expenses increased to roughly $1.1 million, up 188.2% year over year, but operating income still improved to about $0.4 million from a loss of similar size. Net income was approximately $0.4 million, translating to diluted earnings of $0.02 per share versus a diluted loss of $0.10.

Total assets rose to about $11.8 million with cash and cash equivalents of $4.6 million as of March 31, 2026, compared with $3.1 million at December 31, 2025. Future performance will depend on sustaining demand for its SaaS and digital services and executing on its AI and IoT-focused strategy disclosed for the digital content and brand management markets.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $2,121,989 Three months ended March 31, 2026
Q1 2025 Revenue $125 Three months ended March 31, 2025
Gross margin 70.4% Three months ended March 31, 2026
Net income $351,516 Three months ended March 31, 2026
Diluted EPS $0.02 Three months ended March 31, 2026
Cash and cash equivalents $4,579,910 As of March 31, 2026
Total assets $11,839,963 As of March 31, 2026
Total liabilities $2,943,201 As of March 31, 2026
gross margin financial
"Gross margin was 70.4%, representing a significant increase compared to the same period in 2025."
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
Software-as-a-Service financial
"Notably, FiEE, Inc. has introduced its innovative Software-as-a-Service solutions, which integrate its AI and data analytics capabilities into content creation and brand management."
Software-as-a-service is software that users access online through a web browser or app while the provider hosts and maintains the program and data, typically for a recurring fee. Investors care because it creates steady, predictable revenue and often high customer retention — like renting a utility rather than buying a machine — which helps forecast cash flow and values a company more consistently over time.
digital authentication services financial
"Digital authentication services | | | 438,694 | | | | - | | | | N/A |"
Digital authentication services verify that people, devices, or documents are genuine when interacting online, using methods like passwords, biometrics, one-time codes, or encrypted keys. They matter to investors because they reduce fraud, enable secure customer onboarding and online transactions, and help companies meet regulatory requirements—similar to a trusted doorman or notary for the digital world that protects revenue and reputation.
operating income financial
"Operating income was approximately $0.4 million, as compared to a loss of $0.4 million in the prior year."
Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.
forward-looking statements regulatory
"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 are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Revenue $2,121,989 1,697,491.2% YoY
Net income $351,516
Diluted EPS $0.02
Gross margin 70.4%
Understanding 8-K Material Events →
false 0001467761 0001467761 2026-04-30 2026-04-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 30, 2026

 

FiEE, Inc.

 

(Exact name of registrant as specified in its charter)

 

Delaware   001-37649   04-2621506

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

3-33, 2-chome Utajima, Nishiyodogawa District, Osaka, Japan

(Address of principal executive offices, including zip code)

 

852-28166813

(Registrant’s telephone number, including area code)

 

Flat A1, 29/F,Block A, TML Tower,3 Hoi Shing Road, Tsuen Wan,N.T.,Hong Kong

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17-CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock, $0.01 par value   FIEE   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

 

On April 30, 2026, FiEE, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1.

 

The information furnished under Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit   Description
99.1   Press release of FiEE, Inc., dated April 30, 2026.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

1

 

 

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.

 

  FIEE, INC.
     
Date: April 30, 2026 By: /s/ Li Wai Chung
    Li Wai Chung
    Chief Executive Officer and President

 

2

 

Exhibit 99.1

 

FiEE, Inc. Announces First Quarter 2026 Unaudited Financial Results

 

First Quarter Revenue Reached $2.1 million

Gross Margin of 70.4% Supported Profit Turnaround in First Quarter 2026

 

Osaka, Japan, 30 April 2026 – FiEE, Inc. (NASDAQ:FIEE) (“FiEE” or the “Company”), a technology company integrating IoT, connectivity and AI to redefine brand management solutions in the digital era, today announced its financial results for the first quarter ended March 31, 2026.

 

Operational and Financial Highlights for the Three Months Ended March 31, 2026

 

  ● Revenue was approximately $2.1 million, compared to $125 for the three months ended March 31, 2025. The increase in revenue primarily reflects the Company’s strategic transition from legacy hardware operations to software-as-a-service (“SaaS”) solutions, with the new business model focusing on integrating AI and big data into content creation and brand management, generating sales since March 2025. The increase in revenue is also driven by the Company’s newly introduced customized software R&D services and digital authentication services.

 

  ○ As of March 31, 2026, FiEE onboarded approximately 818 customers for its SaaS service, corresponding to SaaS – multi-channel network (“MCN”) digital service fees totaling $6.9 million, of which $6.4 million was recognized as revenue cumulatively, including $1.1 million recognized in the three months ended March 31, 2026.

 

  ○ Building on this momentum, FiEE introduced customized software services in July 2025. As of March 31, 2026, FiEE secured contracts totaling $1.5 million for customized software services, of which $0.6 million was recognized as revenue in the three months ended March 31, 2026. During the three months ended March 31, 2026, FiEE added five new customers, bringing the total number of customers for its software services to 17.

