Filing Flows › Vaxart (VXRT) › Q1 2026
Vaxart (VXRT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Vaxart (VXRT) reported revenue of $39.2M for the first quarter 2026 (Q1 2026), +88% from a year earlier and -62% from the quarter before. Operating margin was 13.2%, net earnings $5.2M (13.2% of revenue).
Vaxart, Q1 2026: revenue $39.2M (+88% year over year), operating margin 13.2%, net earnings $5.2M, operating cash flow −$2.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $39.2M | -62% | +88% |
| Operating profit | $5.2M | -91% | — |
| Net earnings | $5.2M | -91% | — |
| Operating cash flow | −$2.1M | -107% | — |
What changed
Revenue was $39.2M in Q1 2026, up 88% year over year and down 62% from the previous quarter. Government Contract was the largest line at 93% of revenue. Government Contract added $17.1M year over year (up 88%), 93% of the total change. Non Cash Royalty Revenue declined 97%.
Operating profit was $5.2M, a 13.2% margin (up 84.7 points year over year). Total costs fell 5% while revenue rose 88%. Net earnings were $5.2M. The effective tax rate was 0.6%.
Operating cash flow was −$2.1M. Non-cash charges added back $1.1M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $9.8M. Capital expenditures of $448K exceeded it, leaving free cash flow of −$2.5M.
Questions
What was Vaxart's revenue in the first quarter 2026?
Vaxart (VXRT) reported revenue of $39.2M for the first quarter 2026 (Q1 2026), +88% from a year earlier and -62% from the quarter before.
Was Vaxart profitable in the first quarter 2026?
Operating profit was $5.2M (13.2% of revenue) and net earnings $5.2M.
Source: Vaxart 10-Q on SEC EDGAR.