LITTLETON, Mass., May 13, 2026 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. $(POCI)$, a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, announced operating results on an unaudited basis for its third quarter fiscal year 2026 for the period ended March 31, 2026.
Q3 2026 Financial Highlights (3 Months Ended March 31, 2026):
-- Revenue was $8.7 million, a quarterly record, compared to $4.2 million in
the same quarter of the previous fiscal year, representing growth of
approximately 108%, and compared to $7.4 million in the most recent
sequential quarter.
-- Production revenue, or total revenue net of engineering revenue, was $7.6
million, a quarterly record, compared to $3.3 million in the same quarter
of the previous fiscal year, representing growth of approximately 131%,
and compared to $6.4 million in the most recent sequential quarter.
-- Engineering revenue was $1.1 million compared to $0.9 million in the same
quarter of the previous fiscal year, an increase of 22%, and compared to
$1.0 million in the most recent sequential quarter.
-- Gross margins were 23.6% compared to 10.0% in the same quarter of the
previous fiscal year and compared to 2.8% in the most recent sequential
quarter.
-- Net loss for the quarter was $(0.1) million, compared to $(2.1) million
in the same quarter of the previous fiscal year, and compared to $(1.8)
million in the most recent sequential quarter.
-- Adjusted EBITDA was $0.3 million for the quarter compared to $(1.3)
million in the same quarter of the previous fiscal year and compared to
$(1.5) million in the most recent sequential quarter.
Recent Additional Highlights:
-- Increased production to a top-tier aerospace company. Third quarter
fiscal 2026 revenue totaled $3.6 million from this customer, a quarterly
revenue record.
-- Increased production of cystoscopy surgery system. Third quarter fiscal
2026 revenue totaled $2.2 million from this customer, a quarterly revenue
record.
-- Received a $3.5 million follow-on production order for single-use
ophthalmic program, with shipments expected to commence during the fourth
fiscal quarter.
-- The Company's Ross Optical operations saw continued strong volume growth,
driving a 65% year-over-year growth in the segment's revenues.
-- Completed an oversubscribed $10 million public offering in March 2026 to
support the growth plans of the Company.
FY 2026 Financial Guidance (Year Ended June 30, 2026):
-- The Company is increasing its previously announced guidance for fiscal
year 2026 revenue to be in a range of $29 to $31 million, compared to
previously announced guidance of $26 to $28 million. The newly increased
revenue guidance represents 52% to 62% growth over the Company's fiscal
year 2025 revenue.
-- The Company is increasing its previously announced guidance for fiscal
year 2026 Adjusted EBITDA to be in a range of $(2.5) to $(2.7) million,
compared to previously announced guidance of $(2.5) to $(3.0) million.
"Our third quarter results were highlighted by revenue of $8.7 million, a new quarterly revenue record, and positive adjusted EBITDA, reflecting the continued strength of our core production programs and meaningful improvements in manufacturing performance," said Joe Forkey, CEO of Precision Optics. "Revenue growth was driven primarily by increased volumes in our aerospace and single-use cystoscope programs, both of which continue to perform at strong levels, as well as our Ross Optical segment. We achieved significant improvements in manufacturing efficiency, which drove a dramatic improvement in gross margins. Our new manufacturing leadership and production team have done an outstanding job improving execution while supporting higher production volumes."
"We expect production revenue to remain strong and so we are increasing our revenue and adjusted EBITDA guidance for the fiscal year."
"Industry trends remain highly favorable and with the additional capital raised recently we are strategically investing in the ongoing capabilities expansion and acceleration of our go-to-market planning to accelerate overall growth," Forkey concluded.
The following table summarizes the third quarter and year-to-date (unaudited) results for the periods ending March 31, 2026, and 2025:
Three Months Nine Months
Ended March 31 Ended March 31
------------------------- ----------------------------
2026 2025 2026 2025
Revenues $8,708,631 $ 4,185,968 $22,757,291 $12,909,928
Gross Profit 2,056,534 417,975 3,207,552 2,605,247
Stock
Compensation
Expenses 253,777 714,662 742,497 1,172,232
Other 1,867,219 1,741,598 5,867,101 5,628,262
--------- ---------- ---------- ----------
Total
Operating
Expenses 2,120,996 2,456,260 6,609,598 6,800,494
--------- ---------- ---------- ----------
Operating
Income
(Loss) (64,462) (2,038,285) (3,402,046) (4,195,247)
Net Income
(Loss) (108,283) (2,096,761) (3,526,104) (4,377,689)
Income (Loss)
per Share
Basic & Fully
Diluted $ (0.01) $ (0.30) $ (0.46) $ (0.67)
--------- ---------- ---------- ----------
Weighted
Average Common
Shares
Outstanding
Basic & Fully
Diluted 7,794,263 6,917,281 7,740,834 6,491,687
--------- ---------- ---------- ----------
Conference Call Details
Date and Time: Wednesday, May 13, 2026, at 5:00 p.m. ET.
Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or (412) 317-5705.
Live Webcast Information: Interested parties can access the conference call via a live webcast, which is available at https://app.webinar.net/l90v4RE3K1N.
Replay: A teleconference replay of the call will be available for seven days, at (855) 669-9658 or (412) 317-0088, replay access code 3475317. A webcast replay will be available at https://app.webinar.net/l90v4RE3K1N.
About Precision Optics Corporation
Founded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics, 3D imaging and digital imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company is able to design and manufacture next-generation product solutions to the most challenging customer requirements. Within healthcare, Precision Optics enables next generation medical device companies around the world to meet the increasing demands of the surgical community who require more enhanced and smaller imaging systems for minimally invasive surgery as well as 3D endoscopy systems to support the rapid proliferation of surgical robotic systems. In addition to these next generation applications, Precision Optics has supplied top tier medical device companies a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The Company is also leveraging its technical proficiency in micro-optics to enable leading edge defense/aerospace applications which require the highest quality standards and the optimization of size, weight and power. For more information, please visit www.poci.com.
Non-GAAP Financial Measures
Precision Optics has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the Unites States of America ("non-GAAP"). The non-GAAP financial measure is Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). In addition to the aforementioned items, Adjusted EBITDA also excludes from Net Income (Loss) the effect of stock-based compensation.
This non-GAAP financial measure assists Precision Optics management in comparing its operating performance over time because certain items may obscure the underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete acquisition or restructuring plans that are fundamentally different from the ongoing productivity of the Company. Precision Optics management also believes that presenting this measure allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measure presented above to GAAP results has been provided in the financial tables included with this press release.
About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, without limitation, the Company's projections for future revenue, gross margins and Adjusted EBITDA, expectations regarding margin improvement and operational performance, anticipated product and program expansion, and the Company's strategic outlook. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of the Company in light of their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on the Company as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the demand for the Company's products, global supply chains and economic activity in general and other risks and uncertainties identified in the Company's filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
Company Contact:
PRECISION OPTICS CORPORATION
550 King Street, Bldg. A Suite 100
Littleton, MA 01460
Telephone: 978-630-1800
Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Telephone: 602-889-9700
poci@lythampartners.com
PRECISION OPTICS CORPORATION, INC.
BALANCE SHEETS
(UNAUDITED)
March 31, June 30,
2026 2025
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 10,680,046 $ 1,773,735
Accounts receivable, net of
allowance for credit losses of
$134,313 at March 31, 2026 and
$80,192 at June 30, 2025 6,577,866 4,336,730
Inventories, net 3,702,461 3,562,112
Prepaid expenses 446,313 385,390
----------- -----------
Total current assets 21,406,686 10,057,967
----------- -----------
Fixed Assets:
Machinery and equipment 3,415,589 3,385,958
Leasehold improvements 1,225,401 871,356
Furniture and fixtures 615,723 538,428
----------- -----------
5,256,713 4,795,742
Less--accumulated depreciation and
amortization 4,388,000 4,261,950
----------- -----------
Net fixed assets 868,713 533,792
----------- -----------
Operating lease right-to-use asset 2,371,091 141,825
Patents, net 215,507 232,493
Goodwill 8,824,210 8,824,210
----------- -----------
Total other assets 11,410,808 9,198,528
----------- -----------
TOTAL ASSETS $ 33,686,207 $ 19,790,287
=========== ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities:
Current portion of capital
lease obligation $ -- $ 27,368
Current maturities of long-term
debt 577,898 577,898
Accounts payable 6,239,450 2,909,100
Contract liabilities 2,224,660 1,821,929
Accrued compensation and other 836,582 764,004
Current portion of operating
lease liability 314,329 50,995
----------- -----------
Total current liabilities 10,192,919 6,151,294
----------- -----------
Long-term debt, net of current
maturities 855,780 1,289,205
Operating lease liability, net
of current portion 2,531,601 90,954
----------- -----------
Total liabilities 13,580,300 7,531,453
Stockholders' Equity:
Common stock, $0.01 par value:
50,000,000 shares authorized;
issued and outstanding --
