PetVivo Holdings, Inc.

Revenue increased 13% year over year to $338,000, and also grew 33% sequentially. Gross profit was $223,000, or 66% of revenue, versus $187,000, or 63% a year ago. Operating expenses fell 10% to $1.8 million, operating loss improved 13% to $1.6 million, and net loss narrowed to $1.7 million, or $0.05 per share, from $2.3 million, or $0.10 per share. Net cash used in operating activities was about $966,000, down about 40% year over year. Cash at quarter-end was $123,000 versus $201,000 a year ago. Management said it expects cash to increase when the remaining subscription commitment on an equity offering, totaling $1.35 million at the end of last quarter, is completed. Forward-looking commentary included expected continued sales momentum through fiscal 2027 and beyond, improved margins as sales shift toward Spryng, Canadian distributor relationships within the next month or 2, a grant decision before year-end, and PetVivo.ai’s commercial launch within the next few months.

John Lai framed the quarter as part of a broader strategic buildout rather than just a sales update, emphasizing AI, international expansion, and human-therapy optionality. He said the company is focused on high-margin recurring revenue, sees Spryng as the base of the platform, and described the PBM acquisition as transformative for future biomaterials and IP-driven growth. His tone was upbeat and expansionary, with repeated references to first-mover advantage, new commercial channels, and upcoming product launches.

Garry Lowenthal focused on the improving income statement and cash usage. He said revenue reached $338,000, gross profit was $223,000 at 66% margin, operating expenses were down 10% to $1.8 million, and net loss improved to $1.7 million, or $0.05 per share. He also noted net cash used in operations fell to about $966,000 and that cash was $123,000 at quarter-end, with an expected boost from the remaining $1.35 million equity subscription commitment. He tied margin improvement to the company’s shift away from the discontinued PrecisePRP line and toward Spryng, which he said carries significantly higher gross margins.

An analyst pressed management on the PBM-related grant filing, asking who filed it and what happens if the acquisition does not close. Management said the grant was filed with the University of Connecticut, PBM, and PetVivo as sponsors, and added that the grant would still proceed even if the merger did not close. The analyst also asked about a reported need for a $5 million capital raise to close PBM; management said it could not discuss details but was confident funding was secured or close. In another exchange, management said R&D spending will likely rise materially as projects move from formulation and safety work into more capital-intensive clinical studies.