Amesite tripled FY2026 revenue to $365K on its NurseMagic healthcare app and cut its net loss 14% to $3.10M, but ended with $2.4M in cash, a going-concern warning and 43% more shares outstanding.
Revenue
$365K
+230.2% YoY
Net income
-$3.1M
Diluted EPS
$-0.63
Overview
Amesite, an AI-software company that now sells mainly to US post-acute healthcare providers (home health, skilled nursing, hospice), tripled revenue in fiscal 2026 (the year ended June 30, 2026) to $364,777, up from $110,459. The 10-K says the revenue came "primarily from B2B license fee revenues related to the NurseMagic™ app". The company is still very small: that revenue paid for roughly one-tenth of its $3.51 million in operating expenses, and it recorded a $3.10 million net loss, 14.4% smaller than the $3.62 million loss the year before.
At this scale, profit margins aren't the main question. The main question is how long the cash lasts. Amesite ended the year with about $2.40 million in cash (including $100,000 of restricted cash, meaning cash it can't freely spend), after spending about $2.38 million during the year on operations and software development. Management says it "may not have sufficient cash" to fund planned operations for the next twelve months, and both management and the auditor flag substantial doubt about the company's ability to continue as a going concern. The company is paying for the gap by selling new shares: shares outstanding rose 43% during the year, and a new at-the-market stock sale program was signed after year-end.
Key figures
Metric
FY2026
FY2025
YoY Change
Revenue
$0.365M
$0.110M
+230.2%
Total operating expenses
$3.508M
$3.714M
-5.6%
Loss from operations
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-$3.143M
-$3.604M
Loss 12.8% smaller
Net loss
-$3.096M
-$3.617M
Loss 14.4% smaller
Diluted loss per share
-$0.63
-$1.03
Loss per share 39% smaller
Cash used in operations + capitalized software
$2.378M
$2.834M
-16.1%
Cash incl. restricted cash (June 30)
$2.399M
$2.433M
-1.4%
Shares outstanding (June 30)
6,549,851
4,572,713
+43.2%
Operating margin is not shown: with a $3.14 million operating loss on $0.36 million of revenue, it would be about -862%, a number that says little beyond "revenue is still tiny compared with costs".
Where the revenue comes from
The business was built on AI tools for education. It has now moved almost entirely to healthcare. Management describes "a strategic pivot aimed at growing our customer base while reducing risk and losses," and says it has "defocused on securing academic customers." The 10-K describes two product lines:
NurseMagic™, which has a free and paid consumer app for individual nurses and caregivers (with a 7-day free trial on paid tiers) and an enterprise version for healthcare businesses. The app helps staff write nursing notes and other documentation.
LynkMagic™, which offers enterprise AI tools for healthcare operations and analytics, introduced during the year.
The older Amesite Engage learning platform is still running, but "we are not currently dedicating resources to its growth."
Product and customer developments the 10-K highlights for fiscal 2026:
A census-based Enterprise tier, where pricing scales with the number of patients a provider cares for. It connects to electronic medical records (EMR) software, generates team reports automatically and lets customers configure their documentation.
An "AI-native NurseMagic™ EMR capability."
Its largest enterprise deployment to date, serving about a 2,700-patient census.
The customer base also became less concentrated. The largest single customer made up 12% of revenue in FY2026, down from 41% in FY2025, so the growth came from more customers rather than one big contract. The 10-K doesn't give a customer count, recurring-revenue figures or pricing, so it isn't possible to say how much of the $364,777 will repeat next year. Deferred revenue, meaning cash collected for service not yet delivered, was essentially unchanged at $36,825. Revenue is billed monthly and recognized as the service is delivered.
Where the money goes
Total operating expenses fell 5.6% to $3.51 million:
General and administrative: $2.51 million (vs. $2.48 million). This is the cost of running a public company (executive pay, legal, finance, professional fees) and it barely changed. It makes up 72% of all operating costs and is almost seven times revenue. Those costs are largely fixed, so revenue growth alone will be slow to close the gap.
Technology and content development: $0.61 million (vs. $0.69 million), down $77,576 "primarily due to savings in employee payroll." A further $225,098 of development spending was capitalized, meaning recorded as an asset on the balance sheet instead of an expense, so it doesn't appear in this line (it was $378,300 a year earlier). Amortization, the gradual expensing of past capitalized software, does run through this line.
Sales and marketing: $0.38 million (vs. $0.55 million), down $160,989 because of "lower advertising costs and savings in employee payroll."