10,929,869 shares at March 31,
2026 and 7,714,701 at June 30,
2025 109,298 77,147
Additional paid-in capital 80,493,343 69,152,317
Accumulated deficit (60,496,734) (56,970,630)
----------- -----------
Total stockholders' equity 20,105,907 12,258,834
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 33,686,207 $ 19,790,287
=========== ===========
PRECISION OPTICS CORPORATION, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED
MARCH 31, 2026 AND 2025
(UNAUDITED)
Three Months Nine Months
Ended March 31, Ended March 31,
------------------------ -------------------------
2026 2025 2026 2025
---------- ----------- ----------- -----------
Revenues $8,708,631 $ 4,185,968 $22,757,291 $12,909,928
Cost of Goods
Sold 6,652,097 3,767,993 19,549,739 10,304,681
--------- ---------- ---------- ----------
Gross Profit 2,056,534 417,975 3,207,552 2,605,247
--------- ---------- ---------- ----------
Research and
Development
Expenses 267,319 211,242 828,733 929,648
Selling, General
and
Administrative
Expenses 1,853,677 2,245,018 5,780,865 5,870,846
--------- ---------- ---------- ----------
Total Operating
Expenses 2,120,996 2,456,260 6,609,598 6,800,494
--------- ---------- ---------- ----------
Operating Income (64,462) (2,038,285) (3,402,046) (4,195,247)
Interest Expense (35,116) (58,476) (115,353) (182,442)
--------- ---------- ---------- ----------
Income before
provision for
income taxes (99,578) (2,096,761) (3,517,399) (4,377,689)
Provision for
income taxes 8,705 -- 8,705 --
--------- ---------- ---------- ----------
Net Income $ (108,283) $(2,096,761) $(3,526,104) $(4,377,689)
========= ========== ========== ==========
Loss Per Share:
Basic and
Fully
Diluted $ (0.01) $ (0.30) $ (0.46) $ (0.67)
========= ========== ========== ==========
Weighted
Average Common
Shares
Outstanding:
Basic and
Fully
Diluted 7,794,263 6,917,281 7,740,834 6,491,687
========= ========== ========== ==========
PRECISION OPTICS CORPORATION, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED
MARCH 31, 2026 AND 2025
(UNAUDITED)
Nine Month Period Ended March 31, 2026
-------------------------------------------------------------------
Additional Total
Number of Common Paid-in Accumulated Stockholders'
Shares Stock Capital Deficit Equity
----------- -------- ----------- ------------ ---------------
Balance, July
1, 2025 7,714,701 $ 77,147 $69,152,317 $(56,970,630) $ 12,258,834
Stock-based
compensation -- -- 301,639 -- 301,639
Net loss -- -- -- (1,637,030) (1,637,030)
---------- ------- ---------- ----------- -----------
Balance,
September 30,
2025 7,714,701 77,147 69,453,956 (58,607,660) 10,923,443
---------- ------- ---------- ----------- -----------
Stock-based
compensation -- -- 162,082 -- 162,082
Issuance of
common stock
for employee
services 5,528 55 24,945 -- 25,000
Net loss -- -- -- (1,780,791) (1,780,791)
---------- ------- ---------- ----------- -----------
Balance,
December 31,
2025 7,720,229 77,202 69,640,983 (60,388,451) 9,329,734
---------- ------- ---------- ----------- -----------
Issuance of
common stock
in public
offering 3,194,444 31,944 10,598,734 -- 10,630,678
Proceeds from
exercise of
stock option 13,628 136 (136) -- --
Stock-based
compensation -- -- 247,528 -- 247,528
Issuance of
common stock
for employee
services 1,568 16 6,234 -- 6,250
Net loss -- -- -- (108,283) (108,283)
---------- ------- ---------- ----------- -----------
Balance, March
31, 2026 10,929,869 $109,298 $80,493,343 $(60,496,734) $ 20,105,907
========== ======= ========== =========== ===========
Nine Month Period Ended March 31, 2025
----------------------------------------------------------------
Additional Total
Number of Common Paid-in Accumulated Stockholders'
Shares Stock Capital Deficit Equity
---------- ------- ----------- ------------ ---------------
Balance, July
1, 2024 6,073,939 $60,739 $61,197,433 $(51,190,384) $ 10,067,788
Issuance of
common stock
in registered
direct
offering 265,868 2,659 1,201,883 -- 1,204,542
Proceeds from
exercise of
stock option 10,363 104 26,896 -- 27,000
Stock-based
compensation -- -- 149,364 -- 149,364
Net loss -- -- -- (1,311,247) (1,311,247)
--------- ------ ---------- ----------- -----------
Balance,
September 30,
2024 6,350,170 63,502 62,575,576 (52,501,631) 10,137,447
--------- ------ ---------- ----------- -----------
Stock-based
compensation -- -- 278,206 -- 278,206
Issuance of
common stock
for consulting
services 5,364 53 29,947 -- 30,000
Net loss -- -- -- (969,681) (969,681)
--------- ------ ---------- ----------- -----------
Balance,
December 31,
2024 6,355,534 63,555 62,883,729 (53,471,312) 9,475,972
--------- ------ ---------- ----------- -----------
Issuance of
common stock
in registered
direct
offering 1,272,500 12,725 5,052,869 -- 5,065,594
Proceeds from
exercise of
stock option 13,162 132 18,118 -- 18,250
Stock-based
compensation -- -- 592,964 -- 592,964
Issuance of
common stock
for consulting
services and
employees 25,051 250 121,448 -- 121,698
Net loss -- -- -- (2,096,761) (2,096,761)
--------- ------ ---------- ----------- -----------
Balance, March
31, 2025 7,666,247 $76,662 $68,669,128 $(55,568,073) $ 13,177,717
========= ====== ========== =========== ===========
PRECISION OPTICS CORPORATION, INC.
