Intelligent Bio Solutions (NASDAQ: INBS) grows Q3 revenue 46% with margins above 50%

Rhea-AI Filing Summary

Intelligent Bio Solutions Inc. reported strong fiscal third quarter 2026 growth, with revenue of $1.06 million, up 46% year-over-year, and nine-month revenue of $3.07 million, up 39%.

Gross profit margin improved to 50.5% in Q3 and 49.3% for the nine months, about 800 basis points higher than a year earlier, driven mainly by higher-margin cartridge sales. Despite this progress, the company still posted a Q3 net loss of $2.86 million and a nine-month net loss of $8.52 million, although cash and cash equivalents increased to $6.86 million as of March 31, 2026, helped by capital raising.

Positive

• Strong top-line growth and margin expansion: Q3 revenue rose 46% year-over-year to $1.06 million, nine-month revenue grew 39% to $3.07 million, and gross margin improved to roughly 50%, about 800 basis points higher year-over-year.
• Improved balance sheet and cash position: Cash and cash equivalents increased to $6.86 million as of March 31, 2026, supported by $14.67 million of net capital raised, strengthening liquidity while the company scales.

Negative

• Continuing significant losses: Despite growth, the company reported a Q3 net loss of $2.86 million and a nine-month net loss of $8.52 million, indicating it has not yet reached profitability.

Insights

Equity analyst

Rapid revenue growth and margin expansion, but losses remain sizeable.

Intelligent Bio Solutions delivered Q3 2026 revenue of $1.06M, up 46% year-over-year, with nine-month revenue at $3.07M, up 39%. Growth is led by cartridge sales, which represented 66% of Q3 revenue and rose 59%.

Profitability metrics improved meaningfully. Q3 gross margin reached 50.5%, and nine-month gross margin was 49.3%, roughly 800 basis points higher than the prior year period, reflecting better unit economics and benefits from a new manufacturing partnership and higher consumable mix.

However, the company remains loss-making, with a Q3 net loss of $2.86M and nine-month net loss of $8.52M. Cash and cash equivalents rose to $6.86M as of March 31, 2026, aided by $14.67M in net capital raised, giving more runway as it advances its FDA 510(k) program toward potential U.S. market entry.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Q3 2026 Revenue: $1.06M Nine-month 2026 Revenue: $3.07M Q3 2026 Gross Margin: 50.5% +5 more

8 metrics

Q3 2026 Revenue $1.06M Three months ended March 31, 2026; up 46% year-over-year

Nine-month 2026 Revenue $3.07M Nine months ended March 31, 2026; up 39% year-over-year

Q3 2026 Gross Margin 50.5% Three months ended March 31, 2026; improved from 46.8% prior year

Nine-month 2026 Gross Margin 49.3% Nine months ended March 31, 2026; up from 41.3% prior year

Q3 2026 Net Loss $2.86M Net loss attributable to Intelligent Bio Solutions Inc.

Nine-month 2026 Net Loss $8.52M Net loss attributable to Intelligent Bio Solutions Inc.

Cash Balance $6.86M Cash and cash equivalents as of March 31, 2026

Q3 2026 EPS $(1.80) Net loss per share, basic and diluted, three months ended March 31, 2026

Key Terms

razor-razorblade business model, gross profit margin, FDA 510(k) regulatory program, operating lease right-of-use assets, +1 more

5 terms

razor-razorblade business model financial

"Razor-razorblade business model accelerates, with Q3 cartridge revenue up 59% year-over-year"

A razor-razorblade business model sells a low-cost or loss-leading main product (the “razor”) to create a steady market for higher-margin consumables, services, or recurring fees (the “razorblades”). For investors, this matters because it can produce predictable, repeat sales and strong long-term margins once customers are locked in, but it also carries risk if consumable demand weakens or switching costs are lower than expected.

gross profit margin financial

"Gross profit margin expands to 50.5% in Q3 and 49.3% for the nine months"

Gross profit margin shows how much money a company keeps from sales after paying for the goods or services it sold. It’s like checking how much profit is left over from each dollar earned before covering other costs. A higher margin indicates the company makes more money from its sales, which helps assess its profitability and efficiency.

FDA 510(k) regulatory program regulatory

"FDA 510(k) regulatory program advancing: The Company continued to make progress on its planned entry"

operating lease right-of-use assets financial

"Operating lease right-of-use assets | | | 1,801,622"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

impairment of long-lived assets financial

"Impairment of long-lived assets | | | (5,200 | )"

An impairment of long-lived assets occurs when a company concludes that a physical or intangible asset—like a building, equipment, or a patent—is worth less than its recorded value on the books, so the company writes down that asset to its recoverable amount. For investors this matters because such write-downs reduce reported profits and company net worth, signaling potential problems with future cash flow or that management overpaid for assets; think of it like recognizing that a car you bought has lost more value than you expected.

