aibioIntelligent Bio Solutions reports fiscal third quarter revenue up 46%
Tickers INBS
Total revenue reached $1.06 million for the quarter ended March 31, 2026, and nine-month revenue reached $3.07 million, up 39% year over year.
Key facts
- Company
- INTELLIGENT BIO SOLUTIONS INC. (NASDAQ: INBS)
- News type
- Company Updates
- Primary source
- Intelligent Bio Solutions 8-K
The quarter
Intelligent Bio Solutions Inc. (Nasdaq: INBS) reported financial results for its fiscal third quarter and its nine months ended March 31, 2026, in a release dated May 13, 2026. Total revenue for the quarter was $1.06 million, up 46% year over year, from a small base. Cartridge sales rose 59% and made up 66% of quarterly revenue.
The company said the installed base built through earlier reader placements is now generating strong, recurring consumable demand. Its Chief Executive Officer, Harry Simeonidis, said: "The third quarter marked another period of strong commercial execution and revenue growth."
Cartridge sales were $703,538. Reader sales were $139,407, down 16%, which the company described as normal quarterly variability following a strong second quarter. Reader sales matter because each reader placed is what creates later cartridge demand, so a drop in them is a point to watch. Other sales were $217,857, up 80% and 21% of quarterly revenue.
Margins and cash
Gross profit margin for the quarter was 50.5%, up from 46.8% in the same period a year earlier. The company said crossing the 50% gross margin threshold for the first time is a significant operational milestone. Spiro Sakiris, Chief Financial Officer, said: "Q3 gross margin was over 50%, up from 47% a year ago. This growth was driven by operational efficiencies and increased sales volumes."
Cash and cash equivalents were $6.86 million at March 31, 2026, compared with $740,371 at December 31, 2025. The jump in cash came from raising capital, not from operations: the release cites capital raised of $14.67 million, net of issuance costs, and gives no net loss, operating loss or cash used in operations for the quarter or the nine months. The release gives no terms for that raise or the shares issued.
Nine-month figures
For the nine months, cartridge sales were $1.86 million, up 46% and 61% of nine-month revenue. Reader sales were $672,839, up 29%, and other sales were $535,942, up 31%. Total revenue for the nine months was $3.07 million, up 39%. The release says the company added $1.06 million in revenue in the third quarter to the $2.01 million first-half milestone it announced in February 2026.
Gross profit margin for the nine months was 49.3%, up from 41.3%. The company said the improvement was approximately 800 basis points year over year.
Marketing and capital
The company said its nine-month marketing investment of $1.77 million has been a direct contributor to its 39% revenue growth and to a capital raise of $14.67 million, net of issuance costs. Marketing spend in the third quarter was down 42% year over year, which the company said shows improved marketing efficiency. The release does not say whether revenue will hold if spending stays lower.
Regulatory and commercial progress
The release lists several operating items. The company completed penetration testing with no major vulnerabilities identified, completed a clinical cut-off study, and started a validation study for a rapid drug screening cartridge that targets 70% faster results. It also said it manufactured and shipped its first readers under a new manufacturing partnership, which it said supports improved margins and production scalability.
The company announced a drug-testing rollout with Bouygues UK, part of the global construction group Bouygues Construction. It also received its eighth European patent grant, which it said further protects its proprietary fingerprint drug screening technology.
The company says its Intelligent Fingerprinting Drug Screening System continues to gain traction across more than 27 countries, serving hundreds of customers in construction, manufacturing, transportation, mining, and other safety-critical industries.
What comes next
The company says its FDA 510(k) regulatory program continues, with the aim of entering the multi-billion-dollar U.S. drug screening market. The release reports a completed cut-off study and a penetration test, but no filing, no clearance and no date. The release lists its current customer segments as outside the U.S. Management said it believes the company is well positioned to deliver continued growth through the remainder of fiscal 2026 and beyond. That is management's view; the release gives no profit figures to test it against.