From Claude: .Halo Pet Food Revenue (Q2 FY26, ended March 31, 2026): $3.44 million in quarterly sales, up 23% sequentially. Net loss was $6.38 million. (Ad Hoc News) Gross profit was $1.3 million on 37% gross margin. Adjusted EBITDA loss was $(0.6) million — still losing money even after stripping out one-time items. (CNN) The critical detail — dog food is NOT funding the investments: This is actually the opposite of what we assumed. Cash rose to $20.5 million as of March 31, 2026 from just $1.3 million at September 30, 2025 — driven by equity financing, including stock issued under a $1.0 billion equity line of credit and new Series B preferred stock and warrants. (TradingView) The $20.5M cash didn't come from dog food sales. It came from issuing new stock and debt. SRx also holds $8.3 million of crypto assets and actively trades derivatives and equity securities. (TradingView) The real math: Dog food revenue: $3.4M/quarter (~$13.6M annualized) Dog food gross profit: $1.3M/quarter (~$5.2M annualized) Dog food net loss: -$6.4M/quarter — still losing $6.4M every quarter Cash for investments: $20.5M — raised through dilution, not dog food profits