GOAI earnings analysis
What we found in GOAI'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
GOAI delivered Q2 revenue of $4.20 million, up 1.6% year over year, but its revenue mix shifted dramatically away from XML syndication toward brand marketing and $1.16 million of newly introduced AI-driven marketing services. Profitability deteriorated substantially: operating income of $2.63 million and EPS of $0.08 in the prior-year quarter became an $862,213 operating loss and $(0.05) EPS, although the operating loss improved sharply from Q1 due to lower G&A expense. Liquidity improved through debt and equity financing, but operating cash flow was negative $5.23 million, 88% of receivables were over 90 days outstanding, and management concluded that substantial doubt remains about its ability to continue as a going concern.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue held nearly flat as AI services launched
- Q2 revenue increased 1.6% year over year to $4,204,390 from $4,138,712, as $1,161,903 of new AI-driven marketing-services revenue partly offset a $1,096,225 decline in legacy digital advertising and media monetization revenue.
- Sequential operating loss improved sharply
- Operating loss narrowed sequentially to $862,213 in Q2 from a $9,106,394 operating loss in Q1, as general and administrative expense fell to $2,017,316 from $9,279,934 following the non-recurrence of the CEO option-vesting charge.
- Cash and reported working capital increased
- Cash rose to $2,238,216 at June 30, 2026 from $202,524 at December 31, 2025. The company also reported $19,439,564 of working capital, including $21,048,847 of current assets.
- Revenue mix shifted toward AI services
- The company established an AI-services revenue stream, generating $1,813,600 in the first six months of 2026 versus no comparable prior-year revenue; digital advertising/media monetization revenue was $6,294,021 versus $7,820,232.
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.
- Going-concern doubt remains unresolved
- Management concluded that substantial doubt exists about continuing as a going concern, citing a $10,313,833 six-month net loss, $5,229,216 of operating cash outflow, and a $30,656,195 accumulated deficit at June 30, 2026.
- Liquidity concentrated in aged receivables
- Receivables rose to $17,465,015 from $16,006,624, and $15,408,659—approximately 88% of the net balance—was more than 90 days past invoice date. Collections are central to funding operations.
- Convertible financing creates dilution risk
- The Streeterville convertible note had $6,475,000 face value outstanding at June 30, 2026, while its embedded derivative liability was $4,562,001. A further $925,000 was converted during July, and the conversion price can be 87% of the lowest daily VWAP, subject to a $0.90 floor.
- Traffic costs materially outpaced revenue
- Q2 operating margin was negative 20.5%, compared with positive 63.6% in Q2 2025, as media traffic purchase expense rose 159.3% to $3,049,042 while revenue increased only 1.6% to $4,204,390.
- Material weakness in financial controls
- Management found disclosure controls and internal control over financial reporting ineffective at June 30, 2026 due to inadequate segregation of duties, limited personnel, and insufficient policies. The company had 39,252,186 shares outstanding at June 30, 2026, underscoring the scale at which control remediation must operate.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Operating margin
- -20.5%
- Segment
- Digital advertising and media monetization revenue: $3,042,487 in Q2 2026 versus $4,138,712 in Q2 2025 (-$1,096,225; -26.5%).
- Segment
- AI-driven marketing services revenue: $1,161,903 in Q2 2026 versus $0 in Q2 2025.
- Segment
- Brand marketing revenue: $4,204,390 in Q2 2026 versus $48,000 in Q2 2025; XML revenue: $0 versus $4,090,712.
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the 10-Q. Management stated that it expects substantially all of the $17,465,015 net accounts-receivable balance to be collected within the look-forward period and has an at-the-market facility for up to $100,000,000, subject to applicable Form S-3 limitations.
The filing reads worse than the one before it.
What came before.
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- 10-Q · November 10, 2025
- Eva Live Inc. exhibited strong financial performance in the third quarter of 2025, with revenues climbing to $4.91 million, a significant increase compared to $1.98 million in the same period last year. Net income…
- 10-Q · August 1, 2025
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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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