Filing Flows › Vaxart (VXRT) › Q1 2025
Vaxart (VXRT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 13, 2025
Vaxart (VXRT) reported revenue of $20.9M for the first quarter 2025 (Q1 2025), +857% from a year earlier and +37% from the quarter before. Operating margin was -71.5%, net loss $15.6M (74.7% of revenue).
Vaxart, Q1 2025: revenue $20.9M (+857% year over year), operating margin -71.5%, net loss $15.6M, operating cash flow −$9.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.9M | +37% | +857% |
| Operating profit | −$14.9M | — | — |
| Net earnings | −$15.6M | — | — |
| Operating cash flow | −$9.6M | — | — |
What changed
Revenue was $20.9M in Q1 2025, up 857% year over year and up 37% from the previous quarter. Government Contract was the largest line at 92% of revenue. Government Contract added $17.7M year over year (up 1106%), 95% of the total change.
Operating costs exceeded revenue by $14.9M, an operating margin of -71.5%. Total costs grew 36% against revenue growth of 857%. The fastest-growing cost line was Research & development (+62%). The quarter ended with a net loss of $15.6M, wider than the previous quarter's $12.0M loss.
Operating cash flow was −$9.6M. Non-cash charges added back $2.2M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $1.3M. Capital expenditures of $130K exceeded it, leaving free cash flow of −$9.7M.
Questions
What was Vaxart's revenue in the first quarter 2025?
Vaxart (VXRT) reported revenue of $20.9M for the first quarter 2025 (Q1 2025), +857% from a year earlier and +37% from the quarter before.
Was Vaxart profitable in the first quarter 2025?
Operating loss was $14.9M (-71.5% of revenue) and net loss $15.6M.
Source: Vaxart 10-Q on SEC EDGAR.