10-Q · May 14, 2026
Unusual Machines (UMAC) reported notable growth in Q1 2026 with revenues of $8.1 million, representing a 296% increase over the same quarter last year. Despite operating losses of $7.3 million from increased operational…
UMAC earnings analysis
10-Q · Filed November 5, 2026 · Our reading of the company's report
The latest report
Unusual Machines delivered $13.9 million of revenue, a $1.467 million consensus beat, but revenue declined from $17 million sequentially and diluted EPS of negative $0.50 missed the negative $0.15 estimate. Gross margin…
Read full summary
Unusual Machines delivered $13.9 million of revenue, a $1.467 million consensus beat, but revenue declined from $17 million sequentially and diluted EPS of negative $0.50 missed the negative $0.15 estimate. Gross margin improved to 35.4% from 34.7% sequentially, while operating margin deteriorated to approximately negative 60.2% from negative 46.9%. The $18.4 million unrealized investment loss materially affected GAAP results; management provided no formal numerical guidance but expects meaningful Q4 2026 and 2027 revenue contributions and targets positive adjusted EBITDA in 2027.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.5
What stood out
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Revenue beat consensus despite sequential decline
Revenue was $13.9 million, exceeding the $12.433 million consensus estimate by $1.467 million. Revenue declined from $17 million in Q2 2026 but increased from approximately $2 million in Q3 2025.
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Gross margin held sequentially
Gross margin was 35.4%, up 70 basis points from 34.7% in Q2 2026, but down 400 basis points from 39.4% in Q3 2025.
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Management targets 2027 profitability
Management expects meaningful revenue contributions in Q4 2026 and 2027 and is targeting positive adjusted EBITDA in 2027.
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Control remediation progressed
Management stated that disclosure controls were effective as of September 30, 2026, and that previously disclosed material weaknesses related to segregation of duties and written control documentation had been remediated.
What to watch
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Large investment loss drove EPS miss
Diluted EPS was negative $0.50 versus the negative $0.15 consensus estimate, a $0.35 miss. The GAAP loss was driven substantially by an $18.4 million unrealized investment loss.
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Operating losses remain substantial
Operating margin was approximately negative 60.2%, worsening from negative 46.9% in Q2 2026 despite $13.9 million of revenue, indicating continued substantial operating-cost pressure.
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No new risk-factor disclosures
The filing reports 0 material changes to the risk factors disclosed in the October 2026 prospectus and 2025 Form 10-K; therefore, no new risk-factor update was identified.
Management's outlook
No formal numerical revenue or EPS guidance was provided. Management expects meaningful revenue contributions in Q4 2026 and 2027 and targets positive adjusted EBITDA in 2027.
Earlier filings 4
10-K · March 12, 2026
Unusual Machines reports accelerating top-line growth in 2025 with Q4 revenue of $4,898,360 and implied 2025 full-year revenue of approximately $11,022,360 (sum of quarterly results). The company is shifting from DTC…
10-Q · November 6, 2025
Unusual Machines reported Q3 revenue of $2,134,588, up from $1,531,264 in 2024 Q3 but below consensus of $2,716,188. Gross margin improved to 39.4% (from 26.1% a year ago) and GAAP diluted EPS was $0.05 versus a loss of…
10-Q · November 14, 2024
Unusual Machines reported Q3 revenue of $1,531,264 and GAAP diluted EPS of $(0.30). Gross margin was 26.1% while operating margin was (95.4%), driven by an operating loss of $1,461,052; net loss for the quarter was…
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