Filing Flows › Novavax (NVAX) › Q1 2026
Novavax (NVAX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Novavax (NVAX) reported revenue of $140M for the first quarter 2026 (Q1 2026), -79% from a year earlier and -5% from the quarter before. Operating margin was -11.1%, net loss $9.5M (6.8% of revenue).
Novavax, Q1 2026: revenue $140M (-79% year over year), operating margin -11.1%, net loss $9.5M, operating cash flow −$32.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $140M | -5% | -79% |
| Operating profit | −$15.4M | -208% | -103% |
| Net earnings | −$9.5M | -154% | -102% |
| Operating cash flow | −$32.4M | — | — |
What changed
Revenue was $139.5M in Q1 2026, down 79% year over year and down 5% from the previous quarter. Licensing, royalties, and other was the largest line at 70% of revenue. Nuvaxovid sales lost $598.5M year over year (down 98%), 114% of the total change.
Operating costs exceeded revenue by $15.4M, an operating margin of -11.1%. Total costs grew 3% against a revenue fall of 79%. The fastest-growing cost line was Cost of revenue (+117%). The quarter ended with a net loss of $9.5M, after a profit of $17.5M the previous quarter. Non-operating items added $6.9M, -81% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$32.4M. Non-cash charges added back $3.1M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items used $33.7M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$33.7M.
Questions
What was Novavax's revenue in the first quarter 2026?
Novavax (NVAX) reported revenue of $140M for the first quarter 2026 (Q1 2026), -79% from a year earlier and -5% from the quarter before.
Was Novavax profitable in the first quarter 2026?
Operating loss was $15.4M (-11.1% of revenue) and net loss $9.5M.
Source: Novavax 10-Q on SEC EDGAR.