Author: Newsdesk

GAAP net loss of $10.8 million reflects approximately $5.2 million of share-based compensation and $3.4 million of one-time business-combination expenses; adjusted EBITDA loss was $3.2 million

ARR increased 19% year-over-year to approximately $7.0 million, while revenue increased 12% year-over-year and gross margin expanded to approximately 86%

Recent Fortune 500 agreement, expanded customer renewal, public-sector activity and strategic collaborations reflect early execution against Cyabra’s post-listing priorities: recurring revenue growth, scalable distribution, deeper platform adoption

NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Cyabra, Inc. (Nasdaq: CYAB) (“Cyabra” or the “Company”), an AI-powered digital trust platform that helps governments and enterprises detect coordinated manipulation and protect digital trust and authenticity, today announced financial results for the first quarter ended March 31, 2026 and provided a corporate update.

“Cyabra entered the public markets with clear commercial momentum, expanding customer adoption and a growing recurring revenue foundation,” said Dan Brahmy, Cyabra Co-Founder and Chief Executive Officer. “During the first quarter, revenue increased 12% year-over-year to approximately $1.4 million, annual recurring revenue (“ARR”) increased 19% year-over-year to approximately $7.0 million, and gross profit increased by 15% representing gross margins of about 86%, reflecting the strength of our high-margin platform model and the increasing relevance of our digital trust solutions across enterprise, public-sector and strategic collaboration channels. Since the beginning of the year, we have advanced several important commercial and strategic initiatives, including a major Fortune 500 consumer brand agreement, an expanded two-year customer renewal, strategic collaboration with Carahsoft, United Partners Network and Orchestra, and continued work with NATO StratCom COE. We have also focused on additional public-sector engagement designed to extend Cyabra’s reach into larger addressable markets.

These developments reflect the execution of our strategy to expand recurring revenue, deepen platform adoption and broaden distribution through strategic collaborations.

The first quarter marked Cyabra’s transition from a private-company to a publicly traded company. Cyabra has spent the last seven years building the technology, evidence corpus, and institutional credibility required to operate in environments where trust, security, and public perception are under attack. In late March 2026, we completed our business combination and began trading on Nasdaq. Our Q1 results reflect revenue and margin growth while also including certain non-cash and one-time transaction-related costs associated with that milestone, principally $5.2 million of share-based compensation expense and $3.4 million of one-time expenses tied to the business combination. Those costs should be viewed in the context of the operating momentum we are building: a recurring-revenue platform designed to help organizations distinguish authentic activity from coordinated manipulation by analyzing actors, behaviors and content, and translating that intelligence into actionable insights.

Our strategy is to continue expanding recurring revenue through new customers, renewals, upsells, and broader platform adoption; convert strategic collaborations into scalable distribution; and continue enhancing Cyabra’s capabilities across authenticity analysis, narrative intelligence, synthetic media analysis and evidence-based mitigation,” Mr. Brahmy continued. “Our work supports organizations including NATO, Korea’s Ministry of Foreign Affairs, and multiple global enterprises, and our research has been cited across thousands of media reports covering some of the world’s high-profile examples of online manipulation. We are focused on positioning Cyabra as a leading digital trust platform that brings authenticity assessment, coordination detection, synthetic media analysis, impersonation monitoring and evidence-based mitigation into a unified platform for institutions. Our objective is to help organizations assess authenticity, identify coordinated activity, and determine what requires a proportionate response.”

First Quarter 2026 Financial Highlights and Subsequent Commercial Developments

• ARR increased 19% year-over-year to approximately $7.0 million as of March 31, 2026, compared to approximately $5.9 million as of March 31, 2025
• Revenue increased 12% year-over-year to approximately $1.4 million for the first quarter of 2026, compared to approximately $1.3 million for the first quarter of 2025
• Gross margin expanded to approximately 86% for the first quarter of 2026, compared to approximately 84% for the first quarter of 2025
• Secured a yearly agreement with a major Fortune 500 consumer brand supporting narrative analysis, proactive alerts, evidence-backed mitigation support and executive impersonation and fraud risk monitoring
• Signed expanded two-year customer renewal with a global entertainment management firm, expanding the scope of Cyabra’s support to include real-time narrative and authenticity analysis, proactive threat alerts, impersonation monitoring and AI-generated misinformation monitoring
• NATO StratCom COE commissioned Cyabra to uncover AI-driven social media manipulation in a major 2026 report
• Announced collaboration with Carahsoft to deliver advanced disinformation detection solutions to the U.S. public sector
• Published analysis of an Iran-driven coordinated information operation that generated more than 145 million views online, with findings cited by The New York Times, Foreign Policy and additional international media outlets, demonstrating the scale and sophistication of coordinated manipulation activity across digital platforms
• Expanded public-sector footprint with a new European customer
• Announced strategic collaboration with Orchestra to deliver real-time brand safety at scale by combining Cyabra’s AI-driven authenticity and narrative intelligence with Orchestra’s communications and reputation expertise
• Announced strategic collaboration with United Partners Network to strengthen brand protection and combat disinformation across Europe
• Strengthened Board composition with the addition of leaders across national security, intelligence, diplomacy, public-company governance, cybersecurity, enterprise software and technology operations
• Completed business combination with Trailblazer Merger Corp. and commenced trading on Nasdaq under the ticker symbol “CYAB”

Recent Product Developments

Cyabra also continued to expand its platform capabilities with the launch of a new third-party integration scan flow, enabling customers to import and analyze data from leading social listening platforms directly in Cyabra, starting with Meltwater and Talkwalker. The new workflow is designed to allow customers to use Cyabra as an intelligence layer on top of existing social listening systems, helping teams better understand authenticity, narratives, authors, and visual content without replacing established workflows.

