Prenetics reported final 1Q:26 results confirming all material preliminary figures: total revenue of $36.0 million (up 334% year-over-year), IM8 revenue of $33.8 million (up 23% sequentially), gross profit of $23.3 million, and a loss per share of $1.36. Those results were below our expectations, with revenue 5% lower than our projection of $38.0 million, and the share loss considerably wider than our projection of a share loss of $0.77. The quarter's results include a final loss for the period of $23.1 million, driven by two non-cash, non-operating items: an unrealized fair-value loss on digital assets of $9.8 million (reflecting Bitcoin price declines during the quarter) and a fair-value loss on warrant liabilities of $8.0 million (driven by share price appreciation). Prenetics appointed Jay Shetty (New York Times bestselling author and host of the On Purpose podcast with 1B+ listens, 70M+ followers) as IM8 Global Ambassador. The company also appointed Hudson Leogrande, Founder and CEO of Comfrt (a DTC clothing brand large advertiser on TikTok and Meta), to the Board. We are updating our model, narrowing our 2026 loss per share estimate from $3.55 to $3.17, given a more focused business following cryptocurrency divestments and legacy business divestitures, and lowering our 2027 EPS estimate from $2.16 to $1.89 given the increased focus on growth over nearer-term profitability. We maintain our $30 price target, now based on 15.9x our updated 2027 EPS estimate of $1.89. We maintain our High risk rating given Prenetics' history of operating losses.