Revenue: As of FY2026 Q1, the actual value is USD 145.95 K, missing the estimate of USD 163.5 K.EPS: As of FY2026 Q1, the actual value is USD -4.06, missing the estimate of USD -3.75.EBIT: As of FY2026 Q1, the actual value is USD -9.215 M.Co-Diagnostics, Inc. operates as a single operating segment, with its Chief Executive Officer evaluating financial information and allocating resources on a consolidated basis .<h4>Revenue</h4>Total revenue for the three months ended March 31, 2026, was $145,954, an increase from $50,277 for the same period in 2025 . Product revenue also totaled $145,954 in Q1 2026, up from $50,277 in Q1 2025 . Revenue from the United States was $81,054 in Q1 2026 (56% of total revenue), compared to $40,177 in Q1 2025 (80% of total revenue) . Rest of World revenue increased to $64,900 in Q1 2026 (44% of total revenue) from $10,100 in Q1 2025 (20% of total revenue) .<h4>Gross Profit (Loss)</h4>Cost of revenue increased to $193,768 for Q1 2026 from $21,590 for Q1 2025 . This resulted in a gross loss of -$47,814 for Q1 2026, compared to a gross profit of $28,687 for Q1 2025 . The cost of revenues included a decrease of approximately $0.2 million in Q1 2026 and approximately $41,000 in Q1 2025 related to inventory reserves .<h4>Operating Expenses</h4>Total operating expenses increased to $9.2 million in Q1 2026 from $8.6 million in Q1 2025, primarily due to expenses for clinical trials for the Co-Dx PCR platform and higher legal and professional services expenses, partially offset by reduced stock-based compensation expense . Sales and marketing expenses decreased to $467,955 in Q1 2026 from $657,030 in Q1 2025, mainly due to lower stock-based compensation and reduced tradeshow and travel expenses . General and administrative expenses decreased to $2,503,126 in Q1 2026 from $2,773,149 in Q1 2025, primarily due to lower personnel-related and stock-based compensation expenses, despite increased legal and professional services expenses . Research and development expenses increased to $5,934,071 in Q1 2026 from $4,870,019 in Q1 2025, driven by expenses related to clinical trials for the Co-Dx PCR platform, partially offset by decreased personnel-related expense . Depreciation and amortization was $255,445 in Q1 2026, slightly down from $280,445 in Q1 2025 .<h4>Other Income and Net Loss</h4>Other income, net, was $68,893 in Q1 2026, a decrease from $1,030,689 in Q1 2025, primarily due to changes in the fair value of contingent consideration liabilities and decreased realized gains on investments . Net loss for Q1 2026 was -$9,140,038, compared to -$7,533,271 for Q1 2025, primarily due to higher operating expenses and decreased other income .<h4>Cash Flow</h4><ul><li>Net cash used in operating activities decreased to -$7,846,276 in Q1 2026 from -$8,745,214 in Q1 2025, mainly due to lower cash usage for accounts payable and accrued liabilities .</li><li>Net cash used in investing activities was -$142,017 in Q1 2026, a significant change from cash provided by investing activities of $7,356,958 in Q1 2025, primarily due to proceeds from redemption less purchases of investments in the prior year .</li><li>Net cash provided by financing activities increased to $4,334,670 in Q1 2026 from $354,746 in Q1 2025, mainly from common stock issuances under an at-the-market (ATM) offering .</li><li>Cash and cash equivalents at the end of Q1 2026 stood at $8,230,984, down from $11,884,607 at December 31, 2025 .</li></ul><h4>Key Operational Metrics</h4><ul><li>Customer Concentration: In Q1 2026, five customers accounted for approximately 84% of product revenue, compared to three customers accounting for approximately 59% in Q1 2025 . Two customers represented over 10% of accounts receivable at March 31, 2026, and December 31, 2025, collectively accounting for approximately 49% and 82% of accounts receivable, respectively .</li><li>Inventory: Net inventory was $846,119 at March 31, 2026, with $358,209 in finished goods and $487,910 in raw materials, a decrease from $992,397 at December 31, 2025 . The company recognized $154,989 and $41,174 related to the change in inventory reserves for Q1 2026 and Q1 2025, respectively .</li><li>Stock-Based Compensation Expense: Total stock-based compensation expense recognized was $219,114 in Q1 2026, a decrease from $875,228 in Q1 2025 . Approximately $2,270,853 of unrecognized stock-based compensation expense related to outstanding RSUs remained as of March 31, 2026, expected to be recognized over an average of 2.2 years .</li><li>Intangible Assets: In-process research and development remained at $7,219,000 as of March 31, 2026, and December 31, 2025 .</li><li>Contingent Consideration Liabilities: These liabilities decreased to $43,756 at March 31, 2026, from $119,036 at December 31, 2025 . The change in fair value of acquisition contingencies resulted in a gain of $75,280 in Q1 2026, compared to a gain of $717,067 in Q1 2025 .</li></ul><h4>Future Outlook and Strategy</h4>Co-Diagnostics, Inc. is focused on developing its Co-Dx™ PCR platform for point-of-care and at-home use, prioritizing the clinical validation of a multiplex test for influenza A/B, COVID-19, and RSV (ABCR) . The company’s ability to continue as a going concern relies on securing additional financing through equity, debt, or grant funding, as it anticipates continued operating losses and cash usage . The shelf Registration Statement for its ATM program expired on April 6, 2026, preventing further sales under that program until a new registration statement is effective .

Co-Diagnostics | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 145.95 K