Scientific Industries Inc 10-Q for FY2025 Q3

Scientific Industries Inc (SCND)

10-Q 2025-11-19 For: 2025-09-30

Added on April 06, 2026

About this 10-Q

Scientific Industries Inc filed this 10-Q on November 19, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.4M; up 5.2% from $1.33M a year earlier
Net income: $3.99M; compared with a net loss of $1.18M a year earlier
Diluted EPS: $0.34; compared with -$0.11 a year earlier

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Delaware		04-2217279
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

80 Orville Drive, Suite 102, Bohemia, New York		11716
(Address of principal executive offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock $.05 par value		SCND		OTC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging Growth company	☐

PART I - Financial Information

Item 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	3

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss	4

	Condensed Consolidated Statements of Changes in Shareholders’ Equity	5

	Condensed Consolidated Statements of Cash Flows	6

	Notes to Unaudited Condensed Consolidated Financial Statements	7

Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	17

Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	20

Item 4.	CONTROLS AND PROCEDURES	20

PART II - Other Information

Item 1.	Legal Proceedings	21

Item 1A.	Risk Factors	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 3.	Defaults Upon Senior Securities	21

Item 4.	Mine Safety Disclosures	21

Item 5.	Other Information	21

Item 6.	Exhibits	22

SIGNATURE		23

	As of September 30, 2025			As of December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,162,600		$	587,900
Investment securities		7,131,100			1,985,000
Trade accounts receivable, less allowance for doubtful accounts of $15,600 at September 30, 2025 and December 31, 2024		677,600			589,000
Inventories		2,044,000			2,059,200
Income tax receivable		73,600			73,600
Prepaid expenses and other current assets		691,800			261,600
Current Assets of Discontinued Operations		108,000			2,731,400
Total current assets		11,888,700			8,287,700

Property and equipment, net		765,600			769,500
Goodwill		115,300			115,300
Other intangible assets, net		449,300			746,000
Inventories		505,700			509,500
Operating lease right-of-use assets		773,600			947,900
Other assets		59,200			63,100
Noncurrent Assets of Discontinued Operations		-			121,800
Total assets	$	14,557,400		$	11,560,800

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	515,100		$	286,100
Accrued expenses		577,600			567,000
Contract liabilities		105,200			63,500
Lease liabilities, current portion		277,800			307,300
Liabilities of discontinued operations		77,800			523,100
Total current liabilities		1,553,500			1,747,000

Lease liabilities, less current portion		542,200			694,400
Total liabilities		2,095,700			2,441,400

Shareholders’ equity:
Common stock, $0.05 par value; 30,000,000 shares authorized; 11,928,599, shares issued and outstanding at September 30, 2025 and 10,503,599 shares issued and outstanding at December 31, 2024		596,400			525,200
Additional paid-in capital		44,966,900			42,637,800
Accumulated other comprehensive gain (loss)		136,700			(113,100	)
Accumulated deficit		(33,238,300	)		(33,930,500	)

Total shareholders’ equity		12,461,700			9,119,400

Total liabilities and shareholders’ equity	$	14,557,400		$	11,560,800

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues	$	1,404,000		$	1,334,400		$	3,427,100		$	3,514,600

Cost of revenues		765,400			654,500			2,064,100			1,963,100

Gross profit		638,600			679,900			1,363,000			1,551,500

Operating expenses:
General and administrative		803,600			780,800			2,571,400			2,878,200
Selling		735,900			820,900			2,355,400			2,413,100
Research and development		621,400			644,000			1,870,900			1,946,000

Total operating expenses		2,160,900			2,245,700			6,797,700			7,237,300

Loss from continuing operations		(1,522,300	)		(1,565,800	)		(5,434,700	)		(5,685,800	)

Other income:
Other income, net		240,500			38,400			261,000			32,100
Gain on disposition of Genie Product Line (See Note 11)		5,263,400			-			5,263,400			-
Interest income		23,000			40,100			57,900			136,900
Total other income, net		5,526,900			78,500			5,582,300			169,000

Income (loss) from continuing operations before income tax expense		4,004,600			(1,487,300	)		147,600			(5,516,800	)

Income tax expense		(15,300	)		-			(15,300	)		-

Income (loss) from continuing operations	$	3,989,300			(1,487,300	)	$	132,300		$	(5,516,800	)

Income from discontinued operations (see Note 11), net of tax	$	5,100			307,200		$	559,900			1,001,400

Net Income (loss)	$	3,994,400			(1,180,100	)	$	692,200		$	(4,515,400	)

Comprehensive income:

Foreign currency translation gain (loss)		(29,800	)		113,600			249,800			69,100
Comprehensive income (loss)		(29,800	)	$	113,600			249,800			69,100

Total comprehensive income (loss)	$	3,964,600			(1,066,500	)	$	942,000		$	(4,446,300	)

Income (loss) per share – basic and diluted
Income (loss) from continuing operations	$	0.34		$	(0.14	)	$	0.01		$	(0.53	)
Income from discontinued operations	$	-		$	0.03		$	0.05		$	0.10
Total	$	0.34		$	(0.11	)	$	0.06		$	(0.43	)

