ENDRA Life Sciences (NDRA) Q2 2026 earnings summary

Executive summary

• No revenue generated as of June 30, 2026; focus remains on developing and commercializing the TAEUS platform for liver fat measurement and metabolic disease management.

• Entered a definitive merger agreement with ASP Isotopes, Noble Africa, and Renergen, expected to close in Q4 2026, after a strategic alternatives process.

• The merger aims to provide exposure to Renergen's Virginia Gas Project and will result in a company name change to Noble Africa Inc.

• Expanded business strategy to include a digital asset treasury initiative, generating non-dilutive returns through DeFi investments.

• Completed a $3.8 million private placement in May 2026 to strengthen the balance sheet, proceeds classified as restricted cash.

Financial highlights

• Net income of $160,000 for Q2 2026, compared to a net loss of $1,225,912 in Q2 2025.

• Net loss of $1,151,489 for the six months ended June 30, 2026, improved from $2,262,242 for the same period in 2025.

• Operating expenses for the six months ended June 30, 2026 were $3,657,004, up from $2,770,372 year-over-year.

• Other income for the six months ended June 30, 2026 was $2,505,515, driven by gains in digital assets and changes in warrant liability.

• As of June 30, 2026: $1.7 million in cash, $3.8 million in restricted cash, and $1.9 million in digital assets.

Outlook and guidance

• Merger with Noble Africa expected to close in Q4 2026, subject to customary approvals.

• Private placement related to the merger anticipated to generate $50 million in gross proceeds.

• Cash position expected to fund operations through the anticipated merger closing; substantial doubt exists about the ability to continue as a going concern if the merger is not completed.

• Additional capital will be required to fund operations and commercialization if the merger does not close.

• Cost reduction measures implemented, including headcount reduction and prioritization of development activities.