PetVivo Reports Fiscal Q2 2026 Results with Revenues up 50%
MINNEAPOLIS, MN, US, Nov. 14, 2025 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (OTCQX:PETV, OTC ID: PETVW)), through its wholly owned subsidiary Petvivo Animal Health, a leading biomedical company delivering innovative medical devices and therapeutics for equines and companion animals, reported results for its second quarter and first half of fiscal year 2026 ended September 30, 2025.
All comparisons are to the same year-ago period unless otherwise noted.
The company will hold a conference call today at 5:00 p.m. Eastern time to discuss the results for the quarter, followed by a question-and-answer session (see dial-in information below).
Fiscal Q2 Financial Highlights
- Revenues totaled $303,000, up 51% from the same year-ago quarter, and making it a record for a second fiscal quarter. The increase was primary due to the introduction of a new product line (PrecisePRP™), sales force and distributor expansion, as well the broadening of addressable market from the large equine market into the larger and faster-growing companion animal market.
- Despite the second fiscal quarter traditionally being the lowest quarter of the fiscal year, revenues increased from the previous quarter.
- National distributor network sales increased 35% to $237,000, representing 75% of total revenues. During and subsequent to the quarter, the company engaged additional distributors to further its domestic and international expansion.
- Gross profit increased from the same year ago quarter by 18% to $220,000 with gross margin of 72.6%. Gross margin improved from 63.8% in the previous quarter.
- Operating loss increased 12% to $2.1 million, due to increased sales and marketing expenses as the company rolled out the new PrecisePRP™ product line.
- Net loss increased 31% to $3.0 million or $(0.11) per basic and diluted share. Excluding interest expense (debt discount), net loss improved 6% to $2.1 million.
- Total liabilities decreased 79% to $1.1 million at September 30, 2025, from $5.1 million at March 31, 2025.
- Cash totaled $768,000 on September 30, 2025, compared to $228,000 on March 31, 2025, with the increase primarily due to financing activities.
Fiscal Q2 Operational Highlights
- Uplisted public trading of the company's common stock from the OTCQB® Venture Market to the OTCQX Best Market, the OTC Markets Group's highest-level tier. To qualify for the OTCQX®, public companies must meet high financial standards, follow corporate governance best practices, and demonstrate compliance with securities regulations.
- Entered the European marketplace with the engagement of Nupsala Group to inventory, market and promote throughout the United Kingdom PetVivo's Spryng with OsteoCushion technology, an intra-articular injectable veterinary medical device consisting of sterilized, extra-cellular matrix microparticles.
Nupsala Group is a leading UK-based veterinary group that operates as both a veterinary wholesaler and referral provider, with a specialization in musculoskeletal (MSK) health, orthobiologics, and regenerative medicine for companion animals and horses.
Initial order has shipped, and the official education and training of Nupsala's sale force is scheduled to begin mid-January. This new international engagement follows PetVivo's first entrance into the international market with Eq Especialidades, which was engaged in the previous quarter to distribute PetVivo products in Mexico.
- Exhibited at the Texas Equine Veterinary Association 2025 Summer CE Symposium in July where the company demonstrated the research-backed benefits of Spryng to leading veterinarian sports medicine and rehabilitation experts. Such events help drive the greater adoption of Spryng by expanding awareness among key decision-makers of its effectiveness in the management of osteoarthritis in animals.
- Presented at the Life Sciences Virtual Investor Forum, a leading investor conference series hosted by the OTC Markets Group which provides an interactive forum for publicly traded companies to present directly to investors. The company's presentation is available for viewing here.
- Launched three new continuing education (CE) courses for veterinary professionals designed to help deepen their expertise in osteoarthritis (OA), joint injection techniques, and regenerative modalities for canine and equine patients.
