Filing Flows › ARS Pharmaceuticals (SPRY) › Q1 2026
ARS Pharmaceuticals (SPRY) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
ARS Pharmaceuticals (SPRY) reported revenue of $22.7M for the first quarter 2026 (Q1 2026), +184% from a year earlier and -19% from the quarter before. Operating margin was -265.2%, net loss $60.6M (267.3% of revenue).
ARS Pharmaceuticals, Q1 2026: revenue $22.7M (+184% year over year), operating margin -265.2%, net loss $60.6M, operating cash flow −$44.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.7M | -19% | +184% |
| Operating profit | −$60.1M | — | — |
| Net earnings | −$60.6M | — | — |
| Operating cash flow | −$44.9M | — | — |
What changed
Revenue was $22.7M in Q1 2026, up 184% year over year and down 19% from the previous quarter. Product was the largest line at 77% of revenue. Product added $9.7M year over year (up 125%), 66% of the total change.
Operating costs exceeded revenue by $60.1M, an operating margin of -265.2%. Total costs grew 83% against revenue growth of 184%. The fastest-growing cost line was Other operating costs (+475%). The quarter ended with a net loss of $60.6M, wider than the previous quarter's $41.3M loss.
Operating cash flow was −$44.9M. Non-cash charges added back $397K of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items added $7.9M.
Questions
What was ARS Pharmaceuticals' revenue in the first quarter 2026?
ARS Pharmaceuticals (SPRY) reported revenue of $22.7M for the first quarter 2026 (Q1 2026), +184% from a year earlier and -19% from the quarter before.
Was ARS Pharmaceuticals profitable in the first quarter 2026?
Operating loss was $60.1M (-265.2% of revenue) and net loss $60.6M.