FiEE, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the nine months ended September 30, 2026, surged 382.1% year-over-year to approximately $9.6 million ($9,567,853), compared to $2.0 million ($1,984,660) in the same period of 2025.
• Revenue for the three months ended September 30, 2026, was approximately $2.6 million ($2,620,524), compared to $1.9 million ($1,939,542) in the same period of 2025.
• Gross profit for the nine months ended September 30, 2026, was approximately $7.3 million ($7,295,759), compared to $1.6 million ($1,648,241) in 2025.
• Gross margin for the nine months ended September 30, 2026, decreased to 76.3% from 83.0% in the same period of 2025, attributed to higher amortization costs and changes in revenue mix.
• Net income for the nine months ended September 30, 2026, was approximately $3.6 million ($3,578,371), representing a turnaround from a net loss of $1.3 million ($1,266,575) in 2025.
• Net income for the three months ended September 30, 2026, was approximately $1.1 million ($1,116,141), a turnaround from a net loss of $0.3 million ($252,985) in 2025.
• Operating income for the nine months ended September 30, 2026, was approximately $3.8 million ($3,822,742), a turnaround from an operating loss of $1.1 million ($1,108,638) in 2025.
• Diluted earnings per common share for the nine months ended September 30, 2026, were $0.24, compared to a diluted loss per share of $0.25 in 2025.
• Operating expenses for the nine months ended September 30, 2026, were approximately $3.5 million ($3,473,017), an increase of 26.0% from $2.8 million ($2,756,879) in 2025.
• Selling and marketing expenses for the nine months ended September 30, 2026, were approximately $0.5 million ($457,766), up from $0.05 million ($49,160) in 2025.
• General and administrative expenses for the nine months ended September 30, 2026, were approximately $2.9 million ($2,895,476), compared to $2.7 million ($2,660,300) in 2025.
• Research and development expenses for the nine months ended September 30, 2026, were approximately $0.1 million ($119,775), compared to $0.05 million ($47,419) in 2025.
• Cash increased to $5.2 million ($5,226,422) as of September 30, 2026, from $3.1 million ($3,084,461) as of December 31, 2025.
• Accounts receivable increased to $4.6 million ($4,575,896) as of September 30, 2026, from $2.1 million ($2,110,715) as of December 31, 2025.
• Contract liabilities decreased to $101,896 as of September 30, 2026, from $1.5 million ($1,497,721) as of December 31, 2025.
• Total stockholders' equity increased to $12.8 million ($12,838,052) as of September 30, 2026, from $6.6 million ($6,589,378) as of December 31, 2025.

Business Segments and Product Lines:

• SaaS – MCN digital services generated $3.7 million in revenue for the nine months ended September 30, 2026, up 104.5% from $1.8 million in 2025, with 939 customers onboarded and $9.2 million in total service fees secured.
• Software services generated $2.3 million in revenue for the nine months ended September 30, 2026, up 1,130.6% from $0.2 million in 2025, with total secured contracts of $4.1 million and 32 customers as of September 30, 2026.
• Phygital art advisory services generated $3.5 million in revenue for the nine months ended September 30, 2026, compared to $0 in 2025, serving five corporate clients and 601 individual clients with $2.2 million in accounts receivable.
• The company transitioned from legacy hardware operations to a SaaS model focusing on AI, big data, content creation, and brand management.
• New revenue streams include art advisory, acquisition assistance, exhibition services, post-transaction support, and MCN brokerage services.

Management Commentary and Tone:

• CEO Rafael Li stated the company delivered solid financial results and made meaningful progress in building a diversified, scalable digital services platform.
• Management expressed confidence in the momentum of revenue generation across art advisory and MCN brokerage services, citing the success of recent art exhibitions and collector engagement.
• The tone indicates a strategic focus on broadening service offerings, deepening engagement with creators and collectors, and delivering sustainable long-term value.

Other Key Points:

• The company rebranded from Minim, Inc. to FiEE, Inc., shifting its strategic focus to a "Software First Model" leveraging IoT, connectivity, and AI.
• Share-based compensation expenses increased significantly in the nine months ended September 30, 2026, due to equity awards granted in May 2026 under the 2025 Equity Incentive Plan.
• Goodwill of $24,990 was recorded as of September 30, 2026, compared to zero in the prior period.
• Intangible assets, net, decreased to $2.6 million ($2,571,604) as of September 30, 2026, from $3.5 million ($3,529,835) as of December 31, 2025.
• The company operates as a technology company connecting artists, collectors, and brands through phygital art advisory services and digital authentication.