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Corvane Industries, Inc.

Management report · August 2026

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Corvane Industries, Inc. · August 2026

Overview

Highlights

  • Consolidated Aug revenue was $36.03M, up $2.31M (7%) from Jul, with a net income of $1.51M.
  • Corvane Aftermarket Services LLC ($2.63M) and Corvane Manufacturing LLC ($2.53M) were the main contributors, offset by losses at Corvane Industries, Inc. ($3.26M), Corvane Connect LLC ($299.5K) and Corvane Distribution LLC ($88.2K).
  • Year to date, net income is $3.19M (29%) behind budget; revenue $2.08M (1%) behind it.
  • By company: Corvane Manufacturing LLC −$4.32M, Corvane Industries, Inc. −$2.51M, Corvane Connect LLC +$2.02M and Corvane Aftermarket Services LLC +$1.60M.
  • Consolidated cash ended at $71.18M, down $1.87M (3%) from Jul: operating −$1.48M, investing −$799.5K and financing +$410.0K.
  • The line of credit stands at $67.26M, unchanged from Jul and up $6.54M (11%) from December.
Consolidated, last 12 months $ thousandsRevenueExpensesNet income
$50M$25M$0Sep · Revenue: $35.12MOct · Revenue: $33.67MNov · Revenue: $34.35MDec · Revenue: $36.83MJan · Revenue: $33.04MFeb · Revenue: $33.92MMar · Revenue: $38.14MApr · Revenue: $34.26MMay · Revenue: $35.16MJun · Revenue: $37.97MJul · Revenue: $33.71MAug · Revenue: $36.03MSep · Expenses: $13.47MOct · Expenses: $13.17MNov · Expenses: $13.03MDec · Expenses: $13.30MJan · Expenses: $13.13MFeb · Expenses: $13.42MMar · Expenses: $14.03MApr · Expenses: $13.40MMay · Expenses: $13.86MJun · Expenses: $16.35MJul · Expenses: $13.56MAug · Expenses: $13.61MSep · Net income: $1.43MOct · Net income: $1.03MNov · Net income: $1.43MDec · Net income: $2.22MJan · Net income: $718KFeb · Net income: $1.02MMar · Net income: $2.41MApr · Net income: $812KMay · Net income: $858KJun · Net income: $194KJul · Net income: $459KAug · Net income: $1.51MSepOctNovDecJanFebMarAprMayJunJulAug
Ending cash, last 12 months $ thousandsCash
$100M$50M$0Sep · Cash: $60.44MOct · Cash: $62.82MNov · Cash: $68.70MDec · Cash: $65.54MJan · Cash: $76.56MFeb · Cash: $76.00MMar · Cash: $66.48MApr · Cash: $69.68MMay · Cash: $66.58MJun · Cash: $62.39MJul · Cash: $73.05MAug · Cash: $71.18MSepOctNovDecJanFebMarAprMayJunJulAug

Open a line with ▸ to see the companies and accounts behind it.

Consolidated profit and loss $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
35,12533,66734,35436,82533,04433,92538,13634,25735,15537,97233,71436,029
19,18318,56318,85620,01418,40718,60120,33519,18919,56120,76518,94719,826
Gross profit15,94115,10415,49816,81114,63715,32317,80115,06815,59417,20814,76816,202
13,46713,17113,02613,30113,12513,42214,02813,39713,85816,34613,56113,608
Net ordinary income2,4741,9332,4723,5101,5121,9013,7731,6711,7368621,2072,594
384741415054504641423637
1,0859511,0791,3288449381,4189059207107841,117
Net income1,4271,0291,4342,2237181,0172,4058128581944591,514
Net margin4%3%4%6%2%3%6%2%2%1%1%4%
Net income before tax1,8771,3541,8872,9259441,3383,1651,0681,1292556041,992
EBITDA3,4382,8973,4364,4742,5112,9004,7722,6702,7351,8612,2063,593
EBITDA margin10%9%10%12%8%9%13%8%8%5%7%10%

The sum of the companies below, less intercompany eliminations.

Net income by company $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
2,1102,0642,0652,1422,5952,5182,5742,7272,5982,5922,5572,629
(575)(839)(552)(470)(518)(475)(393)(371)(700)(389)(282)(299)
(143)(80)(122)(200)(52)(98)(48)(85)(35)(100)(58)(88)
3,2712,9633,1914,3251,7452,3614,0131,8532,2083,6751,3192,533
(3,236)(3,080)(3,147)(3,573)(3,053)(3,290)(3,740)(3,313)(3,213)(5,585)(3,077)(3,261)
Total1,4271,0291,4342,2237181,0172,4058128581944591,514

A company inside another is shown beneath it and counted once, in its parent.

Consolidated full-year forecast $ thousands

Actualto Aug 26ForecastSep 26–Dec 26FY 26forecastBudgetFY 26vs budgetfav (unfav)FY 25actualvs last yearfav (unfav)
282,233152,902435,135440,167(5,031)394,03241,103
155,63083,478239,108237,165(1,944)219,622(19,486)
Gross profit126,60269,425196,027203,002(6,975)174,41021,617
111,34758,419169,765167,643(2,122)157,266(12,499)
Net ordinary income15,25611,00626,26235,359(9,097)17,1449,118
356154510540(30)536(26)
7,6363,48711,12314,1222,99910,544(579)
Net income7,9767,67315,64921,777(6,128)7,1368,513

The sum of each company's forecast, from its drivers (base scenario). Budget columns count only companies with a budget.

Consolidated forecast by month $ thousands

Aug 26actualSep 26forecastOct 26forecastNov 26forecastDec 26forecast
Revenue36,02938,38536,84637,56040,111
Cost of sales and expenses33,43535,53534,83635,22036,306
Other income less other expenses(1,080)(833)(833)(833)(833)
Net income1,5142,0171,1771,5072,971
Ending cash71,18471,64376,14977,64277,568

Ending cash carries net income, adds back depreciation, moves with the days customers take to pay and the days taken to pay suppliers, and includes the loan repayments, distributions and other cash items on the Forecast page.

Consolidated budget against actual $ thousands

ActualAug 26BudgetAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26BudgetYTD 26Variancefav (unfav)Var %YTD 26
36,02935,9131160%282,233284,308(2,075)(1%)
19,82619,408(419)(2%)155,630154,556(1,074)(1%)
Gross profit16,20216,505(303)(2%)126,602129,752(3,150)(2%)
13,60813,9052972%111,347110,542(804)(1%)
Net ordinary income2,5942,600(6)(0%)15,25619,210(3,954)(21%)
3745(8)(17%)356360(4)(1%)
1,1171,090(27)(3%)7,6368,4017659%
Net income1,5141,555(41)(3%)7,97611,169(3,193)(29%)
Net income before tax1,9922,046(53)(3%)10,49514,696(4,201)(29%)
EBITDA3,5933,599(6)(0%)23,24827,202(3,954)(15%)

The companies with a budget. Variances are favourable when positive.

Net income, budget to actual $ thousands

Aug 26monthYTD 26to Aug 26
Budgeted net income1,55511,169
(473)(4,324)
(51)(2,511)
2952,023
2161,599
(28)20
Actual net income1,5147,976

Each step is a company’s actual less its budget, as it moves net income; open one for its lines and accounts.

Consolidated reforecast against actual $ thousands

ActualAug 26ReforecastAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26ReforecastYTD 26Variancefav (unfav)Var %YTD 26
36,02936,340(312)(1%)282,233282,920(687)(0%)
19,82619,916900%155,630155,8332020%
Gross profit16,20216,424(222)(1%)126,602127,087(485)(0%)
13,60813,699911%111,347111,4611150%
Net ordinary income2,5942,725(131)(5%)15,25615,626(370)(2%)
3745(8)(17%)356373(17)(5%)
1,1171,151333%7,6367,729931%
Net income1,5141,620(106)(7%)7,9768,270(294)(4%)
Net income before tax1,9922,131(139)(7%)10,49510,882(386)(4%)
EBITDA3,5933,724(131)(4%)23,24823,618(370)(2%)

Against Q2 Reforecast 2026. Variances are favourable when positive.