- Advanced the company's transformative strategic alliance with Digital Landia, a pioneer in Agentic artificial intelligence (AI) solutions. The collaboration centers on Digital Landia's revolutionary AI technology that deciphers, at 97% accuracy, equine and companion animal behavior and communication through real-time analysis of vocalizations, body language, and physiological signals captured via a smartphone camera. This next generation of AI-powered technology has been integrated with PetVivo's veterinary products as a first-of-kind global pet care ecosystem. Beta testing continues, with official commercial launch planned in the near future.
- Continued to ramp up the sales and marketing of PrecisePRP™, a proprietary and revolutionary allogeneic platelet rich plasma (PRP) regenerative product for horses and dogs. Sold under a new exclusive licensing and supply agreement with VetStem signed in February 2025, the product has been receiving favorable reports from veterinarians regarding its ease-of-use.
- Advanced the new strategic collaboration with Commonwealth Markets, the syndicated ownership group behind the 2023 Kentucky Derby winner. Commonwealth has now integrated both Spryng and PrecisePRP™ into the care protocols of its top-tier thoroughbred stable now that PrecisePRP™ has been approved for equine sales. These two products are now being used as a preventative measure and as a management solution to promote joint health, extend performance longevity, and support recovery in high-impact training and racing environments.
Subsequent Events
- Joined forces with Veterinary Growth Partners (VGP), a management services organization (MSO) that supports veterinary practices by offering practice management and marketing tools, consulting, and vendor relationships that help them improve the efficiency and profitability of their operations. VGP has committed to actively promoting PetVivo's Spryng with OsteoCushion Technology and PrecisePRP™ to its expansive member network of more than 7,300 veterinary clinic members across the U.S.
- Signed an exclusive 10-year white-label licensing agreement with Digital Landia Holding Corp for its breakthrough next-generation Agentic Pet AI technology. The underlying technology features five patent-pending innovations with nine specialized diagnostic agents.
The Agentic Pet AI technology addresses two critical challenges facing the veterinary industry: skyrocketing client acquisition costs and the difficulties in capturing the exploding Gen Z pet parent demographic. The implementation of the Agentic Pet AI technology has the potential to deliver a 90% - 98% reduction in client acquisition costs, lowering it from $50 - $150+ per client to just $1.50 - $5.00 per targeted outreach, while simultaneously providing veterinary practices with unprecedented access to this fast-growing segment of Gen Z pet parents.
The official launch is planned in the near future, when it will introduce the Digital Landia's Agentic Pet B2C app fully integrated with PetVivo's new B2B platform.
- Digital Landia announced the publication of a comprehensive technical whitepaper documenting the Agentic Pet AI Framework that will power PetVivo's B2B veterinary-practice platform. The whitepaper validates the technical foundation underlying the platform. It provides veterinary professionals, investors, and industry stakeholders with detailed visibility into the multi-agent artificial intelligence architecture which will enable transformative clinical and economic benefits for veterinary practices.
- Completed Stage A of the company's strategic partnership with PiezoBioMembrane, a spin-off from the University of Connecticut that is pioneering biodegradable piezoelectric materials for implantable and regenerative applications. The partnership is advancing the research and development of revolutionary functional biomaterials designed to promote regeneration, restoration and/or remodeling of damaged or injured tissue and bone in animals and humans.
Stage A of the three-phase joint research and development project successfully determined that materials of the partners' respective products can be combined into a single offering that demonstrated piezoelectric activity which may provide therapeutic benefits to animals and humans.
Stage B, now underway, will determine if the combined product can be mass produced at scale and demonstrate a preliminary indication of safety for administration in animals. Stage C, which is expected to begin in the second calendar quarter of next year, will determine definitive safety and efficacy.
- Appointed Josh Ruben to PetVivo's board of directors, bringing to PetVivo a wealth of experience in healthcare and life sciences finance, capital markets and corporate strategy, along with a proven track record in the execution of multi-billion-dollar M&A and capital transactions. His deep understanding of the life sciences industry and strategic insights into growth-stage companies, like PetVivo, will be invaluable as the company continues to expand its market presence. Ruben currently serves as the managing director of Life Sciences at Trinity Capital, focused on venture lending to healthcare companies. He previously served in financial director roles with RBC Capital Markets and Wells Fargo Securities.
