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SEC filingRecord Q1 revenue signals accelerating RenovoCath commercialization amid expanding cancer centers, offset by wider operating losses from SG&A investments in sales headcount and warrant liability volatility tied to rising stock price.
RenovoRx delivered record Q1 FY2026 revenue of $563K, up 186% from $197K in the prior year, driven by significant growth in RenovoCath device sales. This reflects continued expansion of active commercial cancer centers and increasing procedural utilization across the installed base, following the low-capital launch that secured first commercial purchase orders from over ten institutions in late 2024. The combination demonstrates accelerating commercial momentum for RenovoCath as a standalone delivery system with platform potential for future drug-device therapies.
Gross profit reached $479K, a 365% YoY increase from $103K, yielding an 85.1% margin. This expansion stems from revenue growth outpacing cost of goods, highlighting the scalability of the device's manufacturing model amid rising volumes from repeat ordering and new centers.
Cash from operations consumed $3.7M, similar to the prior year's -$3.4M burn, with free cash flow matching at -$3.7M due to zero capex. This reflects investment in commercialization and R&D amid minimal revenue scale, with liquidity vulnerable if capital cannot be raised to pursue the strategy.
Looking forward, up to 15 TIGeR-PaC Phase III sites that utilized RenovoCath are poised to convert to commercial use post-enrollment completion, bolstering the active center base. Management anticipates further SG&A increases in 2026 from ongoing sales personnel hiring to advance RenovoCath adoption, positioning the company to capture procedural demand while bridging to combination therapy opportunities—though sustained funding remains critical.