--- title: "Co-Diagnostics | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 145.95 K" type: "News" locale: "en" url: "https://longbridge.com/en/news/286462878.md" datetime: "2026-05-14T20:24:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286462878.md) - [en](https://longbridge.com/en/news/286462878.md) - [zh-HK](https://longbridge.com/zh-HK/news/286462878.md) --- # Co-Diagnostics | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 145.95 K Revenue: As of FY2026 Q1, the actual value is USD 145.95 K, missing the estimate of USD 163.5 K. EPS: As of FY2026 Q1, the actual value is USD -4.06, missing the estimate of USD -3.75. EBIT: As of FY2026 Q1, the actual value is USD -9.215 M. Co-Diagnostics, Inc. operates as a single operating segment, with its Chief Executive Officer evaluating financial information and allocating resources on a consolidated basis . #### Revenue Total revenue for the three months ended March 31, 2026, was $145,954, an increase from $50,277 for the same period in 2025 . Product revenue also totaled $145,954 in Q1 2026, up from $50,277 in Q1 2025 . Revenue from the United States was $81,054 in Q1 2026 (56% of total revenue), compared to $40,177 in Q1 2025 (80% of total revenue) . Rest of World revenue increased to $64,900 in Q1 2026 (44% of total revenue) from $10,100 in Q1 2025 (20% of total revenue) . #### Gross Profit (Loss) Cost of revenue increased to $193,768 for Q1 2026 from $21,590 for Q1 2025 . This resulted in a gross loss of -$47,814 for Q1 2026, compared to a gross profit of $28,687 for Q1 2025 . The cost of revenues included a decrease of approximately $0.2 million in Q1 2026 and approximately $41,000 in Q1 2025 related to inventory reserves . #### Operating Expenses Total operating expenses increased to $9.2 million in Q1 2026 from $8.6 million in Q1 2025, primarily due to expenses for clinical trials for the Co-Dx PCR platform and higher legal and professional services expenses, partially offset by reduced stock-based compensation expense . **Sales and marketing expenses** decreased to $467,955 in Q1 2026 from $657,030 in Q1 2025, mainly due to lower stock-based compensation and reduced tradeshow and travel expenses . **General and administrative expenses** decreased to $2,503,126 in Q1 2026 from $2,773,149 in Q1 2025, primarily due to lower personnel-related and stock-based compensation expenses, despite increased legal and professional services expenses . **Research and development expenses** increased to $5,934,071 in Q1 2026 from $4,870,019 in Q1 2025, driven by expenses related to clinical trials for the Co-Dx PCR platform, partially offset by decreased personnel-related expense . **Depreciation and amortization** was $255,445 in Q1 2026, slightly down from $280,445 in Q1 2025 . #### Other Income and Net Loss Other income, net, was $68,893 in Q1 2026, a decrease from $1,030,689 in Q1 2025, primarily due to changes in the fair value of contingent consideration liabilities and decreased realized gains on investments . Net loss for Q1 2026 was -$9,140,038, compared to -$7,533,271 for Q1 2025, primarily due to higher operating expenses and decreased other income . #### Cash Flow - **Net cash used in operating activities** decreased to -$7,846,276 in Q1 2026 from -$8,745,214 in Q1 2025, mainly due to lower cash usage for accounts payable and accrued liabilities . - **Net cash used in investing activities** was -$142,017 in Q1 2026, a significant change from cash provided by investing activities of $7,356,958 in Q1 2025, primarily due to proceeds from redemption less purchases of investments in the prior year . - **Net cash provided by financing activities** increased to $4,334,670 in Q1 2026 from $354,746 in Q1 2025, mainly from common stock issuances under an at-the-market (ATM) offering . - **Cash and cash equivalents** at the end of Q1 2026 stood at $8,230,984, down from $11,884,607 at December 31, 2025 . #### Key Operational Metrics - **Customer Concentration**: In Q1 2026, five customers accounted for approximately 84% of product revenue, compared to three customers accounting for approximately 59% in Q1 2025 . Two customers represented over 10% of accounts receivable at March 31, 2026, and December 31, 2025, collectively accounting for approximately 49% and 82% of accounts receivable, respectively . - **Inventory**: Net inventory was $846,119 at March 31, 2026, with $358,209 in finished goods and $487,910 in raw materials, a decrease from $992,397 at December 31, 2025 . The company recognized $154,989 and $41,174 related to the change in inventory reserves for Q1 2026 and Q1 2025, respectively . - **Stock-Based Compensation Expense**: Total stock-based compensation expense recognized was $219,114 in Q1 2026, a decrease from $875,228 in Q1 2025 . Approximately $2,270,853 of unrecognized stock-based compensation expense related to outstanding RSUs remained as of March 31, 2026, expected to be recognized over an average of 2.2 years . - **Intangible Assets**: In-process research and development remained at $7,219,000 as of March 31, 2026, and December 31, 2025 . - **Contingent Consideration Liabilities**: These liabilities decreased to $43,756 at March 31, 2026, from $119,036 at December 31, 2025 . The change in fair value of acquisition contingencies resulted in a gain of $75,280 in Q1 2026, compared to a gain of $717,067 in Q1 2025 . #### Future Outlook and Strategy Co-Diagnostics, Inc. is focused on developing its Co-Dx™ PCR platform for point-of-care and at-home use, prioritizing the clinical validation of a multiplex test for influenza A/B, COVID-19, and RSV (ABCR) . The company’s ability to continue as a going concern relies on securing additional financing through equity, debt, or grant funding, as it anticipates continued operating losses and cash usage . The shelf Registration Statement for its ATM program expired on April 6, 2026, preventing further sales under that program until a new registration statement is effective . ### Related Stocks - [CODX.US](https://longbridge.com/en/quote/CODX.US.md) ## Related News & Research - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [Autohome Inc. to Announce First Quarter 2026 Financial Results on May 28, 2026 | ATHM Stock News](https://longbridge.com/en/news/286390966.md) - [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md) - [OS Therapies to Announce First Quarter 2026 Financials on Monday, May 18, 2026 | OSTX Stock News](https://longbridge.com/en/news/286607728.md)