Management Commentary
"Our strong growth for the quarter demonstrates the success of our overall strategy for driving greater adoption of our flagship animal osteoarthritis veterinary medical device, Spryng with OsteoCushion Technology," commented PetVivo CEO, John Lai. "This record performance for a second fiscal quarter also reflects the increasing awareness of PrecisePRP™ for the treatment of osteoarthritis in animals that can be administered alongside Spryng."
"The combination of Spryng with PresisePRP™ has received very favorable reports from veterinarians regarding the ease-of-use of these products and their effectiveness. We expect PrecisePRP™ revenue to increase at an accelerated pace with the recent reintroduction to the equine market of PrecisePRP™ for horses."
"We also advanced the research, development and use of other technologies which we gained from the new major partnerships formed over the last several months. These innovative technologies, which includes PrecisePRP™, involve diagnostics and medical treatments that will be transformative for our platform and especially for the veterinarians and pet owners we serve."
"Since the market introduction of Spryng in late 2021, it has now been used by more than 1,200 veterinary clinics across all 50 states. Now with the recent addition of our first distributor in Europe, which soon followed from our first international distributor we signed in Mexico, we can include several additional international clinics who are now using Spryng."
"The continued growth in distributor sales, combined with the expansion of our in-house sales force and product offerings, has made it one of our best quarters yet. On a first half comparative basis, revenues were up 85% to more than $600,000, marking our best first fiscal half ever."
"During the quarter we also advanced our new strategic collaboration with Commonwealth Markets, who has integrated Spryng and PrecisePRP™ into the care protocols of a number of their top-tier thoroughbred stables. By combining our clinical expertise and commercial capabilities with Commonwealth's vast network, we can provide more veterinarians with cutting-edge, effective solutions that enhance recovery and long-term soundness in competitive horses."
"As we began our third fiscal quarter, we scored a number of major wins. This includes the new engagement of Veterinary Growth Partners, a management services organization that supports veterinary practices. They have committed to actively promoting Spryng and PrecisePRP™ to their expansive member network of more than 7,300 veterinary hospital clinic members across the U.S."
"Also following the end of the quarter, we signed an exclusive 10-year white-label licensing agreement with Digital Landia for its patented breakthrough next-generation Agentic Pet AI technology. Our efforts with Digital Landia are now focused on integrating this amazing technology into our platform as a first-of-kind global pet care ecosystem. By aligning our clinically proven therapies with such powerful AI technology, we believe PetVivo is uniquely positioned at the intersection of AI innovation and veterinary care."
"This week, Digital Landia announced the publication of a comprehensive technical whitepaper documenting the Agentic Pet AI Framework that will power our new PetVivo B2B veterinary-practice platform. Given the strength of this report, we expect our PetVivo AI solution to rival mainstream AI applications in terms of adoption rates, and thereby create tremendous visibility for our brands and technologies. We anticipate the official commercial launch to take place during our fiscal fourth quarter, which will introduce both Digital Landia's Agentic Pet B2C app and our new B2B platform."
"We were excited to announce the appointment of Josh Ruben to our board of directors. Josh brings to us a tremendous wealth of experience in healthcare and life sciences finance, capital markets and corporate strategy. We expect his deep understanding of the life sciences industry and strategic insights into growth-stage companies will prove invaluable as we continue to grow and expand our market presence in the veterinary markets and begin to explore the introduction of our products to the human markets. Mr. Ruben is a Managing Director for Trinity Capital and formerly of RBC Capital Markets and Wells Fargo Securities."
