10-Q · May 13, 2026
Armata Pharmaceuticals reported Q4 2026 results showing a revenue increase to $1.085 million, surpassing expectations, but incurred a significant net loss of $115.3 million, reflecting a startling year-over-year…
Earnings analysis · 10-Q
ARMP earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Armata reported Q2 2026 revenue of $2.510 million and diluted EPS of $(0.27), with EPS improving versus both Q1 2026 and Q2 2025. Reported net income of $74.1 million was primarily caused by a $91.0 million non-cash…
Read full summary
Armata reported Q2 2026 revenue of $2.510 million and diluted EPS of $(0.27), with EPS improving versus both Q1 2026 and Q2 2025. Reported net income of $74.1 million was primarily caused by a $91.0 million non-cash Convertible Loan fair-value gain, while the $10.3 million operating loss indicates that underlying operations remain deeply loss-making. Management maintained its plan to initiate the AP-SA02 Phase 3 superiority study in the second half of 2026, but funding and cash-burn risks remain material; no new material risk-factor changes were reported.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.27
- Gross margin
- 100%
- Segment
- Grant revenue: $2.510 million; no additional segment revenue breakdown disclosed
What stood out
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Revenue rebounded sequentially
Revenue was $2.510 million, up from $789,000 in Q1 2026 and $2.0 million in Q2 2025, according to the reported quarterly results.
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EPS improved materially
Diluted EPS was $(0.27), improving from $(3.16) in Q1 2026 and $(0.45) in Q2 2025.
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Non-cash gain drove net income
Reported net income was $74.1 million, primarily reflecting a $91.0 million non-cash fair-value gain on the Convertible Loan.
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Phase 3 timing maintained
The company maintained its plan to initiate the AP-SA02 Phase 3 superiority study in the second half of 2026.
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Controls remained effective
Disclosure controls were assessed as effective as of June 30, 2026, and the company reported no changes in internal control that materially affected, or were reasonably likely to materially affect, reporting.
What to watch
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Operating losses remain substantial
Operating loss was $10.3 million despite reported net income of $74.1 million, highlighting that profitability was driven by the $91.0 million non-cash Convertible Loan fair-value gain rather than operations.
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Funding and liquidity pressure
The company continues to require funding to support development activities, while operating cash burn remains material; the filing's reported $10.3 million operating loss underscores liquidity risk.
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No material risk-factor updates
The filing states there were no material changes to the risk factors in the 2025 Form 10-K, so no new risk-factor mitigants were disclosed.
Management's outlook
No numeric financial guidance was provided. Management maintained its expectation to initiate the AP-SA02 Phase 3 superiority study in the second half of 2026.
Earlier filings 4
10-K · March 25, 2026
Armata presents compelling clinical progress (positive Phase 2a results for AP-SA02 and supportive Phase 2 data for AP-PA02) but remains financially stressed. Q4 2025 GAAP EPS was a loss of $(3.43) on revenue of…
10-Q · May 14, 2025
Armata reported Q1 2025 grant and award revenue of $491,000 and GAAP diluted loss per share of $(0.20), improving versus Q1 2024 revenue of $966,000 and diluted loss of $(0.69). Operating loss narrowed to $8.191 million…
10-Q · November 13, 2024
Armata reported Q3 (three months ended September 30, 2024) grant revenue of $2,973,000 (vs. $1,225,000 in Q3 2023) and GAAP diluted loss per share of $(0.15) (vs. $(0.86) in Q3 2023). Operating loss narrowed slightly to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.