Consolidated balance sheet $ thousands

Aug 26this monthJul 26last monthDec 25year endAug 25a year ago
Assets
71,18473,05365,53764,616
117,950113,627114,978106,354
Total current assets189,134186,681180,515170,970
90,06089,04480,71776,401
144,973145,190146,476147,092
Total assets424,167420,915407,708394,463
Liabilities
149,076147,787141,083132,751
90,34990,28592,94095,679
Total liabilities239,425238,072234,023228,430
Equity
176,766176,381166,550165,010
7,9766,4627,1361,023
Total equity184,742182,843173,686166,033
Total liabilities and equity424,167420,915407,708394,463
Working capital40,05838,89339,43238,219

The sum of the companies, less intercompany eliminations.

Consolidated cash flow, this month against last $ thousands

Aug 26Jul 26ChangeChange %
Beginning cash73,05362,38810,66517%
Net income1,5144591,055230%
(2,994)4,218(7,212)(171%)
Operating cash flow(1,480)4,677(6,157)(132%)
(800)(957)15816%
4106,945(6,535)(94%)
Change in cash(1,869)10,665(12,534)(118%)
71,18473,053(1,869)(3%)

Consolidated cash flow $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
Beginning cash64,61660,43762,81568,70465,53776,56175,99766,47669,67866,57662,38873,053
Net income1,4271,0291,4342,2237181,0172,4058128581944591,514
(3,422)1,522(781)(3,362)10,549(893)(9,750)2,892(3,138)(2,188)4,218(2,994)
Operating cash flow(1,995)2,551653(1,139)11,266124(7,345)3,704(2,281)(1,994)4,677(1,480)
(1,094)(582)(1,086)(939)(652)(1,099)(1,087)(911)(1,231)(1,104)(957)(800)
(1,090)4106,322(1,090)410410(1,090)410410(1,090)6,945410
Change in cash(4,179)2,3795,889(3,167)11,025(565)(9,521)3,202(3,102)(4,188)10,665(1,869)
60,43762,81568,70465,53776,56175,99766,47669,67866,57662,38873,05371,184

Ending cash by company $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
16,13516,26416,28716,20018,44617,09217,09817,09717,39917,25217,35617,192
6,3815,8086,5576,6099,5928,9736,7776,2876,9466,9737,7337,320
8,1488,2418,3378,3508,2148,4198,1808,4128,4588,7238,8178,965
18,27424,12426,27220,54428,26624,18318,03627,40022,53318,80127,89822,899
11,4988,37811,25013,83412,04417,33016,38510,48211,24010,63911,25014,808
Total60,43762,81568,70465,53776,56175,99766,47669,67866,57662,38873,05371,184

Line of credit $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
Opening balance54,80954,80954,80960,72160,72160,72160,72160,72160,72160,72160,72167,256
Drawdown / (paydown)005,91200000006,5350
Closing balance54,80954,80960,72160,72160,72160,72160,72160,72160,72160,72167,25667,256

Corvane Industries, Inc. · August 2026

Corvane Aftermarket Services LLC

  • Aug revenue was $8.93M, up $140.6K (2%) from Jul, driven by Field Service Revenue +$69.4K and Parts Sales +$67.3K.
  • Cost of sales was $4.36M, up $91.7K (2%) from Jul; the largest changes were Purchased Parts for Resale +$40.7K and Field Technician Labor +$27.8K.
  • Expenses were $1.94M, down $23.9K (1%) from Jul; the largest changes were Vehicle Expense −$10.8K and Travel - Airfare −$8.9K.
  • Net income was $2.63M (29% margin), against $2.56M in Jul. Year to date: $20.79M.
  • Cash ended Aug at $17.19M, down $163.5K (1%) from Jul: operating +$2.27M, investing −$104.0K and financing −$2.33M. Largest movements outside operations: Due to Corvane Industries (IC) (Intercompany) −$2.33M, Computer Equipment (Fixed Assets) −$123.0K and Accumulated Depreciation (Fixed Assets) +$19.0K.
  • Year to date, revenue is $2.63M (4%) ahead of budget, expenses $89.9K under it, and net income $1.60M ahead of it.
  • The largest variances in Aug: Parts Sales $301.7K favourable, Purchased Parts for Resale $196.6K unfavourable and Field Service Revenue $52.2K favourable.
  • Year to date, the largest: Parts Sales $2.60M favourable, Purchased Parts for Resale $1.40M unfavourable and Field Technician Labor $316.7K favourable.
Profit and loss, last 12 months $ thousandsRevenueExpensesNet income
$10M$5M$0Sep · Revenue: $7.81MOct · Revenue: $7.82MNov · Revenue: $7.78MDec · Revenue: $7.94MJan · Revenue: $8.65MFeb · Revenue: $8.67MMar · Revenue: $8.71MApr · Revenue: $8.93MMay · Revenue: $8.83MJun · Revenue: $8.89MJul · Revenue: $8.79MAug · Revenue: $8.93MSep · Expenses: $1.87MOct · Expenses: $1.85MNov · Expenses: $1.89MDec · Expenses: $1.88MJan · Expenses: $1.89MFeb · Expenses: $1.94MMar · Expenses: $1.92MApr · Expenses: $1.93MMay · Expenses: $1.96MJun · Expenses: $1.96MJul · Expenses: $1.96MAug · Expenses: $1.94MSep · Net income: $2.11MOct · Net income: $2.06MNov · Net income: $2.06MDec · Net income: $2.14MJan · Net income: $2.60MFeb · Net income: $2.52MMar · Net income: $2.57MApr · Net income: $2.73MMay · Net income: $2.60MJun · Net income: $2.59MJul · Net income: $2.56MAug · Net income: $2.63MSepOctNovDecJanFebMarAprMayJunJulAug

Key financial metrics $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
7,8087,8197,7847,9418,6518,6668,7128,9298,8278,8888,7898,930
Net income2,1102,0642,0652,1422,5952,5182,5742,7272,5982,5922,5572,629
Operating cash flow1,8011,8871,8671,8073,9762,3261,9792,3182,4992,3242,4252,269
16,13516,26416,28716,20018,44617,09217,09817,09717,39917,25217,35617,192
9,5909,6049,5599,75910,65810,67710,73511,01010,88010,95810,83311,011
(2,060)(3,714)(5,446)(7,263)(8,912)(12,516)(14,366)(16,584)(18,711)(21,089)(23,315)(25,644)

Profit and loss $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
22,79322,93423,30323,54392,5738,6518,6668,7128,9298,8278,8888,7898,93070,392
11,20311,35111,54411,65045,7484,1624,2074,2164,2754,2654,3324,2734,36534,096
Gross profit11,59011,58211,75911,89446,8254,4894,4594,4954,6544,5614,5564,5164,56536,296
5,5585,5445,5535,62222,2781,8941,9401,9211,9261,9631,9641,9601,93615,505
Net ordinary income6,0316,0386,2066,27124,5482,5952,5182,5742,7272,5982,5922,5572,62920,792
Net income6,0316,0386,2066,27124,5482,5952,5182,5742,7272,5982,5922,5572,62920,792
Net margin27%26%27%27%27%30%29%30%31%29%29%29%29%30%
EBITDA6,0886,0956,2636,32824,7762,6142,5372,5932,7462,6172,6112,5762,64820,944
EBITDA margin27%27%27%27%27%30%29%30%31%30%29%29%30%30%

Profit and loss, this month against last $ thousands

Aug 26Jul 26ChangeChange %
8,9308,7891412%
4,3654,273922%
Gross profit4,5654,516491%
1,9361,960(24)(1%)
Net ordinary income2,6292,557733%
Net income2,6292,557733%
Net margin29%29%0 pts
EBITDA2,6482,576733%
EBITDA margin30%29%0 pts

Full-year forecast $ thousands

Actualto Aug 26ForecastSep 26–Dec 26FY 26forecastBudgetFY 26vs budgetfav (unfav)FY 25actualvs last yearfav (unfav)
70,39235,958106,350102,6273,72392,57313,777
34,09617,54451,63949,899(1,741)45,748(5,892)
Gross profit36,29618,41454,71052,7281,98246,8257,885
15,5057,91223,41623,57215622,278(1,139)
Net ordinary income20,79210,50231,29429,1562,13824,5486,746
Net income20,79210,50231,29429,1562,13824,5486,746

Actuals to August 2026, then driver-based, base scenario; 60 assumptions not yet confirmed. Change the drivers on the Forecast page.

