Vaxart Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	255.61	237.26	28.7	7.38	0.11	0.89
Revenue Growth (YoY)	439.32%	726.68%	288.94%	6796.26%	-88.00%	-77.95%
Cost of Revenue	201.58	201.58	74.21	68.14	81.05	48.75
Gross Profit	54.03	35.68	-45.51	-60.76	-80.95	-47.86
Selling, General & Admin	17.18	17.61	20.78	22.58	29.39	21.89
Operating Expenses	15.85	17.61	20.78	22.58	29.39	21.89
Operating Income	38.18	18.07	-66.29	-83.35	-110.33	-69.75
Interest Expense	-2.33	-2.82	-2.97	-1.45	-1.31	-1.48
Interest & Investment Income	1.71	1.6	2.54	2.65	1.25	0.08
Currency Exchange Gain (Loss)	-	-	-	-	-	-0
Other Non Operating Income (Expenses)	-0.05	-0.04	0.03	-0.06	-0.01	-
EBT Excluding Unusual Items	37.51	16.8	-66.69	-82.2	-110.4	-71.15
Asset Writedown	-	-	-	-	-4.25	-3.01
Other Unusual Items	-	-	-	-	6.96	3.79
Pretax Income	37.51	16.8	-66.69	-82.2	-107.69	-70.36
Income Tax Expense	0.41	0.48	0.26	0.26	0.07	0.11
Net Income	37.1	16.33	-66.95	-82.47	-107.76	-70.47
Net Income to Common	37.1	16.33	-66.95	-82.47	-107.76	-70.47
Shares Outstanding (Basic)	233	230	202	145	128	121
Shares Outstanding (Diluted)	234	230	202	145	128	121
Shares Change (YoY)	7.83%	13.96%	39.58%	13.42%	5.13%	37.55%
EPS (Basic)	0.16	0.07	-0.33	-0.57	-0.84	-0.58
EPS (Diluted)	0.16	0.07	-0.33	-0.57	-0.84	-0.58
Free Cash Flow	14.8	7.57	-45.32	-72.32	-104.38	-64.99
Free Cash Flow Per Share	0.06	0.03	-0.22	-0.50	-0.82	-0.54
Gross Margin	21.14%	15.04%	-158.58%	-	-	-
Operating Margin	14.94%	7.62%	-230.99%	-1129.52%	-103114.95%	-7819.17%
Profit Margin	14.51%	6.88%	-233.27%	-1117.56%	-100708.41%	-7900.22%
Free Cash Flow Margin	5.79%	3.19%	-157.90%	-980.13%	-97551.40%	-7285.76%
EBITDA	45.64	26.65	-57.44	-74.72	-104.53	-65.54
EBITDA Margin	17.85%	11.23%	-200.15%	-	-	-
D&A For EBITDA	7.46	8.58	8.85	8.62	5.81	4.21
EBIT	38.18	18.07	-66.29	-83.35	-110.33	-69.75
EBIT Margin	14.94%	7.62%	-230.99%	-	-	-
Effective Tax Rate	1.09%	2.83%	-	-	-	-
Revenue as Reported	255.61	237.26	28.7	7.38	0.11	0.89

Source: S&P Global Market Intelligence. Standard template. Financial Sources.