"In the first fiscal quarter of the year, we established a strategic partnership with PiezoBioMembrane, a pioneer in biodegradable piezoelectric materials designed for implantable and regenerative applications. The combination of our two technologies, Spryng and PiezobioMembrane's piezoelectric material, is creating an exciting new future for PetVivo, one that we believe will be transformative for not only our growth outlook but also for veterinarians and their many precious patients."
"So far, our three-stage joint research and development project has successfully demonstrated that materials from our mutual products can be combined into a single offering which can generate piezoelectric activity that provides therapeutic benefits to animals and humans. The next stage is now underway to determine if our combined products can be mass produced at scale and demonstrate a preliminary indication of safety for administration in animals. The final stage is expected to begin in the second calendar quarter of next year which will determine definitive safety and efficacy."
"Altogether, our latest new technologies have created an exciting future for PetVivo that is transformative to not only veterinarians and the patients they serve, but potentially for humans as well. Looking ahead, we expect to see continued strong sales momentum and market penetration for the duration of fiscal 2026 and beyond."
"In fact, we have never been in a better position to accelerate our growth and expand across high growth markets. The U.S. animal health market is expected to double to $11.3 billion by 2030. Such massive growth is rare for such an already large industry, and it provides us amazing tailwinds."
"For the full fiscal year ending March 31, 2026, we continue to see another year of record growth and improving bottom line as we continue to expand the use of Spryng and PrecisePRP™, as well advance our other new products on our expanding medical therapeutics platform."
"The third and fourth quarters of the fiscal year have been traditionally the strongest, particularly given the increase in annual industry events during the third fiscal quarter that typically drive greater product awareness and new orders."
"As we continue to grow and expand over the coming quarters, we will remain committed to advancing the best in pet health solutions and ensuring our products reach more veterinary professionals and pet owners, with our success in these efforts driving greater value for our stakeholders."
Fiscal Q2 2026 Financial Summary
Revenues for the second quarter of fiscal 2026 ending September 30, 2025, increased 51% to $303,000. The growth was due to primarily to the new product offerings of PrecisePRP™, continued expansion from the large equine market into the larger and faster-growing companion animal market, as well as expansion of the company's sales force and distributor network.
Distributor sales increased 35% to $237,000, representing 75% of total revenues.
Gross profit totaled $220,000 or 72.6% of revenues, an increase of 23% from $180,000 or 89.5% of revenues in the same year-ago quarter. The decrease in gross margin was due to the addition of the PrecisePRP™ products.
Operating expenses decreased 3% to $2.3 million from $2.4 million in the year-ago quarter. The reduction in operating expenses was primarily due to reduced research and development costs.
Net loss totaled $3.0 million or $(0.11) per basic and diluted share, increasing 36% from a net loss of $2.2 million or $(0.11) per basic and diluted share in the same year-ago quarter. The increase is due to an increase in interest expense from debt discount, due to the conversion of promissory notes on September 30, 2025. Excluding $942,000 of debt discount (recorded as interest expense), net loss improved 5% to $2.1 million.
Net cash used in operating activities increased to $3.8 million from $3.1 million in the same year-ago quarter. The increase was primarily due to an increase in inventory purchases of the company's new PrecisePRP™ product line to meet growing demand and trade vendors settlement payments, as accounts payables decreased substantially during the second fiscal quarter.
Cash totaled $768,000 at September 30, 2025, compared to $228,000 at March 31, 2025, with the increase primarily due to financing activities.
Total liabilities decreased 79% to $1.1 million at September 30, 2025, from $5.1 million at March 31, 2025, with the decrease primarily due to the extinguishment of derivative liabilities related to convertible notes, reduction in accounts payables due to settlement payments with trade vendors and the conversion of convertible promissory notes to common stock.
For a more detailed overview of the company's financials, see the consolidated statements of operations and consolidated balance sheet below.
Fiscal 2026 Outlook
For the full fiscal year ending March 31, 2026, management continues to anticipate another year of record growth and improving bottom line as it continues to expand the use of Spryng with OsteoCushion Technology and PrecisePRP™, as well as other new products offered by PetVivo's medical therapeutics platform.
