Revenue: As of FY2026 Q1, the actual value is USD 44.2 M, missing the estimate of USD 52.49 M.EPS: As of FY2026 Q1, the actual value is USD -0.74.EBIT: As of FY2026 Q1, the actual value is USD -16.58 M.<h3>Segmented Financial Metrics</h3><h4>Branded Segment</h4><ul><li>Revenue (Product sales, net): For the three months ended March 31, 2026, product sales, net, were $30,631,000, an increase of $2,937,000 from $27,694,000 for the same period in 2025. Other revenues were $73,000 for the three months ended March 31, 2026, compared to $86,000 for the same period in 2025 . Total revenues for the Branded Segment were $30,704,000 for the three months ended March 31, 2026, compared to $27,780,000 for the same period in 2025 .</li><li>Operational Metrics: Cost of sales for the Branded Segment increased by $2,773,000 to $10,954,000 for the three months ended March 31, 2026, from $8,181,000 for the same period in 2025 . Gross profit was $19,750,000 for the three months ended March 31, 2026, compared to $19,599,000 for the same period in 2025 . The gross margin decreased to 64.3% for the three months ended March 31, 2026, from 70.6% in the prior year period . Selling, general and administrative expenses were $25,759,000 for the three months ended March 31, 2026, compared to $20,682,000 for the same period in 2025 . Research and development expenses increased to $5,621,000 for the three months ended March 31, 2026, from $1,993,000 for the same period in 2025 . Segment contribution was - $11,630,000 for the three months ended March 31, 2026, compared to - $3,076,000 for the same period in 2025 .</li><li>Product-specific Revenues: IHEEZO revenue was $1,851,000 for Q1 2026, down from $5,222,000 for Q1 2025 . VEVYE revenue was $20,947,000 for Q1 2026, compared to $21,516,000 for Q1 2025 . Other branded products generated $7,833,000 in revenue for Q1 2026, significantly up from $956,000 for Q1 2025 .</li></ul><h4>Compounding Segment</h4><ul><li>Revenue (Product sales, net): For the three months ended March 31, 2026, product sales, net, were $13,499,000, a decrease of $6,552,000 from $20,051,000 for the same period in 2025 . Total revenues for the Compounding Segment were $13,499,000 for the three months ended March 31, 2026, compared to $20,051,000 for the same period in 2025 .</li><li>Operational Metrics: Cost of sales decreased to $6,204,000 for the three months ended March 31, 2026, from $7,343,000 for the same period in 2025 . Gross profit was $7,295,000 for the three months ended March 31, 2026, compared to $12,708,000 for the same period in 2025 . The gross margin for the Compounding Segment was 54.0% for the three months ended March 31, 2026, a decrease from 63.4% for the same period in 2025 . Selling, general and administrative expenses were $6,742,000 for the three months ended March 31, 2026, compared to $7,522,000 for the same period in 2025 . Research and development expenses were $210,000 for the three months ended March 31, 2026, compared to $224,000 for the same period in 2025 . Segment contribution was $343,000 for the three months ended March 31, 2026, compared to $4,962,000 for the same period in 2025 .</li></ul><h4>Consolidated Operational Metrics</h4><ul><li>Total Revenues: Total revenues decreased by $3,628,000 to $44,203,000 for the three months ended March 31, 2026, from $47,831,000 for the same period in 2025 .</li><li>Gross Profit: Consolidated gross profit was $27,045,000 for the three months ended March 31, 2026, compared to $32,307,000 for the same period in 2025 .</li><li>Operating Costs: Selling, general and administrative expenses increased by $2,717,000 to $43,230,000 for the three months ended March 31, 2026, from $40,513,000 for the same period in 2025, primarily due to higher personnel costs . Research and development expenses increased by $2,869,000 to $5,895,000 for the three months ended March 31, 2026, from $3,026,000 for the same period in 2025, mainly due to clinical trials for an acquired drug candidate .</li><li>Loss from Operations: Loss from operations was - $22,080,000 for the three months ended March 31, 2026, compared to - $11,232,000 for the same period in 2025 .</li><li>Interest Expense, Net: Net interest expense decreased by $1,051,000 to - $5,497,000 for the three months ended March 31, 2026, from - $6,548,000 for the same period in 2025 .</li><li>Net Loss: The net loss for the three months ended March 31, 2026, was - $27,602,000, compared to - $17,780,000 for the same period in 2025 .</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Harrow, Inc. reported net cash used in operating activities of - $8,992,000 for the three months ended March 31, 2026, a change from net cash provided of $19,668,000 for the same period in 2025 .</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was - $18,203,000 for the three months ended March 31, 2026, compared to - $212,000 for the same period in 2025, primarily due to investments in acquired product rights .</li><li>Net Cash Provided by Financing Activities: Net cash provided by financing activities was $48,912,000 for the three months ended March 31, 2026, compared to $23,000 for the same period in 2025, driven by the sale of $50,000,000 in principal amount of 2030 Notes .</li><li>Cash and Cash Equivalents: Cash and cash equivalents at the end of the period were $94,644,000 as of March 31, 2026, an increase from $72,927,000 at December 31, 2025 .</li></ul><h4>Other Key Financial Information</h4><ul><li>Accounts Receivable, net: Accounts receivable, net, was $101,259,000 as of March 31, 2026, compared to $110,895,000 as of December 31, 2025 .</li><li>Inventories: Inventories were $16,496,000 as of March 31, 2026, compared to $13,523,000 as of December 31, 2025 .</li><li>Total Current Assets: Total current assets were $226,384,000 as of March 31, 2026, compared to $211,750,000 as of December 31, 2025 .</li><li>Intangible Assets, net: Intangible assets, net, were $181,054,000 as of March 31, 2026, compared to $175,174,000 as of December 31, 2025 .</li><li>Notes Payable, net: Notes payable, net, was $292,087,000 as of March 31, 2026, compared to $243,184,000 as of December 31, 2025 .</li><li>Total Liabilities: Total liabilities were $391,192,000 as of March 31, 2026, compared to $347,391,000 as of December 31, 2025 .</li><li>Total Stockholders’ Equity: Total stockholders’ equity was $28,351,000 as of March 31, 2026, compared to $52,091,000 as of December 31, 2025 .</li><li>Debt: Harrow, Inc. issued an additional $50,000,000 aggregate principal amount of 8.625% Senior Notes due 2030 in March 2026, generating net proceeds of $48,526,000 .</li><li>Customer Concentration: As of March 31, 2026, three customers accounted for 95% of total consolidated accounts receivable .</li><li>Supplier Concentration: Three main suppliers collectively accounted for 69% of manufacturing supplies purchases for the three months ended March 31, 2026 .</li></ul><h3>Future Outlook and Strategy</h3>Harrow, Inc. anticipates its current cash and cash equivalents of $94,644,000 as of March 31, 2026, to be sufficient for planned operations and capital expenditures for at least the next 12 months . The company may seek additional financing through operations, asset sales, equity, or debt to support potential acquisitions or rapid growth . Harrow, Inc. also has an undrawn $40,000,000 revolving line of credit available for future cash needs .

Harrow | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 44.2 M