AMC Robotics Corporation, the post-de-SPAC successor to AlphaVest Acquisition Corp., is mid-pivot from a low-margin, inventory-intensive camera distribution business into a service-based revenue model anchored by a related-party revenue-sharing arrangement with Kami Vision Inc. The pivot is showing up in the income statement before it shows up in the headlines. Gross margin expanded from 19% to 80% year over year in the second quarter, operating loss shrank from $735,000 to $157,000, and the six-month operating loss compressed to a near-breakeven $28,000 against a $1.5 million loss in the first half of 2025. Revenue fell 33% to $937,000 in the quarter, and the market is treating that headline number as the story. We read it as a deliberate trade, not a top-line failure, and we think the right read on the print is that the business model is in the middle of being rebuilt around recurring AI and cloud services revenue.
The mechanism behind the margin expansion is a shift in revenue mix from third-party product sales toward revenue-share arrangements. The Kami collaboration, which the company describes as conducted on commercially reasonable, arm's-length terms despite being a related-party relationship, contributed 83% of second-quarter revenue at $774,000, up 54% year over year. Third-party product revenue collapsed from $749,000 to $158,000 in the quarter as the company reduced inventory purchases and exited lower-margin distribution. Management's own framing is that the pivot reduces working capital intensity, lifts gross margin, and shifts the business toward more predictable, recurring cash flows. The most important fact about the print is that the revenue-share line is now the load-bearing revenue stream, and it is a single-counterparty, related-party concentration.
The single load-bearing risk is the Kami concentration and the related-party structure surrounding it. Accounts receivable from related parties stand at $3.3 million, up from $2.1 million at year-end 2025, and advances to suppliers classified as related-party balances jumped from $21,000 to $1.1 million. The company carries $4.5 million of cash, down from $7.0 million at year-end, with a $1.5 million operating cash burn in the first half and a $1.0 million strategic investment in Etronium AI Inc. via SAFEs (Simple Agreements for Future Equity, a structured form of convertible note popular with early-stage companies that promises equity upon a future triggering event rather than a fixed conversion price) completed in the second quarter. Management's liquidity statement is that existing cash and anticipated operating cash flows are sufficient for the next twelve months. The falsifiable clock is the third-quarter print, expected in mid-November 2026, and the test embedded in that print is whether the 54% growth rate in revenue-share holds up on a stand-alone basis after the related-party receivable ramp.