Earnings Snapshot

Revenue: $1.06M

Q3 2026

Revenue $1.06M +46% YoY

Nine-month Revenue $3.07M +39% YoY

Gross Margin 50.5% up from 46.8% prior year

Net Loss $2.86M higher loss vs prior-year quarter value in filing

EPS $(1.80) improved from $(4.41) prior-year quarter

Understanding 8-K Material Events →

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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): May 13, 2026

INTELLIGENT BIO SOLUTIONS INC.

(Exact name of registrant as specified in its charter)

Delaware		001-39825		82-1512711
(State of Incorporation)		(Commission File Number)		(IRS employer identification no.)

135 West, 41st Street, 5th Floor

New York, NY 10036

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (646) 828-8258

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
Common Stock, $0.01 par value		INBS		The Nasdaq Stock Market LLC

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 May 13, 2026, Intelligent Bio Solutions Inc. (the “Company”), issued a press release (the “Press Release”) announcing financial results for the fiscal quarter ended March 31, 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 (the “Securities Act”), or the Exchange Act, 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 May 13, 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: May 13, 2026
	INTELLIGENT BIO SOLUTIONS INC.
	By:	/s/ Spiro Sakiris
	Name:	Spiro Sakiris
	Title:	Chief Financial Officer

Exhibit 99.1

Intelligent Bio Solutions Reports Fiscal Third Quarter Revenue Growth of 46% Year-over-Year

Razor-razorblade business model accelerates, with Q3 cartridge revenue up 59% year-over-year, representing 66% of quarterly sales

Nine-month revenue reaches $3.07 million, up 39% year-over-year, building on record first-half performance

Gross profit margin expands to 50.5% in Q3 and 49.3% for the nine months, improving approximately 800 basis points year-over-year for the nine-month period

NEW YORK, May 13, 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 third quarter and nine months ended March 31, 2026, and provided a business update.

“The third quarter marked another period of strong commercial execution and revenue growth,” said Harry Simeonidis, President and CEO at INBS. “Cartridge revenue increased 59% year-over-year and accounted for 66% of Q3 revenue, confirming that customer utilization patterns align with our recurring revenue, razor-razorblade business model. Nine-month revenue of $3.07 million reflects consistent and compounding growth, and the business is continuing to strengthen ahead of important FDA regulatory milestones and our anticipated entry into the multi-billion-dollar U.S. market.”

“Our results this quarter and over the past nine months demonstrate that we are delivering on our core business fundamentals,” said Spiro Sakiris, CFO at INBS. “Q3 gross margin was over 50%, up from 47% a year ago. This growth was driven by operational efficiencies and increased sales volumes. Our value-driven pricing structure has also remained consistent, as customers recognize the efficiency and cost-effectiveness of our fingerprint drug screening technology compared to traditional methods. Our nine-month marketing investment of $1.77 million has been a direct contributor to our 39% revenue growth and successful capital raising of $14.67 million (net of issuance costs), and we are now seeing improved marketing efficiency in Q3, with the quarter’s spend down 42% year-over-year while commercial momentum continues to accelerate.”

Product Revenue Breakdown

Three Months Ended March 31, 2026 (Q3 Fiscal 2026):

	●	Cartridge sales of $703,538, up 59% year-over-year, representing 66% of Q3 revenue
	●	Reader sales of $139,407, declined 16% year-over-year, reflecting normal quarterly variability following a strong Q2
	●	Other sales of $217,857, up 80% year-over-year, representing 21% of Q3 revenue
	●	Total revenue of $1.06 million, up 46% year-over-year
	●	Gross profit margin of 50.5%, up from 46.8% in the same period the year prior
	●	Cash and cash equivalents of $6.86 million at March 31, 2026, compared to $740,371 at December 31, 2025

Nine Months Ended March 31, 2026:

	●	Cartridge sales of $1.86 million, up 46% year-over-year, representing 61% of nine-month revenue
	●	Reader sales of $672,839, up 29% year-over-year
	●	Other sales of $535,942, up 31% year-over-year
	●	Total revenue of $3.07 million, up 39% year-over-year
	●	Gross profit margin of 49.3%, up from 41.3% in the same period the year prior

Fiscal Third Quarter and Nine Months Ended March 31, 2026, and Subsequent Highlights