Forecast by month $ thousands

Aug 26actualSep 26forecastOct 26forecastNov 26forecastDec 26forecast
Revenue8,9308,9788,9648,9099,106
Cost of sales and expenses6,3016,3366,3506,3166,454
Net income2,6292,6422,6142,5942,652
Ending cash17,19219,81422,47225,13327,636

Ending cash carries net income, adds back depreciation, moves with the days customers take to pay and the days taken to pay suppliers, and includes the loan repayments, distributions and other cash items on the Forecast page.

Budget against actual $ thousands

ActualAug 26BudgetAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26BudgetYTD 26Variancefav (unfav)Var %YTD 26
8,9308,5763544%70,39267,7592,6344%
4,3654,186(179)(4%)34,09632,971(1,124)(3%)
Gross profit4,5654,3901754%36,29634,7871,5094%
1,9361,977412%15,50515,595901%
Net ordinary income2,6292,4132169%20,79219,1931,5998%
Net income2,6292,4132169%20,79219,1931,5998%
EBITDA2,6482,4322169%20,94419,3451,5998%

Against Budget 2026. Variances are favourable when positive: income above budget, costs below it.

Reforecast against actual $ thousands

ActualAug 26ReforecastAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26ReforecastYTD 26Variancefav (unfav)Var %YTD 26
8,9308,915150%70,39270,444(52)(0%)
4,3654,336(29)(1%)34,09634,106100%
Gross profit4,5654,578(13)(0%)36,29636,338(42)(0%)
1,9361,960241%15,50515,525200%
Net ordinary income2,6292,618110%20,79220,813(22)(0%)
Net income2,6292,618110%20,79220,813(22)(0%)
EBITDA2,6482,637110%20,94420,965(22)(0%)

Against Q2 Reforecast 2026. Variances are favourable when positive.

Balance sheet $ thousands

Aug 26this monthJul 26last monthDec 25year endAug 25a year ago
Assets
17,19217,35616,20016,277
20,92620,71019,37218,920
Total current assets38,11838,06635,57235,197
4,5214,4173,7773,351
Total assets42,63842,48239,34938,548
Liabilities
(14,001)(11,527)3,50111,082
Total liabilities(14,001)(11,527)3,50111,082
Equity
35,84835,84811,30011,300
Net income, year to date20,79218,16224,54816,166
Total equity56,63954,01035,84827,466
Total liabilities and equity42,63842,48239,34938,548
Working capital52,11849,59332,07024,116

Month-end balances. Equity includes net income for the year to date.

Cash flow $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
Beginning cash—11,08912,94316,135—16,20018,44617,09217,09817,09717,39917,25217,35616,200
Net income—6,0386,2066,271—2,5952,5182,5742,7272,5982,5922,5572,62920,792
—(716)(642)(710)—1,381(193)(595)(409)(99)(268)(132)(360)(675)
Operating cash flow—5,3235,5645,561—3,9762,3261,9792,3182,4992,3242,4252,26920,117
—(301)(312)(293)—(80)(76)(123)(101)(71)(94)(95)(104)(743)
—(3,167)(2,060)(5,203)—(1,650)(3,603)(1,850)(2,218)(2,127)(2,377)(2,226)(2,329)(18,381)
Change in cash—1,8543,19264—2,246(1,353)6(1)302(147)104(164)992
11,08912,94316,13516,20016,20018,44617,09217,09817,09717,39917,25217,35617,19217,192

Indirect, from the change in every balance sheet account between month-ends.

Cash flow, this month against last $ thousands

Aug 26Jul 26ChangeChange %
Beginning cash17,35617,2521041%
Net income2,6292,557733%
(360)(132)(228)(174%)
Operating cash flow2,2692,425(156)(6%)
(104)(95)(9)(9%)
(2,329)(2,226)(103)(5%)
Change in cash(164)104(267)(258%)
17,19217,356(164)(1%)

Expenses by category $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
3,0022,9962,9983,04112,0371,0301,0441,0261,0261,0511,0531,0461,0458,320
9129179329423,7033463473483573533563523572,816
8438208198283,3102542802842752972882872722,237
3333443403381,355111113114114113113116110905
3133123083101,243991071011049910510299817
666666662642222222222222222176
575757572281919191919191919152
323133401371397897171282
Total expenses5,5585,5445,5535,62222,2781,8941,9401,9211,9261,9631,9641,9601,93615,505

Expenses, this month against last $ thousands

Aug 26Jul 26ChangeChange %
1,0451,046(1)0%
35735262%
272287(15)(5%)
110116(6)(5%)
99102(3)(3%)
222200%
191900%
1217(5)(27%)
Total expenses1,9361,960(24)(1%)

Corvane Industries, Inc. · August 2026

Corvane Connect LLC

  • Aug revenue was $4.03M, up $74.6K (2%) from Jul, driven by SaaS Subscriptions +$86.1K and Usage & Overage −$13.5K.
  • Cost of sales was $709.7K, up $20.8K (3%) from Jul; the largest changes were Customer Support Labor +$9.1K and Hosting & Infrastructure +$9.1K.
  • Expenses were $3.62M, up $70.8K (2%) from Jul; the largest changes were Salaries & Wages +$53.2K and Travel - Airfare +$14.0K.
  • Net loss was $299.5K (−7% margin), against a loss of $282.4K in Jul. Year to date: a loss of $3.43M.
  • Cash ended Aug at $7.32M, down $413.1K (5%) from Jul: operating −$629.9K, investing −$79.3K and financing +$296.1K. Largest movements outside operations: Capitalized Software (Other Assets) −$278.3K, Accumulated Amortization - Software (Other Assets) +$185.0K and Due to Corvane Industries (IC) (Intercompany) +$161.1K.
  • Year to date, revenue is $429.6K (2%) ahead of budget, expenses $1.55M under it, and net income $2.02M ahead of it.
  • The largest variances in Aug: Salaries & Wages $172.5K favourable, SaaS Subscriptions $107.9K favourable and AI & Automation Tools $60.4K unfavourable.
  • Year to date, the largest: Salaries & Wages $1.46M favourable, SaaS Subscriptions $429.8K favourable and AI & Automation Tools $290.1K unfavourable.
Profit and loss, last 12 months $ thousandsRevenueExpensesNet income
$5M$0−$1MSep · Revenue: $3.13MOct · Revenue: $3.21MNov · Revenue: $3.27MDec · Revenue: $3.31MJan · Revenue: $3.38MFeb · Revenue: $3.49MMar · Revenue: $3.60MApr · Revenue: $3.64MMay · Revenue: $3.69MJun · Revenue: $3.77MJul · Revenue: $3.95MAug · Revenue: $4.03MSep · Expenses: $3.14MOct · Expenses: $3.47MNov · Expenses: $3.22MDec · Expenses: $3.18MJan · Expenses: $3.28MFeb · Expenses: $3.34MMar · Expenses: $3.36MApr · Expenses: $3.37MMay · Expenses: $3.73MJun · Expenses: $3.47MJul · Expenses: $3.55MAug · Expenses: $3.62MSep · Net income: −$575KOct · Net income: −$839KNov · Net income: −$552KDec · Net income: −$470KJan · Net income: −$518KFeb · Net income: −$475KMar · Net income: −$393KApr · Net income: −$371KMay · Net income: −$700KJun · Net income: −$389KJul · Net income: −$282KAug · Net income: −$299KSepOctNovDecJanFebMarAprMayJunJulAug