The third and fourth quarters of our fiscal year have been traditionally the strongest for the company, particularly given the increase in annual industry events during these periods which typically drive greater product awareness, customer interaction and new orders.
Conference Call
PetVivo management will host a conference call later today to discuss these results, followed by a question-and-answer period.
Date: Friday, November 14, 2025
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: +1 669 444 9171
Conference ID: 87234562707
Passcode: 396948
Webcast (live and replay): Click Here
A replay of the webcast will be available through the same link following the conference call.
The conference call webcast is also available via a link in the Investors section of the company's website at petvivo.com/investors.
About PetVivo Holdings
PetVivo Holdings Inc. (OTCQX:PETV, OTCID: PETVW)), in cooperation with its wholly owned subsidiary PetVivo Animal Health, Inc., is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals.
The company's strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a robust pipeline of products for the treatment of animals and people. A portfolio of twelve patents and six trade secrets protect the Company's biomaterials, products, production processes and methods of use. The Company's lead products Spryng with OsteoCushion technology, a veterinarian-administered, intra-articular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses, and PrecisePRP®, a first-in-class, off-the-shelf, platelet-rich plasma (PRP) product designed for use by veterinarians, are currently available for commercial sale.
To learn more, visit petvivo.com or sprynghealth.com.
Disclosure Information
PetVivo uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company's Investor Relations website, in addition to following the company's press releases, SEC filings, public conference calls, presentations and webcasts.
Forward-Looking Commercial Statements
The foregoing information regarding PetVivo Holdings, Inc. (the "Company") may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company's proposed development and commercial timelines, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company's business are described in detail in the Company's Annual Report on Form 10-K for the year ended March 31, 2025 and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact
John Lai, CEO
PetVivo Holdings, Inc.
Email Contact
Tel (952) 405-6216
PETVIVO HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 303,284 | $ | 200,720 | $ | 600,784 | $ | 324,470 | ||||||||
| Cost of Sales | 83,226 | 21,162 | 194,000 | 34,156 | ||||||||||||
| Gross Profit | 220,058 | 179,558 | 406,784 | 290,314 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Sales and Marketing | 787,262 | 620,307 | 1,408,974 | 1,154,720 | ||||||||||||
| Research and Development | 261,433 | 465,174 | 601,946 | 852,689 | ||||||||||||
| General and Administrative | 1,236,730 | 1,267,117 | 2,305,548 | 2,500,378 | ||||||||||||
| Total Operating Expenses | 2,285,425 | 2,352,598 | 4,316,468 | 4,507,787 | ||||||||||||
| Operating Loss | (2,065,367 | ) | (2,173,040 | ) | (3,909,684 | ) | (4,217,473 | ) | ||||||||
| Other (Expense) Income | ||||||||||||||||
| Loss on Disposal of Assets | - | - | (149,125 | ) | - | |||||||||||
| Unrealized Loss on Change in Derivative Liabilities | - | - | (320,404 | ) | - | |||||||||||
| Other Income | - | - | 111,518 | - | ||||||||||||
| Interest Income | - | - | 13,099 | - | ||||||||||||
| Interest Expense | (942,442 | ) | (2,453 | ) | (1,064,250 | ) | (5,083 | ) | ||||||||
| Total Other Income (Expense) | (942,442 | ) | (2,453 | ) | (1,409,162 | ) | (5,083 | ) | ||||||||
| Loss before taxes | (3,007,809 | ) | (2,175,493 | ) | (5,318,846 | ) | (4,222,556 | ) | ||||||||
| Income Tax Provision | - | - | - | - | ||||||||||||
| Net Loss | (3,007,809 | ) | (2,175,493 | ) | (5,318,846 | ) | (4,222,556 | ) | ||||||||
| Less: Series B Preferred Stock Dividends | (125,000 | ) | - | (153,603 | ) | - | ||||||||||
| Net Loss Available to Common Stockholders | $ | (3,132,809 | ) | $ | (2,175,493 | ) | $ | (5,472,449 | ) | $ | (4,222,556 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic and Diluted | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.21 | ) | $ | (0.22 | ) | ||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||
| Basic and Diluted | 27,579,136 | 20,099,095 | 25,949,915 | 19,395,401 | ||||||||||||
See accompanying notes to these unaudited condensed consolidated financial statements.
