10:39 AM EDT, 05/25/2026 (MT Newswires) -- Atlas Engineered Products ( APEUF ) , down 3% on last look, said on Monday that first-quarter net loss widened as revenue fell.

Net loss for the quarter ended March 31, widened to $1.73 million, or $0.02 per diluted share, from a loss of $0.85 million, or $0.01 per diluted share, in the prior year period.

Revenue fell 16% to $9.3 million over the same period. The decrease was due to the industry market conditions, especially in Ontario, and the more significant winter weather conditions across most of Canada compared with recent years. Atlas also had two significant winter projects for the prior year period which increased revenues in that quarter.

"The first quarter of 2026 was challenging, with difficult market conditions in Ontario and British Columbia and more severe winter weather across much of Canada than in recent years. Our team worked hard through these conditions while continuing to prepare for a stronger remainder of the year. We made important progress on our first automation facility, advanced our sales and design capabilities, and continued to build our order book. While near-term conditions remain competitive, we believe our scale, automation strategy, and growing national footprint position us well to gain market share as construction activity increases," said chief executive Hadi Abassi.

Atlas shares were last seen down $0.02, to $0.65, on the TSX Venture Exchange.

Price: 0.65, Change: -0.02, Percent Change: -2.99