Paragon Advanced Labs Provides Corporate Update

May 01, 2026 8:00 AM EDT | Source: Paragon Advanced Labs Inc.

Toronto, Ontario--(Newsfile Corp. - May 1, 2026) - Paragon Advanced Labs Inc. (TSXV: PALS) ("Paragon" or the "Company") is pleased to announce that its audited financial statements for 2025 have been filed to SEDAR+.

"2025 was a transformational year for our business as we continued to build our lab network which includes the rollout of PhotonAssayTM technology in North America," said Peter Shippen, CEO of Paragon.

Important Highlights:

Paragon completed its RTO and commenced trading on the TSX Venture on December 11, 2025. Paragon grew its PhotonAssayTM footprint to three machines; Hamilton, Ontario, Surrey, British Columbia and Sparks, Nevada. Signed partnership agreement with Scout Discoveries to offer a new full-scale sample prep facility in Coeur d'Alene. Increased sample prep capacity with the launch of sample prep in Timmins, Ontario and the recently announced Thunder Bay, Ontario facility. Near-term completion of the doubling of Geochem capacity in Sparks, Nevada to service multi-element analysis. Strengthened operational and quality bench strength with the hiring of Laurentiu Fulea as Canadian Operations Manager.

The Company changed its year end in 2025 and now has a December 31 year end.

Revenue

Revenue for the nine-month annual period ending December 31, 2025 was $4,373,818, reflecting the Company's commercial operations across its Hamilton, Surrey, and Sparks PhotonAssayTM facilities, together with geochemical and fire assay services at the Sparks facility. Revenue for the seasonally slower Q1 FY2026 is anticipated to increase approximately 21% over the immediately preceding quarter (Q4 FY2025) and equivalent to approximately 50% of the entire annual period revenue achieved in FY2025.

The sequential improvement in Q1 FY2026 revenue reflects the partial commencement of a significant client relationship in late February 2026. This relationship, which represents anticipated significant contract value was originally expected to commence in January 2026. The six-week delay in commencement, combined with the ninety-day ramp to full utilization, means that Q1 FY2026 captured approximately one-third of the expected steady-state contribution from this relationship. The remaining benefit is expected to be progressively reflected through Q2 FY2026.

About Paragon Advanced Labs Inc.

Paragon Advanced Labs Inc. provides innovative analytical technologies to the global mining industry. By embracing new technology, the Company is addressing critical capacity bottlenecks in mineral assaying through the deployment of PhotonAssayTM technology and complementary analytical solutions. The Company delivers faster, more accurate, and cost-effective mineral analysis for mining operators worldwide.

ON BEHALF OF THE BOARD OF DIRECTORS OF PARAGON ADVANCED LABS INC.

Peter Shippen
Chief Executive Officer and Director
Paragon Advanced Labs Inc.

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