Filing Flows › Vaxart (VXRT) › Q2 2025
Vaxart (VXRT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Vaxart (VXRT) reported revenue of $39.7M for the second quarter 2025 (Q2 2025), +521% from a year earlier and +90% from the quarter before. Operating margin was -36.8%, net loss $15.0M (37.7% of revenue).
Vaxart, Q2 2025: revenue $39.7M (+521% year over year), operating margin -36.8%, net loss $15.0M, operating cash flow −$15.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $39.7M | +90% | +521% |
| Operating profit | −$14.6M | — | — |
| Net earnings | −$15.0M | — | — |
| Operating cash flow | −$15.9M | — | — |
What changed
Revenue was $39.7M in Q2 2025, up 521% year over year and up 90% from the previous quarter.
Operating costs exceeded revenue by $14.6M, an operating margin of -36.8%. Total costs grew 140% against revenue growth of 521%. The fastest-growing cost line was Research & development (+185%). The quarter ended with a net loss of $15.0M, narrower than the previous quarter's $15.6M loss.
Operating cash flow was −$15.9M. Non-cash charges added back $2.2M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $5.3M. Capital expenditures of −$103K exceeded it, leaving free cash flow of −$15.8M.
Questions
What was Vaxart's revenue in the second quarter 2025?
Vaxart (VXRT) reported revenue of $39.7M for the second quarter 2025 (Q2 2025), +521% from a year earlier and +90% from the quarter before.
Was Vaxart profitable in the second quarter 2025?
Operating loss was $14.6M (-36.8% of revenue) and net loss $15.0M.
Source: Vaxart 10-Q on SEC EDGAR.