Ann Arbor, Mich. — ENDRA Life Sciences Inc. reported net income of about $160,000 for the second quarter of 2026, compared with a net loss of about $1.2 million a year earlier, as gains from its digital asset treasury helped offset higher operating expenses.
The company also highlighted its pending merger with Noble Africa LLC, which was announced in June following ENDRA’s strategic alternatives process.
Under the agreement, Noble Africa will merge with a wholly owned subsidiary of ENDRA and become a wholly owned subsidiary of the company. ENDRA is expected to be renamed Noble Africa Inc. following completion of the transaction.
The proposed deal is intended to give investors exposure to Renergen Limited’s Virginia Gas Project in South Africa. Noble Africa has also entered into subscription agreements for a private placement expected to generate about $50 million in gross proceeds.
The merger is expected to close in the fourth quarter of 2026, subject to stockholder, regulatory and other customary approvals.
ENDRA also completed a $3.8 million private placement in May. As of June 30, those proceeds were classified as restricted cash under the financing terms.
“During the second quarter, we achieved an important objective for ENDRA and its stockholders by entering into a definitive merger agreement with Noble Africa following our strategic alternatives process,” said Alexander Tokman, Chairman and Chief Executive Officer of ENDRA Life Sciences.
Tokman said the company believes the transaction gives stockholders an opportunity to participate in the growth of a helium platform while providing a path forward for ENDRA.
For the quarter, ENDRA reported about $1.5 million in operating expenses, up from about $1.3 million in the same period of 2025. The latest quarter included about $542,000 in non-cash stock-based compensation, compared with about $89,000 a year earlier.
Research and development expenses fell 39% from a year earlier, while sales and marketing expenses declined 92%.
Cash used in operations was about $900,000, compared with about $1.1 million in the second quarter of 2025.
As of June 30, ENDRA had about $1.7 million in cash, $3.8 million in restricted cash and $1.9 million in its digital asset treasury.
Other income totaled about $1.6 million during the quarter, primarily reflecting realized and unrealized gains tied to the company’s digital asset holdings.
