Every 10-K that KARBON-X CORP (KARX) has filed with the SEC in the last 24 months is listed below, 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 KARX 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 KARX filings page.
Karbon-X Corp. (KARX) reports a year of rapid scale-up in voluntary carbon markets, with revenue for the year ended May 31, 2026 rising to $55.9 million from $3.2 million, driven mainly by industrial carbon credit trading through new subsidiaries formed after the Allcot asset acquisition.
Despite this growth, gross profit was only $0.86 million (a 1.5% margin) and the company recorded a net loss of $13.6 million, negative operating cash flow of $7.9 million and a shareholders’ deficit of $6.0 million. At May 31, 2026, Karbon-X had negative working capital of $4.0 million, total liabilities of $15.6 million and cash of $1.2 million, leading management and the auditor to highlight substantial doubt about its ability to continue as a going concern.
The business is funded largely through convertible notes, long-term debt and receivables financing; many notes convert at discounts to market, and the company estimated about 23.9 million shares were issuable on conversion at year-end, creating significant dilution risk. One customer represented 86% of revenue, and a large invoice to that customer was derecognized after collectibility was reassessed. Management also disclosed a material weakness in internal control over financial reporting due to rapid growth and complex transactions, with remediation efforts under way.
Karbon-X Corp. amended its annual report disclosing capital structure and selected financial details. The company has 200,000,000 shares authorized and reported 81,992,857 and 82,174,750 shares issued and outstanding as of May 31, 2025 and May 31, 2024, respectively. Karbon-X recognized a $1,064,203 loss on write-off during the year ended May 31, 2024. The filing shows issuance/valuation activity tied to 444,923 shares at deemed prices including $173,520 and $68,232 recognized amounts and futures-contract classification. The company reported anti-dilutive shares (6,663,148) excluded from diluted loss per share, outstanding options (4,226,875) with recognized value of $1,183,525, and plan authorization up to 15,000,000 option shares. Selected inputs note extremely high annualized volatilities (~1,280%–1,295%) used in option valuation and risk-free rates of 4.33%–4.74%.
Karbon-X Corp. is a Nevada-based company focused on the voluntary carbon credit market, selling offsets to industrial customers and through a subscription mobile app launched publicly in March 2025. For the year ended May 31, 2025, it generated $3,163,772 in revenue, a sharp increase from $412,057 a year earlier, mainly from carbon credit and related services.
Despite higher sales, Karbon-X recorded a net loss of $7,053,492, compared with a $2,744,583 loss in 2024, driven by rising operating expenses of $7,449,147, including $3,774,034 in salaries and $2,044,903 in marketing. At May 31, 2025, the company had cash of $704,346, a working capital deficit of $1,902,607, and negative shareholders’ equity of $1,369,973, and its auditors highlighted substantial doubt about its ability to continue as a going concern.
Karbon-X raised capital through private placements and $2,443,195 of convertible notes and recorded Level 3 derivative liabilities of $168,358 on those notes. Deferred revenue of $3,864,080 reflects customer prepayments. The company reports it has 25 employees, faces strong competition in carbon markets, and notes a wrongful termination lawsuit from a former employee alongside broad risk disclosures about ongoing losses, funding needs, and potential dilution.