Filing Flows › HCW Biologics (HCWB) › Q1 2026 › vs Q4 2025
HCW Biologics (HCWB) Q1 2026 vs Q4 2025 (quarter over quarter)
HCW Biologics's revenue rose $6.5M (242×) from $27K in Q4 2025 to $6.5M in Q1 2026. Gross margin 99.8% against 20.0% (+79.8 pts).
HCW Biologics, Q1 2026: revenue $6.5M (1,292× year over year), operating margin 49.5%, net earnings $3.5M, operating cash flow −$1.6M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 99.8% | 20.0% | +79.8 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $6.5M | $27K | $6.5M | 242× |
| Gross profit | $6.5M | $5K | $6.5M | 1,209× |
| Cost of revenue | $11K | $22K | −$11K | -49% |
| Other income, net | $567K | $5.2M | −$4.6M | -89% |
| Operating profit | $3.2M | −$4.5M | $7.7M | — |
| Operating expenses | $3.3M | $4.5M | −$1.2M | -26% |
| Pre-tax earnings | $3.8M | $719K | $3.1M | +429% |
| Research & development | $1.3M | $1.3M | −$75K | -6% |
| General & admin | $1.8M | $1.5M | $319K | +21% |
| Other operating costs | $205K | $1.6M | −$1.4M | -87% |
| Net earnings | $3.5M | $719K | $2.8M | +383% |
| Income tax | $330K | $0 | $330K | — |
| Operating cash sources | $5.2M | $4.2M | $959K | +23% |
| Depreciation & amortization | $142K | $157K | −$15K | -9% |
| Share-based compensation | $10K | $9K | $1K | +9% |
| Cash used in operations | $1.6M | $3.4M | −$1.8M | -53% |
| Working capital & other | $5.2M | $4.2M | $959K | +23% |
Questions
How much did HCW Biologics's revenue grow quarter over quarter in Q1 2026?
HCW Biologics's revenue rose $6.5M (242×) from $27K in Q4 2025 to $6.5M in Q1 2026. Gross margin 99.8% against 20.0% (+79.8 pts).