Revenue: As of FY2026 Q1, the actual value is USD 59.89 M, beating the estimate of USD 51.18 M.EPS: As of FY2026 Q1, the actual value is USD -0.01.EBIT: As of FY2026 Q1, the actual value is USD 999 K.<h4>Segment Revenue</h4>Cerus Corporation’s total revenue for the three months ended March 31, 2026, increased by 23% to $59,893,000, compared to $48,853,000 for the same period in 2025. Product revenue rose to $53,661,000 in 2026 from $43,239,000 in 2025, primarily driven by increased sales volume of disposable platelet kits and INTERCEPT Fibrinogen Complex (IFC) to U.S. customers.Geographically, product revenue for the three months ended March 31, 2026, was $36,756,000 from North America, $15,679,000 from Europe, Middle East and Africa, and $1,226,000 from Other regions. This compares to $30,601,000 from North America, $12,211,000 from Europe, Middle East and Africa, and $427,000 from Other regions for the same period in 2025.Government contract revenue increased by 11% to $6,232,000 in 2026 from $5,614,000 in 2025, mainly due to increased activities under the 2024 BARDA Agreement and with the Department of Defense (DoD), partially offset by the completion of the FDA agreement in September 2025.<h4>Operational Metrics</h4>Cost of product revenue increased by 45% to $25,767,000 for the three months ended March 31, 2026, from $17,815,000 in 2025, primarily due to higher product revenue, tariffs, and increased freight charges. Gross profit on product revenue was $27,894,000 in 2026, up from $25,424,000 in 2025. The gross margin on product sales decreased to 52% in 2026 from 59% in 2025, attributed to the favorable effects of capitalized inventoriable charges in 2025, current inflationary pressures, geographic and product mix impacts, and import tariffs.Research and development (R&amp;D) expenses decreased by 12% to $14,532,000 in 2026 from $16,605,000 in 2025, mainly due to decreased costs related to the LED-based illuminator. Selling, general and administrative (SG&amp;A) expenses remained relatively consistent at $19,948,000 in 2026 compared to $20,286,000 in 2025.Loss from operations improved significantly to - $354,000 in 2026 from - $5,853,000 in 2025. The net loss attributable to Cerus Corporation decreased to - $1,640,000 in 2026 from - $7,717,000 in 2025. Net loss per share for basic and diluted was - $0.01 in 2026, an improvement from - $0.04 in 2025.Non-operating expense, net, decreased to - $1,203,000 in 2026 from - $1,791,000 in 2025. This change was influenced by a foreign exchange gain of $150,000 in 2026 compared to a loss of - $287,000 in 2025, and a decrease in interest expense to - $1,872,000 in 2026 from - $2,110,000 in 2025.<h4>Cash Flow</h4>Net cash used in operating activities increased to - $3,049,000 for the three months ended March 31, 2026, compared to - $844,000 for the same period in 2025, primarily due to the timing of cash collections and payments. Net cash provided by investing activities was $9,860,000 in 2026, a significant change from net cash used of - $1,189,000 in 2025, mainly due to higher proceeds from investment maturities. Net cash provided by financing activities increased to $1,192,000 in 2026 from $1,071,000 in 2025, primarily due to higher proceeds from the Revolving Loan Credit Agreement.<h4>Unique Metrics</h4>As of March 31, 2026, cash and cash equivalents stood at $27,850,000, short-term investments at $52,575,000, and restricted cash at $631,000. Total assets were $222,908,000 and total liabilities were $154,622,000. Total Cerus Corporation stockholders’ equity was $67,553,000. Current debt was $52,397,000 and non-current debt was $32,434,000, totaling $84,831,000. Working capital decreased to $67,744,000 as of March 31, 2026, from $73,214,000 at December 31, 2025, mainly due to the reclassification of $8,100,000 of long-term debt to short-term. As of April 16, 2026, there were 200,368,974 shares of common stock outstanding.Customer concentration showed the American Red Cross accounted for 32% of total product revenue in Q1 2026 (down from 39% in Q1 2025), OneBlood, Inc. for 12% (up from less than 10% in Q1 2025), and Établissement Français du Sang for 11% (consistent with Q1 2025). Accounts receivable concentration at March 31, 2026, showed three customers cumulatively representing approximately 58% of outstanding receivables.Under the 2016 BARDA Agreement, committed funding remains at up to $185,500,000 as of March 31, 2026, with the total funding opportunity reduced to $270,200,000 through September 2026 if subsequent Option Periods are exercised. The 2024 BARDA Agreement has a base period with committed funding of up to $32,100,000, and subsequent option periods could bring the total funding opportunity to $188,400,000 as of March 31, 2026. The DoD contract value increased to $25,000,000 by July 2025, extending to September 2028.<h4>Future Outlook and Strategy</h4>Cerus Corporation expects product revenue for INTERCEPT disposable kits to increase in future periods due to global platelet business growth and increased market acceptance. Government contract revenue is anticipated to decrease as the 2016 BARDA Agreement ends in September 2026, while R&amp;D costs are expected to rise due to inflationary pressures, regulatory approvals, LED illuminator development, and clinical trials. The company projects its available cash, cash equivalents, short-term investments, and cash from product sales and government contracts will cover capital requirements for at least the next 12 months, though principal amortizations on the Term Loan Credit Agreement will negatively impact working capital beyond this period.

Cerus | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 59.89 M