Filing Flows › Northwest Biotherapeutics (NWBO) › Q4 2025
Northwest Biotherapeutics (NWBO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 15, 2026
Northwest Biotherapeutics (NWBO) reported revenue of $672K for the fourth quarter 2025 (Q4 2025), +191% from a year earlier and +236% from the quarter before.
Northwest Biotherapeutics, Q4 2025: revenue $672K (+191% year over year), net loss $122M, operating cash flow −$14.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $672K | +236% | +191% |
| Operating profit | −$13.5M | — | — |
| Net earnings | −$122M | -226% | — |
| Operating cash flow | −$14.8M | — | — |
What changed
Revenue was $672K in Q4 2025, up 191% year over year and up 236% from the previous quarter.
Operating costs exceeded revenue by $13.5M, an operating margin of -2009.5%. Total costs fell 24% while revenue rose 191%. The quarter ended with a net loss of $121.8M, after a profit of $96.3M the previous quarter. Minority interests bore $123.2M of it: to shareholders the quarter was a profit of $1.4M. Net interest and other expense of $108.3M was the main reason.
Operating cash flow was −$14.8M. Non-cash charges added back $728K of depreciation and amortization and $185K of share-based compensation. Working capital and other items added $106.1M. Capital expenditures of $905K exceeded it, leaving free cash flow of −$15.7M.
Questions
What was Northwest Biotherapeutics' revenue in the fourth quarter 2025?
Northwest Biotherapeutics (NWBO) reported revenue of $672K for the fourth quarter 2025 (Q4 2025), +191% from a year earlier and +236% from the quarter before.