Cardiff Lexington (CDIX) Q1 2026 earnings summary

Executive summary

• Operates 11 Nova Ortho & Spine locations in Florida and Georgia, with plans for further expansion in the Southeast US.

• Expanded and strengthened clinical and operational teams to support patient demand and higher-value surgical procedures.

• Achieved $2.2M GAAP revenue and positive adjusted EBITDA for Q1 2026, despite revenues being below the same quarter last year.

• Upgraded to OTCQX Best Market, enhancing investor visibility, corporate governance, and access to capital.

• Operating below total capacity due to working capital constraints, occasionally delaying or turning away patients.

Financial highlights

• Q1 2026 revenue was $2,222,280, down from $2,915,567 in Q1 2025, mainly due to fewer surgical procedures.

• Gross profit was $1,318,055 (59.3% margin), compared to $1,840,533 (63.1% margin) in Q1 2025.

• Operating expenses rose to $1.8 million, up from $1.3 million, driven by $664,000 in share-based compensation.

• Net loss increased to $3,092,074 from $450,777 year-over-year; interest expense rose to $1.9 million from $1 million.

• Adjusted EBITDA was $163,711, down from $545,702 in Q1 2025; excluding non-recurring costs, it was $257,626 versus $602,337 last year.

Outlook and guidance

• Confident in long-term growth strategy and ability to scale, with plans to enhance access to working capital to support increased patient volume.

• Focused on expanding into underserved markets, especially along the I-75 corridor, east of the Mississippi, and broader Southeast US.

• Next phase of growth centers on maximizing operating capacity and supporting organic and M&A-driven expansion.

• Strategy emphasizes organic growth, acquisitions, and operational efficiency.