	●	Gross margin exceeds 50%: Q3 gross profit margin of 50.47%, up from 46.84% in the prior year period, shows the Company’s ability to scale revenue while improving unit economics.
	●	Cartridge revenue up 59% year-over-year: Cartridge sales of $703,538 represented 66% of Q3 revenue, up from 61% a year ago. The installed base built through prior reader placements is now generating strong, recurring consumable demand.
	●	Nine-month revenue of $3.07 million: Building on the $2.01 million first-half milestone announced in February 2026, the Company added $1.06 million in revenue in Q3, demonstrating that commercial momentum is sustained and accelerating.
	●	Other sales surge 80% year-over-year: The 80% year-over-year growth in Q3 other sales signals a broadening product ecosystem and expanding revenue diversification beyond core hardware and consumables.
	●	FDA 510(k) regulatory program advancing: The Company continued to make progress on its planned entry into the multi-billion-dollar U.S. drug screening market, including successfully completing penetration testing with no major vulnerabilities identified, completing a clinical cut-off study, and initiating a validation study for the rapid drug screening cartridge targeting 70% faster results.
	●	New manufacturing partnership: The Company successfully manufactured and shipped its first readers under the new partnership, supporting improved margins and production scalability.
	●	Bouygues UK partnership: The Company announced a drug-testing rollout with Bouygues UK, part of the global construction group Bouygues Construction, adding a significant new customer in the safety-critical sector.
	●	Eighth European patent granted: The Company strengthened its European IP portfolio with its eighth patent grant, further protecting its proprietary fingerprint drug screening technology.

Throughout the fiscal third quarter, INBS’s growing installed base continued to drive recurring consumable demand. Crossing the 50% gross margin threshold for the first time is a significant operational milestone, reflecting the increasing contribution of higher-margin cartridge sales and the efficiencies being realized through the Company’s new manufacturing partnership.

The Company’s strategic investment in marketing over the nine-month period has proven its value, contributing directly to revenue growth and successful capital raising, with Q3 marketing spend down 42% year-over-year as brand awareness and market presence continue to mature. For the nine months ended March 31, 2026, cartridge revenue continued to grow as a proportion of total revenue, with gross margin improvement of approximately 800 basis points year-over-year underscoring the improving unit economics of the business as it scales.

INBS’s proprietary Intelligent Fingerprinting Drug Screening System continues to gain traction across more than 27 countries, serving hundreds of customers in construction, manufacturing, transportation, mining, and other safety-critical industries where non-invasive, rapid drug screening delivers compelling operational value. With a clearly functioning razor-razorblade commercial model, expanding gross margins, record nine-month revenue, and a regulatory pathway progressing toward the multi-billion-dollar U.S. market, management believes the Company is well-positioned to deliver continued growth through the remainder of fiscal 2026. and beyond.

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 Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. The Company’s current customer segments outside the U.S. include construction, manufacturing and engineering, transport and logistics firms, mining, drug treatment organizations, and coroners.

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, 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

Intelligent Bio Solutions Inc.

Condensed Consolidated Balance Sheets

		As of March 31,				As of June 30,
		2026				2025
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	6,862,204			$	1,019,909
Accounts receivable, net			878,357				594,614
Inventories			597,469				635,215
Research and development tax incentive receivable			568,600				734,408
Assets held for sale			-				327,500
Prepaid expenses and other current assets			843,090				826,976
Total current assets			9,749,720				4,138,622
Property and equipment, net			312,276				251,325
Operating lease right-of-use assets			1,801,622				69,520
Intangibles, net			2,999,174				3,790,319
Total assets		$	14,862,792			$	8,249,786
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses		$	3,635,719			$	4,534,246
Current portion of operating lease liabilities			388,746				84,659
Current employee benefit liabilities			586,637				534,990
Notes payable			-				197,146
Total current liabilities			4,611,102				5,351,041
Employee benefit liabilities, less current portion			40,696				84,921
Operating lease liabilities, less current portion			1,459,678				-
Total liabilities			6,111,476				5,435,962
Commitments and contingencies
Shareholders’ equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,001,185 and 2,001,173 shares issued and outstanding, as of March 31, 2026, respectively; 732,338 and 732,326 shares issued and outstanding, as of June 30, 2025, respectively*			20,012				7,323
Treasury stock, at cost, 12 shares as of March 31, 2026 and June 30, 2025, respectively*			(1	)			(1	)
Additional paid-in capital*			80,497,637				65,849,823
Accumulated deficit			(71,056,373	)			(62,533,065	)
Accumulated other comprehensive loss			(499,710	)			(327,944	)
Total consolidated Intelligent Bio Solutions Inc. equity			8,961,565				2,996,136
Non-controlling interest			(210,249	)			(182,312	)
Total shareholders’ equity			8,751,316				2,813,824
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	14,862,792			$	8,249,786

* Common stock and per share amounts have been retroactively adjusted to reflect a 1-for-10 reverse stock split effected on December 15, 2025, throughout the unaudited condensed consolidated financial statements unless otherwise stated.

Intelligent Bio Solutions Inc.