Key financial metrics $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
3,1323,2133,2683,3143,3823,4903,6013,6443,6923,7673,9524,027
Net income(575)(839)(552)(470)(518)(475)(393)(371)(700)(389)(282)(299)
Operating cash flow(925)(793)(1,071)(748)2,808(769)(1,968)(634)(682)(1,032)605(630)
6,3815,8086,5576,6099,5928,9736,7776,2876,9466,9737,7337,320
4,4984,6204,7024,7724,8735,0355,2015,2675,3395,4515,7285,840
5,7025,8307,6638,4978,6328,7728,5368,68210,00310,97511,13411,295

Profit and loss $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
7,9678,5279,1039,79635,3943,3823,4903,6013,6443,6923,7673,9524,02729,556
1,5411,6101,6701,7826,6036226296296466676846897105,277
Gross profit6,4266,9177,4348,01428,7912,7592,8612,9722,9983,0253,0833,2633,31724,279
9,3899,7149,4709,87638,4493,2773,3363,3653,3693,7253,4723,5463,61727,707
Net ordinary income(2,963)(2,797)(2,036)(1,862)(9,658)(518)(475)(393)(371)(700)(389)(282)(299)(3,428)
Net income(2,963)(2,797)(2,036)(1,862)(9,658)(518)(475)(393)(371)(700)(389)(282)(299)(3,428)
Net margin(37%)(33%)(22%)(19%)(27%)(15%)(14%)(11%)(10%)(19%)(10%)(7%)(7%)(12%)
EBITDA(2,426)(2,260)(1,499)(1,325)(7,510)(319)(276)(194)(172)(501)(190)(83)(100)(1,836)
EBITDA margin(30%)(27%)(17%)(14%)(21%)(9%)(8%)(5%)(5%)(14%)(5%)(2%)(3%)(6%)

Profit and loss, this month against last $ thousands

Aug 26Jul 26ChangeChange %
4,0273,952752%
710689213%
Gross profit3,3173,263542%
3,6173,546712%
Net ordinary income(299)(282)(17)(6%)
Net income(299)(282)(17)(6%)
Net margin(7%)(7%)0 pts
EBITDA(100)(83)(17)(20%)
EBITDA margin(3%)(2%)0 pts

Full-year forecast $ thousands

Actualto Aug 26ForecastSep 26–Dec 26FY 26forecastBudgetFY 26vs budgetfav (unfav)FY 25actualvs last yearfav (unfav)
29,55615,76545,32145,513(192)35,3949,927
5,2772,7978,0738,2601876,603(1,471)
Gross profit24,27912,96837,24737,253(6)28,7918,456
27,70714,25141,95844,8272,86938,449(3,508)
Net ordinary income(3,428)(1,282)(4,710)(7,574)2,864(9,658)4,948
Net income(3,428)(1,282)(4,710)(7,574)2,864(9,658)4,948

Actuals to August 2026, then driver-based, base scenario; 69 assumptions not yet confirmed. Change the drivers on the Forecast page.

Forecast by month $ thousands

Aug 26actualSep 26forecastOct 26forecastNov 26forecastDec 26forecast
Revenue4,0273,8293,8873,9824,068
Cost of sales and expenses4,3264,1594,2124,2994,378
Net income(299)(330)(325)(317)(310)
Ending cash7,3207,4377,2467,0236,815

Ending cash carries net income, adds back depreciation, moves with the days customers take to pay and the days taken to pay suppliers, and includes the loan repayments, distributions and other cash items on the Forecast page.

Budget against actual $ thousands

ActualAug 26BudgetAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26BudgetYTD 26Variancefav (unfav)Var %YTD 26
4,0273,9191083%29,55629,1264302%
710709(1)(0%)5,2775,318421%
Gross profit3,3173,2101073%24,27923,8084712%
3,6173,8041875%27,70729,2591,5525%
Net ordinary income(299)(594)29550%(3,428)(5,451)2,02337%
Net income(299)(594)29550%(3,428)(5,451)2,02337%
EBITDA(100)(395)29575%(1,836)(3,859)2,02352%

Against Budget 2026. Variances are favourable when positive: income above budget, costs below it.

Reforecast against actual $ thousands

ActualAug 26ReforecastAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26ReforecastYTD 26Variancefav (unfav)Var %YTD 26
4,0274,008191%29,55629,513430%
710709(0)(0%)5,2775,27820%
Gross profit3,3173,299191%24,27924,235440%
3,6173,631150%27,70727,744370%
Net ordinary income(299)(333)3310%(3,428)(3,509)812%
Net income(299)(333)3310%(3,428)(3,509)812%
EBITDA(100)(134)3325%(1,836)(1,917)814%

Against Q2 Reforecast 2026. Variances are favourable when positive.

Balance sheet $ thousands

Aug 26this monthJul 26last monthDec 25year endAug 25a year ago
Assets
7,3207,7336,6095,661
7,2407,1286,1725,764
Total current assets14,56014,86212,78111,425
820834932988
11,27311,18010,2969,672
Total assets26,65426,87624,00922,085
Liabilities
33,83933,89728,84725,026
Total liabilities33,83933,89728,84725,026
Equity
(3,758)(3,893)4,8204,280
Net income, year to date(3,428)(3,128)(9,658)(7,221)
Total equity(7,186)(7,021)(4,838)(2,941)
Total liabilities and equity26,65426,87624,00922,085
Working capital(19,279)(19,035)(16,066)(13,601)

Month-end balances. Equity includes net income for the year to date.

Cash flow $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
Beginning cash—5,9106,2226,381—6,6099,5928,9736,7776,2876,9466,9737,7336,609
Net income—(2,797)(2,036)(1,862)—(518)(475)(393)(371)(700)(389)(282)(299)(3,428)
—(689)155(750)—3,326(294)(1,575)(263)18(643)888(330)1,126
Operating cash flow—(3,486)(1,881)(2,612)—2,808(769)(1,968)(634)(682)(1,032)605(630)(2,302)
—(351)(322)(360)—(95)(125)(127)(136)(115)(48)(138)(79)(865)
—4,1502,3623,200—270275(101)2811,4561,1072932963,878
Change in cash—313159228—2,983(619)(2,196)(490)65927760(413)711
5,9106,2226,3816,6096,6099,5928,9736,7776,2876,9466,9737,7337,3207,320

Indirect, from the change in every balance sheet account between month-ends.

Cash flow, this month against last $ thousands

Aug 26Jul 26ChangeChange %
Beginning cash7,7336,97376011%
Net income(299)(282)(17)(6%)
(330)888(1,218)(137%)
Operating cash flow(630)605(1,235)(204%)
(79)(138)5943%
29629331%
Change in cash(413)760(1,173)(154%)
7,3207,733(413)(5%)

Expenses by category $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
6,2996,3076,3596,44225,4072,1452,1702,1912,1962,2682,3112,3422,39818,022
9591,2289441,1994,3313673833743476323473663573,172
5475695485492,2131821842182272342312362471,759
5375375375372,1481991991991991991991991991,592
3193413643921,4161351401441461481511581611,182
3603633453811,449125133113127116106117127965
3363363363361,344112112112112112112112112896
333436401421315141516151616119
Total expenses9,3899,7149,4709,87638,4493,2773,3363,3653,3693,7253,4723,5463,61727,707

Expenses, this month against last $ thousands

Aug 26Jul 26ChangeChange %
2,3982,342562%
357366(8)(2%)
247236115%
19919900%
16115832%
12711798%
11211200%
161601%
Total expenses3,6173,546712%

