Milestone Scientific (MLSS) investor relations material

Executive summary

• Q1 2026 revenue was $2.16 million, down 3% year-over-year, with stable performance despite shipment delays to the Middle East; most delayed orders shipped in Q2.

• Net loss improved to $839,853 from $1,994,586 in Q1 2025, driven by over 30% reduction in operating expenses.

• Medical segment revenue more than doubled year-over-year to $108,000, reflecting early-stage adoption and growing clinician interest.

• Gross margin was 72.3%, slightly lower than 73.8% in the prior year, reflecting product mix and cost pressures.

• $2.15 million private placement completed in April 2026, improving liquidity and supporting growth initiatives.

Financial highlights

• Product sales were $2,162,033 in Q1 2026 vs. $2,232,420 in Q1 2025.

• Gross profit was $1,564,024 in Q1 2026 (gross margin 72.3%) vs. $1,647,435 (73.8%) in Q1 2025.

• Operating expenses decreased 34% to $2,392,107.

• Net loss per share: $(0.01) in Q1 2026 vs. $(0.02) in Q1 2025.

• Cash and cash equivalents at March 31, 2026: $1.19 million; working capital: $2.5 million.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $9.8–$10.2 million, representing double-digit year-over-year growth.

• Management expects continued focus on expanding adoption of DPS technology and commercialization of the Medical segment.

• Cost reductions and revenue growth expected to improve operating leverage and reduce cash burn in 2026.

• Targeting cash flow breakeven in early 2027.