Interest income fell to $47,268 from $77,396 because cash balances declined until the April 2026 raise. FY2025's loss also included a $90,869 impairment (a write-off of software for a discontinued higher-education app), and FY2026 had none, which accounts for part of the improvement in net loss.
The company is very lean. As of June 30, 2026 it had 5 full-time employees and 1 consultant.
Takeaway: Revenue tripled, but it's still only about $1 for every $10 Amesite spends, and most of that spending is fixed public-company overhead. The year's $2.38 million of cash spending was covered almost entirely by selling new stock ($2.34 million net). Until the NurseMagic enterprise business grows several times larger, the company depends on repeated share sales that dilute existing holders, not on its customers.
Cash runway and going concern
Why runway matters more than margins here: a company losing $3 million a year on $0.36 million of revenue can't borrow cheaply or pay its bills from sales. The only thing keeping it running is the cash in the bank plus whatever new money investors put in. "Runway" is how long that cash lasts at the current rate of spending. When it runs out, the company must raise more money, usually on whatever terms the market offers, or cut back. For shareholders, each raise at a low price means owning a smaller slice of the company.
The figures from the 10-K:
Cash at June 30, 2026: $2,398,809 including $100,000 restricted ($2,298,809 unrestricted).
Cash spent in FY2026: $2,146,717 used in operations plus $230,819 of software development (investing), for a total of about $2.38 million. That's roughly $198,000 a month.
Cash raised in FY2026: $2,342,927 net from financing, all from the April 2026 offerings.
At FY2026's spending rate, the year-end cash would cover a bit over a year. But management's own forecast is more cautious. It states that it "may not have sufficient cash and cash equivalents to maintain the Company's planned operations for the next twelve months." The auditor's opinion includes a going-concern paragraph citing "recurring losses from operations and negative cash flows from operating activities." Management's plan is "completing financing transactions, which may include offerings of common stock," which it says "cannot be deemed probable."
A note on the cash figures: operating cash use benefited from a $395,402 increase in accrued compensation. Of that, $400,000 of accrued director pay was settled in stock rather than cash (165,288 shares). Paying directors in shares instead of cash stretches the cash, but it's one more source of dilution.
Share issuance and dilution
April 28, 2026 offerings: 696,866 shares sold at $1.435 in a registered direct offering; pre-funded warrants for another 696,866 shares (exercised in full during the year); and an insider-led private placement of 418,118 shares. Gross proceeds were about $2.6 million, including $600,000 from two directors: CEO Ann Marie Sastry ($250,000) and director George Parmer ($350,000), on the same terms as outside investors.
Warrants attached: investors also received Series A-1 warrants (1,811,850 shares, five-year term) and Series A-2 warrants (1,811,850 shares, 18-month term, expiring January 13, 2028), all exercisable at $1.435. A warrant is the right to buy shares later at a fixed price. Shareholders approved them on July 13, 2026.
Total warrants outstanding at June 30, 2026: 4,137,822. If all were exercised, the share count would rise from 6.55 million to about 10.7 million. If all 3,623,700 Series A-1/A-2 warrants were exercised at $1.435, they would bring in about $5.2 million. That only happens if holders choose to exercise, which normally requires the share price to be above $1.435.
After year-end: on July 17, 2026 Amesite signed an at-the-market (ATM) agreement with H.C. Wainwright. This lets it sell new shares gradually into the market at prevailing prices, with a 3.0% commission. Shareholders also approved 1,000,000 more shares for the equity compensation plan.
Weighted-average shares rose 40% to 4.94 million. That's why the loss per share fell much faster (39%) than the net loss itself (14%).
Outlook
Management gives no revenue or profit guidance. The 10-K's forward-looking statements are limited to continued losses ("expects to continue to incur net losses and use cash in its operations in the foreseeable future") and planned equity financing.
Our read: the direction is right on both revenue and costs. Revenue tripled, the largest customer's share fell from 41% to 12%, and cash burn fell 16%. But the gap is still large. Covering the year's roughly $2.4 million of cash burn would take revenue about six to seven times the FY2026 level, even if costs stayed flat. The things to watch in the coming quarterly reports:
whether quarterly revenue keeps rising from enterprise deals like the 2,700-patient deployment;
how much stock is sold through the ATM program, and at what price;
whether the $1.435 warrants are exercised, which depends on the share price and would be the cheapest source of new cash;
whether the going-concern language stays in the filings.
Without much faster enterprise revenue growth, further dilution is the most likely path.