 

  ○ Through the acquisition of Houren-Geiju Kabushikikaisha in November 2025, FiEE added the ability to provide digital authentication, certification, and display services for artwork. As of March 31, 2026, this business had generated cumulative revenue of $0.8 million, including $0.4 million recognized in the three months ended March 31, 2026, serving five corporate and 52 individual clients.

 

  ● Gross profit was approximately $1.5 million, compared to a gross loss of $625 for the three months ended March 31, 2025.

 

  ● Net income was approximately $0.4 million, compared to a net loss of $0.4 million for the three months ended March 31, 2025.

 

  ● Net cash provided by operating activities reached $67 thousand during the three months ended March 31, 2026.

 

Rafael Li, Chief Executive Officer of FiEE, commented, “We are delighted to announce a substantial improvement in profitability for the first quarter of 2026. This highlights the strong momentum of our expanding SaaS solutions, as well as the growing contributions of our customized software and digital authentication services. In March 2026, through our strategic entry into AI-powered music creation, distribution, and entertainment, we further demonstrated our commitment to innovation and expansion, opening new pathways to integrate advanced technologies into our digital ecosystem. In line with our long-term strategy, we are actively assessing opportunities in AI, hardware, and the Internet of Things (IoT), while also exploring opportunities in the MCN business.”

 

 

 

 

Mr. Li further mentioned, “Looking ahead, we will continue to drive growth through innovation. By investing in R&D, we aim to broaden our service portfolio, deepen user engagement, and strengthen our brand’s resilience in the digital content industry. At the same time, we are focused on building bridges between influencers, content creators, and global markets, fostering impactful partnerships and extending our reach across this rapidly evolving digital landscape.”

 

Financial Results for the First Quarter Ended March 31, 2026

 

Revenue was approximately $2.1 million, compared to $125 in the same period of fiscal year 2025.

 

    Three Months Ended
March 31,		     %  
    2026     2025     change  
Revenues   $     $     YoY  
Product sales                        
  ● SaaS – MCN digital services     1,093,336       125       874,568.8 %
  ● Software services     589,959       -       N/A  
  ● Digital authentication services     438,694       -       N/A  
Total   $  2,121,989     $ 125       1,697,491.2 %

 

Gross profit was approximately $1.5 million, compared to a gross loss of $625 in the same period of 2025.

 

Gross margin was 70.4%, representing a significant increase compared to the same period in 2025.

 

Operating expenses were approximately $1.1 million, representing an increase of 188.2% from $0.4 million in the same period of 2025.

 

● Selling and marketing expenses were approximately $34 thousand, increased by $34 thousand compared to the three months ended March 31 2025, primarily reflecting the costs related to the expansion of our three core business lines—MCN digital services, software development services, and digital authentication services—as well as corporate branding initiatives. For the three months ended March 31, 2025, the Company had just launched its new business lines and had not yet incurred any selling and marketing expenses.

 

● General and administrative expenses were approximately $1.0 million, representing an increase of 192.8% from $0.3 million in the prior year. The increase was attributable to expanded business operations following our strategic transformation, including certain non-recurring professional service fees such as legal and advisory fees related to strategic initiatives.

 

● Research and development expenses were approximately $37 thousand, representing an increase of 22.0% from $30 thousand in the prior year. The increase primarily reflects ongoing enhancements and optimizations to our system during the current period.

 

Operating income was approximately $0.4 million, as compared to a loss of $0.4 million in the prior year.

 

Net income was approximately $0.4 million, representing a turnaround from a loss of $0.4 million in the prior year.

 

Diluted earnings per common share was $0.02, as compared to a loss of $0.10 in the prior year.

 

As of March 31, 2026, total cash and cash equivalents was $4.6 million, as compared to $3.1 million as of December 31, 2025.

 

2

 

 

About FiEE, Inc.

 

FiEE, Inc. (NASDAQ:FIEE), formerly Minim, Inc., was founded in 1977. It has a historical track record of delivering comprehensive WiFi/Software as a Service platform in the market. After years of development, it made the strategic decision to transition to a Software First Model in 2024 to expand its technology portfolio and revenue streams. In 2025, FiEE, Inc. rebranded itself as a technology company leveraging its expertise in IoT, connectivity, and AI to explore new business prospects and extend its global footprint.

 

FiEE, Inc.’s services are structured into four key categories: Cloud-Managed Connectivity (WiFi) Platform, IoT Hardware Sales & Licensing, SAAS Solutions, and Professional To-C and To-B Services & Support. Notably, FiEE, Inc. has introduced its innovative Software-as-a-Service solutions, which integrate its AI and data analytics capabilities into content creation and brand management. This initiative has nurtured a robust pool of KOLs on major social media platforms worldwide, helping them develop, manage, and optimize their digital presence. FiEE, Inc.’s services include customized graphics and posts, short videos, and editorial calendars tailored to align with brand objectives.

