Revenue: As of FY2026 Q1, the actual value is USD 20.76 M, missing the estimate of USD 21.2 M.EPS: As of FY2026 Q1, the actual value is USD -0.77.EBIT: As of FY2026 Q1, the actual value is USD 554 K.Harvard Bioscience, Inc. (哈佛生物科学) announced its financial results for the three months ended March 31, 2026, via a press release on May 12, 2026 .<h4>Revenue</h4>For the first quarter of 2026, Harvard Bioscience, Inc. reported revenues of $20.8 million ($20,755 thousand), a decrease from $21.8 million ($21,774 thousand) in the first quarter of 2025 .<h4>Gross Profit and Margin</h4>Gross margin for the first quarter of 2026 was 59%, an increase from 56% in the first quarter of 2025 . Gross profit was $12,244 thousand in Q1 2026, up from $12,184 thousand in Q1 2025 . The adjusted gross margin was 59.0% for Q1 2026, compared to 56.0% in the prior year period .<h4>Operating Expenses</h4>Sales and marketing expenses increased to $5,335 thousand in Q1 2026 from $4,971 thousand in Q1 2025 . General and administrative expenses decreased to $4,702 thousand in Q1 2026 from $5,185 thousand in Q1 2025 . Research and development expenses were $2,326 thousand in Q1 2026, a slight increase from $2,321 thousand in Q1 2025 . Amortization of intangible assets decreased to $820 thousand in Q1 2026 from $1,160 thousand in Q1 2025 . There was no goodwill impairment in Q1 2026, a significant improvement from $47,951 thousand in Q1 2025 . Other operating expenses were $235 thousand in Q1 2026, down from $264 thousand in Q1 2025 . Total operating expenses for Q1 2026 were $13,418 thousand, substantially lower than $61,852 thousand in Q1 2025 .<h4>Operational Profitability</h4>The operating loss for Q1 2026 was - $1,174 thousand, a significant improvement from an operating loss of - $49,668 thousand in Q1 2025 . The net loss for Q1 2026 was - $3.4 million (- $3,424 thousand), compared to a net loss of - $50.3 million (- $50,340 thousand) in Q1 2025, which included a - $48.0 million goodwill impairment . Adjusted EBITDA for Q1 2026 was $0.8 million ($767 thousand), consistent with $0.8 million ($814 thousand) in the prior year’s first quarter . The operating margin improved to - 5.7% in Q1 2026 from - 228.1% in Q1 2025 . Adjusted operating income was $231 thousand in Q1 2026, compared to $319 thousand in Q1 2025 . Adjusted operating margin was 1.1% in Q1 2026, down from 1.5% in Q1 2025 . Adjusted net loss was - $1,494 thousand in Q1 2026, compared to - $552 thousand in Q1 2025 . Adjusted EBITDA margin remained consistent at 3.7% for both Q1 2026 and Q1 2025 .<h4>Other Expenses</h4>Interest expense for Q1 2026 was - $1,728 thousand, compared to - $933 thousand for Q1 2025 . Other expense, net was - $405 thousand for Q1 2026, compared to - $193 thousand for Q1 2025 . Total other expense was - $2,133 thousand in Q1 2026, compared to - $1,126 thousand in Q1 2025 . Loss before income taxes was - $3,307 thousand in Q1 2026, a substantial improvement from - $50,794 thousand in Q1 2025 . Income tax expense (benefit) was $117 thousand in Q1 2026, compared to - $454 thousand in Q1 2025 .<h4>Cash Flow</h4>Cash used in operations was - $0.7 million (- $662 thousand) during Q1 2026, compared to $3.0 million ($2,986 thousand) provided by operations in Q1 2025 . Net cash used in investing activities was - $620 thousand in Q1 2026, compared to - $683 thousand in Q1 2025 . Net cash used in financing activities was - $9 thousand in Q1 2026, compared to - $1,204 thousand in Q1 2025 . Cash and cash equivalents at the end of Q1 2026 were $7,098 thousand, up from $5,546 thousand at the end of Q1 2025 .<h4>Balance Sheet Highlights (as of March 31, 2026 vs. December 31, 2025)</h4>Cash and cash equivalents were $7,098 thousand as of March 31, 2026, down from $8,614 thousand as of December 31, 2025 . Accounts receivable, net was $14,572 thousand as of March 31, 2026, compared to $16,043 thousand as of December 31, 2025 . Inventories increased to $22,205 thousand as of March 31, 2026, from $20,805 thousand as of December 31, 2025 . Total current assets were $47,479 thousand as of March 31, 2026, compared to $48,225 thousand as of December 31, 2025 . Total assets were $77,938 thousand as of March 31, 2026, compared to $80,071 thousand as of December 31, 2025 . Total current liabilities were $23,863 thousand as of March 31, 2026, up from $21,960 thousand as of December 31, 2025 . Long-term debt, net was $36,211 thousand as of March 31, 2026, compared to $35,870 thousand as of December 31, 2025 . Stockholders’ equity was $10,046 thousand as of March 31, 2026, down from $13,734 thousand as of December 31, 2025 . Net debt was $32,902 thousand as of March 31, 2026, compared to $30,804 thousand as of March 31, 2025 .<h4>Outlook / Guidance</h4>For the second quarter of 2026, Harvard Bioscience, Inc. anticipates revenue between $20.5 million and $22.5 million, adjusted gross margin between 57% and 59%, and adjusted EBITDA between $1.0 million and $2.0 million . The company expects mid-single-digit year-over-year revenue growth at the midpoint of guidance, margin expansion as New Product Introduction (NPI) adoption scales, and continued profitability on an adjusted EBITDA basis . Harvard Bioscience, Inc. reaffirmed its full-year 2026 guidance, expecting revenue growth between 2% and 4%, adjusted gross margin between 58% and 60%, and adjusted EBITDA growth between 6% and 10%, driven by anticipated sales growth in higher-margin NPI pipeline products in the second half of the year .

Harvard Bioscience | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 20.76 M