aibioFOXO CEO gives mid-year 2026 update and says uplisting is under consideration
Tickers FOXO
In a letter to shareholders, CEO Seamus Lagan reported first quarter 2026 net revenues of about $5.1 million, completed a 1:3,000 reverse stock split, and said FOXO is considering an uplisting to a recognized exchange before the end of 2026.
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- FOXO TECHNOLOGIES INC. (OTC: FOXO)
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- FOXO TECHNOLOGIES INC. 8-K (2026-07-06)
FOXO Technologies Inc. (OTC: FOXO) released a mid-year update to shareholders from its Chief Executive Officer, Seamus Lagan, in a filing on Form 8-K dated July 6, 2026. Lagan said the company's acquisitions of Myrtle Recovery Centers, Inc. and Rennova Community Health, Inc. in mid-2024, and of Vector BioSource, Inc. in late 2025, have created a portfolio of healthcare-related businesses.
Corporate actions
The letter says the company addressed several legacy liabilities in the first half. Net revenues were about $5.1 million for the three months ended March 31, 2026, compared with $3.2 million for the same period in 2025. The loss from operations in the first quarter was $0.3 million, compared with a $1.5 million loss a year earlier.
The company effected a 1:3,000 reverse stock split of its Class A common stock to improve liquidity and attract institutional and other investors. It also exchanged about $7.8 million in stated value of its Series A Convertible Preferred Stock into non-convertible debt, which it said reduces potential future shareholder dilution. The debt is still an obligation the company must repay, and a 1:3,000 reverse split is an extreme step.
FOXO entered into an agreement with its former CEO, Jon Sabes, and its FOXO Labs, Inc. subsidiary to develop the company's epigenetics technology further. FOXO granted LongevityFP Technologies, LLC, a company owned by its former CEO Mr. Sabes, an exclusive worldwide license to commercialize its epigenetics intellectual property. FOXO will receive a royalty equal to 3% of net revenues from that commercialization, subject to an aggregate cap of $1,300,000.
LongevityFP also received an exclusive, irrevocable ten-year option to acquire majority ownership of the subsidiary. If exercised, FOXO would retain 40% ownership.
Preferred stock and dividends
The company declared a regular dividend on its Series E Preferred Stock, which pays a 7.5% annual dividend. Of that, 2.5% is payable in cash and 5% in common stock. The Series E shares were issued for the acquisition of Vector. The letter says FOXO intends to list the Series E Preferred Stock under its own trading symbol and to use it for additional acquisitions or new capital.
Operating businesses
Myrtle opened in August 2023. The company says it has requested state approval to expand from 30 to 32 inpatient beds and expects the two added beds to be available in July 2026. Average daily census was 27.6, or 92% occupancy, compared with 7.4 for 2024, or 25% occupancy. It projects about 700 annualized patient admissions for 2026, with 180 in the second quarter, compared with 195 in 2024 and 566 in 2025.
Scott County Community Hospital, known as Big South Fork Medical Center, is a critical access hospital serving Scott County, Tennessee. The company projects about 400 inpatient admissions in 2026, compared with 313 in 2025.
For Vector, the letter says the company is evaluating a significant acquisition in the space. It says there can be no assurance that the transaction will be completed. If it is, FOXO expects the acquisition to close in the second half of 2026 and to add more than $10 million of annual revenue to Vector.
Financial position
The company's annual report for 2025, filed April 15, 2026, shows revenue of $16.4 million, compared with $4.1 million for 2024. The net loss was $12.4 million in both years. Cash from operations was negative $3.9 million in 2025, compared with negative $2.8 million in 2024. Year-end cash and cash equivalents were $68,268 at the end of 2024.
Uplisting and capital
The company is considering an uplisting of its Class A common stock to NYSE American or another recognized exchange before the end of 2026. The letter says there is no certainty of an uplisting at this time. FOXO is in discussions with investment bankers to advise on the planned uplisting, to evaluate capital-raising alternatives and to help finance potential acquisitions and working capital.
The letter says the company has had limited access to new capital in 2026. The uplisting is only under consideration, the projections for the businesses are the company's own, and the Series E dividend is partly paid in new common shares.