Filing Flows › Exagen (XGN) › Q1 2026
Exagen (XGN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Exagen (XGN) reported revenue of $17.3M for the first quarter 2026 (Q1 2026), +12% from a year earlier and +4% from the quarter before. Operating margin was -19.7%, net loss $4.0M (22.9% of revenue).
Exagen, Q1 2026: revenue $17.3M (+12% year over year), operating margin -19.7%, net loss $4.0M, operating cash flow −$10.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.3M | +4% | +12% |
| Operating profit | −$3.4M | — | — |
| Net earnings | −$4.0M | — | — |
| Operating cash flow | −$10.4M | — | — |
What changed
Revenue was $17.3M in Q1 2026, up 12% year over year and up 4% from the previous quarter.
Gross margin was 59.0%, up 0.1 points from Q1 2025. Operating costs exceeded revenue by $3.4M, an operating margin of -19.7%. Operating expenses grew 9% against revenue growth of 12%. The fastest-growing cost line was Research & development (+21%). The quarter ended with a net loss of $4.0M, narrower than the previous quarter's $4.7M loss.
Operating cash flow was −$10.4M. Non-cash charges added back $600K of depreciation and amortization and $655K of share-based compensation. Working capital and other items used $7.7M. Capital expenditures of $228K exceeded it, leaving free cash flow of −$10.6M.
Questions
What was Exagen's revenue in the first quarter 2026?
Exagen (XGN) reported revenue of $17.3M for the first quarter 2026 (Q1 2026), +12% from a year earlier and +4% from the quarter before.
Was Exagen profitable in the first quarter 2026?
Operating loss was $3.4M (-19.7% of revenue) and net loss $4.0M.
Source: Exagen 10-Q on SEC EDGAR.