0001682852-26-000060
SEC filingQ1 revenue grew 260% to $389M amid COVID vaccine rebound, but gross profit swung to -$566M loss due to elevated cost of sales including royalty expenses, widening operating and net losses to -$1.4B and -$1.3B respectively.
Revenue rose sharply 260.2% year-over-year to $389.0M from $108.0M, as the company delivered more COVID vaccines internationally under government partnerships despite a competitive market transition and declining demand trends observed in prior years. This rebound occurred in the off-season period, consistent with anticipated seasonal fluctuations where higher sales are expected in fall and winter. However, gross profit flipped to a -$566.0M loss from a $18.0M profit, yielding a -145.5% margin, primarily because royalty expenses were recorded to cost of sales in the consolidated statements of operations. These expenses reflect ongoing obligations tied to intellectual property settlements, impacting profitability even as revenue expanded.