Q2 highlights
- Record revenue: $583.0K, up 3.6% from Q1 and 8.2% year over year.
- Medical demand: 64 inquiries, with healthcare professionals representing 53%.
- Capacity: Several products were taken out of stock again during May and June.
- New equipment: The freeze-dryer has been delivered and installation is underway.
- Clinical: Boston Children's first Milkify case series was approved for publication.
- Donor milk: Q4 remains the target; pasteurizer delivery is expected in November.
- Shipping: Milkify transitioned to a new FedEx third-party logistics partner.
- Conference: Confirmed for the American Academy of Pediatrics conference in October.
Demand again reached production limits
Q2 net sales were $583.0K, the strongest sales quarter in company history. Revenue increased 3.6% from Q1 2026 and 8.2% year over year.
Milkify reached maximum capacity and took several products out of stock again during May and June. The new freeze-dryer has been delivered and is now being installed. It should provide incremental capacity relief as it is commissioned.
Clinical and family interest grew with virtually no advertising
Milkify Medical received 64 request-information submissions during Q2. Monthly volume increased from 9 in April to 21 in May and 34 in June.
Healthcare professionals represented 34 of the 64 inquiries, or 53%. This group included nurses, physicians, dietitians, and other medical professionals. The remaining 30 inquiries came from families.
Since its paid launch in May, the Medical storefront generated $5.1K in Q2 net sales after discounts and returns. July generated another $6.6K in order value through July 23, bringing launch-to-date order value to approximately $11.7K.
Institutions are also increasingly reaching out to learn more about mother's own milk fortification and potential inpatient workflows.
July sales are a subsequent event after the June 30 quarter end. Q2 sales use net figures after recorded discounts and returns.
The Maestas family fortification journey
Jen and Rick Maestas used freeze-dried mother's own milk fortification for their daughter Kiana at Children's Hospital Colorado with Milkify's support and clinical guidance. They were the first family in that neonatal intensive care unit to use this approach. Kiana was discharged after a 128-day hospital stay.
Jen and Rick have since developed parent-facing resources focused on reducing the operational burden placed on families who pursue mother's own milk fortification. They will help Milkify develop and manage a future family support community as ambassadors. The community has not launched yet.
Accessible video summary
The vertical video shows preparation of freeze-dried breast milk in a neonatal intensive care setting, with Kiana visible in an incubator in the background. The family describes using freeze-dried breast milk as part of Kiana's hospital feeding and fortification plan.
Additional capacity is arriving as the donor milk program advances
Homogenizer modification
Milkify elected to add a homogenizer modification to the high-temperature, short-time pasteurizer based on feedback from neonatal intensive care unit nurses. We believe homogenization will add meaningful value and improve usability for inpatient care.
Publication and recruitment milestones
Boston Children's Hospital
Boston Children's first case series involving Milkify has been approved for publication. We will circulate it once we are permitted to share it. The Phase II study is currently recruiting.
Rady Children's Hospital and UC San Diego
The case study was published in the American Journal of Perinatology Reports. Since publication, Milkify has seen an increasing number of institutions reach out to learn more about Milkify Medical and human milk fortification.
Commercialization support
Milkify is benefiting from Alma Life Sciences' biotech operating and reimbursement experience. This update intentionally keeps the reimbursement discussion high-level.
American Academy of Pediatrics
Milkify is confirmed to participate in the American Academy of Pediatrics conference in October 2026.
Milkify transitioned to a new FedEx third-party logistics partner
The decision followed shipment-level rate analysis using March through May shipping activity. The analysis compared 3,205 shipments from the prior arrangement with like-for-like FedEx rates.
The figures are modeled from historical shipment mix and comparable service levels. Actual savings will depend on shipment mix, service selection, and implementation performance.
Oversubscribed Seed round closed at $2.8M
Milkify closed the Seed round on June 30. QuickBooks Online reports $719.3K of Seed financing inflows during Q2.
Q2 financial highlights
Gross margin was 64.8%, compared with 67.2% in Q1 2026 and 71.6% in Q2 2025. Shipping, freight, and delivery expense was $176.9K, or 30.3% of net sales. The transition to the new FedEx third-party logistics partner is intended to reduce this pressure going forward.
Operating expenses were $600.7K. Net operating income was negative $222.8K. Quarter-end cash was $1.410M.
| Metric | Q2 2025 | Q1 2026 | Q2 2026 | vs Q1 | YoY |
|---|---|---|---|---|---|
| Net Sales | $538,892 | $562,675 | $583,017 | +3.6% | +8.2% |
| Gross Profit | $386,069 | $378,359 | $377,967 | -0.1% | -2.1% |
| Gross Margin | 71.6% | 67.2% | 64.8% | -2.4 pp | -6.8 pp |
| Operating Expenses | $382,350 | $566,908 | $600,728 | +6.0% | +57.1% |
| Net Operating Income | $3,719 | -$188,548 | -$222,761 | -$34,213 | -$226,481 |
| Net Income | -$37,252 | -$226,269 | -$257,262 | -$30,993 | -$220,010 |
Q2 capital snapshot
Rounded line items are shown. The unrounded QBO cash-flow source reconciles exactly to ending cash.
Current risks and mitigants
Launch timing: Q4 depends on November pasteurizer delivery, commissioning, and validation.
Shipping: The new FedEx third-party logistics relationship targets Milkify's largest gross-margin pressure.
Institutional adoption: Inbound clinical interest is growing while evidence, workflow integration, and reimbursement work continue.
Introductions
We welcome introductions to:
- Neonatal intensive care unit leaders and pediatric clinical teams
- Hospital innovation and nutrition groups
- Reimbursement and health-plan leaders interested in human milk fortification and donor milk access
Thank you for your continued support.
Pedro R. Silva
Co-founder, Milkify
pedro@milkify.me · (956) 532-8532