Paragon Advanced Labs Inc. generated quarterly revenue of $4.1 million during the second quarter of 2026, marking an increase of approximately 85% from $2.21 million in the first quarter of 2026 and exceeding five times the $0.79 million reported in the second quarter of 2025.

The revenue growth and increased laboratory utilization translated into a gross profit of $419,175 for the second quarter of 2026, representing a gross margin of 10.3%. That result compares with a gross loss of $217,217 and a gross margin of -9.8% in the first quarter of 2026, and a gross loss of $590,000 in the second quarter of 2025.

“The second quarter provided clear evidence of the operational leverage in our business. Revenue increased 85% from Q1, we moved into positive gross profit, and we still have significant available capacity to support further growth. With recently announced commercial wins we expect the momentum to continue into the second half of the year”

— Peter Shippen, Chief Executive Officer and Director

For the six months ended June 30, 2026, revenue totaled $6.3 million, representing an increase of approximately 142% compared to $2.6 million during the corresponding period in 2025. Gross profit for the six-month period reached $0.2 million, compared to a gross loss of $0.1 million during the same period in 2025. Net loss from operations for the first half of 2026 included $2.4 million in depreciation on leased and other assets, $2.7 million in finance costs, and $1.1 million in nonrecurring professional fees related to capital markets guidance and advisory services.

Paragon opened its Thunder Bay sample preparation facility in April 2026 and initiated an expansion at its Sparks, Nevada laboratory designed to more than double geochemical analytical capacity. The network also benefits from customer agreements announced in late August 2026 with major and intermediate gold producers, which add over 200,000 incremental samples and push PhotonAssay network utilization toward 50%.

To manage cash for working capital and ongoing operations, Paragon intends to settle approximately $835,884 of consulting indebtedness through the issuance of common shares at a deemed price of $3.10 per share, subject to required regulatory approvals including the TSX Venture Exchange.

Read the full announcement: Paragon Advanced Labs Reports Q2 2026 Results