SNES earnings analysis
What we found in SNES'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
SenesTech, Inc. reported Q1 2026 revenue of $493,000, a 2% increase from $485,000 in Q1 2025, but below estimates of $631,600. The company recorded a diluted EPS of -$0.39 compared to an expected -$0.33. Key drivers included an 85% contribution from the Evolve product line, which indicates strong market performance despite overall financial losses and increased operating expenses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Q1 2026 revenue reached $493,000, up 2% from $485,000 in Q1 2025.
- Strong Evolve Revenue Contribution
- Evolve product line accounted for 85% of total revenue in Q1 2026, up from 79% in the prior year.
- Improved Gross Margin
- Gross margin improved to 68.6% in Q1 2026 from 64.5% in Q1 2025 due to increased efficiency.
- Interest Income Increase
- Net interest income rose to $56,000 from a net expense of $2,000 a year ago.
- Cash Position
- Cash and cash equivalents were $6.8 million as of March 31, 2026, down from $8.6 million at year-end 2025.
- Controlled Inventory Costs
- Cost of sales declined to $155,000, or 31.4% of net sales, from $172,000, or 35.5% last year.
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.
- Increased Net Loss
- Net loss for Q1 2026 was $2.1 million, a 24% increase compared to a net loss of $1.7 million in Q1 2025.
- Rising Operating Expenses
- Total operating expenses surged 24% to $2.5 million in Q1 2026 from $2.0 million in Q1 2025.
- Potential Need for Additional Financing
- Management stated the need for potential additional financing if revenue growth does not meet expectations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.39
- Gross margin
- 68.6%
- Segment
- Evolve: $418,000
- Segment
- ContraPest: $75,000
What they said about what is next.
Management anticipates Q2 2026 revenue to range between $450,000 and $550,000.
The filing reads worse than the one before it.
What came before.
- 10-K · March 13, 2026
- SenesTech reported full-year 2025 revenue of $2.221 million, up 20% from $1.857 million in 2024, driven by Evolve product growth. Gross margin improved to 62.5% in 2025, but the company remains unprofitable with a 2025…
- 10-Q · November 10, 2025
- SenesTech reported Q3 2025 revenue of $690 (in thousands), up from $482 in Q3 2024, with gross profit of $433 and EPS (loss per share) improving to $(0.28). Liquidity materially strengthened following equity and warrant…
- 10-K · February 21, 2024
- SenesTech is focused on commercializing two pest-fertility products, ContraPest (EPA-registered and cleared in all 50 states, DC and five U.S. territories) and Evolve (launched November 2023 and authorized in 30…
- 10-Q · November 9, 2023
- SenesTech reported Q3 2023 revenue of $360 (in thousands), up from $250 (in thousands) in Q3 2022, with gross profit of $176 (in thousands). The company narrowed its quarterly net loss to $(1,947) (in thousands) (EPS…
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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