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED
MARCH 31, 2026 AND 2025
(UNAUDITED)
Nine Months
Ended March 31,
-------------------------
2026 2025
----------- -----------
Cash Flows from Operating Activities:
Net Loss $(3,526,104) $(4,377,689)
Adjustments to reconcile net loss to
net cash used in operating activities
-
Depreciation and amortization 214,948 159,844
Stock-based compensation expense 742,499 1,020,534
Non-cash interest expense 13,825 8,918
Non-cash operating lease expense 255,965 --
Loss on disposal of fixed assets 34,506 --
Changes in operating assets and
liabilities -
Accounts receivable, net (2,241,136) 120,438
Inventories, net (140,349) (803,301)
Prepaid expenses (60,923) (27,160)
Accounts payable 3,330,350 476,259
Contract liabilities 402,731 493,201
Accrued compensation and other 72,578 (49,209)
---------- ----------
Net cash used in operating activities (901,110) (2,978,165)
---------- ----------
Cash Flows from Investing Activities:
Purchases of fixed assets (349,750) (180,985)
Proceeds from sale of fixed assets 3,000 --
Additional/reclassification patent
costs (1,889) 31,148
---------- ----------
Net cash used in investing activities (348,639) (149,837)
---------- ----------
Cash Flows from Financing Activities:
Payments of capital lease
obligations (27,368) (32,257)
Payments of long-term debt (447,250) (149,230)
Payment of debt modification costs -- (15,000)
Payment on revolving line of credit -- (1,000,000)
Proceeds from registered direct
sale of common stock, net -- 6,270,136
Proceeds from public offering of
common stock, net 10,630,678 --
Stock issued for services -- 151,698
Gross proceeds from the exercise of
stock options -- 45,250
---------- ----------
Net cash provided by (used in)
financing activities 10,156,060 5,270,597
---------- ----------
Net increase in cash and cash
equivalents 8,906,311 2,142,595
Cash and cash equivalents, beginning
of period 1,773,735 405,278
---------- ----------
Cash and cash equivalents, end of
period $10,680,046 $ 2,547,873
========== ==========
Supplemental disclosure of cash flow
information:
Operating right-of-use assets
obtained in exchange for
operating lease liabilities $ 2,632,584 $ --
Lease improvements financed by
landlord $ 218,750 $ --
Issuance of common stock for
employee services $ 31,250 $ --
PRECISION OPTICS CORPORATION, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA
Three Months Ended Nine Months Ended
March 31 March 31
------------------------ --------------------------
2026 2025 2026 2025
---------- ------------ ------------ ------------
Net Income
(loss)
(GAAP) $(108,283) $(2,096,761) $(3,526,104) $(4,377,689)
Stock based
compensation 253,778 714,662 742,499 1,172,232
Depreciation
and
amortization 75,602 62,358 214,948 159,844
Income Taxes 8,705 8,705
Interest
expense 35,116 58,476 115,353 182,442
-------- ---------- ---------- ----------
Adjusted
EBITDA
(non-GAAP) $ 264,918 $(1,261,265) $(2,444,599) $(2,863,171)
======== ========== ========== ==========
(END) Dow Jones Newswires
May 13, 2026 16:30 ET (20:30 GMT)