Filing Flows › Vaxart (VXRT) › Q2 2026 › vs Q1 2026
Vaxart (VXRT) Q2 2026 vs Q1 2026 (quarter over quarter)
Vaxart's revenue fell $12.0M (-31%) from $39.2M in Q1 2026 to $27.2M in Q2 2026. The biggest changes: Government Contract −$12.1M (-33%); Collaboration Revenue +$103K (+4%); Non Cash Royalty Revenue −$31K (-74%).
Vaxart, Q2 2026: revenue $27.2M (-32% year over year), operating margin -48.5%, net loss $13.5M, operating cash flow $2.8M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 10.1% | -6.4% | +16.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Government Contract | $24.3M | $36.4M | −$12.1M | -33% |
| Collaboration Revenue | $2.9M | $2.8M | $103K | +4% |
| Non Cash Royalty Revenue | $11K | $42K | −$31K | -74% |
| Revenue | $27.2M | $39.2M | −$12.0M | -31% |
| Net loss | $13.5M | −$5.2M | $18.7M | — |
| Costs & expenses | $40.7M | $39.3M | $1.4M | +4% |
| Operating costs | $40.4M | $34.1M | $6.3M | +19% |
| Interest & other, net | $293K | −$35K | $328K | — |
| Income tax | $29K | $29K | $0 | 0% |
| Research & development | $33.8M | $29.4M | $4.3M | +15% |
| General & admin | $6.6M | $4.6M | $2.0M | +42% |
| Operating cash sources | $16.3M | −$7.2M | $23.5M | — |
| Depreciation & amortization | $741K | $1.1M | −$385K | -34% |
| Share-based compensation | $1.3M | $1.5M | −$192K | -13% |
| Working capital & other | $14.2M | −$9.8M | $24.1M | — |
| Net loss absorbed | $13.5M | −$5.2M | $18.7M | — |
| Operating cash flow | $2.8M | −$2.1M | $4.8M | — |
| Free cash flow (OCF − capex) | $2.7M | −$2.5M | $5.2M | — |
| Capital expenditures | $35K | $448K | −$413K | -92% |
Questions
How much did Vaxart's revenue grow quarter over quarter in Q2 2026?
Vaxart's revenue fell $12.0M (-31%) from $39.2M in Q1 2026 to $27.2M in Q2 2026.
What drove Vaxart's revenue change in Q2 2026?
Government Contract −$12.1M (-33%); Collaboration Revenue +$103K (+4%); Non Cash Royalty Revenue −$31K (-74%).