Cyabra also expanded the depth and reach of its analysis capabilities with support for Douyin and WeChat, significantly increasing coverage across the Chinese-language social platforms; conflicting-location detection on X — formerly Twitter — to help identify profiles displaying inconsistent location signals that may indicate inauthentic or state-coordinated activity; harmful content and emotion detection to provide greater insight into amplified content and related sentiment and contextual framing; and a new Authenticity Benchmark that helps customers determine whether observed levels of inauthentic behavior are typical or anomalous compared to similar environments.

Cyabra also introduced the News Claims Analysis module, a new capability that surfaces and analyzes claims circulating in news content and tracks how narratives move from online networks into mainstream media. The module is designed to give customers a structured view of how a narrative travels — from its origin in coordinated online activity through its absorption into traditional media channels — enabling earlier identification of narrative threats and more informed response decisions. News Claims Analysis represents a meaningful expansion of Cyabra’s narrative intelligence capabilities and is part of the Company’s broader strategy to unify authenticity analysis, coordination detection, synthetic media analysis and narrative intelligence into a single operating system for institutions.

First Quarter 2026 Results

Revenues for the three months ended March 31, 2026, were $1.4 million, an increase of $0.2 million, or 12%, compared to $1.3 million for the three months ended March 31, 2025. The increase was primarily attributable to revenue from new customers acquired during 2026 and increased revenue recognition from existing customers, which was partially offset by customers that did not renew their contracts in 2026.

Cyabra’s ARR was $7.0 million as of March 31, 2026, compared to $5.9 million as of March 31, 2025. While year-over-year revenue grew by 12%, our ARR saw a more substantial increase of 19%. This performance reflects a strong surge in booking activity from new customers during the latter part of the last year. Due to revenue recognition rules, these deals only contributed marginally to this quarter’s top line. The growth in ARR serves as a key leading indicator for the accelerated revenue we expect to realize in the coming year.

Gross profit for the quarter was $1.2 million, compared to $1.1 million in the prior-year period. Gross margin was over 86%, up from 84% in the first quarter of 2025, reflecting the Company’s high-margin software model and continued efficiency in platform delivery.

Operating expenses were $13.0 million, compared to $5.1 million in the first quarter of 2025. The increase was primarily attributable to non-cash share-based compensation expense of $5.2 million and one-time expenses related to the business combination of $3.4 million.

Net loss for the three months ended March 31, 2026 was $10.8 million, an increase of $7.5 million, or 225%, compared to $3.3 million for the three months ended March 31, 2025, primarily as a result of share-based payment expenses of $5.2 million, and one-time non-recurring expenses of $3.4 million related to the business combination.

Adjusted EBITDA loss was $3.2 million, compared to adjusted EBITDA loss of $2.6 million in the first quarter of 2025. In addition to our financial results determined in accordance with GAAP, we believe Adjusted EBITDA, as a non-GAAP measure, is useful in evaluating our operating performance. See the reconciliation of Net Loss to Adjusted EBITDA below.

As of March 31, 2026, Cyabra had approximately $3.1 million in cash and cash equivalents. During the quarter, the Company completed its business combination and entered the public markets as it continued to advance commercialization of its digital trust platform.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Market Opportunities and Strategic Priorities

Enterprises, governments and public figures increasingly need to identify inauthentic networks, synthetic content, impersonation risk, coordinated influence and narrative attacks before they cause reputational, operational or public-trust damage. Cyabra is executing against this need as the authenticity and intelligence layer that operates alongside leading social listening, media monitoring and investigative platforms — adding evidence-based analysis of actors, behaviors and content without replacing established workflows. With its solutions, Cyabra enables customers to assess authenticity, identify coordinated activity, and determine what requires a proportionate response.

Near-term priorities are focused on expanding recurring revenue, deepening adoption within existing customer relationships, converting strategic collaborations into scalable distribution, increasing penetration across enterprise and public-sector channels, and continuing to enhance Cyabra’s capabilities across narrative intelligence, authenticity analysis, synthetic content detection, impersonation monitoring and evidence-based mitigation.

About Cyabra

Cyabra is an AI-powered digital trust platform that helps governments, enterprises and public figures detect coordinated manipulation, understand online narratives and protect trust and authenticity in digital environments. Cyabra analyzes actors, behaviors and content across digital platforms to reveal coordinated influence activity, assess authenticity and enable evidence-based mitigation. The Company’s platform supports use cases across disinformation defense, brand protection, public-sector intelligence, impersonation risk, synthetic content analysis and narrative threat detection.

For more information please visit www.cyabra.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding Cyabra’s intent, belief or expectations, including, but not limited to, statements regarding Cyabra’s future results of operations and financial position, annual recurring revenue, expected revenue recognition, customer adoption, commercial momentum, platform capabilities, strategic collaborations, product development, market opportunity, competitive position, business strategy, public-company execution priorities and long-term stockholder value.

Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “target,” “project,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in Cyabra’s filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, among others, those described under the heading “Risk Factors” in Cyabra’s filings with the SEC. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Cyabra undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact

Investors: [email protected] | Media: [email protected] 

Non-GAAP Financial Measures

This release includes financial measures that are not prepared in accordance with U.S. GAAP. Management uses these non-GAAP measures internally to evaluate ongoing operating performance and believes they provide investors with additional insight when used as a supplement to GAAP measures. Non-GAAP measures should not be considered in isolation from, or as a substitute for, GAAP measures. A reconciliation of GAAP to non-GAAP measures is provided in the financial tables included in this release.

