DNA X Posts Q2 Results, Balance Sheet Restructuring Supports AI Platform Transition
(RTTNews) - DNA X, Inc. (SONM) reported second-quarter 2026 financial results, highlighting capital raises and balance sheet restructuring as it prepares to launch its AI-driven trading platform later this year.
The San Diego-based company secured $1.8 million in cash through a convertible note issuance during Q2, which replaced an existing $1.3 million note. In July, the $3.1 million note was converted into preferred stock. Subsequent preferred stock sales in July and August generated $5.0 million in cash, strengthening liquidity for product and business development.
Quarterly Performance
Revenue No revenue was recorded from continuing operations, as the trading platform remained closed to the public. Revenue is expected to begin in late Q3 or early Q4 2026.
Expenses G&A expenses fell to $1.3 million, down from $1.5 million in Q2 2025, reflecting downsizing after the sale of legacy operations.
Net Loss DNA X reported a net loss from continuing operations of $1.2 million, an improvement from a $1.9 million loss in Q2 2025. Including discontinued operations, the company posted a net loss of $1.25 million, compared to a $7.5 million loss in the prior-year quarter.
Cash Position The company ended Q2 with $0.9 million in cash. Subsequent preferred stock sales added $5.0 million in cash after the quarter close.
Balance Sheet Comparison
Total assets declined to $4.5 million at June 30, 2026, from $43.9 million at December 31, 2025, following the divestiture of legacy businesses. Liabilities decreased to $5.7 million from $50.6 million over the same period. Stockholders' deficit narrowed to $1.2 million from $8.0 million at year-end 2025, reflecting capital raises and debt conversion.
SONM has traded between $2.52 and $16.97 over the past year. The stock closed Wednesday's trading at $3.38, up 1.84%.
