Filing Flows › Delcath Systems (DCTH) › Q1 2026
Delcath Systems (DCTH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Delcath Systems (DCTH) reported revenue of $25.0M for the first quarter 2026 (Q1 2026), +26% from a year earlier and +21% from the quarter before. Operating margin was -6.5%, net loss $1.1M (4.3% of revenue).
Delcath Systems, Q1 2026: revenue $25.0M (+26% year over year), operating margin -6.5%, net loss $1.1M, operating cash flow $857K. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.0M | +21% | +26% |
| Operating profit | −$1.6M | — | -355% |
| Net earnings | −$1.1M | — | -200% |
| Operating cash flow | $857K | -90% | -61% |
| Free cash flow | $287K | -96% | -86% |
What changed
Revenue was $25.0M in Q1 2026, up 26% year over year and up 21% from the previous quarter. HEPZATO KIT was the largest line at 93% of revenue. HEPZATO KIT added $5.2M year over year (up 29%), 100% of the total change. CHEMOSAT declined 1%.
Gross margin was 85.1%, down 0.6 points from Q1 2025. Operating costs exceeded revenue by $1.6M, an operating margin of -6.5%. Operating expenses grew 40% against revenue growth of 26%. The fastest-growing cost line was Research & development (+96%). The quarter ended with a net loss of $1.1M, narrower than the previous quarter's $1.9M loss. Non-operating items added $729K, -80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $857K (down 61% year over year). Non-cash charges added back $102K of depreciation and $4.9M of share-based compensation. Working capital and other items used $3.1M. Capital expenditures of $570K left free cash flow of $287K.
Questions
What was Delcath Systems' revenue in the first quarter 2026?
Delcath Systems (DCTH) reported revenue of $25.0M for the first quarter 2026 (Q1 2026), +26% from a year earlier and +21% from the quarter before.
Was Delcath Systems profitable in the first quarter 2026?
Operating loss was $1.6M (-6.5% of revenue) and net loss $1.1M.
Source: Delcath Systems 10-Q on SEC EDGAR.