Corvane Industries, Inc. · August 2026

Corvane Distribution LLC

  • Aug revenue was $4.89M, down $4.3K (0%) from Jul, driven by Distribution Sales - Channel −$63.1K and Distribution Sales - OEM +$58.7K.
  • Cost of sales was $3.60M, up $13.7K (0%) from Jul; the largest changes were Distribution Product Cost +$13.7K.
  • Expenses were $1.37M, up $12.1K (1%) from Jul; the largest changes were Contractors & Temp Labor +$18.6K and Vehicle Expense −$6.6K.
  • Net loss was $88.2K (−2% margin), against a loss of $58.1K in Jul. Year to date: a loss of $563.0K.
  • Cash ended Aug at $8.97M, up $148.6K (2%) from Jul: operating −$14.0K, investing −$32.9K and financing +$195.4K. Largest movements outside operations: Due to Corvane Industries (IC) (Intercompany) +$195.4K, Computer Equipment (Fixed Assets) −$53.9K and Accumulated Depreciation (Fixed Assets) +$21.0K.
  • Year to date, revenue is $229.0K (1%) ahead of budget, expenses $57.7K over it, and net income $20.4K ahead of it.
  • The largest variances in Aug: Distribution Sales - OEM $77.9K favourable, Distribution Sales - Channel $54.8K unfavourable and Distribution Product Cost $39.7K unfavourable.
  • Year to date, the largest: Distribution Sales - OEM $293.7K favourable, Distribution Product Cost $147.1K unfavourable and Distribution Sales - Channel $57.4K unfavourable.
Profit and loss, last 12 months $ thousandsRevenueExpensesNet income
$10M$0Sep · Revenue: $4.73MOct · Revenue: $4.58MNov · Revenue: $4.65MDec · Revenue: $4.53MJan · Revenue: $4.81MFeb · Revenue: $4.65MMar · Revenue: $4.98MApr · Revenue: $4.81MMay · Revenue: $5.02MJun · Revenue: $4.87MJul · Revenue: $4.89MAug · Revenue: $4.89MSep · Expenses: $1.38MOct · Expenses: $1.32MNov · Expenses: $1.37MDec · Expenses: $1.39MJan · Expenses: $1.36MFeb · Expenses: $1.37MMar · Expenses: $1.39MApr · Expenses: $1.34MMay · Expenses: $1.36MJun · Expenses: $1.43MJul · Expenses: $1.36MAug · Expenses: $1.37MSep · Net income: −$143KOct · Net income: −$80KNov · Net income: −$122KDec · Net income: −$200KJan · Net income: −$52KFeb · Net income: −$98KMar · Net income: −$48KApr · Net income: −$85KMay · Net income: −$35KJun · Net income: −$100KJul · Net income: −$58KAug · Net income: −$88KSepOctNovDecJanFebMarAprMayJunJulAug

Key financial metrics $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
4,7344,5794,6554,5304,8084,6524,9834,8115,0204,8734,8904,886
Net income(143)(80)(122)(200)(52)(98)(48)(85)(35)(100)(58)(88)
Operating cash flow(151)(46)(65)(33)(288)59(667)64(134)57(68)(14)
8,1488,2418,3378,3508,2148,4198,1808,4128,4588,7238,8178,965
6,2706,0576,1615,9926,3716,1586,6116,3766,6606,4596,4836,477
11,10211,28511,47211,55511,74811,93412,39212,58512,78613,01113,20713,402

Profit and loss $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
13,77813,48213,69513,76454,7184,8084,6524,9834,8115,0204,8734,8904,88638,924
10,0869,89410,09810,09240,1693,4973,3843,6433,5563,6943,5443,5913,60528,513
Gross profit3,6923,5893,5973,67214,5491,3121,2681,3401,2551,3261,3291,2991,28110,410
4,0104,0054,0304,07516,1191,3631,3661,3881,3401,3611,4291,3571,36910,973
Net ordinary income(318)(416)(433)(403)(1,570)(52)(98)(48)(85)(35)(100)(58)(88)(563)
Net income(318)(416)(433)(403)(1,570)(52)(98)(48)(85)(35)(100)(58)(88)(563)
Net margin(2%)(3%)(3%)(3%)(3%)(1%)(2%)(1%)(2%)(1%)(2%)(1%)(2%)(1%)
EBITDA(255)(353)(370)(340)(1,318)(31)(77)(27)(64)(14)(79)(37)(67)(395)
EBITDA margin(2%)(3%)(3%)(3%)(2%)(1%)(2%)(1%)(1%)(0%)(2%)(1%)(1%)(1%)

Profit and loss, this month against last $ thousands

Aug 26Jul 26ChangeChange %
4,8864,890(4)0%
3,6053,591140%
Gross profit1,2811,299(18)(1%)
1,3691,357121%
Net ordinary income(88)(58)(30)(52%)
Net income(88)(58)(30)(52%)
Net margin(2%)(1%)-1 pts
EBITDA(67)(37)(30)(81%)
EBITDA margin(1%)(1%)-1 pts

Full-year forecast $ thousands

Actualto Aug 26ForecastSep 26–Dec 26FY 26forecastBudgetFY 26vs budgetfav (unfav)FY 25actualvs last yearfav (unfav)
38,92420,08559,00958,51549454,7184,290
28,51314,71443,22742,890(337)40,169(3,058)
Gross profit10,4105,37115,78115,62415714,5491,232
10,9735,67716,65016,500(150)16,119(531)
Net ordinary income(563)(305)(868)(875)7(1,570)702
Net income(563)(305)(868)(875)7(1,570)702

Actuals to August 2026, then driver-based, base scenario; 52 assumptions not yet confirmed. Change the drivers on the Forecast page.

Forecast by month $ thousands

Aug 26actualSep 26forecastOct 26forecastNov 26forecastDec 26forecast
Revenue4,8865,1454,9705,0554,914
Cost of sales and expenses4,9745,2165,0495,1304,995
Net income(88)(71)(78)(75)(81)
Ending cash8,9658,7658,8048,7038,721

Ending cash carries net income, adds back depreciation, moves with the days customers take to pay and the days taken to pay suppliers, and includes the loan repayments, distributions and other cash items on the Forecast page.

Budget against actual $ thousands

ActualAug 26BudgetAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26BudgetYTD 26Variancefav (unfav)Var %YTD 26
4,8864,864221%38,92438,6952291%
3,6053,565(40)(1%)28,51328,363(151)(1%)
Gross profit1,2811,299(17)(1%)10,41010,332781%
1,3691,359(10)(1%)10,97310,915(58)(1%)
Net ordinary income(88)(60)(28)(46%)(563)(583)204%
Net income(88)(60)(28)(46%)(563)(583)204%
EBITDA(67)(39)(28)(70%)(395)(415)205%

Against Budget 2026. Variances are favourable when positive: income above budget, costs below it.

Reforecast against actual $ thousands

ActualAug 26ReforecastAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26ReforecastYTD 26Variancefav (unfav)Var %YTD 26
4,8864,864221%38,92438,839850%
3,6053,565(40)(1%)28,51328,422(92)(0%)
Gross profit1,2811,299(17)(1%)10,41010,417(7)(0%)
1,3691,359(10)(1%)10,97310,963(10)(0%)
Net ordinary income(88)(60)(28)(46%)(563)(545)(18)(3%)
Net income(88)(60)(28)(46%)(563)(545)(18)(3%)
EBITDA(67)(39)(28)(70%)(395)(377)(18)(5%)

Against Q2 Reforecast 2026. Variances are favourable when positive.

Balance sheet $ thousands

Aug 26this monthJul 26last monthDec 25year endAug 25a year ago
Assets
8,9658,8178,3508,275
15,87715,88315,39215,433
Total current assets24,84324,70023,74223,708
1,5801,5471,3391,207
Total assets26,42326,24725,08024,915
Liabilities
18,15617,89216,25015,539
Total liabilities18,15617,89216,25015,539
Equity
8,8308,83010,40010,400
Net income, year to date(563)(475)(1,570)(1,024)
Total equity8,2678,3558,8309,376
Total liabilities and equity26,42326,24725,08024,915
Working capital6,6876,8087,4918,169

Month-end balances. Equity includes net income for the year to date.

Cash flow $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
Beginning cash—8,3048,2618,148—8,3508,2148,4198,1808,4128,4588,7238,8178,350
Net income—(416)(433)(403)—(52)(98)(48)(85)(35)(100)(58)(88)(563)
—158(12)260—(236)157(619)148(100)157(10)74(427)
Operating cash flow—(258)(445)(143)—(288)59(667)64(134)57(68)(14)(990)
—(71)(75)(107)—(41)(40)(31)(24)(21)(18)(35)(33)(242)
—285407453—1921864581922012261961951,847
Change in cash—(44)(113)202—(136)205(239)2324626593149615
8,3048,2618,1488,3508,3508,2148,4198,1808,4128,4588,7238,8178,9658,965

Indirect, from the change in every balance sheet account between month-ends.

