Revenue: As of FY2026 Q1, the actual value is USD 10.08 M, missing the estimate of USD 10.25 M.

EPS: As of FY2026 Q1, the actual value is USD -0.41, missing the estimate of USD -0.115.

EBIT: As of FY2026 Q1, the actual value is USD -4.627 M.

First Quarter 2026 Financial Highlights

Revenue

Total revenues for the first quarter of 2026 were $10.1 million, marking approximately a 17% increase compared to $8.6 million for the same period in 2025. This growth was primarily driven by approximately 16% growth in the number of Ameluz units sold and a price increase implemented in the fourth quarter of 2025.

Gross Margins

Gross margins were approximately 80% in Q1 2026, an 18 percentage points increase compared to approximately 62% in Q1 2025. This reflects the first full quarter under the new earnout structure following the Strategic Transaction in October 2025. Cost of revenues, related party, decreased by approximately 40% year over year, due to the transition to the lower earnout structure. Biofrontera Inc. recognized $1.2 million in earnout expense during Q1 2026.

Operating Profit / Loss

Operating loss was - $4.3 million in Q1 2026 compared to a loss of - $4.5 million in Q1 2025.

Operating Expenses

Total operating expenses were $14.4 million for the first quarter of 2026, up from $13.1 million for the first quarter of 2025. Selling, general and administrative expenses were $11.0 million in Q1 2026, compared to $8.7 million in Q1 2025, primarily due to higher selling and marketing costs, increased legal expenses, and manufacturing-related costs assumed from the Strategic Transaction. Research and development expenses were $0.9 million for Q1 2026, a decrease from $1.2 million in Q1 2025, mainly due to certain clinical trials reaching substantial completion.

Net Loss

The net loss for the first quarter of 2026 was - $4.8 million, compared with a net loss of - $4.2 million for the prior-year quarter.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA improved to - $3.6 million in Q1 2026 from - $4.4 million in Q1 2025, an improvement of approximately $0.8 million, reflecting expanded gross margins. Adjusted EBITDA margin improved to -35.3% from -51.0% in the prior-year quarter.

Cash Flow

Cash flows used in operating activities were - $70 thousand in Q1 2026, a significant improvement from - $4,117 thousand used in Q1 2025. Cash, cash equivalents and restricted cash, at the end of Q1 2026, was $6,517 thousand, compared to $1,985 thousand at the end of Q1 2025.

Outlook

Biofrontera Inc. aims to achieve sustained profitability and cash-flow breakeven while building a foundation for medium to long-term growth. The company anticipates multiple near-term catalysts from its clinical pipeline, including a PDUFA date for sBCC in September 2026, positive Phase 3 results for AK on the neck/trunk and extremities, and encouraging Phase 2b data in acne. These advancements are expected to meaningfully expand the commercial opportunities for the Ameluz platform.