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Innovotech Inc. Reports Q1 2026 Financial Results and Operational Update
(TheNewswire)   Edmonton, Alberta – May 12, 2026 - TheNewswire – Innovote...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Inc. Reports Q1 2026 Financial Results and Operational Update\n(TheNewswire)\n\n \n\n\nEdmonton, Alberta – May 12, 2026 - TheNewswire\n– Innovotech Inc. (TSX Venture Exchange: IOT; OTCQB: IOTCF)\n(“Innovotech” or the “Company”), a life sciences services and\ntechnology company focused on applied microbiology, analytical\nchemistry, and regulated laboratory services, today reported its\nfinancial results for the three months ended March 31, 2026. \n\n\n \n\n\nRevenue for the quarter was $648,140, a decrease of 44% from the same\nperiod in the prior year. The decline was driven almost entirely by a\nchange of activities in a large project for a major customer, which\nhad been expected to continue through 2026. Management continues to\nexpand the company's service offerings and capabilities to\ngenerate consistent recurring revenue and mitigate such client\nconcentration risk.  Gross profit for the quarter was $202,231, with\na gross margin of 31.2%, compared to 53.6% in the prior year. Margins\nwere negatively impacted by underutilised capacity, as the Company\nmaintained staffing and operational readiness in anticipation of\nexecuting the planned customer work.  The Company recorded a net and\ncomprehensive loss of $401,295 for the quarter, compared to net income\nof $63,523 in Q1 2025. Operating expenses increased year over year,\nreflecting the Q1 integration of Keystone Labs and Innovotech Labs,\n relocating the former Keystone Labs  operations to a new nearby\nfacility, and investments in a stronger sales organization.\n\n\n \n\n\nInnovotech continued to advance its strategic transformation,\nincluding strengthening its leadership and commercial teams, and\ncompleting its OTCQB listing in the U.S. The Company operates with a\nstrong liquidity position and maintains a meaningful equity base,\nproviding flexibility to manage near‑term volatility while\ncontinuing to execute its longer‑term strategy.\n\n\n \n\n\n“Management remains committed to investing in a more diversified,\nresilient, and scalable platform,” said Innovotech CEO Craig Milne.\n“The Company is continuing to execute its transformation strategy\nwith a focus on the operational and commercial initiatives required to\nsupport...