Fabric.AI, Inc. reported a net loss of $2.4 million for the three months ended March 31, 2026, compared to a net income of $845,000 for the same period in 2025. The company did not generate any revenue during this period, maintaining the same status as the previous year. Operating expenses decreased to $1.7 million from $2.0 million, primarily due to reduced research and development costs, which fell by 59% to $125,000 as the company completed design work on its previous projects. General and administrative expenses also decreased by 5% to $1.6 million, reflecting a reduction in salaries and consulting expenses.
The company’s total assets decreased to $9.5 million as of March 31, 2026, down from $11.4 million at the end of 2025. Cash and cash equivalents were reported at $3.3 million, a decline from $5.1 million at the end of the previous fiscal year. The decrease in cash was attributed to ongoing operational losses and cash used in financing activities, which totaled $404,000 during the quarter. The company’s working capital also decreased to $6.5 million from $7.6 million.
In terms of strategic developments, Fabric.AI has initiated a significant transformation towards developing fabless semiconductor technologies for artificial intelligence (AI) data center infrastructure. This includes a Joint Development and License Agreement with Kopin Corporation to develop the Neural I/o™ chip, a MicroLED-based optical interconnect technology aimed at enhancing data transmission efficiency in AI applications. The company has committed to pay up to $15 million for the development of this technology, with an initial purchase order of $5 million already issued.
Operationally, Fabric.AI has not yet generated any revenue from its semiconductor operations and is in the early stages of business development. The company is currently engaged in discussions with potential customers in the AI and hyperscale technology sectors regarding the integration of its technology. As of the date of the filing, the company had no full-time employees and relies on consultants for its operations. The company’s future liquidity is bolstered by recent financing transactions, including a private placement that raised $21.5 million, which is expected to support its ongoing development activities.
Looking ahead, Fabric.AI's management believes that the existing cash and cash equivalents, along with the recent capital raised, will be sufficient to fund operations for at least the next twelve months. However, the company acknowledges the inherent risks associated with its transition to a new business model, including the need for additional capital and the competitive landscape in the semiconductor industry. The successful development and commercialization of its technologies remain uncertain, and the company is actively exploring partnerships and acquisitions to enhance its market position.
About AYRO, Inc.
AYRO, Inc. designs and manufactures compact, sustainable low-speed electric vehicles (LSEVs) for commercial use in campus mobility, last mile delivery, urban transport, and government fleets. Its purpose-built, street-legal EVs offer zero emissions and lower operating costs, targeting markets like universities, municipalities, and delivery services in North America. AYRO’s business model focuses on modular vehicle design, integrated technology, and partnerships to serve evolving eco-friendly transportation needs.
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