Revenue Analysis¶
Revenue trajectory, growth drivers, seasonality/lumpiness, and sustainability assessment. Refreshed April 29, 2026 from new financial uploads.
Revenue by Year / Source¶
| Year / Period | Revenue | YoY / Period Growth | Source |
|---|---|---|---|
| 2022 | $1,436,143 | n/a | 2022 compiled financial statements |
| 2023 | $1,668,465 | +16.2% | 2023 compiled financial statements |
| 2023 | $1,703,006 | n/a | 2023 federal tax return |
| 2024 | $1,997,347 | +19.7% vs 2023 compiled | 2024 compiled financial statements / tax return |
| 2025 | $3,617,208 | +81.1% vs 2024 | 2025 monthly P&L workbook |
| 2025 | $3,707,280 | +85.6% vs 2024 | 2025 federal tax return |
| 2025 | $3,892,993 | +94.9% vs 2024 | 2025 full-year P&L PDF |
| Q1 2026 | $1,522,053 | +226% vs Q1 2025 | Q1 2026 P&L workbook |
Core point: regardless of source, 2025 revenue approximately doubled from 2024, and Q1 2026 is materially ahead of Q1 2025.
Monthly Revenue Pattern¶
2024 Monthly Revenue¶
| Month | Revenue | Net Income |
|---|---|---|
| Jan 2024 | $90,452 | ($26,590) |
| Feb 2024 | $47,548 | ($60,908) |
| Mar 2024 | $300,903 | $161,192 |
| Apr 2024 | $87,370 | ($122,652) |
| May 2024 | $224,982 | $107,040 |
| Jun 2024 | $91,991 | ($31,872) |
| Jul 2024 | $98,374 | $5,165 |
| Aug 2024 | $213,645 | $10,305 |
| Sep 2024 | $60,637 | ($109,114) |
| Oct 2024 | $292,946 | $192,825 |
| Nov 2024 | $154,228 | ($24,186) |
| Dec 2024 | $322,272 | $105,884 |
| Total | $1,985,347 | $207,090 |
2025 Monthly Revenue¶
| Month | Revenue | Net Income |
|---|---|---|
| Jan 2025 | $295,383 | $142,224 |
| Feb 2025 | $140,244 | ($35,717) |
| Mar 2025 | $31,386 | ($133,223) |
| Apr 2025 | $296,681 | $155,675 |
| May 2025 | $54,812 | ($97,291) |
| Jun 2025 | $715,610 | $446,974 |
| Jul 2025 | $242,577 | $52,341 |
| Aug 2025 | $207,064 | ($34,634) |
| Sep 2025 | $22,722 | ($152,174) |
| Oct 2025 | $946,411 | $383,882 |
| Nov 2025 | $349,157 | $65,919 |
| Dec 2025 | $315,161 | ($313,161) |
| Total | $3,617,208 | $480,814 |
Interpretation: JMS is not a smooth monthly-revenue business. Billing and cost recognition are highly lumpy. Revenue analysis should use rolling quarters, backlog, and job-level gross margin rather than single months.
Q1 2026 vs Q1 2025¶
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | $467,013 | $1,522,053 | +226% |
| Gross Profit | $115,320 | $1,005,640 | +772% |
| Net Income | ($26,717) | $849,046 | +$875,762 |
Implication: the 2025 jump appears to be continuing into 2026. This substantially improves the case for sustainability, subject to backlog and job-margin verification.
2025 Revenue Jump - What Happened?¶
The prior deal materials indicated LANL/defense-related demand was the primary driver. The new documents support that conclusion by showing:
- A clear 2025 step-up across monthly P&Ls.
- Very large revenue months in June 2025 and October 2025.
- Strong Q1 2026 performance, which reduces the risk that 2025 was a one-time spike.
2026 Bid Pipeline & Customer Diversification¶
Previously captured facts still matter:
- 2026 bid pipeline: $1,444,006
- Bids won: $430,686
- Bids still open: $1,013,326
- Current backlog: approximately $1M under PO
- Cash conversion cycle: approximately 60 days from RFQ to cash collection
- Pricing: fixed-price quotes, no adjustable/escalation clauses
- LANL diversification: 49 distinct requestors within LANL in 2025
Revenue Quality Questions¶
The new financials sharpen the diligence questions:
- What was the customer/job mix behind June 2025, October 2025, and Q1 2026?
- Are Q1 2026 costs complete and accrued, especially materials/subcontract costs?
- How much of Q1 2026 revenue came from completed jobs vs progress billing or timing effects?
- What is April 2026 revenue, gross margin, and backlog?
- What is gross margin by job family/customer/work type?
- What portion of 2026 revenue is firm PO/backlog vs bid pipeline?