ATLANTIC INTERNATIONAL CORP.
For the period ended Mar 31, 2026. Filed Jun 22, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Jun 22, 2026
CIRC$0.18-13.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Net loss | $(30,689,124) | $(10,744,185) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Bad debt expense | 1,233,099 | — |
| Amortization, deferred financing cost | 238,886 | 48,913 |
| Gain on debt extinguishment | (233,022) | — |
| Change in estimated fair value of contingent consideration | (24) | — |
| Change in fair value of warrants | (1,484,931) | — |
| Loss on financing transaction | 11,613,736 | — |
| Shares issued for services | — | 326,400 |
| Depreciation and amortization expense | 4,332,094 | 1,236,389 |
| Right-of-use asset amortization | 693,132 | 453,530 |
| Share-based compensation | 3,830,985 | 6,039,973 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (14,539,015) | 17,967,783 |
| Contract assets | 4,746,966 | — |
| Unbilled accounts receivable | (2,436,909) | (407,456) |
| Prepaid expenses and other current assets | 984,836 | (1,434,026) |
| Due from related parties | (418,885) | — |
| Other assets | (3,607,697) | 22,435 |
| Accounts payable | 1,934,272 | (130,588) |
| Due to related parties | 406,495 | (711,825) |
| Income taxes payable | (190,666) | — |
| Accrued expenses and other current liabilities | 14,442,114 | 2,354,130 |
| Operating lease liability | (612,849) | (452,783) |
| Other liabilities | (130,284) | — |
| Net cash provided by (used in) operating activities | (9,886,791) | 14,568,690 |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (40,578) | (12,079) |
| Net cash (used in) investing activities | (40,578) | (12,079) |
| Cash flows from financing activities | ||
| Acquisition, net - cash acquired | 33,642,710 | — |
| Borrowings on revolving line of credit | 106,226,864 | 107,630,000 |
| Payments on revolving line of credit | (110,409,271) | (121,399,275) |
| Payments on notes payable | (1,375,000) | — |
| Borrowings on factoring debt | 3,000,000 | — |
| Payments on factoring debt | (1,385,289) | — |
| Proceeds from issuance of preferred stock and warrants, net of issuance costs | 5,543,739 | — |
| Debt issuance costs payment | (30,000) | — |
| Finance lease repayments | (117,479) | — |
| Net cash (used in) provided by financing activities | 35,096,274 | (13,769,275) |
| Effect of exchange rates on cash and cash equivalents | (1,150,510) | — |
| Net increase in cash and cash equivalents | 24,018,395 | 787,336 |
| Cash and Cash Equivalents – Beginning of period | 81,134 | 678,676 |
| Cash and Cash Equivalents – End of period | $24,099,529 | $1,466,012 |
| Supplemental Disclosures of Cash Flow Information | ||
| Cash paid during the period for: | ||
| Interest | $3,509,168 | $2,306,490 |
| Non-cash investing and financing activities: | ||
| Settlement shares issued to legacy stockholders | $— | $2,359,271 |
| Share settled earnout value | $5,600,000 | $— |
| Transaction costs as partial consideration for a business | $991,313 | $— |
| Fair value of common shares issued as partial consideration for a business | $48,312,030 | $— |
| Contingent consideration arrangement issued as partial consideration for a business | $2,098,574 | $— |
| Fair value of convertible note issued as partial consideration for a business | $205,706,131 | $— |
| Fair value of common shares issued to designee of the Circle8 Seller as partial consideration for a business | $15,440,000 | $— |
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