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)*

(Unaudited)

		Three Months Ended March 31,								Nine Months Ended March 31,
		2026				2025				2026				2025
Revenue		$	1,060,802			$	728,867			$	3,069,373			$	2,208,648
Cost of revenue (exclusive of amortization shown separately below)			(525,421	)			(387,499	)			(1,555,962	)			(1,297,366	)
Gross profit			535,381				341,368				1,513,411				911,282
Other income
Government support income			165,695				173,271				431,682				433,039
Operating expenses
Selling, general and administrative expenses			(2,458,605	)			(2,414,639	)			(7,512,388	)			(6,195,490	)
Development and regulatory approval expenses			(893,979	)			(358,351	)			(1,902,261	)			(1,814,047	)
Depreciation and amortization			(290,393	)			(301,978	)			(875,667	)			(907,577	)
Impairment of long-lived assets			(5,200	)			-				(294,127	)			-
Total operating expenses			(3,648,177	)			(3,074,968	)			(10,584,443	)			(8,917,114	)
Loss from operations			(2,947,101	)			(2,560,329	)			(8,639,350	)			(7,572,793	)
Other income (expense), net
Interest expense			(4,241	)			(7,919	)			(7,435	)			(21,027	)
Realized foreign exchange gain (loss)			32,258				(113	)			32,258				(914	)
Interest income			49,444				17,687				63,282				92,464
Total other income (expense), net			77,461				9,655				88,105				70,523
Net loss			(2,869,640	)			(2,550,674	)			(8,551,245	)			(7,502,270	)
Net loss attributable to non-controlling interest			(6,928	)			(7,148	)			(27,937	)			23,641
Net loss attributable to Intelligent Bio Solutions Inc.		$	(2,862,712	)		$	(2,543,526	)		$	(8,523,308	)		$	(7,478,629	)
Other comprehensive income (loss)
Foreign currency translation gain (loss)			(233,631	)			116,007				(171,766	)			189,197
Total other comprehensive income (loss)			(233,631	)			116,007				(171,766	)			189,197
Comprehensive loss			(3,103,271	)			(2,434,667	)			(8,723,011	)			(7,313,073	)
Comprehensive loss attributable to non-controlling interest			(6,928	)			(7,148	)			(27,937	)			(23,641	)
Comprehensive loss attributable to Intelligent Bio Solutions Inc.		$	(3,096,343	)		$	(2,427,519	)		$	(8,695,074	)		$	(7,289,432	)
Net loss per share, basic and diluted*		$	(1.80	)		$	(4.41	)		$	(7.54	)		$	(15.92	)
Weighted average shares outstanding, basic and diluted*			1,594,496				577,191				1,129,973				469,849

* Common stock and per share amounts have been retroactively adjusted to reflect a 1-for-10 reverse stock split effected on December 15, 2025, throughout the unaudited condensed consolidated financial statements unless otherwise stated.

FAQ

How did Intelligent Bio Solutions (INBS) perform in its fiscal Q3 2026?

Intelligent Bio Solutions reported Q3 2026 revenue of $1.06 million, up 46% year-over-year. Gross margin improved to 50.5%, but the company still posted a net loss of $2.86 million, reflecting ongoing investment and limited scale.

What were Intelligent Bio Solutions’ nine-month 2026 revenues and margins?

For the nine months ended March 31, 2026, Intelligent Bio Solutions generated $3.07 million in revenue, up 39% year-over-year. Gross profit margin rose to 49.3%, about 800 basis points higher than the prior-year period, showing improving unit economics.

Is Intelligent Bio Solutions (INBS) profitable based on this 8-K filing?

No. Intelligent Bio Solutions reported a Q3 2026 net loss of $2.86 million and a nine-month net loss of $8.52 million. These figures show that, despite revenue growth and margin gains, the company is still operating at a loss.

How strong is Intelligent Bio Solutions’ cash position as of March 31, 2026?

As of March 31, 2026, Intelligent Bio Solutions held $6.86 million in cash and cash equivalents, up from $1.02 million at June 30, 2025. The increase reflects successful capital raising of $14.67 million net of issuance costs.

Which revenue streams are driving growth for Intelligent Bio Solutions (INBS)?

Growth is led by cartridge sales, which reached $703,538 in Q3 2026, up 59% year-over-year and representing 66% of quarterly revenue. Other sales also increased 80% year-over-year, contributing to revenue diversification beyond readers and core consumables.

What regulatory progress did Intelligent Bio Solutions report in this 8-K?

The company reported progress in its FDA 510(k) regulatory program, including completed penetration testing with no major vulnerabilities, a clinical cut-off study, and an initiated validation study for its rapid drug screening cartridge, targeting significantly faster test results.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 103.8 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB