Filing Flows › Vaxart (VXRT) › Q3 2025
Vaxart (VXRT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Vaxart (VXRT) reported revenue of $72.4M for the third quarter 2025 (Q3 2025), up 15-fold from a year earlier and +82% from the quarter before. Operating margin was -10.8%, net loss $8.1M (11.2% of revenue).
Vaxart, Q3 2025: revenue $72.4M (15× year over year), operating margin -10.8%, net loss $8.1M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $72.4M | +82% | 15× |
| Operating profit | −$7.8M | — | — |
| Net earnings | −$8.1M | — | — |
| Operating cash flow | $2.6M | — | — |
| Free cash flow | $2.5M | — | — |
What changed
Revenue was $72.4M in Q3 2025, up 1368% year over year and up 82% from the previous quarter.
Operating costs exceeded revenue by $7.8M, an operating margin of -10.8%. Total costs grew 313% against revenue growth of 1368%. The fastest-growing cost line was Research & development (+404%). The quarter ended with a net loss of $8.1M, narrower than the previous quarter's $15.0M loss.
Operating cash flow was $2.6M. Non-cash charges added back $2.1M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items added $6.6M. Capital expenditures of $117K left free cash flow of $2.5M.
Questions
What was Vaxart's revenue in the third quarter 2025?
Vaxart (VXRT) reported revenue of $72.4M for the third quarter 2025 (Q3 2025), up 15-fold from a year earlier and +82% from the quarter before.
Was Vaxart profitable in the third quarter 2025?
Operating loss was $7.8M (-10.8% of revenue) and net loss $8.1M.
Source: Vaxart 10-Q on SEC EDGAR.