Odyssey Health Reports Net Income of $765,890 and Ongoing Financial Challenges

Odyssey Health, Inc. has reported significant financial developments in its latest 10-Q filing for the quarter ending April 30, 2026. The company recorded a net income of $765,890 for the three months ended April 30, 2026, a notable improvement compared to a net loss of $251,743 in the same period last year. For the nine months ending April 30, 2026, the company reported a net loss of $3,319,181, which is a 122.6% increase in losses compared to $1,490,775 for the same period in 2025. The increase in net income for the quarter was attributed to a gain on the change in fair value of derivative liabilities amounting to $1,505,581, as well as a gain of $85,369 from the extinguishment of accounts payable.

In terms of operational metrics, Odyssey Health's general and administrative expenses rose to $297,554 for the three months ended April 30, 2026, up 130.6% from $129,055 in the prior year. However, for the nine-month period, these expenses decreased by 9.5% to $782,687 from $865,075. The company has not generated any revenue during the reported periods, maintaining an accumulated deficit of $66,065,017 as of April 30, 2026. The total current assets increased significantly to $373,779 from $49,723 as of July 31, 2025, while total current liabilities rose to $10,123,436 from $7,004,421, resulting in a working capital deficit of $9,749,657.

Strategically, Odyssey Health has been active in securing financing to support its operations. The company raised $1,165,500 through financing activities during the nine months ended April 30, 2026, compared to $300,000 in the same period last year. This funding is critical as the company continues to develop its medical technologies, including the CardioMap heart monitoring device and the Save-A-Life choking rescue device. However, the company has faced challenges, including the cancellation of a licensing agreement with NeuRX Health, Inc. for the BreastCheck product due to contractual breaches.

Looking ahead, Odyssey Health's management has expressed concerns regarding its ability to continue as a going concern, citing ongoing operating losses and negative cash flows. The company plans to seek additional capital through debt or equity financing to meet its obligations and execute its business plan. The management has indicated that the success of these efforts is uncertain, and if they are unable to secure the necessary funding, they may need to scale back operations or cease them entirely. The company remains focused on obtaining FDA clearance for its products before commencing marketing efforts, which will be essential for future revenue generation.