Intelligent Bio Solutions Q1 revenue hits $1.39M
Cartridge sales represented 61% of quarterly revenue, while INBS reported a 54.5% gross margin and submitted an FDA notification seeking clearance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Intelligent Bio Solutions Inc. (INBS) reported first-quarter fiscal 2027 revenue of $1,391,835 for the three months ended September 30, 2026, up 25% year over year and 21% sequentially. It described the quarter as its highest quarterly revenue and third consecutive quarter above $1 million. Cartridge sales were $845,583, up 32% year over year and equal to 61% of revenue; other sales were $281,253, up 52% and 20% of revenue.
Gross profit was $758,004, up 46%, and gross margin was 54.5% versus 46.6% a year earlier. Net loss was $2,668,435, compared with $2,994,992 in the prior-year quarter. Cash and cash equivalents were $5,929,871 as of September 30, 2026, versus $3,992,312 as of June 30, 2026.
On September 9, 2026, the company submitted an FDA 510(k) premarket notification seeking clearance of its Intelligent Fingerprinting Drug Screening System for detection of opiate codeine. It reported method-comparison results above 98% accuracy, above 94% sensitivity and 100% specificity across three independent U.S. clinical sites. It had 516 active customer accounts and 1,978 readers installed as of September 30, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue rose 25% year over year to $1,391,835.
- Moderate pointGross profit increased 46% year over year to $758,004.
- Moderate pointNet loss narrowed to $2,668,435 from $2,994,992 year over year.
Negative
- None.
Filing Explained
At September 30, 2026, common shares outstanding were 3,316,803, versus 2,905,603 at June 30, 2026.
The November 10 8-K furnishes Intelligent Bio Solutions’ fiscal first-quarter results; balance-sheet counts show common shares outstanding increased between June 30 and September 30, so holders with unchanged share counts represent a smaller portion of the outstanding shares.
8-K Event Classification
Key Figures
Key Terms
510(k) premarket notification regulatory
method comparison study medical
sensitivity medical
specificity medical
quality management system technical
Earnings Snapshot
FAQ
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What revenue did INBS report for fiscal Q1 2027?
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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
Date
of Report (Date of Earliest Event Reported):
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(State of Incorporation) |
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(Address of principal executive offices, including zip code)
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telephone number, including area code:
N/A
(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(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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 2.02 Results of Operations and Financial Condition.
On November 10, 2026, Intelligent Bio Solutions Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the first quarter of fiscal 2027 ended September 30, 2026. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| No. | Description | |
| 99.1 | Press release dated November 10, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within 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: November 10, 2026 | ||
| INTELLIGENT BIO SOLUTIONS INC. | ||
| By: | /s/ Spiro Sakiris | |
| Name: | Spiro Sakiris | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Press Release
Intelligent Bio Solutions Reports Record Fiscal First Quarter 2027 Revenue of $1.39 Million, Marking Sixth Consecutive Quarter of Year-Over-Year Growth
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, November 10, 2026 – 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 |
 | Page 1 of 5 |
| ● | 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.
| Page 2 of 5 |
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
| Page 3 of 5 |
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 | ||||
| Page 4 of 5 |
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 | ||||||
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