AVXHIGH SIGNALFINANCIAL10-K

AVX underwent a dramatic transformation with massive increases in cash (+4418%), assets (+1711%), and equity (+2960%) alongside explosive revenue growth (+3348%), but operating losses more than doubled.

The language changes reveal this appears to be a different company entirely - AgriForce Growing Systems based in Vancouver - suggesting a reverse merger or major corporate restructuring rather than organic growth at AVX. The financial metrics show characteristics of a capital raise or business combination that fundamentally changed the entity's scale and operations.

Comparing 2026-03-31 vs 2025-04-07View on EDGAR →
FINANCIAL ANALYSIS

The company experienced extraordinary growth across all balance sheet items with cash jumping from $490K to $22.1M and total assets expanding from $10.8M to $195M, indicating major capital infusion or acquisition activity. Despite revenue surging 3348% to $2.3M, the company turned unprofitable at the gross margin level and operating losses doubled to $21.7M, while R&D spending was dramatically cut by 91%. The overall picture suggests a transformative corporate event that created a much larger but operationally struggling entity with significant cash resources but deteriorating operational performance.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+4418.7%
$490K→$22.1M

Cash position surged 4418.7% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+3348.1%
$68K→$2.3M

Strong top-line growth of 3348.1% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+2959.5%
$6.1M→$187.0M

Equity base grew 2959.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+2463%
$1.3M→$33.5M

Current assets grew 2463% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+1711.3%
$10.8M→$195.0M

Asset base grew 1711.3% — expansion through organic growth, acquisitions, or capital deployment.

Gross Profit
P&L
-885.1%
$3K→-$21K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Operating Cash Flow
Cash Flow
-174%
-$5.3M→-$14.4M

Operating cash flow fell 174% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-108.3%
-$10.4M→-$21.7M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-104%
-$16.3M→-$33.2M

Net income declined 104% — review whether driven by operations, interest costs, or non-recurring items.

R&D Expense
P&L
-91.1%
$211K→$19K

R&D spending cut 91.1% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-07
ADDED
Employer Identification No.) 800 525 West 8th Avenue Vancouver , BC , Canada V5Z 1C6 (Address of principal executive offices) (Zip Code) (604) 757-0952 AgriForce Growing Systems, Ltd.
See the definitions of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act.
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
As of March 24, 2026, the registrant had 89,798,842 common shares, no par value per share, outstanding.
Some of the statements under Business, Risk Factors, Management s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Annual Report may contain forward-looking statements that reflect our current views with respect to, among other things, future events, results and financial performance, which are intended to be covered by the safe harbour provisions for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.
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REMOVED
See the definitions of large accelerated filer , accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Shares of the registrant s common stock held by each officer and director and each person known to the registrant to own 10% or more of the outstanding voting power of the registrant have been excluded in that such persons may be deemed affiliates.
This determination of affiliate status is not a determination for other purposes.
When used in this Report on Form 10- K and other reports, statements, and information we have filed with the Securities and Exchange Commission ( Commission or SEC ), in our press releases, presentations to securities analysts or investors, in oral statements made by or with the approval of an executive officer, the words or phrases believes, may, will, expects, should, continue, anticipates, intends, will likely result, estimates, projects or similar expressions and variations thereof are intended to identify such forward-looking statements.
However, any statements contained in this Report on Form 10-K that are not statements of historical fact may be deemed to be forward-looking statements.
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