 

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 performance of the Company, (ii) our ability to successfully implement our strategic business transformation, (iii) our long-term growth objectives and opportunities, (iv) our commitment to investing in R&D to expand our service offerings, enhance customer experience, and deliver greater brand value across the digital content landscape, (v) our plans to drive growth through innovation, build bridges between influencers, content creators, and global markets, and foster impactful partnerships to extend our reach across the digital landscape, and (vi) our plans to further accelerate business growth and create value for 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, 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. 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

(financial tables follow)

 

3

 

 

FIEE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    As of
March 31,
(unaudited)		  
    2026     2025  
    $     $  
ASSETS            
Current assets                
Cash     4,579,910       3,084,461  
Accounts receivable     1,422,013       2,110,715  
Other receivables, net     18,051       1,217,692  
Prepaid expenses and other current assets     218,882       199,309  
Total current assets     6,238,856       6,612,177  
                 
Property, equipment and software, net     900,020       366,439  
Intangible assets     3,205,982       3,529,835  
Operating lease right-of-use assets, net     15,575       31,004  
Deferred tax assets     26,731       -  
Other assets     1,452,799       231,680  
Total assets     11,839,963       10,771,135  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                
Current liabilities                
Accounts payable     263,970       511,206  
Contract liabilities     668,903       1,497,721  
Accrued expenses and other current liabilities     1,138,505       1,169,737  
Income tax payables     856,870       972,743  
Current maturities of operating lease liabilities     14,953       30,350  
Total current liabilities     2,943,201       4,181,757  
Total liabilities     2,943,201       4,181,757  
                 
Stockholders’ equity                
Preferred stock     1,639,779       1,639,779  
Common stock     83,286       79,341  
Additional paid-in capital     102,488,505       100,500,280  
Accumulated deficit     (95,270,063 )     (95,621,579 )
Accumulated other comprehensive income     (44,745 )     (8,443 )
Total stockholders’ equity     8,896,762       6,589,378  
Total liabilities and stockholders’ equity     11,839,963       10,771,135  

 

4

 

 

FIEE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF

OPERATIONS (UNAUDITED)

 

    As of
March 31,
(unaudited)		  
    2026     2025  
    $     $  
Revenues     2,121,989       125  
Cost of revenues     627,745       750  
Gross profit     1,494,244       (625 )
Operating expenses:                
Selling and marketing     34,339       -  
General and administrative     996,873       340,496  
Research and development     36,587       30,000  
Total operating expenses     1,067,799       370,496  
Operating income (loss)     426,445       (371,121 )
                 
Other income (expense):                
Interest income (expense), net     -       (2,789 )
Foreign currency exchange income     34,995       -  
Other, net     26,905       -  
Total other income(expense)     61,900       (2,789 )
                 
Income (loss) before income taxes     488,345       (373,910 )
                 
Income tax expense     136,829       -  
                 
Net income (loss)     351,516       (373,910 )
Allocation to participating preferred stock     (101,605 )     -  
Net income (loss) attributable to common stockholders     249,911       (373,910 )
                 
Basic earnings (loss) per common share     0.03       (0.10 )
Diluted earnings (loss) per common share     0.02       (0.10 )
                 
Weighted-average number of common shares outstanding:                
Basic     7,938,505       3,713,792  
Diluted     10,440,594       3,713,792  
                 
Net income (loss)     351,516       (373,910 )
Other comprehensive income (loss), net of tax:             -  
Foreign currency translation adjustment     (36,302 )     -  
Total comprehensive income (loss)     315,214       (373,910 )

 

5

Source: View Original Filing on SEC EDGAR

FAQ

How did FiEE (FIEE) perform financially in Q1 2026?

FiEE generated approximately $2.1 million in revenue and about $0.4 million in net income in Q1 2026. This compares to just $125 in revenue and a net loss of roughly $0.4 million in the same quarter of 2025, reflecting a major turnaround.

What drove FiEE’s revenue growth in the first quarter of 2026?

Revenue growth was driven by SaaS MCN digital services, software services, and digital authentication services. SaaS MCN digital services contributed about $1.09 million, while software services and digital authentication services added roughly $0.59 million and $0.44 million, respectively, for the quarter ended March 31, 2026.

Did FiEE (FIEE) return to profitability in Q1 2026?

Yes. FiEE reported net income of approximately $351,516 in Q1 2026, versus a net loss of about $373,910 a year earlier. Net income attributable to common stockholders was around $249,911, translating into diluted earnings of $0.02 per common share for the quarter.

What was FiEE’s gross margin and operating income in Q1 2026?

FiEE achieved a gross margin of 70.4% on revenue of about $2.1 million, generating gross profit of roughly $1.49 million. Operating income was approximately $426,445, compared with an operating loss of about $371,121 in the same quarter of 2025, indicating improved operating leverage.

How strong was FiEE’s cash position as of March 31, 2026?

As of March 31, 2026, FiEE held approximately $4.6 million in cash and cash equivalents, compared with about $3.1 million as of December 31, 2025. Total assets were roughly $11.8 million, while total liabilities stood at about $2.9 million, resulting in positive stockholders’ equity.

What are FiEE’s main business areas and strategic focus?

FiEE focuses on IoT, connectivity, and AI-driven brand management solutions, including cloud-managed connectivity, IoT hardware, SaaS solutions, and professional services. The company highlights expanding SaaS offerings, AI-powered music creation and digital content services, and building bridges between influencers, content creators, and global markets.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents