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Elutia (ELUT) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Elutia (ELUT) Q2 2026 earnings results →

Q2 2026 Revenue down 12% year over year to $2.4M · 315¢ of every $1 of revenue lost · operating margin -327.9%

Elutia made $2.4M in Q2 2026 (-12% Y/Y). Operating margin -327.9%, net loss $7.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.

Revenue$2.4M
Year over year-12%
Operating margin-327.9%
Net earnings−$7.6M
Operating cash flow−$8.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $2.4M in Q2 2026, down 12% year over year and down 22% from the previous quarter.

Gross margin was 59.6%, up 6.7 points from Q2 2025. Operating costs exceeded revenue by $8.0M, an operating margin of -327.9%. Operating expenses fell 4% while revenue fell 12%. The fastest-growing cost line was Research & development (+156%). The quarter ended with a net loss of $7.6M, wider than the previous quarter's $7.5M loss.

Operating cash flow was −$8.5M. Non-cash charges added back $349K of depreciation and amortization and $905K of share-based compensation. Working capital and other items used $2.1M. Capital expenditures of $91K exceeded it, leaving free cash flow of −$8.6M.

Quarterly history

Elutia revenue by quarterElutia revenue by quarter$5.5MQ4 2024$6.0MQ1 2025$6.3MQ2 2025$3.3MQ3 2025$3.3MQ4 2025$3.1MQ1 2026$2.4MQ2 2026
Elutia net earnings by quarterElutia net earnings by quarter−$9.1MQ4 2024−$3.9MQ1 2025−$9.6MQ2 2025−$3.9MQ3 2025$70.8MQ4 2025−$7.5MQ1 2026−$7.6MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 14, 2026$2.4M-12%-327.9%−$7.6M−$8.5M
Q1 202610-QMay 15, 2026$3.1M+6%-203.9%−$7.5M−$7.8M
Q4 202510-KMar 13, 2026$3.3M+16%-200.6%$70.8M−$24.8M
Q3 202510-QNov 12, 2025$3.3M-9%-156.7%−$3.9M−$2.9M
Q2 202510-QAug 14, 2025$6.3M-0.4%-157.7%−$9.6M−$8.2M
Q1 202510-QMay 13, 2025$6.0M-10%-131.4%−$3.9M−$8.9M
Q4 202410-KMar 11, 2025$5.5M-7%-154.2%−$9.1M−$12.3M

Charts

Elutia: revenue growth, year over year and quarter over quarterElutia: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q4 2024-10%+10%Q1 20250%+4%Q2 2025-9%-47%Q3 2025+16%-2%Q4 2025+6%-5%Q1 2026-12%-22%Q2 2026
Latest (Q2 2026): Y/Y -12%, Q/Q -22%.
Elutia: where the cash came from (+) and went (−), TTM to Q2 2026Elutia: where the cash came from (+) and went (−), TTM to Q2 2026Other investing$80.9MOperating cash flow−$44.0MOther financing−$23.3MCash drawn (+) / kept (−)−$11.4MCapital spending−$2.0MTaxes on employees’ shares−$217KShares issued$81K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Elutia: profit against cash, quarter by quarterElutia: profit against cash, quarter by quarterNet incomeOperating cash flow$1.3M−$3.4MQ3 2024−$9.1M−$12.3MQ4 2024−$3.9M−$8.9MQ1 2025−$9.6M−$8.2MQ2 2025−$3.9M−$2.9MQ3 2025$70.8M−$24.8MQ4 2025−$7.5M−$7.8MQ1 2026−$7.6M−$8.5MQ2 2026
Latest (Q2 2026): Net income −$7.6M, Operating cash flow −$8.5M.
Elutia: diluted shares by fiscal year (split-adjusted)Elutia: diluted shares by fiscal year (split-adjusted)11MFY202010MFY202114MFY202218MFY202329MFY202446MFY2025
+302.6% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 4-for-1 split before FY2021.
Elutia in its industry: growth against margin (76 companies, SIC 2836)Elutia in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSELUT (-12%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Elutia

At Elutia, our mission is to humanize medicine so that patients can thrive without compromise. We develop proprietary drug-eluting biomatrix products for use in surgical reconstruction and related applications. These products are designed to improve the interaction between implanted medical devices and patients. Our focus is on addressing unmet medical needs and reducing complications associated with surgery, including infection, migration, erosion, implant rejection, and fibrosis. Our operations span research and development through the commercial distribution of biologic matrix products used in plastic and reconstructive surgery.

In its own words, from its 10-K, filed Mar 13, 2026.

Elutia against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -12% against the peers' median +11%. Operating margin: -327.9% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
ELUT ElutiaQ2 2026$2.4M-12%-327.9%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Elutia 10-Q on SEC EDGAR · CIK 1708527 · Biological Products, (No Diagnostic Substances)

13F: who owns ELUT and who is buying

Largest holders of ELUT (13F)Largest holders of ELUT (13F)Nantahala Capital Management, LLC$6.2MKnollwood Investment Advisory, LLC$2.5MSilverarc Capital Management, LLC$2.1MAigh Capital Management LLC$2.0MVanguard Capital Management LLC$1.1MVanguard Group$802KPerkins Capital Management$539KGeode Capital Management, LLC$279KCorient Private Wealth LLC$248KRenaissance Technologies LLC$198K
Funds' net buying of ELUT by quarter (13F)Funds' net buying of ELUT by quarter (13F)$1.5M2024-09$1.7M2024-12$7.0M2025-03$314K2025-06$584K2025-09−$1.4M2025-12−$870K2026-03$2.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ELUT

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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