Milestone Scientific (MLSS) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $2.22M, down 5.9% YoY; lower operating expenses narrowed operating loss to $746K from $1.13M. 9M revenue rose to $7.22M, and operating loss narrowed to $2.46M from $4.62M.

• Recurring operating losses and negative operating cash flows leave substantial doubt about the ability to continue as a going concern; additional financing is expected to be needed.

Financial highlights

• Q3 gross profit was $1.61M versus $1.64M YoY; net loss improved to $748K from $1.15M. 9M gross profit was $5.08M versus $4.91M; net loss improved to $2.47M from $4.63M.

• Q3 operating expenses fell to $2.35M from $2.78M; 9M operating expenses fell to $7.54M from $9.52M, mainly due to lower professional fees, compensation, R&D and royalty expense.

• Cash and equivalents were $1.32M at September 30, 2026, versus $1.11M at December 31, 2025; 9M operating cash use was $1.24M versus $2.69M YoY.

Outlook and guidance

• Plans include growing dental and medical revenue, expanding domestic and international distribution, managing expenses, improving working capital efficiency and pursuing financing if needed.

• Existing cash, expected collections and expense management are expected to support near-term operations, but additional financing is expected over the assessment period; management's plans do not alleviate substantial doubt.

• Priorities included building direct and digital sales, growing recurring CompuFlo disposables revenue, and expanding reimbursement and institutional access.