Cash flow, this month against last $ thousands

Aug 26Jul 26ChangeChange %
Beginning cash8,8178,723931%
Net income(88)(58)(30)(52%)
74(10)84876%
Operating cash flow(14)(68)5479%
(33)(35)26%
195196(0)0%
Change in cash149935559%
8,9658,8171492%

Expenses by category $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
2,4612,4602,4572,5259,9038298298588078278978258416,712
5515395485512,1891921861991922011951961951,557
5635635755712,2721881921871861861881921891,509
1831921871787406568606659606254496
959294903723232323032313031249
706768702752625252327252327202
636363632522121212121212121168
24283827116101251481291181
Total expenses4,0104,0054,0304,07516,1191,3631,3661,3881,3401,3611,4291,3571,36910,973

Expenses, this month against last $ thousands

Aug 26Jul 26ChangeChange %
841825172%
195196(0)0%
189192(2)(1%)
5462(8)(13%)
313001%
2723415%
212100%
119227%
Total expenses1,3691,357121%

Corvane Industries, Inc. · August 2026

Corvane Manufacturing LLC

  • Aug revenue was $18.19M, up $2.10M (13%) from Jul, driven by Equipment Sales - Industrial Pumps +$1.46M and Equipment Sales - Compressors +$416.4K.
  • Cost of sales was $11.15M, up $753.7K (7%) from Jul; the largest changes were Raw Materials - Steel +$399.4K and Raw Materials - Castings +$183.0K.
  • Expenses were $4.51M, up $135.7K (3%) from Jul; the largest changes were Management Fees (IC) +$84.1K and Commissions +$28.8K.
  • Net income was $2.53M (14% margin), against $1.32M in Jul. Year to date: $19.71M.
  • Cash ended Aug at $22.90M, down $5.00M (18%) from Jul: operating −$370.2K, investing −$770.3K and financing −$3.86M. Largest movements outside operations: Due to Corvane Industries (IC) (Intercompany) −$3.86M, Machinery & Equipment (Fixed Assets) −$1.17M and Accumulated Depreciation (Fixed Assets) +$398.0K.
  • Year to date, revenue is $5.37M (4%) behind budget, expenses $884.6K under it, and net income $4.32M behind it.
  • The largest variances in Aug: Equipment Sales - Industrial Pumps $236.2K unfavourable, Raw Materials - Steel $228.5K unfavourable and Equipment Sales - Compressors $101.5K unfavourable.
  • Year to date, the largest: Equipment Sales - Industrial Pumps $4.79M unfavourable, Equipment Sales - Compressors $580.9K unfavourable and Salaries & Wages $450.1K favourable.
Profit and loss, last 12 months $ thousandsRevenueExpensesNet income
$25M$12.5M$0Sep · Revenue: $19.45MOct · Revenue: $18.06MNov · Revenue: $18.65MDec · Revenue: $21.04MJan · Revenue: $16.20MFeb · Revenue: $17.12MMar · Revenue: $20.84MApr · Revenue: $16.87MMay · Revenue: $17.62MJun · Revenue: $20.44MJul · Revenue: $16.08MAug · Revenue: $18.19MSep · Expenses: $4.89MOct · Expenses: $4.36MNov · Expenses: $4.43MDec · Expenses: $4.57MJan · Expenses: $4.33MFeb · Expenses: $4.37MMar · Expenses: $4.98MApr · Expenses: $4.31MMay · Expenses: $4.47MJun · Expenses: $4.56MJul · Expenses: $4.37MAug · Expenses: $4.51MSep · Net income: $3.27MOct · Net income: $2.96MNov · Net income: $3.19MDec · Net income: $4.33MJan · Net income: $1.75MFeb · Net income: $2.36MMar · Net income: $4.01MApr · Net income: $1.85MMay · Net income: $2.21MJun · Net income: $3.68MJul · Net income: $1.32MAug · Net income: $2.53MSepOctNovDecJanFebMarAprMayJunJulAug

Key financial metrics $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
19,45118,05618,64821,03916,20317,11720,84016,87217,61720,44416,08318,186
Net income3,2712,9633,1914,3251,7452,3614,0131,8532,2083,6751,3192,533
Operating cash flow4044,2302,5291,6727,6721,190(1,398)4,976(1,049)(93)7,305(370)
18,27424,12426,27220,54428,26624,18318,03627,40022,53318,80127,89822,899
34,86532,44733,47237,61829,23530,81937,27330,39534,12939,42231,25735,194
12,14914,34614,9608,3999,0474,7951,0226,2423,5921,0863,712(147)

Profit and loss $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
48,47853,42151,70557,743211,34716,20317,11720,84016,87217,61720,44416,08318,186143,361
30,10431,80331,28633,909127,10310,12610,38111,84610,71110,93512,20410,39311,14787,745
Gross profit18,37421,61820,41923,83384,2456,0776,7368,9946,1616,6828,2405,6897,03955,617
13,29413,06713,49313,35453,2074,3314,3754,9814,3084,4744,5654,3704,50535,909
Net ordinary income5,0808,5526,92710,48031,0381,7452,3614,0131,8532,2083,6751,3192,53319,708
Net income5,0808,5526,92710,48031,0381,7452,3614,0131,8532,2083,6751,3192,53319,708
Net margin11%16%13%18%15%11%14%19%11%13%18%8%14%14%
EBITDA6,2299,7018,07611,62935,6342,1432,7594,4112,2512,6064,0731,7172,93122,892
EBITDA margin13%18%16%20%17%13%16%21%13%15%20%11%16%16%

Profit and loss, this month against last $ thousands

Aug 26Jul 26ChangeChange %
18,18616,0832,10313%
11,14710,3937547%
Gross profit7,0395,6891,35024%
4,5054,3701363%
Net ordinary income2,5331,3191,21492%
Net income2,5331,3191,21492%
Net margin14%8%6 pts
EBITDA2,9311,7171,21471%
EBITDA margin16%11%5 pts

Full-year forecast $ thousands

Actualto Aug 26ForecastSep 26–Dec 26FY 26forecastBudgetFY 26vs budgetfav (unfav)FY 25actualvs last yearfav (unfav)
143,36181,584224,946233,512(8,567)211,34713,598
87,74548,424136,168136,115(53)127,103(9,065)
Gross profit55,61733,16188,77797,397(8,619)84,2454,533
35,90918,47754,38656,2011,81553,207(1,179)
Net ordinary income19,70814,68334,39141,196(6,804)31,0383,353
Net income19,70814,68334,39141,196(6,804)31,0383,353

Actuals to August 2026, then driver-based, base scenario; 98 assumptions not yet confirmed. Change the drivers on the Forecast page.

Forecast by month $ thousands

Aug 26actualSep 26forecastOct 26forecastNov 26forecastDec 26forecast
Revenue18,18620,56319,07919,69422,249
Cost of sales and expenses15,65216,80516,13216,40617,558
Net income2,5333,7582,9473,2874,691
Ending cash22,89923,52629,12031,87033,078

Ending cash carries net income, adds back depreciation, moves with the days customers take to pay and the days taken to pay suppliers, and includes the loan repayments, distributions and other cash items on the Forecast page.

Budget against actual $ thousands

ActualAug 26BudgetAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26BudgetYTD 26Variancefav (unfav)Var %YTD 26
18,18618,554(369)(2%)143,361148,729(5,368)(4%)
11,14710,948(199)(2%)87,74587,9041590%
Gross profit7,0397,607(568)(8%)55,61760,825(5,208)(9%)
4,5054,601952%35,90936,7938852%
Net ordinary income2,5333,006(473)(16%)19,70824,032(4,324)(18%)
Net income2,5333,006(473)(16%)19,70824,032(4,324)(18%)
EBITDA2,9313,404(473)(14%)22,89227,216(4,324)(16%)

Against Budget 2026. Variances are favourable when positive: income above budget, costs below it.

