Filing Flows › Novavax (NVAX) › Q2 2026 › vs Q1 2026
Novavax (NVAX) Q2 2026 vs Q1 2026 (quarter over quarter)
Novavax's revenue fell $82.8M (-59%) from $140M in Q1 2026 to $56.7M in Q2 2026. The biggest changes: Licensing, royalties, and other −$59.5M (-61%); Product sales −$23.3M (-55%).
Novavax, Q2 2026: revenue $56.7M (-76% year over year), operating margin -96.8%, net loss $53.4M, operating cash flow −$72.8M. The chart draws each line against Q1 2026, the increases inside each band.
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Licensing, royalties, and other | $37.8M | $97.3M | −$59.5M | -61% |
| Product sales | $18.9M | $42.2M | −$23.3M | -55% |
| Revenue | $56.7M | $140M | −$82.8M | -59% |
| Other income, net | $3.2M | $6.9M | −$3.7M | -53% |
| Net loss | $53.4M | $9.5M | $43.9M | +463% |
| Costs & expenses | $113M | $156M | −$42.6M | -27% |
| Operating costs | $112M | $155M | −$43.3M | -28% |
| Income tax | $1.7M | $985K | $726K | +74% |
| Cost of revenue | $14.2M | $30.7M | −$16.4M | -54% |
| Research & development | $70.7M | $95.5M | −$24.8M | -26% |
| SG&A | $26.7M | $28.8M | −$2.1M | -7% |
| Operating cash sources | $84.0M | $43.2M | $40.7M | +94% |
| Depreciation & amortization | $3.1M | $3.1M | −$6K | -0.2% |
| Share-based compensation | $8.1M | $7.7M | $365K | +5% |
| Cash used in operations | $72.8M | $32.4M | $40.4M | +125% |
| Net loss absorbed | $53.4M | $9.5M | $43.9M | +463% |
| Working capital & other | $30.6M | $33.7M | −$3.2M | -9% |
Questions
How much did Novavax's revenue grow quarter over quarter in Q2 2026?
Novavax's revenue fell $82.8M (-59%) from $140M in Q1 2026 to $56.7M in Q2 2026.
What drove Novavax's revenue change in Q2 2026?
Licensing, royalties, and other −$59.5M (-61%); Product sales −$23.3M (-55%).