Cyabra uses annualized recurring revenues (“ARR”) as a performance metric in managing its business. Cyabra defines ARR as of a specific date as the annualized recurring revenue of signed term-based contracts from all customers with a term of at least 12 months. ARR is calculated by dividing the total contract value of each signed contract with a term of at least 12 months by the number of years in the term. ARR represents the annualized contract value for all contractually binding term-based contracts at the end of a period. Management uses ARR to understand customer trends and the overall health of Cyabra’s business, helping it to formulate strategic business decisions

In addition to our financial results determined in accordance with GAAP, we believe Adjusted EBITDA, as a non-GAAP measure, is useful in evaluating our operating performance. We use Adjusted EBITDA to evaluate our ongoing operations. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing our operating performance.

		For the three months ended March 31,
		2026				2025
Revenues		$	1,415			$	1,260
Cost of revenues			192				196
Gross profit			1,223				1,064
Operating costs and expenses
Research and development expenses			5,508				1,851
Sales and marketing expenses			1,255				1,736
General and administrative expenses			6,284				1,515
Total operating loss			(11,824	)			(4,038	)
Finance income			1,054				724
Loss before taxes on income			(10,770	)			(3,314	)
Taxes on income			–				–
Net loss for the period		$	(10,770	)		$	(3,314	)
Loss per share attributable to ordinary shareholders
Basic and diluted loss per share		$	(3.10	)		$	(1.47	)
Weighted average number of ordinary shares outstanding used in computation of basic and diluted loss per share			3,471,031				2,356,837

			March 31, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents			$	3,122			$	294
Restricted cash				193				22
Accounts receivable				216				269
Other current assets				241				152
Total current assets				3,772				737
Non-current assets
Operating right-of-use asset				493				575
Property and equipment, net				137				146
Other assets				125				–
Total non-current assets				755				721
Total assets				4,527				1,458
Liabilities, redeemable convertible preferred shares and capital deficiency
Current liabilities
Trade accounts payable				2,484				1,775
Accrued expenses				4,700				476
Short term loans				2,237				5,768
Operating lease liability				390				380
Deferred revenues				2,288				2,816
Employees and related				2,944				1,298
Other current liabilities				1,180				94
Convertible notes				–				12,869
Liability with respect to warrants				142				–
Total current liabilities				16,365				25,476
Non-current liabilities
Operating lease liability				169				268
Long-term deferred revenues				41				115
Liability with respect to warrants				–				370
Total non-current liabilities				210				753
Total liabilities				16,575				26,229
Commitments and contingent liabilities
Redeemable convertible preferred shares:
Redeemable Preferred A and A-1 shares, NIS 0.01 par value: 0 and 607,373 shares authorized as of March 31, 2026 and December 31, 2025, respectively, 0 and 515,186 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $0 and $7,180 as of March 31, 2026 and December 31, 2025, respectively; Redeemable Preferred A-2 and A-3 shares, NIS 0.01 par value: 0 and 596,056 shares authorized as of March 31, 2026 and December 31, 2025, respectively, and 0 and 388,739 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $0 and $6,554 as of March 31, 2026 and December 31, 2025, respectively. Redeemable Convertible Preferred C and C-1 shares, NIS 0.01 par value: 0 and 803,963 shares authorized as of March 31, 2026 and December 31, 2025, respectively, and 0 and 233,001 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. Aggregate liquidation preference of $0 $3,446 as of March 31, 2026 and December 31, 2025, respectively.				–				15,268
Capital deficiency:
Series A Convertible Preferred Stock of Holdings, $0.0001 par value per share, 2,177 and zero shares outstanding as of March 31, 2026 and December 31, 2025, respectively				–				–
Series B Convertible Preferred Stock of Holdings, $0.0001 par value per share, 13,330 and zero shares outstanding as of March 31, 2026 and December 31, 2025, respectively				–				–
Series C Convertible Preferred Stock of Holdings, $0.0001 par value per share, 10,660 and zero shares outstanding as of March 31, 2026 and December 31, 2025, respectively				–				–
Class A common stock				2				2
Additional paid in capital				46,093				7,332
Accumulated deficit				(58,143	)			(47,373	)
Total capital deficiency				(12,048	)			(40,039	)
Total liabilities, redeemable convertible preferred shares and capital deficiency			$	4,527			$	1,458

		Three Months Ended
		March 31,
		2026				2025
		USD				USD
		thousands				thousands
Cash flows – operating activities
Net loss for the period		$	(10,770	)		$	(3,314	)
Adjustments:
Depreciation			14				14
Interest expense			173				–
Share based payments			4,208				1,389
Share based payments for advisory services			1,009				–
Exchange rate differences			32				15
Revaluation of financial liabilities accounted at fair value			(1,259	)			(701	)
Changes in operating assets and liabilities:
(Decrease) increase in other current assets			(25	)			27
Increase in accounts receivable			53				26
Increase (decrease) in trade accounts payable			709				157
Change in ROU asset and lease liability			(6	)			(19	)
(Decrease) increase in deferred revenues			(603	)			1,207
Increase in employees and related			1,645				46
Increase (decrease) in other current liabilities			2,222				(120	)
Net cash used in operating activities			(2,598	)			(1,273	)
Cash flows – investing activity
Purchase of property and equipment			(5	)			(12	)
Net cash used in investing activity			(5	)			(12	)
Cash flows – financing activities
Receipt of loans			2,655				1,371
Repayment of loans			(6,370	)			(312	)
Exercise of options and warrants			3				1
Cash received from Merger Agreement upon the effectiveness of the Business Combination			1,336				–
Proceeds from PIPE, net of transaction costs			8,000				–
Net cash provided by financing activities			5,624				1,060
Increase (decrease) in cash, cash equivalents and restricted cash			3,021				(225	)
Exchange rate differences on cash and cash equivalents and restricted cash			(22	)			(15	)
Cash, cash equivalents and restricted cash at the beginning of period			316				946
Cash, cash equivalents and restricted cash at the end of the period			3,315				706
Supplemental disclosures of cash flow information:
Interest paid		$	179			$	31
Supplemental disclosure of non-cash activity:
Conversion of redeemable preferred shares		$	15,268			$	–
Conversion of convertible notes		$	12,676			$	–
Conversion of warrant liability to equity		$	390			$	–
Cash, cash equivalent and restricted cash at the end of the period:
Cash and cash equivalents		$	3,122			$	688
Restricted cash		$	193			$	19

