ENDRA Life Sciences reported Q2 2026 net income of approximately $160,000, compared with a $1.2 million loss a year earlier, as roughly $1.6 million of other income from its digital-asset treasury more than offset the company’s operating loss ahead of its proposed merger with Noble Africa.
The profitability therefore came primarily from digital-asset appreciation rather than ENDRA’s underlying operations. Q2 operating loss was approximately $1.48 million, while unrealized digital-asset gains totaled $1.29 million and realized gains totaled approximately $409,000.
ENDRA’s total operating expenses were approximately $1.5 million, up from $1.3 million. But the company substantially reduced spending in several areas as it pursued strategic alternatives, with R&D expense down 39% and sales and marketing spending down 92% year over year.
At June 30, ENDRA held approximately $1.7 million of cash, $3.8 million of restricted cash and $1.9 million of digital assets. Cash used in operations declined to approximately $900,000 from $1.1 million in the prior-year quarter.
The operating transition comes as ENDRA works toward a major corporate restructuring. In June, it entered a definitive transaction involving ASP Isotopes, Noble Africa and Renergen under which Noble Africa is expected to merge with an ENDRA subsidiary and the surviving public company is expected to operate under the Noble Africa name.
The transaction is intended to provide ENDRA shareholders with exposure to Renergen’s Virginia Gas Project in South Africa and is expected to be accompanied by a Noble Africa private placement targeting approximately $50 million of gross proceeds. Closing is targeted for Q4 2026, subject to shareholder approval and other customary conditions.
ENDRA’s Q2 profit consequently represents an unusual interim financial result during a period in which the company is reducing legacy operating spending, holding a digital-asset treasury and preparing to transition into a substantially different post-merger business.
KEY QUOTES:
“During the second quarter, we achieved an important objective for ENDRA and its stockholders by entering into a definitive merger agreement with Noble Africa following our strategic alternatives process. We believe the proposed transaction provides ENDRA stockholders with an opportunity to participate in the potential growth of a differentiated helium platform while providing a path forward for the Company. At the same time, we continued to carefully manage our operating resources, reducing cash used in operations compared with the prior-year period while maintaining our focus on completing the proposed transaction. We are now working with ASP Isotopes, Renergen, and Noble Africa toward satisfying the conditions necessary to complete the merger.”
Alexander Tokman, Chairman and Chief Executive Officer of ENDRA Life Sciences