PETVIVO HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| September 30, 2025 | March 31, 2025 | |||||||
| Assets: | ||||||||
| Current Assets | ||||||||
| Cash | $ | 767,914 | $ | 227,689 | ||||
| Accounts receivable, net of allowance for credit losses | 137,999 | 60,573 | ||||||
| Subscriptions receivable | - | 4,400,000 | ||||||
| Inventory (Note 2) | 578,293 | 323,504 | ||||||
| Investments | 150,000 | 150,000 | ||||||
| Prepaid expenses and other assets (Note 3) | 475,517 | 447,801 | ||||||
| Total Current Assets | 2,109,723 | 5,609,567 | ||||||
| Property and Equipment, net (Note 4) | 482,885 | 766,874 | ||||||
| Other Assets: | ||||||||
| Operating lease right-of-use | 86,318 | 961,539 | ||||||
| Patents and trademarks, net (Note 5) | 21,624 | 23,725 | ||||||
| Licensing Agreements, net (Note 6) | 2,544,889 | 1,950,000 | ||||||
| Security deposit | 12,830 | 27,490 | ||||||
| Total Other Assets | 2,665,661 | 2,962,754 | ||||||
| Total Assets | $ | 5,258,269 | $ | 9,339,195 | ||||
| Liabilities and Stockholders' Equity: | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 370,243 | $ | 821,081 | ||||
| Accrued expenses (Note 7) | 618,736 | 948,554 | ||||||
| Operating lease liabilities – current portion | 63,715 | 163,834 | ||||||
| Notes payable and accrued interest – current portion (Note 8) | - | 312,865 | ||||||
| Convertible notes payable and accrued interest, net of debt discount of $0 and $149,644 (Note 9) | - | 1,622,377 | ||||||
| Derivative liabilities | - | 448,089 | ||||||
| Total Current Liabilities | 1,052,694 | 4,316,800 | ||||||
| Other Liabilities | ||||||||
| Operating lease liabilities (net of current portion) | 22,603 | 797,705 | ||||||
| Notes payable and accrued interest (net of current portion) (Note 9) | - | 5,442 | ||||||
| Total Other Liabilities | 22,603 | 803,147 | ||||||
| Total Liabilities | 1,075,297 | 5,119,947 | ||||||
| Commitments and Contingencies (see Note 11) | ||||||||
| Stockholders' Equity: (Note 13) | ||||||||
| Preferred Stock, par value $0.001, 20,000,000 shares authorized: | ||||||||
| Series A Preferred stock: 0 and 3,045,000 shares issued and outstanding at September 30, 2025 and March 31, 2025 | - | 3,045 | ||||||
| Series B Preferred stock: 5,000,000 shares issued and outstanding at September 30, 2025 and March 31, 2025 | 5,000 | 5,000 | ||||||
| Common Stock, par value $0.001, 250,000,000 shares authorized, 32,954,679 and 24,181,537 issued and outstanding at September 30, 2025 and March 31, 2025, respectively | 32,955 | 24,182 | ||||||
| Additional Paid-In Capital | 100,815,956 | 95,385,511 | ||||||
| Accumulated Deficit | (96,670,939 | ) | (91,198,490 | ) | ||||
| Total Stockholders' Equity | 4,182,972 | 4,219,248 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 5,258,269 | $ | 9,339,195 | ||||
See accompanying notes to these unaudited condensed consolidated financial statements.