					Additional		Accumulated Other
	Common Stock				Paid-in		Comprehensive			Accumulated			Treasury Stock
	Shares		Amount		Capital		Income (Loss)			Deficit			Shares		Amount		Total
Balance December 31, 2024		10,503,599	$	525,200	$	42,637,800	$	(113,100	)	$	(33,930,500	)		-	$	-	$	9,119,400

Net loss		-		-		-		-			(1,778,500	)		-		-		(1,778,500	)

Foreign currency translation adjustment		-		-		-		124,400			-			-		-		124,400

Stock-based compensation		-		-		302,600		-			-			-		-		302,600

Balance March 31, 2025		10,503,599	$	525,200	$	42,940,400	$	11,300		$	(35,709,000	)		-		-	$	7,767,900

Net loss		-		-		-		-			(1,523,700	)		-		-		(1,523,700	)

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)		1,050,000		52,500		1,399,700		-			-			-		-		1,452,200

Foreign currency translation adjustment		-		-		-		155,200			-			-		-		155,200

Stock-based compensation		-		-		72,600		-			-			-		-		72,600

Balance June 30, 2025		11,553,599	$	577,700	$	44,412,700	$	166,500		$	(37,232,700	)		-		-	$	7,924,200

Net income		-		-		-		-			3,994,400			-		-		3,994,400

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)		375,000		18,700		481,300		-			-			-		-		500,000

Foreign currency translation adjustment		-		-		-		(29,800	)		-			-		-		(29,800	)

Stock-based compensation		-		-		72,900		-			-			-		-		72,900

Balance September 30, 2025		11,928,599	$	596,400	$	44,966,900	$	136,700		$	(33,238,300	)		-		-	$	12,461,700

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive			Accumulated			Treasury Stock
	Shares		Amount		Capital		Income (Loss)			Deficit			Shares		Amount		Total
Balance December 31, 2023		10,145,211	$	507,300	$	40,844,600	$	18,600		$	(27,485,100	)		-	$	-	$	13,885,400

Net loss		-		-		-		-			(2,051,600	)		-		-		(2,051,600	)

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)		358,388		17,900		204,000					-			-		-		221,900

Fair value modification of warrants recorded as stock issuance costs		-		-		423,800					-			-		-		423,800

Foreign currency translation adjustment		-		-		-		(60,300	)		-			-		-		(60,300	)

Stock-based compensation		-		-		199,900		-			-			-		-		199,900

Balance March 31, 2024		10,503,599	$	525,200	$	41,672,300	$	(41,700	)	$	(29,536,700	)		-		-	$	12,619,100

Net loss		-		-		-		-			(1,283,600	)		-		-		(1,283,600	)

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)		-		-		-					-			-		-		-

Fair value modification of warrants recorded as stock issuance costs		-		-		-					-			-		-		-

Foreign currency translation adjustment		-		-		-		15,800			-			-		-		15,800

Stock-based compensation		-		-		330,300		-			-			-		-		330,300

Balance June 30, 2024		10,503,599	$	525,200	$	42,002,600	$	(25,900	)	$	(30,820,300	)		-		-	$	11,681,600

Net loss		-		-		-		-			(1,180,100	)		-		-		(1,180,100	)

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)		-		-		-					-			-		-		-

Fair value modification of warrants recorded as stock issuance costs		-		-		-					-			-		-		-

Foreign currency translation adjustment		-		-		-		113,600			-			-		-		113,600

Stock-based compensation		-		-		319,500		-			-			-		-		319,500

Balance September 30, 2024		10,503,599	$	525,200	$	42,322,100	$	87,700		$	(32,000,400	)		-		-	$	10,934,600

	Fair Value Measurement as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Investment securities - mutual funds	$	7,131,100	$	-	$	-	$	7,131,100
Total	$	7,131,100	$	-	$	-	$	7,131,100

	Fair Value Measurement as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Investment securities - mutual funds	$	1,985,000	$	-	$	-	$	1,985,000
Total	$	1,985,000	$	-	$	-	$	1,985,000

	As of September 30, 2025		As of December 31, 2024
Raw materials	$	1,033,900	$	1,202,900
Work-in-process		74,700		-
Finished goods		1,441,100		1,365,800
Total Inventories	$	2,549,700	$	2,568,700

Inventories - Current Asset	$	2,044,000	$	2,059,200
Inventories - Noncurrent Asset	$	505,700	$	509,500

As of September 30, 2025	Useful Lives	Cost		Accumulated Amortization		Net
Technology, trademarks	3--10 yrs.	$	1,216,800	$	1,131,800	$	85,000
Trade names	3--6 yrs.		592,300		473,900		118,400
Websites	3--7 yrs.		210,000		210,000		-
Customer relationships	4--10 yrs.		372,200		241,900		130,300
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4--5 yrs.		1,060,500		1,060,500		-
Patents	5--7 yrs.		408,800		293,200		115,600
		$	4,154,600	$	3,705,300	$	449,300

