Revenue: As of FY2026 Q1, the actual value is USD 10.36 M.

EPS: As of FY2026 Q1, the actual value is USD 0.21.

EBIT: As of FY2026 Q1, the actual value is USD 2.066 M.

Financial Performance for the Quarter Ended March 31, 2026

Product Sales

ImmuCell Corporation reported product sales of approximately $10.4 million for the first quarter of 2026, which is a 28.4% increase compared to product sales of $8,067 thousand in the quarter ended March 31, 2025.

Gross Margin

The gross margin improved to 45.0% of product sales in the first quarter of 2026, up from 41.6% during the quarter ended March 31, 2025.

Net Income

Net income for the first quarter of 2026 was $1.9 million ($1,942 thousand), an increase of $0.5 million from the $1.4 million ($1,447 thousand) reported in the first quarter of 2025.

Operating Profit

Net operating income for the first quarter of 2026 was $1,969 thousand, compared to $1,118 thousand for the same period in 2025.

Operating Costs

Total operating expenses were $2,688 thousand for the first quarter of 2026, comprising $2,370 thousand in sales, marketing and administrative expenses and $318 thousand in product development expenses. In comparison, operating expenses for the first quarter of 2025 were $2,236 thousand, with $1,479 thousand for sales, marketing and administrative expenses and $757 thousand for product development expenses.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

EBITDA for the first quarter of 2026 was $2,582 thousand, an increase from $2,253 thousand in the first quarter of 2025.

Cash Flow

Operating activities generated $3,573 thousand in cash during the first quarter of 2026, up from $1,574 thousand in the first quarter of 2025. ImmuCell Corporation generated $3.4 million in free cash flow during the first quarter of 2026. Cash flow from investing activities was -$167 thousand in Q1 2026, compared to -$329 thousand in Q1 2025. Financing activities resulted in a cash outflow of -$400 thousand in Q1 2026, compared to -$404 thousand in Q1 2025. The net change in cash for the quarter was $3,006 thousand in 2026 and $841 thousand in 2025.

Balance Sheet Highlights

Cash and cash equivalents increased to $6.8 million ($6,813 thousand) as of March 31, 2026, from $3.8 million ($3,807 thousand) as of December 31, 2025. Net working capital rose to approximately $14.9 million ($14,949 thousand) as of March 31, 2026, from $13.0 million ($12,967 thousand) as of December 31, 2025. Stockholders’ equity increased to $29.1 million ($29,135 thousand) as of March 31, 2026, from $27.1 million ($27,055 thousand) as of December 31, 2025. Total assets stood at $44,108 thousand as of March 31, 2026, compared to $42,532 thousand as of December 31, 2025. Inventory as of March 31, 2026, was $8,674 thousand, down from $9,267 thousand as of December 31, 2025.

Operational Metrics

ImmuCell Corporation increased its market share in the U.S. scours biologicals market by approximately 3% of animals treated. Average output increased from approximately 380,000 manufacturing units per month in 2025 to over 450,000 per month in the first quarter of 2026.

Outlook / Guidance

ImmuCell Corporation plans a significant First Defense® capacity expansion, funded by a $2 million net payment from settling disputes with its former contract manufacturer. The company anticipates that revenue will traditionally moderate mid-year after its peak season, and year-over-year growth rates will be affected by a large backorder cleared in the second quarter of 2025. Despite these factors, ImmuCell Corporation remains focused on its First Defense® business and will continue to invest in commercial execution and ongoing manufacturing yield improvement.