Filing Flows › Shoulder Innovations (SI) › Q1 2026
Shoulder Innovations (SI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 13, 2026
Shoulder Innovations (SI) reported revenue of $16.7M for the first quarter 2026 (Q1 2026), +65% from a year earlier and +16% from the quarter before. Operating margin was -53.7%, net loss $8.4M (50.1% of revenue).
Shoulder Innovations, Q1 2026: revenue $16.7M (+65% year over year), operating margin -53.7%, net loss $8.4M, operating cash flow −$12.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.7M | +16% | +65% |
| Operating profit | −$9.0M | — | — |
| Net earnings | −$8.4M | — | — |
| Operating cash flow | −$12.4M | — | — |
What changed
Revenue was $16.7M in Q1 2026, up 65% year over year and up 16% from the previous quarter.
Gross margin was 77.7%, up 0.8 points from a year earlier. Operating costs exceeded revenue by $9.0M, an operating margin of -53.7%. Operating expenses grew 82% against revenue growth of 65%. The fastest-growing cost line was Research & development (+137%). The quarter ended with a net loss of $8.4M, wider than the previous quarter's $7.8M loss.
Operating cash flow was −$12.4M. Non-cash charges added back $1.1M of depreciation and $726K of share-based compensation. Working capital and other items used $5.8M. Capital expenditures of $2.7M exceeded it, leaving free cash flow of −$15.1M.
Questions
What was Shoulder Innovations' revenue in the first quarter 2026?
Shoulder Innovations (SI) reported revenue of $16.7M for the first quarter 2026 (Q1 2026), +65% from a year earlier and +16% from the quarter before.
Was Shoulder Innovations profitable in the first quarter 2026?
Operating loss was $9.0M (-53.7% of revenue) and net loss $8.4M.