Non-GAAP Financial Measure

The Company uses Adjusted EBITDA as a non-GAAP financial measure in evaluating its operating performance. Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for net loss or any other financial measure calculated in accordance with GAAP. The Company believes Adjusted EBITDA provides useful supplemental information to investors and others in understanding and evaluating its operating results in the same manner as management.

Reconciliation of Net Loss to Adjusted EBITDA U.S. dollars in thousands
	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
Net loss	$	(10,770	)		$	(3,314	)
Depreciation and amortization	14				14
Income taxes	—				—
Finance income, net	(1,054		)		(724		)
EBITDA	$	(11,810	)		$	(4,024	)
Stock-based compensation expenses	5,217				1,389
Non-recurring expenses related to the Business Combination	3,438				—
Adjusted EBITDA	$	(3,155	)		$	(2,635	)

Footnotes:

(1) Represents non-cash charges associated with stock-based compensation expense, which is a significant recurring expense in the Company’s business and an important part of its compensation strategy.

(2) Represents non-recurring costs related to the Business Combination, including bonus expenses to several employees in connection with the Business Combination.

ROCHESTER, NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) — Syntec Optics Holdings, Inc. (Nasdaq: OPTX) (“Syntec” or the “Company”), a leading provider of advanced optics and photonics solutions across defense, biomedical, communications, and consumer markets, today reported financial results for the first quarter ended March 31, 2026.

Management Commentary

“Our first quarter results were impacted by temporary timing delays of shipments to biomedical end markets, due to purchase order revisions. However, operational execution remained solid, and shipments normalized beginning in April,” stated Dean Rudy, Chief Financial Officer of Syntec Optics. “We continued executing operational efficiency and cost reduction initiatives while advancing multiple strategic growth programs across defense tech and space tech markets.”

Mr. Rudy continued, “Subsequent to quarter end, we significantly strengthened our balance sheet and liquidity position through the successful completion of our public offering. We believe the additional $23 million of capital, including next-day execution of green shoe, combined with pay down of our revolving line of credit balance to zero while maintaining continued access to the facility, positions the Company to support future growth opportunities and operational scale improvements.”

Q1 2026 Financial Results

Revenue

• Q1 2026 revenue was $6.5 million, compared to $7.1 million in Q1 2025.
• The decrease was primarily attributable to temporary shipment timing delays related to a biomedical end-market purchase order, resulting from Syntec’s requested changes to improve production efficiency.
• The Company received updated purchase orders subsequent to quarter-end, and shipments returned to normalized levels beginning in April 2026.

Gross Profit

• Gross profit for Q1 2026 was $1.0 million, compared to $2.3 million in Q1 2025.
• Gross margin was impacted primarily by a $1 million reduction in production volume in January, which led to a higher fixed manufacturing overhead absorption rate. Some of this lower production was also affected by the extended two-week holiday shutdown at the end of the previous quarter, which the Company intends to better manage going forward.
• Direct labor and material costs remained generally stable as a percentage of revenue, reflecting continued operational discipline across core manufacturing processes.
• During the quarter, the Company also continued selective investments in operational infrastructure and staffing intended to support anticipated future growth programs.

Operating Expenses

• Selling, general, and administrative expenses were $1.7 million for Q1 2026, compared to $1.8 million in Q1 2025.
• The Company continued to implement cost-control initiatives and operational efficiency improvements intended to support long-term margin improvement.

EPS

• Net loss for Q1 2026 was approximately $0.9 million, or $(0.02) per diluted share, compared to net income of approximately $0.3 million, or $0.01 per diluted share, for Q1 2025.
• Results primarily reflected the timing of the temporary shipment delay and the holiday shutdown impacts discussed above, partially offset by continued operational cost management initiatives.

Improved Cash and Liquidity

• The Company generated approximately $0.5 million of cash from operating activities during Q1 2026, despite temporary shipment timing delays.
• Cash at quarter-end was approximately $0.6 million, and total liquidity, including availability under the Company’s revolving line of credit, was approximately $1.3 million as of March 31, 2026.
• Subsequent to quarter-end, the Company successfully completed a public offering, raising approximately $21.5 million in net proceeds, thereby significantly strengthening its balance sheet.
• Following the offering, the Company paid down its revolving line of credit to zero while maintaining access to its $7.5 million revolving credit facility with its commercial bank.
• Management believes that, after completing the Company’s capital structure optimization, the raise provides additional flexibility to acquire or invest in complementary businesses, technologies, products, or assets, as well as for working capital and capital expenditures.

