10-Q · July 15, 2026
NextTrip, Inc. reported Q4 revenue of $2 million, showing significant growth compared to the prior year's revenue of $83,497. However, the company recorded a diluted EPS of -0.43, missing analyst expectations,…
Earnings analysis · 10-Q
NTRP earnings analysis
Filed October 15, 2026 · Our reading of the company's report
The latest report
Revenue grew sharply to $757,648 sequentially and diluted EPS improved to negative $0.39, but gross margin declined to 21.9% and operating margin remained deeply negative at 422.7%. Quarterly free cash flow was positive…
Read full summary
Revenue grew sharply to $757,648 sequentially and diluted EPS improved to negative $0.39, but gross margin declined to 21.9% and operating margin remained deeply negative at 422.7%. Quarterly free cash flow was positive $544,878, yet the company used $4.8 million in operating cash during the first six months and had only $1,145,136 of cash against a $3,195,601 working-capital deficit. The most material signal is the disclosed $5.5 million minimum funding requirement, limited financing availability, and substantial doubt about going-concern status.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
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.
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
- $-0.39
What stood out
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Revenue surged sequentially
Revenue increased to $757,648 from $138,827 in the prior quarter, a $618,821 or approximately 446% sequential increase. The filing extract does not provide a prior-year comparison.
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Operating losses narrowed sharply
Gross margin was 21.9%, down from 28.0% in the prior quarter, while operating margin improved materially to negative 422.7% from negative 3,342.1%.
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EPS improved sequentially
Diluted EPS improved to negative $0.39 from negative $0.68 in the prior quarter, a $0.29 per-share improvement.
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Quarterly free cash flow turned positive
Free cash flow was positive $544,878 for the quarter versus negative $1 million in the prior quarter, although the six-month operating cash flow position remained negative $4.8 million.
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Cash balance and controls disclosed
Management reported $1,145,136 of cash as of August 31, 2026, and stated that disclosure controls and procedures were effective as of the evaluation date.
What to watch
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Going-concern and liquidity risk
The company reported $1,145,136 of cash, a working-capital deficit of $3,195,601, and $4.8 million of operating cash usage for the six months ended August 31, 2026. Management estimates a minimum funding need of $5.5 million over the next twelve months and states that substantial doubt exists about its ability to continue as a going concern within one year.
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Uncertain access to financing
Funding sources are limited to a $3.5 million MIP line of credit, of which $485,000 was drawn after August 31, 2026, and sales under the ATM agreement; neither source is assured. The company states that failure to obtain financing could require it to delay, limit, or terminate operations and could result in loss of its Nasdaq listing.
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TA arbitration exposure
The TA Pipeline arbitration seeks at least $497,005, consisting of approximately $299,999 for repurchase of 96,774 shares and $197,006 for the alleged milestone payment. The company recorded liabilities of $300,000 and $200,000, respectively, and also faces potential interest, fees, and costs that are not accrued.
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Continued equity dilution
The company issued 383,203 common shares for total stated value of $850,132 during the six months, and the prior 8-K disclosed approval for financing-related issuances exceeding 19.99% of outstanding shares to Lind Global Fund III LP. Further equity financing may materially dilute existing holders.
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Business remains substantially unprofitable
Operating margin remained deeply negative at 422.7% despite sequential improvement, indicating that the $757,648 of quarterly revenue was insufficient to cover operating costs.
Management's outlook
No consolidated numeric revenue or EPS guidance was provided. Management stated that it estimates a minimum funding requirement of $5.5 million over the next twelve months, excluding scheduled Lind Note installments, and disclosed substantial doubt about continuing as a going concern within one year.
Earlier filings 4
10-K · May 29, 2026
NextTrip, Inc. reported significant revenue growth driven by acquisitions and increased bookings, achieving a total revenue of $3.7 million for the fiscal year ending February 28, 2026, up from $501,423 in the previous…
10-Q · July 15, 2025
NextTrip reported revenue of $138,827 for the three months ended May 31, 2025, down from $188,793 a year earlier, while gross margin expanded to 28.0% from 8.1% and loss per share improved to $(0.68) from $(1.55). The…
10-Q · October 15, 2024
NextTrip reported quarterly revenue of $154,498 (up from $27,663 year‑ago) but remains unprofitable with a three‑month net loss of $1,534,650 and a basic/diluted loss per share of $1.14. The company consumed operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.