Intelligent Bio Solutions Inc. (INBS) reported strong fiscal third-quarter results, highlighted by a 46% year-over-year increase in revenue and continued expansion of its recurring cartridge-based business model. The company said the performance reflects sustained commercial momentum ahead of key FDA regulatory milestones.
For the three months ended March 31, 2026, INBS generated $1.06 million in revenue, up from $728,867 in the same quarter last year, marking a 46% increase.
Cartridge sales5 rose 59% year-over-year to $703,538 and accounted for 66% of quarterly revenue, underscoring the strength of the company's razor-razorblade model.
Gross profit margin improved to 50.5%, compared with 46.8% in the prior-year quarter, driven by operational efficiencies and higher-margin consumable sales.
Reader sales declined 16% year-over-year, which the company attributed to normal quarterly variability following a strong second quarter. Other sales increased 80% year-over-year to $217,857, reflecting broader adoption across its product ecosystem.
For the first nine months of fiscal 2026, INBS reported $3.07 million in revenue, up 39% from $2.20 billion in the same period last year.
Gross margin for the nine-month period expanded to 49.3%, compared with 41.3% a year earlier- an improvement of roughly 800 basis points.
CEO Harry Simeonidis said the quarter marked "another period of strong commercial execution and revenue growth," noting that customer utilization patterns continue to validate the company's recurring-revenue strategy.
CFO Spiro Sakiris highlighted that Q3 gross margin exceeded 50% for the first time, supported by increased sales volumes and improved unit economics. Marketing spends for the quarter declined 42% year-over-year while still contributing to revenue growth and a recent $14.67 million capital raise.
INBS also reported progress on its FDA 510(k) regulatory program, including completion of penetration testing, a clinical cut-off study, and initiation of a validation study for a rapid drug screening cartridge targeting results up to 70% faster.
Operationally, the company shipped its first readers under a new manufacturing partnership and expanded its customer base through a drug-testing rollout with Bouygues UK, part of the global Bouygues Construction group.
INBS's Intelligent Fingerprinting Drug Screening System is now used across more than 27 countries in industries such as construction, transportation, mining, and manufacturing. Management said the company remains well-positioned for continued growth as it advances toward entry into the multi-billion-dollar U.S. drug-screening market.
The company implemented 1-for-10 reverse stock split on December 15, 2025.
INBS is currently trading at $3.64, up 15.33%.
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