Reforecast against actual $ thousands

ActualAug 26ReforecastAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26ReforecastYTD 26Variancefav (unfav)Var %YTD 26
18,18618,554(369)(2%)143,361144,124(762)(1%)
11,14711,3061581%87,74588,0272820%
Gross profit7,0397,249(210)(3%)55,61756,097(480)(1%)
4,5054,536311%35,90935,972630%
Net ordinary income2,5332,713(179)(7%)19,70820,125(417)(2%)
Net income2,5332,713(179)(7%)19,70820,125(417)(2%)
EBITDA2,9313,111(179)(6%)22,89223,309(417)(2%)

Against Q2 Reforecast 2026. Variances are favourable when positive.

Balance sheet $ thousands

Aug 26this monthJul 26last monthDec 25year endAug 25a year ago
Assets
22,89927,89820,54423,448
71,50667,50671,64363,836
Total current assets94,40595,40492,18687,283
72,90772,13765,57562,294
Total assets167,312167,541157,761149,577
Liabilities
27,51730,27837,67443,240
Total liabilities27,51730,27837,67443,240
Equity
120,088120,08889,05089,050
Net income, year to date19,70817,17531,03817,287
Total equity139,796137,262120,088106,337
Total liabilities and equity167,312167,541157,761149,577
Working capital66,88865,12554,51344,043

Month-end balances. Equity includes net income for the year to date.

Cash flow $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
Beginning cash—16,68919,32318,274—20,54428,26624,18318,03627,40022,53318,80127,89820,544
Net income—8,5526,92710,480—1,7452,3614,0131,8532,2083,6751,3192,53319,708
—(1,613)793(2,049)—5,927(1,171)(5,411)3,123(3,257)(3,768)5,986(2,904)(1,475)
Operating cash flow—6,9397,7208,431—7,6721,190(1,398)4,976(1,049)(93)7,305(370)18,233
—(2,773)(3,257)(2,411)—(598)(1,021)(976)(832)(1,167)(1,133)(835)(770)(7,332)
—(1,532)(5,511)(3,750)—648(4,252)(3,773)5,220(2,650)(2,506)2,626(3,859)(8,545)
Change in cash—2,634(1,049)2,270—7,722(4,083)(6,147)9,364(4,867)(3,732)9,097(4,999)2,355
16,68919,32318,27420,54420,54428,26624,18318,03627,40022,53318,80127,89822,89922,899

Indirect, from the change in every balance sheet account between month-ends.

Cash flow, this month against last $ thousands

Aug 26Jul 26ChangeChange %
Beginning cash27,89818,8019,09748%
Net income2,5331,3191,21492%
(2,904)5,986(8,889)(149%)
Operating cash flow(370)7,305(7,675)(105%)
(770)(835)648%
(3,859)2,626(6,485)(247%)
Change in cash(4,999)9,097(14,096)(155%)
22,89927,898(4,999)(18%)

Expenses by category $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
7,9678,0328,0898,16832,2552,7082,7282,7552,7202,7792,7902,7532,82122,053
1,9392,1372,0682,3108,4546486858346757058186437275,734
8318238258193,2982662752762682652762812752,182
8017637497443,0572722572732372752302342522,030
3783683673671,480121129120117124125121128984
3943603823461,48112410511998128143148117983
45953477711,06121164322621142018568
2042042042048166868686868686868544
2062142182138506674666172636461526
1141141141144563838383838383838304
Total expenses13,29413,06713,49313,35453,2074,3314,3754,9814,3084,4744,5654,3704,50535,909

Expenses, this month against last $ thousands

Aug 26Jul 26ChangeChange %
2,8212,753692%
7276438413%
275281(7)(2%)
252234188%
12812186%
117148(31)(21%)
1820(2)(10%)
686800%
6164(3)(5%)
383800%
Total expenses4,5054,3701363%

Corvane Industries, Inc. · August 2026

Corvane Industries, Inc.

  • Aug revenue was $1.44M, up $92.6K (7%) from Jul, driven by Management Fee Income (IC) +$92.6K.
  • Expenses were $3.62M, down $54.9K (1%) from Jul; the largest changes were Legal - General −$41.7K and Contractors & Temp Labor −$33.9K.
  • Net loss was $3.26M, against a loss of $3.08M in Jul. Year to date: a loss of $28.53M.
  • Cash ended Aug at $14.81M, up $3.56M (32%) from Jul: operating −$2.74M, investing +$6.02M and financing +$275.0K. Largest movements outside operations: Due from Subsidiaries (IC) (Intercompany) +$5.83M, Accumulated Amortization - Intangibles (Other Assets) +$310.0K and Additional Paid-in Capital (Equity) +$250.0K.
  • The line of credit is $67.26M, unchanged from Jul, and up $6.54M (11%) from December.
  • Year to date, revenue is $83.0K (1%) behind budget, expenses $3.19M over it, and net income $2.51M behind it.
  • The largest variances in Aug: Consulting $91.1K unfavourable, Salaries & Wages $46.8K favourable and Interest Expense - Term Loan $33.8K unfavourable.
  • Year to date, the largest: Legal - Settlements $2.40M unfavourable, Income Tax Expense - Current $924.3K favourable and Legal - Litigation $668.3K unfavourable.
Profit and loss, last 12 months $ thousandsRevenueExpensesNet income
$10M$0−$10MSep · Revenue: $1.40MOct · Revenue: $1.35MNov · Revenue: $1.37MDec · Revenue: $1.47MJan · Revenue: $1.32MFeb · Revenue: $1.36MMar · Revenue: $1.53MApr · Revenue: $1.37MMay · Revenue: $1.41MJun · Revenue: $1.52MJul · Revenue: $1.35MAug · Revenue: $1.44MSep · Expenses: $3.59MOct · Expenses: $3.52MNov · Expenses: $3.48MDec · Expenses: $3.76MJan · Expenses: $3.58MFeb · Expenses: $3.76MMar · Expenses: $3.90MApr · Expenses: $3.82MMay · Expenses: $3.74MJun · Expenses: $6.44MJul · Expenses: $3.68MAug · Expenses: $3.62MSep · Net income: −$3.24MOct · Net income: −$3.08MNov · Net income: −$3.15MDec · Net income: −$3.57MJan · Net income: −$3.05MFeb · Net income: −$3.29MMar · Net income: −$3.74MApr · Net income: −$3.31MMay · Net income: −$3.21MJun · Net income: −$5.59MJul · Net income: −$3.08MAug · Net income: −$3.26MSepOctNovDecJanFebMarAprMayJunJulAug

Key financial metrics $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
1,4051,3471,3741,4731,3221,3571,5251,3701,4061,5191,3491,441
Net income(3,236)(3,080)(3,147)(3,573)(3,053)(3,290)(3,740)(3,313)(3,213)(5,585)(3,077)(3,261)
Operating cash flow(3,124)(2,728)(2,607)(3,837)(2,902)(2,682)(5,290)(3,020)(2,914)(3,251)(5,591)(2,735)
11,4988,37811,25013,83412,04417,33016,38510,48211,24010,63911,25014,808
54,80954,80960,72160,72160,72160,72160,72160,72160,72160,72167,25667,256

Profit and loss $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
3,7213,9353,9124,19415,7611,3221,3571,5251,3701,4061,5191,3491,44111,289
10,80710,88010,52210,76642,9743,5813,7623,8983,8253,7416,4363,6773,62232,542
Net ordinary income(7,086)(6,945)(6,610)(6,572)(27,213)(2,259)(2,405)(2,372)(2,454)(2,335)(4,918)(2,328)(2,181)(21,253)
1431421231295365054504641423637356
2,1252,5652,4973,35710,5448449381,4189059207107841,1177,636
Net income(9,068)(9,369)(8,984)(9,800)(37,221)(3,053)(3,290)(3,740)(3,313)(3,213)(5,585)(3,077)(3,261)(28,532)
Net margin(244%)(238%)(230%)(234%)(236%)(231%)(242%)(245%)(242%)(229%)(368%)(228%)(226%)(253%)
Net income before tax(8,901)(8,734)(8,392)(8,321)(34,347)(2,827)(2,969)(2,981)(3,056)(2,942)(5,524)(2,932)(2,783)(26,014)
EBITDA(6,000)(5,859)(5,524)(5,486)(22,869)(1,897)(2,043)(2,010)(2,092)(1,973)(4,556)(1,966)(1,819)(18,357)
EBITDA margin(161%)(149%)(141%)(131%)(145%)(144%)(151%)(132%)(153%)(140%)(300%)(146%)(126%)(163%)

