Filing Flows › Vaxart (VXRT) › How it makes money
How Vaxart (VXRT) makes money
Vaxart (VXRT) made $10.6M of revenue in the third quarter 2026 (Q3 2026), -85% from a year earlier. Government Contract brought in $7.5M (71%); Collaboration Revenue brought in $2.9M (28%); Non Cash Royalty Revenue brought in $154K (1%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Government Contract | $7.5M | 71.0% | -69% | -90% |
| Collaboration Revenue | $2.9M | 27.5% | +0.1% | — |
| Non Cash Royalty Revenue | $154K | 1.5% | 14× | — |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $10.6M | 100.0% |
| Income tax | $312K | 2.9% |
| Operating cash flow | $1.4M | 13.5% |
| Free cash flow | $1.1M | 10.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $10.6M | -85% |
| Q2 2026 | $27.2M | -32% |
| Q1 2026 | $39.2M | +88% |
| Q4 2025 | $104M | +586% |
| Q3 2025 | $72.4M | 15× |
| Q2 2025 | $39.7M | +521% |
| Q1 2025 | $20.9M | +857% |
From Vaxart's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Vaxart make money?
Vaxart (VXRT) made $10.6M of revenue in the third quarter 2026 (Q3 2026), -85% from a year earlier. Government Contract brought in $7.5M (71%); Collaboration Revenue brought in $2.9M (28%); Non Cash Royalty Revenue brought in $154K (1%).
What is Vaxart's biggest business?
Government Contract: $7.5M in the third quarter 2026, 71% of revenue, -90% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.