Trutankless, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated net sales of $538,673 for the three months ended June 30, 2026, a substantial increase from $94,454 in the same period last year. For the six months ending June 30, 2026, total revenue reached $1,479,139, compared to $524,541 for the same period in 2025. Despite this growth in revenue, the company reported a net loss of $3,438,208 for the quarter and $5,316,163 for the six months, reflecting an increase in losses compared to $1,244,721 and $2,840,602, respectively, in the prior year.
The company's operating expenses rose significantly, totaling $2,582,937 for the three months ended June 30, 2026, compared to $999,821 in the same period last year. This increase was driven primarily by a rise in consulting fees, which surged to $2,152,497 from $727,547, and general and administrative expenses, which increased to $310,578 from $160,800. Research and development expenses also saw a notable increase, rising to $73,213 from $789, as the company focused on improvements to its product line.
Trutankless has made strategic moves to enhance its market position, including the launch of its new Gen 3 trutankless® residential products. The company has also expanded its customer base, with accounts receivable increasing to $344,190 from $86,748 at the end of the previous fiscal year. However, inventory levels decreased significantly, falling to $925,929 from $1,574,356, indicating a potential shift in product demand or inventory management strategies.
Despite the positive revenue growth, the company faces challenges, including a working capital deficiency of $9,004,169 and an accumulated deficit of $87,168,842 as of June 30, 2026. Management has expressed concerns about the company's ability to continue as a going concern, emphasizing the need to raise additional capital and increase sales to sustain operations. The company plans to invest in sales and marketing efforts to boost product demand, but there are no guarantees of achieving sufficient revenue or securing necessary funding.
About Trutankless, Inc.
Trutankless, Inc. designs and markets energy-efficient, smart electric tankless water heaters for residential and light commercial use. Its products, integrated with home automation and leak detection features, target the U.S. market, focusing on eco-conscious consumers, builders, and plumbing professionals. The company emphasizes innovation, proprietary technology, and wholesale distribution, aiming to replace traditional tank systems with sustainable, on-demand hot water solutions.
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