Autozi's H1 FY2026 print (six months ended March 31, 2026) is a revenue contraction: revenue of US$29.5 million fell 63.1% from US$79.9 million in the year-ago half, gross margin compressed to 0.81% from 1.70%, and net loss to ordinary shareholders widened to US$13.8 million from US$5.2 million - driven by management's strategic shift out of legacy lubricants and into the new-energy-vehicle aftermarket at the same time the Iran-conflict oil shock was distorting the legacy book. Operating cash use of US$4.7 million in fiscal 2025, negative working capital of US$25.9 million at September 30, 2025, and an accumulated deficit of US$146 million triggered an explicit going-concern paragraph in the auditor's report, and the auditor's remediation plan admits the management plan cannot alleviate that doubt on its own. Two months after the half close, the company has executed three dilutive moves: a US$7.0 million interest-free loan from the CEO converting into 10,000,000 super-voting Class B shares (the per-share value implied by the loan-to-share ratio is US$0.70, though the agreement does not state a per-share price; June 22, 2026); a US$2.75 million senior convertible note at 9.25% with a 93%-of-VWAP conversion-price reset against a US$0.288 floor (June 23, 2026); and a binding 50,000,000 Class A purchase agreement at US$0.60 per share - roughly US$30.0 million gross, payable in fiat or cryptocurrency at the company's election, expected to close in the third calendar quarter of 2026. The question the half answers for the equity is whether management can grow the NEV aftermarket into the same revenue base that legacy lubricants once provided before the diluted share count fully settles, because the going-concern question is only as good as the next financing tranche.