Intelligent Protection Management Corp.

For Q2 2026, total revenue increased approximately 13% to $6.5 million from $5.7 million a year ago; for the first half, revenue rose 14% to $12.8 million from $11.2 million. Q2 managed IT revenue was $3.8 million, up 8.4%; procurement revenue was $2 million, up 64%; professional services revenue was $363 thousand, down 47.3%; and subscription revenue was $249 thousand, down 10.5%. Net loss was $1.4 million versus a $1.1 million loss in Q2 2025, and adjusted EBITDA was negative $600 thousand versus negative $400 thousand. For the first half, net loss was $2 million versus $200 thousand, and adjusted EBITDA was negative $800 thousand versus negative $900 thousand. Cash used in operations was $600 thousand in Q2 and $800 thousand for the first half; cash and equivalents were $7.5 million at June 30 with no long-term debt. Deferred revenue was $4.5 million, up from $3.9 million at 12/31/2025. Management did not provide formal next-quarter revenue guidance, but reiterated its goal to be positive adjusted EBITDA in the fourth quarter.

Jason Katz framed the quarter as evidence that IPM is evolving into a higher-value enterprise infrastructure company centered on recurring managed services, cybersecurity, and cloud infrastructure. He said demand remained healthy, customer additions were robust, and the pipeline kept growing, while emphasizing that the quarter’s weakness came from temporary supply-chain disruption and an isolated margin hit on one large order. He also stressed that AI infrastructure, cloud migration, and cybersecurity are creating a strong long-term opportunity, and said IPM wants to use its balance sheet to invest organically and pursue acquisitions.

Kara Jenny said Q2 revenue growth was driven by both new customers and expanded services, plus higher procurement revenue tied to AI equipment sales. She cited $3.8 million of managed IT revenue, $2 million of procurement revenue, $363 thousand of professional services, and $249 thousand of subscription revenue, while noting supply constraints in memory, CPU, and GPU components delayed shipments and revenue recognition. She also highlighted the quarter’s $1.4 million net loss, negative $600 thousand adjusted EBITDA, $600 thousand of cash used in operations, $4.5 million of deferred revenue, and $7.5 million of cash with no long-term debt.

Analysts asked where customer growth was coming from, and management said it was leveraging existing customer relationships and case studies to win new accounts, with specific success in legal and finance and a pipeline in health care, energy, private equity, manufacturing, and retail. On the decline in related-party revenue from NewtekOne, management said that customer is reducing IT spend but remains only one part of the business. Questions on supply-chain constraints and professional services weakness drew the response that procurement is inherently uneven, services capacity is not constrained, and professional-services bookings remain strong, with timing issues expected to ease as summer ends.