Amesite shares slipped 2.8% to $1.04 on Wednesday, the same day its annual filing put a much larger number on the page: revenue jumped 230.2% to $364.8K.
Revenue rose 230.2%, but the scale comes into view quickly. The company still posted a $3.1M operating loss, used $2.1M in operating cash, and ended the twelve months through June 30 with $2.3M in cash. The revenue line grew quickly; the cash engine did not arrive with it.
The latest 10-K shows a narrower operating loss than the comparable year. The operating loss narrowed from $3.6M to $3.1M, while diluted shares rose from 3.5M to 4.9M. Revenue is now larger than it was in 2025, but it remains small beside the cost of running the business.
Management also changed what it is trying to sell. The company says an impairment followed its decision to stop developing its higher-ed and professional-learning app and focus on NurseMagic, its nursing app.
"The impairment was triggered by management’s decision to discontinue development of the higher ed/professional learning app due to a shift in strategic focus to the NurseMagic™ app."
Amesite, 10-K filed September 23, 2026
That is an accounting charge tied to a product decision, not cash leaving the company in the period. The business implication is more concrete: the revenue increase now has to be read alongside a narrower product strategy, and the filing does not quantify how much revenue came from NurseMagic or how much came from the discontinued app.
The annual results show why the percentage looks dramatic. Revenue was $845.0K in 2023, fell to $166.9K in 2024 and then to $110.5K in 2025 before this year’s recovery. A 230.2% increase from that base still leaves Amesite below its 2023 revenue level.
Cash is the harder constraint. Amesite’s operating cash use improved from $2.5M to $2.1M, but its cash balance was essentially unchanged at $2.3M. The company also flags the financing risk directly:
"A severe or prolonged economic downturn caused by this or other general conditions could result in a variety of risks to our business, including our ability to raise additional capital when needed on acceptable terms, if at all."
Amesite, 10-K filed September 23, 2026
The share count adds another layer to that arithmetic. Diluted shares increased 39.9% year over year, while stock compensation fell to $268.1K from $322.0K. That combination does not explain the revenue change, but it does mean the per-share version of any recovery is being measured across more shares.
Amesite also reports federal net operating loss carryforwards of approximately $31.4M, with a valuation allowance covering its deferred tax assets. Those balances may matter later, but they do not offset today’s operating cash use, and the filing warns that an ownership change could limit the use of the tax losses.
At the latest close, the company had a $3.7M market cap and an enterprise value of $1.3M. The unresolved item is not whether revenue rebounded from a very low base. It is whether the next disclosure can put a revenue scale, customer count, or cash-use figure around the NurseMagic strategy. The 10-K does not answer that yet.
The 10-K reports a shift to NurseMagic, but gives no revenue target showing when that shift covers Amesite’s operating cash use.