DIT earnings analysis
What we found in DIT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Amcon reported Q2 revenue of $715,652,441 (up vs Q2 2025 $619,503,087) but posted an operating loss of $384,720 and GAAP diluted EPS of -$2.34. Gross profit was $43,489,199 while cash from operations for the six months improved to $2,006,373 despite $9,328,436 of property and equipment purchases (six months).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue increased year-over-year
- Total sales were $715,652,441 in Q2 2026 versus $619,503,087 in Q2 2025 (increase of $96,149,354).
- Gross profit roughly flat but margin compressed
- Gross profit was $43,489,199 (Q2 2026) vs $43,027,885 (Q2 2025), however gross margin compressed to ~6.08% (43,489,199 / 715,652,441) from ~6.95% in Q2 2025 (43,027,885 / 619,503,087).
- Operating loss in the quarter
- Operating income (loss) was $(384,720) in Q2 2026 versus operating income of $461,905 in Q2 2025, showing operating profitability reversed to a loss.
- GAAP EPS declined further into loss
- Diluted earnings (loss) per share was $(2.34) in Q2 2026 compared with $(1.72) in Q2 2025 (net loss available to common shareholders $ (2,174,481) vs $ (1,589,960)).
- Operating cash flow turned positive (six months)
- Net cash flows from operating activities for the six months ended March 31, 2026 were $2,006,373 versus $(5,449,633) for the six months ended March 31, 2025.
- Investing / expansion activity
- During Q2 2026 the Company purchased a distribution facility in Ohio for $8.0 million and recorded purchases of property and equipment of $9,328,436 for the six months ended March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Margin deterioration
- Gross margin fell to ~6.08% in Q2 2026 (43,489,199 / 715,652,441) from ~6.95% in Q2 2025 (43,027,885 / 619,503,087), and the company reported an operating loss of $(384,720) in Q2 2026.
- Worsening EPS and net loss
- GAAP diluted EPS declined to $(2.34) in Q2 2026 (net loss $2,174,481) from $(1.72) in Q2 2025 (net loss $1,589,960), indicating increased loss per share.
- Negative free cash flow (six months)
- For the six months ended March 31, 2026, operating cash flow was $2,006,373 but purchases of property and equipment were $9,328,436, implying free cash flow of approximately $(7,322,063) (2,006,373 - 9,328,436).
- Reliance on credit facilities / leverage
- Combined Facilities have borrowing capacity of $305.0 million and a defined credit limit of $234.9 million at March 2026, of which $137,063,059 was outstanding leaving $97.8 million available — the Company had peak borrowings of $193.2 million for the six months ended March 31, 2026.
- Segment disclosure limited
- MD&A describes two business segments (Wholesale and Retail) and states locations and operations, but the filing does not disclose a segment revenue breakdown or segment profit metrics (no segment revenue numbers presented).
- Mandatorily redeemable non-controlling interest and related expense
- Change in fair value of mandatorily redeemable non-controlling interest was $115,599 in Q2 2026 (and $438,240 for the six months), and current MRNCI on the balance sheet is $7,459,135 at March 31, 2026, representing potential future cash obligations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.34
- Gross margin
- 6.081743039760615%
- Operating margin
- -0.05377621949082702%
What they said about what is next.
The 10-Q contains no explicit numeric forward guidance. MD&A discloses liquidity metrics (credit limit $234.9M, outstanding $137.1M, $97.8M available) and an $8.0M facility purchase, but management does not provide a quantitative outlook or EPS/revenue guidance in this filing.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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