As of December 31, 2024	Useful Lives	Cost		Accumulated Amortization		Net
Technology, trademarks	3--10 yrs.	$	1,216,800	$	1,020,100	$	196,700
Trade names	3--6 yrs.		592,300		417,300		175,000
Websites	3--7 yrs.		210,000		210,000		-
Customer relationships	4--10 yrs.		372,200		221,200		151,000
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4--5 yrs.		1,060,500		993,200		67,300
Patents	5--7 yrs.		408,800		252,800		156,000
		$	4,154,600	$	3,408,600	$	746,000

As of September 30, 2025	Amount
Remainder of year ending 2025	$	70,600
2026		195,900
2027		97,900
2028		43,700
2029		28,300
2030		12,900
Total	$	449,300

As of September 30, 2025:	Amount
Remainder of fiscal year ending 2025	$	93,300
2026		289,900
2027		296,700
2028		201,000
Total future minimum payments	$	880,900
Less: Imputed interest		(60,900	)
Total Present Value of Operating Lease Liabilities	$	820,000

Three Months Ended September 30, 2025	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate and Other			Consolidated
Revenues	$	1,068,300		$	335,700		$	-		$	1,404,000
Foreign Sales		-			183,600			-			183,600
(Loss) From Operations		(111,500	)		(1,121,400	)		(289,400	)		(1,522,300	)
Assets		3,678,600			3,747,300			7,131,500			14,557,400
Long-Lived Asset (Gain) Expenditures		(56,400	)		7,800			-			(48,600	)
Depreciation and Amortization		19,200			119,700			-			138,900

Three Months Ended September 30, 2024	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate and Other			Consolidated
Revenues	$	881,900	$	452,500		$	-		$	1,334,400
Foreign Sales		-		241,900			-			241,900
(Loss) From Operations		1,128,500		(1,200,000	)		(317,300	)		(1,565,800	)
Assets		6,114,600		4,697,900			2,464,300			13,306,800
Long-Lived Asset Expenditures		2,900		900			-			3,800
Depreciation and Amortization		12,900		166,200			-			188,100

Nine Months Ended September 30, 2025	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate and Other			Consolidated
Revenues	$	2,734,300		$	692,800		$	-		$	3,427,100
Foreign Sales		-			383,400			-			383,400
(Loss) From Operations		(300,700	)		(4,074,700	)		(1,059,300	)		(5,434,700	)
Assets		3,678,600			3,747,300			7,131,500			14,557,400
Long-Lived Asset (Gain) Expenditures		(88,500	)		6,600			-			(81,900	)
Depreciation and Amortization		55,300			404,600			-			459,900

Nine Months Ended September 30, 2024	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate and Other			Consolidated
Revenues	$	2,380,600		$	1,134,000		$	-		$	3,514,600
Foreign Sales		-			648,100			-			648,100
(Loss) From Operations		(455,500	)		(4,094,700	)		(1,135,600	)		(5,685,800	)
Assets		6,144,600			4,697,900			2,464,300			13,306,800
Long-Lived Asset Expenditures		72,800			3,200			-			76,000
Depreciation and Amortization		64,700			500,700			-			565,400

	For the three months ended					For the nine months ended
	September 30,					September 30,
	2025		2024			2025		2024

Weighted average number of common shares outstanding		11,712,567		10,503,599			11,150,939		10,443,029
Effect of dilutive securities:		-		-			-		-
Weighted average number of dilutive common shares outstanding		11,712,567		10,503,599			11,150,939		10,443,029

Basic and diluted loss per common share:
Continuing operations	$	0.34	$	(0.14	)	$	0.01	$	(0.53	)
Discontinued operations		-		0.03			0.05		0.10
Consolidated operations	$	0.34	$	(0.11	)	$	0.06	$	(0.43	)

Carrying value of net assets of the Genie Division
Inventory	$	2,259,800
Fixed Assets		88,700
Intangible Assets (Patents)		5,300
		2,353,800

Total consideration received, net of transaction costs
Cash		9,600,000
Less: transaction costs and closing adjustments		(1,025,800	)
Less: Escrow balance to be recognized upon successful transition		(960,000	)
		7,614,200

Gain on disposition	$	5,263,400

Exhibit Number		Description of document
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	SCIENTIFIC INDUSTRIES, INC. (Registrant)

Date: November 19, 2025	By:	/s/ Helena R. Santos
		Helena R. Santos
		President, Chief Executive Officer and Treasurer

Date: November 19, 2025	By:	/s/Zachary Rovinsky
		Zachary Rovinsky
		Chief Financial Officer

1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Scientific Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purpose in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting (that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter) that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions);

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Scientific Industries, Inc.

Date: November 19, 2025	By:	/s/ Helena R. Santos
		Helena R. Santos
		Chief Executive Officer and Treasurer

	Scientific Industries, Inc.

Date: November 19, 2025	By:	/s/ Zachary Rovinsky
		Zachary Rovinsky
		Chief Financial Officer

	1.	I have reviewed this Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2025 (the “Quarterly Report”);

	2.	the Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	3.	the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of Scientific Industries, Inc.