Filing Flows › Moderna (MRNA) › Q1 2025
Moderna (MRNA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Moderna (MRNA) reported revenue of $108M for the first quarter 2025 (Q1 2025), -35% from a year earlier and -89% from the quarter before. Operating margin was -972.2%, net loss $971M (899.1% of revenue).
Moderna, Q1 2025: revenue $108M (-35% year over year), operating margin -972.2%, net loss $971M, operating cash flow −$1.0B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $108M | -89% | -35% |
| Operating profit | −$1.1B | — | — |
| Net earnings | −$971M | — | — |
| Operating cash flow | −$1.0B | — | — |
What changed
Revenue was $108.0M in Q1 2025, down 35% year over year and down 89% from the previous quarter. COVID-19 was the largest line at 78% of revenue. COVID-19 lost $83.0M year over year (down 50%), 141% of the total change.
Operating costs exceeded revenue by $1,050.0M, an operating margin of -972.2%. Total costs fell 19% while revenue fell 35%. The quarter ended with a net loss of $971.0M, narrower than the previous quarter's $1,120.0M loss.
Operating cash flow was −$1,037.0M. Non-cash charges added back $38.0M of depreciation and amortization and $115.0M of share-based compensation. Working capital and other items used $219.0M. Capital expenditures of $117.0M exceeded it, leaving free cash flow of −$1,154.0M.
Questions
What was Moderna's revenue in the first quarter 2025?
Moderna (MRNA) reported revenue of $108M for the first quarter 2025 (Q1 2025), -35% from a year earlier and -89% from the quarter before.
Was Moderna profitable in the first quarter 2025?
Operating loss was $1.1B (-972.2% of revenue) and net loss $971M.
Source: Moderna 10-Q on SEC EDGAR.