KeyStar Corp (KEYR) reported a highly distressed QQ1 2026 quarter with no disclosed revenue in the filing and a continued pattern of operating losses. The quarter shows a gross loss of $0.191 million on costs of revenue of $0.191 million, an EBITDA of $(2.784) million, and a net loss of $(3.452) million, driving an EPS of $(0.05). Operating cash flow was negative at $(2.471) million, while financing activities provided a modest inflow of $2.735 million, yielding a net cash increase of $0.058 million for the period. The company finished with cash and cash equivalents of $0.311 million on the balance sheet, total assets of $3.779 million, and total liabilities of $38.201 million, resulting in negative shareholders’ equity of $(34.422) million. The liquidity and leverage profile are consequently fragile, with a heavy reliance on financing activity to fund ongoing operations. Management commentary, if any, was not captured in the provided transcript data, limiting the ability to corroborate strategic pivots or cost-reduction plans. In summary, the QQ1 2026 results underscore a high-risk, capital-intensive turnaround thesis that requires material topline improvement or meaningful capital restructuring to restore financial health.