Profit and loss, this month against last $ thousands

Aug 26Jul 26ChangeChange %
1,4411,349937%
3,6223,677(55)(1%)
Net ordinary income(2,181)(2,328)1476%
373614%
1,11778433342%
Net income(3,261)(3,077)(184)(6%)
Net margin(226%)(228%)2 pts
Net income before tax(2,783)(2,932)1495%
EBITDA(1,819)(1,966)1477%
EBITDA margin(126%)(146%)20 pts

Full-year forecast $ thousands

Actualto Aug 26ForecastSep 26–Dec 26FY 26forecastBudgetFY 26vs budgetfav (unfav)FY 25actualvs last yearfav (unfav)
11,2895,74517,03417,607(573)15,7611,273
32,54218,33750,87944,150(6,730)42,974(7,905)
Net ordinary income(21,253)(12,592)(33,845)(26,543)(7,302)(27,213)(6,632)
356154510540(30)536(26)
7,6363,48711,12314,1222,99910,544(579)
Net income(28,532)(15,925)(44,458)(40,125)(4,333)(37,221)(7,236)

Actuals to August 2026, then driver-based, base scenario; 103 assumptions not yet confirmed. Change the drivers on the Forecast page.

Forecast by month $ thousands

Aug 26actualSep 26forecastOct 26forecastNov 26forecastDec 26forecast
Revenue1,4411,4361,4361,4361,436
Cost of sales and expenses3,6224,5844,5844,5844,584
Other income less other expenses(1,080)(833)(833)(833)(833)
Net income(3,261)(3,981)(3,981)(3,981)(3,981)
Ending cash14,80812,1018,5074,9121,318

Ending cash carries net income, adds back depreciation, moves with the days customers take to pay and the days taken to pay suppliers, and includes the loan repayments, distributions and other cash items on the Forecast page.

Budget against actual $ thousands

ActualAug 26BudgetAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26BudgetYTD 26Variancefav (unfav)Var %YTD 26
1,4411,43750%11,28911,372(83)(1%)
3,6223,601(21)(1%)32,54229,353(3,190)(11%)
Net ordinary income(2,181)(2,165)(16)(1%)(21,253)(17,980)(3,273)(18%)
3745(8)(17%)356360(4)(1%)
1,1171,090(27)(3%)7,6368,4017659%
Net income(3,261)(3,210)(51)(2%)(28,532)(26,021)(2,511)(10%)
Net income before tax(2,783)(2,719)(64)(2%)(26,014)(22,494)(3,519)(16%)
EBITDA(1,819)(1,803)(16)(1%)(18,357)(15,084)(3,273)(22%)

Against Budget 2026. Variances are favourable when positive: income above budget, costs below it.

Reforecast against actual $ thousands

ActualAug 26ReforecastAug 26Variancefav (unfav)Var %Aug 26ActualYTD 26ReforecastYTD 26Variancefav (unfav)Var %YTD 26
1,4411,454(12)(1%)11,28911,317(27)(0%)
3,6223,666441%32,54232,575330%
Net ordinary income(2,181)(2,212)311%(21,253)(21,258)50%
3745(8)(17%)356373(17)(5%)
1,1171,151333%7,6367,729931%
Net income(3,261)(3,318)572%(28,532)(28,614)820%
Net income before tax(2,783)(2,807)241%(26,014)(26,002)(11)0%
EBITDA(1,819)(1,850)312%(18,357)(18,362)50%

Against Q2 Reforecast 2026. Variances are favourable when positive.

Balance sheet $ thousands

Aug 26this monthJul 26last monthDec 25year endAug 25a year ago
Assets
14,80811,25013,83410,956
1,3067,13723,58834,042
Total current assets16,11418,38737,42244,998
10,23210,1099,0958,561
133,700134,010136,180137,420
Total assets160,046162,506182,697190,980
Liabilities
82,47081,98475,99869,507
90,34990,28592,94095,679
Total liabilities172,820172,269168,938165,185
Equity
15,75915,50950,98049,980
Net income, year to date(28,532)(25,271)(37,221)(24,185)
Total equity(12,774)(9,763)13,75925,795
Total liabilities and equity160,046162,506182,697190,980
Working capital(66,356)(63,597)(38,576)(24,508)

Month-end balances. Equity includes net income for the year to date.

Cash flow $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
Beginning cash—11,25015,23111,498—13,83412,04417,33016,38510,48211,24010,63911,25013,834
Net income—(9,369)(8,984)(9,800)—(3,053)(3,290)(3,740)(3,313)(3,213)(5,585)(3,077)(3,261)(28,532)
—413240629—151608(1,550)2922992,334(2,514)526147
Operating cash flow—(8,956)(8,745)(9,171)—(2,902)(2,682)(5,290)(3,020)(2,914)(3,251)(5,591)(2,735)(28,386)
—1,1655,6876,270—8367,6935,571(3,157)3,3973,875(608)6,01823,624
—11,772(675)5,237—275275(1,225)275275(1,225)6,8102755,735
Change in cash—3,981(3,733)2,336—(1,790)5,286(945)(5,903)758(601)6113,558974
11,25015,23111,49813,83413,83412,04417,33016,38510,48211,24010,63911,25014,80814,808

Indirect, from the change in every balance sheet account between month-ends.

Cash flow, this month against last $ thousands

Aug 26Jul 26ChangeChange %
Beginning cash11,25010,6396116%
Net income(3,261)(3,077)(184)(6%)
526(2,514)3,040121%
Operating cash flow(2,735)(5,591)2,85651%
6,018(608)6,626—
2756,810(6,535)(96%)
Change in cash3,5586112,947482%
14,80811,2503,55832%

Expenses by category $ thousands

Q1 25Q2 25Q3 25Q4 252025Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26YTD 26
5,1035,1115,0915,13820,4431,6991,7071,7261,7231,7281,7431,7621,72913,817
1,4471,3721,1731,2075,1994696397416235573,0984724337,032
1,0861,0861,0861,0864,3443623623623623623623623622,896
9599539699713,8523273183343473543323443502,706
6836906886892,7502352272272322282262302311,836
4496174414421,9481421511561501512991441551,349
4754474744871,8821471571521841611761621601,299
4594594594591,8361531531531531531531531531,224
1451451412877194748465048484848383
Total expenses10,80710,88010,52210,76642,9743,5813,7623,8983,8253,7416,4363,6773,62232,542

Expenses, this month against last $ thousands

Aug 26Jul 26ChangeChange %
1,7291,762(33)(2%)
433472(39)(8%)
36236200%
35034462%
23123010%
155144128%
160162(2)(1%)
15315300%
484800%
Total expenses3,6223,677(55)(1%)

Line of credit $ thousands

Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 26May 26Jun 26Jul 26Aug 26
Opening balance54,80954,80954,80960,72160,72160,72160,72160,72160,72160,72160,72167,256
Drawdown / (paydown)005,91200000006,5350
54,80954,80960,72160,72160,72160,72160,72160,72160,72160,72167,25667,256

Line of credit by account $ thousands

Aug 26Jul 26ChangeChange %
Revolving Credit Facility67,25667,25600%
Line of credit67,25667,25600%

Figures in thousands of dollars; negatives in parentheses.

How these figures are built
  • From month-end trial balances.
  • 79 checks passed before publishing; every trial balance balances.
  • Operating cash: net income, adjusted for changes in current assets and liabilities.
  • Investing: fixed assets, investments, money lent to affiliates.
  • Financing: loans, lines of credit, money borrowed from affiliates, owners in and out.
  • From month-end trial balances.
  • 79 checks passed before publishing; every trial balance balances.
  • Operating cash: net income, adjusted for changes in current assets and liabilities.
  • Investing: fixed assets, investments, money lent to affiliates.
  • Financing: loans, lines of credit, money borrowed from affiliates, owners in and out.