10-Q · May 19, 2026
AMC Robotics Corporation reported a significant decline in total revenue for Q1 2026, totaling $1,184,616, a 34% decrease from $1,792,525 in Q1 2025. Despite the revenue drop primarily due to lower product sales, the…
Earnings analysis · 10-Q
AMCI earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
AMC Robotics delivered a mixed Q2 2026: revenue fell 33% year over year to $937,177 and the company returned to a $175,730 net loss after Q1 net income of $145,601, but gross margin improved to approximately 80% from…
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AMC Robotics delivered a mixed Q2 2026: revenue fell 33% year over year to $937,177 and the company returned to a $175,730 net loss after Q1 net income of $145,601, but gross margin improved to approximately 80% from 19% and the operating loss narrowed substantially. The revenue mix shifted decisively toward related-party service and revenue-sharing streams, which comprised approximately 83% of quarterly revenue, but this increased customer concentration and related-party receivable exposure. Liquidity remained adequate by management’s assessment, with $4,544,353 of cash, but six-month operating cash flow was negative $1,479,664 and four material control weaknesses remained outstanding.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.01
What stood out
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Service Revenue Offset Product Decline
Q2 revenue was $937,177, down $460,098 or 33% from $1,397,275 a year earlier and down from $1,184,616 in Q1 2026. The decline reflected an 79% decrease in product revenue to $157,947, partially offset by a 54% increase in related-party revenue share to $774,087.
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Gross Margin Expanded 61 Points
Gross profit rose 182% to $750,607 from $266,581 year over year, while gross margin expanded to approximately 80% from approximately 19%, a 61-point improvement. Management attributed the change to the higher-margin revenue-sharing and service-based mix and lower product-related costs.
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Operating Loss Narrowed
The operating loss narrowed to $156,500 from $735,036 in Q2 2025, although operating margin was approximately negative 16.7% versus a positive 10.8% in Q1 2026. The improvement was supported by a $188,349, or 91%, reduction in sales and marketing expense to $19,758.
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Year-over-Year Loss Improvement
Net loss improved to $175,730, or $(0.01) per diluted share, from $228,913, or $(0.01) per share, in Q2 2025; however, results deteriorated from Q1 2026 net income of $145,601 and diluted EPS of $0.01.
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Liquidity Supports Near-Term Operations
Cash and cash equivalents declined to $4,544,353 from $7,004,601 at December 31, 2025. Six-month operating cash flow was negative $1,479,664, and the company invested $1,000,000 in Etronium AI, resulting in a $2,460,248 six-month cash decrease.
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Strategic AI Investment
The company invested $1,000,000 through two SAFE agreements with Etronium AI during Q2 2026. Management stated the investment is intended to support its artificial intelligence and robotics strategy, and no impairment or observable price adjustment was recorded through June 30, 2026.
What to watch
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Extreme Customer Concentration
Customer concentration increased: Kami Vision represented 83% of Q2 revenue and 81% of six-month revenue, versus 36% and 34%, respectively, in the prior-year periods. Kami also represented 84% of related-party accounts receivable at June 30, 2026, or approximately $2,744,091 of the $3,251,050 balance.
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Working Capital Cash Drain
Operating cash flow was negative $1,479,664 for the six months ended June 30, 2026, versus positive $675,160 in the prior-year period. Cash usage included a $1,185,159 increase in related-party receivables and a $1,056,527 increase in advances to related-party suppliers.
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Material Internal-Control Weaknesses
Management concluded disclosure controls were not effective as of June 30, 2026 because of four material weaknesses, including an inexperienced accounting team, inadequate segregation of duties, insufficient inventory controls, and lack of formal related-party transaction approvals. The company also stated that it does not maintain an internal audit function.
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Related-Party Supplier Dependence
Supplier concentration and related-party procurement remain significant: Senslab Technology accounted for 100% of inventory purchases in Q2 and the first six months of 2025, while Ants Technology accounted for 100% of first-half 2026 inventory purchases. The company also had $1,077,914 of advances to related-party suppliers at June 30, 2026 versus $21,387 at December 31, 2025.
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Inventory Obsolescence Risk
Product demand and inventory valuation remain exposed to execution and obsolescence risk. The company recorded $49,929 of inventory impairment charges in the first six months of 2026 and carried a $225,058 inventory impairment reserve at June 30, 2026.
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Potential Future Financing Need
The company has no revolving credit facility or other committed borrowing arrangement. Although management said cash and anticipated operating cash flows should cover at least the next twelve months, it also stated that additional financing may be needed and may not be available on acceptable terms or at all.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that existing cash and anticipated operating cash flows are expected to fund operating requirements, capital expenditures, and contractual obligations for at least the next twelve months, but noted that additional financing may be required and is not assured.
Earlier filings 3
10-K · May 5, 2026
AMC Robotics Corporation (AMCI) reported a fiscal year 2025 revenue of $5,981,000 and a diluted EPS of -$1.36. The company's significant reliance on a related-party service provider, Kami, which made up 48% of revenue,…
10-K · April 20, 2026
AMC (AMC Robotics Corporation) is an early-stage vision-AI hardware company focused on security cameras and related devices; it reported revenue of $5,981,000 and GAAP EPS of -$1.36 for the reported fiscal year. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.