Operational Execution

• Syntec continued executing operational efficiency and cost-reduction initiatives to improve throughput, manufacturing scalability, gross profit, and EBITDA performance.
• The Company achieved continued yield and throughput improvements across several strategic growth programs, including:
  • LEO Satellite Optics
  • Night Vision Optics
  • Micro cameras and Display windows for Artificial Intelligence AR/VR glasses
  • AI/Data Center Optics
• Manufacturing investments made during the quarter included selective expansion of production staffing and operational infrastructure intended to support anticipated demand growth beginning in Q2 2026 and beyond.
• Multiple customer programs continued progressing from design and pilot phases toward production-stage manufacturing, strengthening the Company’s future revenue pipeline.
• The Company also continued implementing operational and supply chain initiatives designed to partially offset inflationary cost pressures and support long-term margin expansion.

Outlook

The Company expects improved operating momentum in Q2 2026, supported by normalized customer shipment activity following temporary purchase order timing delays in Q1 2026.

Syntec expects growth drivers during 2026 to include:

• Continued ramp of Space Tech optics product lines
• Expansion of defense-related optics production for over $4M in previously announced orders
• Increased space optics production activity in March 2026, as previously reported
• Conversion of defense tech product from initial launch quantities to larger scale 10-year production orders expected for display optics and micro-cameras used in Artificial Intelligence Soldier AR/VR systems
• Ongoing operational efficiency and cost reduction initiatives

The Company currently expects:

• Q2 2026 net sales to improve sequentially from Q1 2026 levels to higher than $7.5M

Management believes the Company’s achievement of the capital raise milestone enabled the optimization of the capital structure and provided additional flexibility to acquire or invest in complementary businesses, technologies, products, or assets, as well as for working capital and capital expenditures.

About Syntec Optics

Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in Rochester, NY, is one of the largest custom and diverse end-market optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for mission-critical OEMs. As more products become light-enabled, Syntec Optics continues to add new product lines, including recent Low Earth Orbit (LEO) satellite optics for communications, lightweight night-vision goggle optics for defense, biomedical optics for diagnostics and surgery, and data center optics for Artificial Intelligence. According to SPIE, across the entire field of optics and photonics, the monetary value of all light-enabled products and related services amounts to over 15% of worldwide economic output (nearly $16 trillion of the total $106 trillion value of all finished goods and services produced worldwide in 2023). To learn more, visit www.syntecoptics.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to the intended use of net proceeds from the public offering, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.

For further information, please contact:

Investor Relations

[email protected] 

SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)

SYNTEC OPTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026 AND DECEMBER 31, 2025

  

		2026 (unaudited)				2025
ASSETS
Current Assets
Cash		$	617,007			$	358,867
Accounts Receivable, Net			5,439,501				6,241,768
Inventory			7,798,397				7,884,943
Prepaid Expenses and Other Assets			509,110				655,827
Total Current Assets			14,364,015				15,141,405
Property and Equipment, Net			9,137,149				9,172,703
Total Assets		$	23,501,164			$	24,314,108
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable		$	2,433,745			$	2,691,748
Accrued Expenses			855,915				683,397
Federal Income Tax Payable			169,582				169,582
Deferred Revenue			74,794				66,420
Line of Credit			6,763,863				6,763,863
Current Maturities of Debt Obligations			94,586				93,358
Current Maturities of Debt Obligations – Related Party			463,530				406,495
Current Maturities of Finance Lease Obligations			361,717				354,499
Total Current Liabilities			11,217,732				11,229,362
Long-Term Liabilities
Long-Term Debt Obligations			1,246,936				1,267,043
Long-Term Debt Obligations – Related Party			1,005,203				862,237
Long-Term Finance Lease Obligations			1,313,295				1,414,611
Total Long-Term Liabilities			3,565,434				3,543,891
Total Liabilities			14,783,166				14,773,253
Stockholders’ Equity
CL A Common Stock, Par value $.0001 per share; 121,000,000 authorized; 36,994,164 issued and outstanding as of March 31, 2026; 36,920,226 issued and outstanding as of December 31, 2025;			3,699				3,692
Additional Paid-In Capital			2,752,174				2,677,181
Retained Earnings			5,962,125				6,859,982
Total Stockholders’ Equity			8,717,998				9,540,855
Total Liabilities and Stockholders’ Equity		$	23,501,164			$	24,314,108

SYNTEC OPTICS HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

		2026				2025
Net Sales		$	6,513,366			$	7,069,042
Cost of Goods Sold			5,552,574				4,760,424
Gross Profit			960,792				2,308,618
General and Administrative Expenses			1,736,839				1,780,166
(Loss) Income from Operations			(776,047	)			528,452
Other (Expense) Income
Other Income			69,300				5,697
Interest Expense, Including Amortization of Debt Issuance Costs			(191,110	)			(200,896	)
Total Other Expense			(121,810	)			(195,199	)
(Loss) Income Before Provision for (Benefit) Income Taxes			(897,857	)			333,253
Provision for Income Taxes			–				9,588
Net (Loss) Income		$	(897,857	)		$	323,665
Net (Loss) Income per Common Share
Basic and diluted		$	(0.02	)		$	0.01
Weighted Average Number of Common Shares Outstanding
Basic and diluted			36,953,087				36,920,226

