Intelligent Bio Solutions Reports Increased Net Loss and Revenue Decline for Fiscal Year Ending June 30, 2025

Intelligent Bio Solutions Inc. (INBS) reported a net loss of $10.57 million for the fiscal year ending June 30, 2025, an increase from a net loss of $10.16 million in the previous year. The company's revenue decreased by 1.9% to $3.05 million, down from $3.11 million in 2024, primarily due to instability in the construction sector in the UK, which affected sales of its Intelligent Fingerprinting Drug Screening System. The gross profit margin also declined to 40.85% from 45.81%, attributed to rising direct labor costs and overhead expenses.

The company experienced a significant increase in government support income, which rose to $816,901 from $424,776, largely due to investments in qualifying research and development expenditures. Operating expenses totaled $12.71 million, up from $12.13 million in the prior year, driven by increased development and regulatory approval costs associated with multiple clinical trials and the filing for FDA 510(k) clearance. The company also recognized an impairment loss of $220,062 related to construction in progress assets.

In terms of strategic developments, INBS acquired Intelligent Fingerprinting Limited in October 2022, which has contributed to its product offerings. The company is focused on expanding its market presence, particularly in the UK and the Asia Pacific region, and plans to launch its IFP System in the United States pending FDA clearance. As of June 30, 2025, INBS had a cash balance of approximately $1.02 million, following capital raises totaling $4.6 million during the fiscal year through public offerings.

Operationally, the company added 115 new customer accounts during the fiscal year, bringing its total customer count to over 450. The IFP System has seen increased adoption, with over 1,000 drug screening readers installed as of June 30, 2024. The company is also enhancing its product capabilities, including multilingual support for its IFP System, which now operates in English, Arabic, and Latin American Spanish.

Looking ahead, INBS faces challenges related to its financial sustainability, as it will need to raise additional capital to fund operations and meet its obligations, including a $2.17 million liability to the Australian government. The company has expressed substantial doubt about its ability to continue as a going concern without securing further funding. Despite these challenges, INBS remains committed to advancing its product development and expanding its market reach, particularly in the rapidly growing drug screening and point-of-care diagnostics markets.