Ionetix (Ionetix) Q2 2026 earnings summary

Executive summary

• Completed a reverse merger with JDEV Acquisition Corp. on April 9, 2026, resulting in public company status and recapitalization; all outstanding preferred and common stock converted to common stock.

• Raised $28.7 million in net proceeds from private placement financings concurrent with and following the merger.

• Focused on proprietary cyclotron technology for radioisotope production, with primary revenue from diagnostic drug and medical radioisotopes sales.

Financial highlights

• Revenue for Q2 2026 was $1.2 million, up 9% year-over-year; six-month revenue was $2.3 million, down 39% due to absence of cyclotron system sales.

• Net loss for Q2 2026 was $15.3 million, compared to $8.0 million in Q2 2025; six-month net loss was $22.2 million, up from $10.4 million year-over-year.

• Gross margin declined due to increased cost of revenue from a new production site and higher SG&A expenses.

• Other expense, net, increased to $11.1 million in Q2 2026, primarily due to non-cash losses from settlement of investor agreements and warrant issuances.

• Cash and restricted cash at June 30, 2026 was $10.9 million.

Outlook and guidance

• Management expects continued operating losses and negative cash flows as investments in R&D, manufacturing, and commercial expansion continue.

• Existing cash and recent financing are not sufficient to fund operations for the next twelve months; additional capital will be sought.

• Substantial doubt exists about the ability to continue as a going concern without further financing.