SYNTEC OPTICS HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

		2026				2025
Cash Flows From Operating Activities
Net (Loss) Income		$	(897,857	)		$	323,665
Adjustments to Reconcile (Loss) Income to Net Cash
Provided By Operating Activities:
Depreciation			539,682				710,804
Amortization of Debt Issuance Costs			4,170				2,416
Stock-Based Compensation			75,000				–
Change in Allowance for Expected Credit Losses			105,195				(15,244	)
Change in Reserve for Obsolescence			2,298				50,345
(Increase) Decrease in:
Accounts Receivable			697,072				(568,310	)
Inventory			84,248				(692,092	)
Prepaid Expenses and Other Assets			146,717				33,487
Increase (Decrease) in:
Accounts Payables and Accrued Expenses			(295,288	)			279,142
Federal Income Tax Payable			–				179,376
Deferred Revenue			8,374				(4,299	)
Net Cash Provided By Operating Activities			469,611				299,290
Cash Flows From Investing Activities
Purchases of Property and Equipment			(294,325	)			(214,731	)
Net Cash Used in Investing Activities			(294,325	)			(214,731	)
Cash Flows From Financing Activities
Borrowing on Debt Obligations – Related Parties			200,001				–
Repayments on Debt Obligations			(23,049	)			(114,277	)
Repayments on Finance Lease Obligations			(94,098	)			(28,165	)
Net Cash Provided By (Used in) Financing Activities			82,854				(142,442	)
Net Increase (Decrease) in Cash			258,140				(57,883	)
Cash – Beginning			358,867				598,787
Cash – Ending		$	617,007			$	540,904
Supplemental Cash Flow Disclosures:
Cash Paid for Interest		$	159,714			$	201,956
Cash Paid for Taxes		$	–			$	–
Supplemental Disclosures of Non-Cash Investing Activities:
Assets Acquired and Included in Accounts Payable		$	209,803			$	168,628
Issuance of common stock for stock-based compensation		$	7			$	23

NON-GAAP RECONCILIATION OF EBITDA

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

		2026				2025
Net (Loss) Income		$	(897,857	)		$	323,665
Stock-Based Compensation Expense BOD (1)			75,000				–
Depreciation			539,682				710,804
Amortization of Debt Issuance Costs			4,170				2,416
Interest Expenses			159,714				201,956
Taxes			–				9,588
Non-Recurring Items
Executive Transition (2)			–				113,944
One-time Contract exit costs			–				4,675
Non-recurring property damage			23,211				21,261
Adjusted EBITDA		$	(96,080	)		$	1,388,309

In the quarters ended March 31, 2026, and 2025:

(1) Stock-based compensation was issued to independent Board members.

(2) A succession plan was required for the transition of the CEO at the 2024 year-end.

• YE 2025 total revenues of $18.2 million, representing a decrease of approximately $11.5 million or a 38.8% decrease year-over-year
• YE 2025 reported net loss of ($10.3) million driven by increase in stock-based compensation of $1.7 million and the recording of a provision for credit losses, net of recoveries, of approximately $14.7 million
• Restructuring activities, previously implemented, have streamlined operations and improved efficiency, supporting a more competitive cost structure
• As of March 31, 2026, the Company had three projects in backlog with a total provisional contract value of approximately US$26.8 million and currently has bids on two new wastewater treatment system projects
• Prioritizing investments in accelerated innovation with a focus on new energy opportunities

SHENZHEN, China, May 15, 2026 (GLOBE NEWSWIRE) — CDT Environmental Technology Investment Holdings Limited (Nasdaq: CDTG) (“CDT”, the “Company”, or “we”), a leading provider of waste treatment systems and services throughout China, announced to today that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2026. The annual report on Form 20-F, which contains CDT’s audited consolidated financial statements, can be accessed through the SEC’s website at www.sec.gov or CDT’s website at https://www.cdthb.cn.

All amounts are expressed in US dollars unless otherwise stated.

2025 Financial Results

• Total revenues decreased by approximately $11.5 million, or 38.8%, to approximately $18.2 million for the year ended December 31, 2025.
• Revenues from sewage treatment system installations decreased by approximately $11.1 million, or 39.2%, to approximately $17.3 million for the year ended December 31, 2025, from approximately $28.4 million for the same period in 2024. This decline is primarily attributable to delays in the progress of projects initiated between 2021 and 2024, which were mainly caused by prolonged local government review and approval processes that pushed project timelines beyond initial expectations, as well as a decrease in the number of new projects secured in 2025 compared to the previous year.
• Revenues from sewage treatment services decreased by approximately $0.4 million, or 29.8%, to approximately $0.9 million for the year ended December 31, 2025, from approximately $1.3 million for the year ended December 31, 2024. The decrease was primarily due to reduced demand for our services as a result of the ongoing economic downturn in the PRC
• Gross profit decreased by approximately $3.7 million, or 32.8%, to approximately $7.6 million for the year ended December 31, 2025, from approximately $11.2 million for the year ended December 31, 2024. The decrease in gross profit is primarily due to the decline in revenue from the wastewater treatment system and wastewater treatment system services as discussed above.
• For the years ended December 31, 2025 and 2024, overall gross profit margin was 41.5% and 37.8%, respectively. The 3.7% increase was primarily due to a higher proportion of profitable projects completed during 2025, partially offset by a decrease in the gross profit percentage for our sewage treatment services business primarily due to increased labor costs.
• Total operating expenses increased by approximately $10.0 million or 107.7% to approximately $19.2 million for the year ended December 31, 2025 from approximately $9.2 million for the year ended December 31, 2024. The increase was mainly attributable to approximately $1.7 million increase in stock-based compensation and the recording of a provision for credit losses, net of recoveries, of approximately $14.7 million for the year ended December 31, 2025, compared to a net recovery of approximately $6.5 million for the same period in 2024. The increase in the recording of a provision for credit losses, net of recoveries, was primarily due to higher provisions made in 2025 in response to increased credit risk and collectability concerns.

