Spectral Medical Announces Second Quarter 2026 Financial Results and Provides Corporate Update

22 hours ago 5

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Spectral Medical Inc.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
In CAD (000s), except for share and per share data
(Unaudited)

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		Three months ended June 30, 2026		Three months ended June 30, 2025		Six months ended June 30, 2026		Six months ended June 30, 2025
		$		$		$		$
Revenue	6	621		813		1,512		1,385
Expenses
Cost of goods sold		228		232		421		357
Gross Profit		393		581		1,091		1,028
Raw materials and consumables used		118		59		225		201
Salaries and benefits	14	1,098		1,025		2,066		2,081
Consulting and professional fees		547		1,314		1,406		2,581
Regulatory and investor relations		155		136		360		266
Travel and entertainment		139		98		215		175
Facilities and communication		89		30		188		88
Insurance		101		82		205		183
Depreciation and amortization		41		26		84		67
Interest expense	7,8	1,730		1,175		3,330		2,258
Finance income promissory note	8	(639	)	(3,137	)	(639	)	(3,137	)
Foreign exchange(gain) loss		1,363		(1,546	)	2,646		(1,583	)
Share-based compensation	10	293		306		1,914		1,567
Other expense		70		57		121		116
Fair value adjustment derivative liabilities	7	(5,043	)	2,889		(8,426	)	10,701
		62		2,514		3,695		15,564
Income (loss) and comprehensive loss for the period from continuing operations		331		(1,933	)	(2,604	)	(14,536	)
Loss from discontinued operations	4	–		–		(3	)	(3	)
Income (loss) and comprehensive loss for the period		331		(1,933	)	(2,607	)	(14,539	)
Basic and diluted income (loss)from continuing operations per common share	11	0.00		(0.00	)	(0.01	)	(0.05	)
Basic and diluted income (loss) from discontinued operations per common share	11	0.00		(0.00	)	(0.00	)	(0.00	)
Basic and diluted income (loss) per common share	11	0.00		(0.00	)	(0.01	)	(0.05	)
Weighted average number of common shares outstanding – basic and diluted	11	293,429,976		284,906,444		293,327,875		284,801,035

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Spectral Medical Inc.
Condensed Interim Consolidated Statements of Changes in Shareholders’ Deficiency
In CAD (000s), except for share and per share data
(Unaudited)

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	Notes	Number of Shares	Share Capital	Contributed surplus	Share-based compensation		Warrants		Deficit		Total Shareholders’ (deficiency) equity
			$	$	$		$		$		$
Balance January 1, 2025		284,316,207	90,566	10,149	11,196		1,383		(140,839	)	(27,545	)
Warrants exercised		97,341	63	–	–		(16	)	–		47
Share Options Exercised	10	831,882	472	–	(179	)	–		–		293
RSU released	10	574,269	100	–	(100	)	–		–		–
Loss and comprehensive loss for the period		–	–	–	–		–		(14,539	)	(14,539	)
Share-based compensation	10	–	–	–	1,567		–		–		1,567
Balance June 30, 2025		285,819,699	91,201	10,149	12,484		1,367		(155,378	)	(40,177	)
Warrants exercised	10	5,300,634	3,372	–	–		(906	)	–		2,466
Warrants expired	10	–	–	71	–		(71	)	–		–
Share Options Exercised	10	979,168	1,092	–	(502	)	–		–		590
RSU released	10	463,412	268	–	(268	)	–		–		–
Loss and comprehensive loss for the period		–	–	–	–		–		(33,153	)	(33,153	)
Share-based compensation	10	–	–	–	552		–		–		552
Balance December 31, 2025		292,562,913	95,933	10,220	12,266		390		(188,531	)	(69,722	)
Balance January 1, 2026		292,562,913	95,933	10,220	12,266		390		(188,531	)	(69,722	)
Share Options Exercised	10	684,531	637	–	(289	)	–		–		348
RSU released	10	306,530	258	–	(258	)	–		–		–
Loss and comprehensive loss for the period		–	–	–	–		–		(2,607	)	(2,607	)
Share-based compensation	10	–	–	–	1,914		–		–		1,914
Balance June 30, 2026		293,553,974	96,828	10,220	13,633		390		(191,138	)	(70,067	)

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Spectral Medical Inc.
Condensed Interim Consolidated Statements of Cash Flows
In CAD (000s), except for share and per share data
(Unaudited)

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	Notes	Six months ended June 30, 2026		Six months ended June 30, 2025
		$		$
Cash flow provided by (used in)
Operating activities
Loss for the period		(2,607	)	(14,539	)
Adjustments for:
Finance income on Promissory Note		(639	)	(3,137	)
Depreciation on right-of-use asset		62		62
Depreciation on property and equipment		35		47
Amortization of intangible asset		28		8
Amortization and Derivative related financing fee	7	127		127
Unrealized foreign exchange (gain) and loss		2,646		(1,583	)
Interest expense on lease liability		10		(4	)
Accreted interest on Notes Payable	7	2,492		2,136
Accreted interest on Promissory Note	8	345		32
Interest expense on Promissory Note	8	483		76
Share-based compensation	10	1,914		1,567
Fair value adjustment derivative liabilities		(8,426	)	10,701
Changes in items of working capital:
Trade and other receivables		(221	)	145
Inventories		8		(15	)
Prepayments and other assets		(269	)	(144	)
Trade and other payables		71		481
Contract liabilities	6	(509	)	(112	)
Net cash used in operating activities		(4,450	)	(4,152	)
Investing activities
Purchase of Technology		–		(167	)
Net cash used in investing activities		–		(167	)
Financing activities
Financing charges paid on promissory notes		(5	)	(202	)
Interest expense paid		(453	)	(1,161	)
Lease liability payments		(77	)	(60	)
Share options exercised	10	348		293
Share warrants exercised	10	–		47
Promissory Note		1,369		5,514
Net cash used in financing activities		1,182		4,431
Increase in cash		(3,268	)	112
Cash, beginning of period		4,071		2,988
Cash, end of period		803		3,100