The Company has considered historical experience, the economic environment, trends in the sewage treatment industry, and the expected collectability of accounts receivable and contract assets as of December 31, 2025. Since its sewage treatment systems customers are mainly state-owned companies, which are backed by the local governments, the Company believes its current allowance policy is reasonable as of December 31, 2025.

As such, the Company currently expects to realize these outstanding balances, net of allowance within the normal operating cycle of twelve months. As of the date of the issuance of these consolidated financial statements, the Company has received approximately $1.9 million of its accounts receivable. The liquidity of the Company’s operations highly depends on the timing of payments from its major customers, and should there be any delay in payment, its operations and liquidity may be impacted.

• Net loss was approximately $10.3 million for the year ended December 31, 2025, compared to net income of approximately $1.4 million for the same period in 2024. The decline was primarily attributable to delays in the progress of projects initiated between 2021 and 2024, a decrease in the number of new projects secured in 2025 and reduced demand for the Company’s services amid the ongoing economic downturn in the PRC.
• As of December 31, 2025, our working capital was approximately $26.4 million compared to $26.0 million.

Update on Current and Planned Projects

As of March 31, 2026, the Company had three projects in backlog: Phase VI of the Jimei Guankou Project, the Xiamen Xinglin Pipeline Network Renovation Project, and the Hubei Wuxue Project. Phase VI of the Jimei Guankou Project was signed in February 2025 and commenced construction in March 2025; the Xiamen Xinglin Pipeline Network Renovation Project was signed in July 2025 and commenced construction in August 2025; and the Hubei Wuxue Project was signed and commenced construction in March 2026. According to the project agreements, the total provisional contract value for these three projects is RMB 187 million (approximately US$26.8 million), of which the provisional contract value for Phase VI of the Jimei Guankou Project is RMB 30 million (approximately US$4.3 million), the Xiamen Xinglin Pipeline Network Renovation Project has a provisional contract value of RMB 87 million (approximately US$12.5 million), and the Hubei Wuxue Project has a provisional contract value of RMB 70 million (approximately US$10 million), subject to the specific terms of the agreements.

In addition, the Company is currently participating in the bidding process for two wastewater treatment system projects, with results expected by the third quarter of 2026. There is no guarantee that the Company will be awarded these contracts, nor is there any guarantee that, even if awarded, the projects will be completed on time or at all.

Update on the Development of
New Energy Opportunities to Diversify Revenue Streams

The Company is currently in discussions with potential industry partners to convert organic solid waste into new energy and renewable energy to promote commercialization of market-ready innovative energy solutions needed to achieve sustainable development goals and carbon neutrality, laying a foundation for the Company’s future growth. The Company is currently engaged in the planning stages of this new energy opportunity, and therefore a number of uncertainties exist relating to the successful launch of this new project and the ability of the Company to create a new revenue stream in the future.

Li Yunwu,
Chief Executive Officer
of CDT, commented, “During fiscal year 2025, customer demand across our primary end markets aligned with expectations, despite macroeconomic headwinds in China and isolated project delays. While the external environment remains dynamic, our teams are executing well, staying close to customers, and advancing long-term priorities. Our cost optimization program to enhance operating efficiency and further strengthen our competitive position, continued to deliver benefits as we expanded our operating margin by 370 basis points year-over-year.

Entering 2026, we are confident that the enduring need to safeguard the supply of clean water will continue to underpin demand for our services across our key municipal end markets over the long term. Combined with our durable business model and the critical role our technologies and services play in supporting the daily operations of our customers, we expect to see an improvement in core sales growth and stable margins as the year progresses. This belief is underpinned by the three significant projects in the backlog totaling approximately $27 million along with several new projects that we are bidding on.”

Li Yunwu concluded, “As part of our continued effort to deliver essential technologies that help customers address their biggest wastewater challenges, we have been establishing strategic partnerships with major Chinese enterprises to help achieve the country’s ‘Dual Carbon’ goals. Driven by the 2030 carbon peaking target, local governments and industries must undergo significant transformations. Decarbonization aligns with CDT’s new energy development strategy designed to diversify our revenue streams while we continue to drive organic growth opportunities in our core business. These are important steps in our roadmap to drive sustained, profitable growth and deliver meaningful long-term value for our shareholders.”

About CDT Environmental Technology Investment Holdings Limited

CDT, headquartered in Shenzhen, China, is a leading national player in China’s waste treatment sector that designs, develops, manufactures, sells, installs, operates and maintains sewage treatment systems and provides sewage treatment services in China, and is dedicated to promoting sustainable development through innovative solutions. Founded by pioneers in waste treatment, CDT aims to advance next-generation technologies that directly address environmental challenges and promote sustainable solutions. CDT is a recognized brand in China and is committed to innovation and customer satisfaction.

CDT’s mission is to help its customers achieve their critical infrastructure objectives while enabling positive changes in technological environmental protection. It collaborates with industry leaders, environmental experts, and stakeholders to develop and implement advanced waste treatment solutions. Recently listed on the Nasdaq Capital Market, CDT is a prominent player in the waste treatment market, capable of providing comprehensive solutions to diverse customer needs, and has completed more than 150 plants across China.

For more information, please visit CDT’s website at https://www.cdthb.cn.

For more information, please contact:

Investor and Media Contact

United States

PCG Advisory
Kevin McGrath
Tel: +1-646-418-7002
Email: [email protected]

Forward-looking Statements

This press release contains forward-looking statements that are based on the beliefs and assumptions of the management of CDT and on information currently available to such management. These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond CDT’s control. When the Company uses words such as “may,” “should,” “will,” “future,” “expect,” “anticipate,” “project,” “estimate,” “believe,” and “intend,” or similar expressions that do not relate solely to historical matters, it is intended to identify forward-looking statements. All statements, other than statements of historical fact, contained in this press release, including statements regarding future events, future financial performance, business strategy and plans, and objectives of CDT for future operations, are forward-looking statements. Although CDT does not make forward-looking statements unless it believes it has a reasonable basis for doing so, CDT cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievements of CDT and its markets to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. For these reasons, among others, investors should not place undue reliance on any forward-looking statement. CDT undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that arise after the date hereof, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
		December 31,				December 31,
		2025				2024
ASSETS
CURRENT ASSETS
Cash		$	66,686			$	124,379
Accounts receivable, net			44,128,933				45,188,231
Other receivables, net			189,800				424,313
Other receivables – related parties			124,752				123,532
Contract assets			39,309,995				31,438,860
Prepayments and other current assets, net			497,181				405,136
Total current assets			84,317,347				77,704,451
OTHER ASSETS
Property and equipment, net			1,087,057				1,291,322
Intangible assets, net			—				5,628
Deferred tax assets, net			3,499,649				1,208,689
Contract assets, noncurrent			—				8,550,498
Escrow			—				600,000
Total other assets			4,586,706				11,656,137
Total assets		$	88,904,053			$	89,360,588
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	39,221,439			$	36,347,893
Short-term loans – banks			1,153,654				1,814,551
Short-term loans – third parties			2,057,311				836,765
Short-term loans – related parties			2,560,675				2,794,894
Other payables and accrued liabilities			2,298,833				2,220,896
Other payables – related party			256,348				256,863
Contract liabilities			28,809				28,026
Taxes payable			10,329,598				7,408,674
Total current liabilities			57,906,667				51,708,562
OTHER LIABILITIES
Long-term loan – bank			357,495				213,969
Total other liabilities			357,495				213,969
Total liabilities			58,264,162				51,922,531
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Class A Ordinary Shares, $0.0025 par value, 94,000,000 shares authorized, 13,525,000 and 10,825,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively			33,813				27,063
Class B Ordinary Shares, $0.0025 par value, 6,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024			—				—
Additional paid-in capital			14,316,883				11,578,633
Statutory reserves			3,433,589				3,433,589
Retained earnings			14,258,161				24,455,403
Accumulated other comprehensive loss			(1,429,733	)			(2,210,909	)
Total CDT Environmental Technology Investment Holdings Limited shareholders’ equity			30,612,713				37,283,779
Noncontrolling interests			27,178				154,278
Total shareholders’ equity			30,639,891				37,438,057
Total liabilities and shareholders’ equity		$	88,904,053			$	89,360,588

  

CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
		For the Years Ended
		December 31,
		2025				2024				2023
REVENUES
Sewage treatment systems		$	17,279,031			$	28,417,150			$	32,267,593
Sewage treatment services and others			946,788				1,348,055				1,942,326
Total revenues			18,225,819				29,765,205				34,209,919
COST OF REVENUES
Sewage treatment systems			10,074,628				17,779,226				21,630,216
Sewage treatment services and others			592,234				739,502				1,194,817
Total cost of revenues			10,666,862				18,518,728				22,825,033
GROSS PROFIT			7,558,957				11,246,477				11,384,886
OPERATING EXPENSES:
Selling			162,602				108,637				106,147
General and administrative			2,160,434				2,164,457				2,674,519
Research and development			47,602				61,786				80,948
Share-based compensation			2,145,000				454,250				—
Provision for (Recovery from) credit loss, net			14,694,723				6,459,240				(88,221	)
Total operating expenses			19,210,361				9,248,370				2,773,393
(LOSS) INCOME FROM OPERATIONS			(11,651,404	)			1,998,107				8,611,493
OTHER INCOME (EXPENSE)
Interest income			105				471				15,510
Interest expense			(91,446	)			(136,757	)			(106,130	)
Other income (expense), net			110,637				6,504				(92,939	)
Total other income (expense), net			19,296				(129,782	)			(183,559	)
(LOSS) INCOME BEFORE INCOME TAXES			(11,632,108	)			1,868,325				8,427,934
INCOME TAXES (BENEFIT) EXPENSE			(1,266,021	)			462,043				1,403,880
NET (LOSS) INCOME			(10,366,087	)			1,406,282				7,024,054
Less: net loss attributable to noncontrolling interest			(168,845	)			(46,909	)			(393,652	)
NET(LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS OF CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED		$	(10,197,242	)		$	1,453,191			$	7,417,706
NET (LOSS) INCOME			(10,366,087	)			1,406,282				7,024,054
FOREIGN CURRENCY TRANSLATION ADJUSTMENT			789,332				(204,383	)			(497,722	)
TOTAL COMPREHENSIVE (LOSS) INCOME			(9,576,755	)			1,201,899				6,526,332
Less: Comprehensive loss attributable to noncontrolling interest			(160,689	)			(49,804	)			(372,574	)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS OF CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED		$	(9,416,066	)		$	1,251,703			$	6,898,906
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
Basic and diluted			12,141,807				10,320,628				9,200,000
(LOSS) EARNINGS PER SHARE
Basic and diluted		$	(0.84	)		$	0.14			$	0.81