10-K · October 20, 2026
This filing is a limited 10-K/A amendment and provides no updated operating results, segment performance, cash-flow detail or quantitative guidance, so the underlying business trajectory cannot be reassessed from this…
Earnings analysis · 10-Q
CELU earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
Revenue remained depressed at $3.846 million, down approximately 65% year over year, and operating margin was negative 263.5% despite a sharp sequential improvement in gross margin to 62.3%. Diluted EPS improved to…
Read full summary
Revenue remained depressed at $3.846 million, down approximately 65% year over year, and operating margin was negative 263.5% despite a sharp sequential improvement in gross margin to 62.3%. Diluted EPS improved to $0.02 and free cash flow to approximately $1 million, but these improvements occurred alongside continued severe operating losses. The most material filing-specific concern is that disclosure controls remained ineffective as of June 30, 2026, with 6 identified material-weakness categories and a history of late quarterly and annual filings. No quantitative guidance was provided.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $0.02
What stood out
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Revenue remains near multi-year lows
Revenue was $3.846 million, down approximately 3.9% sequentially from $4 million and approximately 65.0% year over year from $11 million. The filing data does not provide segment-level revenue detail.
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Gross margin rebounded sharply
Gross margin improved to 62.3% from negative 79.7% in the prior quarter, a 142.0 percentage-point sequential improvement, but declined 6.6 percentage points from 68.9% in the prior-year quarter.
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Operating losses remain severe
Operating margin improved to negative 263.5% from negative 537.5% sequentially, but remained substantially negative and deteriorated from negative 91.8% in the prior-year quarter.
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EPS turned positive
Diluted EPS improved to $0.02 from negative $0.86 in the prior quarter and negative $0.84 in the prior-year quarter.
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Cash flow turned positive
Free cash flow improved to approximately $1 million from negative $5 million in the prior quarter and negative $3 million in the prior-year quarter.
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Control remediation included access restriction
Management stated that Super User Access available to certain finance and accounting personnel was removed in the second quarter of 2026 and limited to appropriate Information Technology personnel.
What to watch
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Material weaknesses persist
Management concluded that disclosure controls were not effective as of June 30, 2026 because of material weaknesses related to complicated financial transactions, and the company identified 6 categories of material weaknesses, including control environment, risk assessment, control activities, information and communication, monitoring, and privileged access.
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Repeated late filings raise reporting risk
The company disclosed failures to timely file quarterly reports for quarters within the year ended December 31, 2025 and for the first and second quarters of 2026, as well as the Form 10-K for the year ended December 31, 2025.
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Weak scale and operating leverage
Revenue declined from $11 million in the prior-year quarter to $3.846 million, while operating margin was negative 263.5%, indicating continued operating deterioration despite the quarter's $0.02 diluted EPS and approximately $1 million of positive free cash flow.
Management's outlook
No quantitative revenue or EPS outlook is provided in the filing; the Risk Factors section incorporates the prior Form 10-K risk factors.
Earlier filings 4
10-Q · September 29, 2026
The provided 10-Q extract does not include the income statement, balance sheet, cash-flow statement, segment disclosures, or quantitative guidance, so current-period operating performance cannot be assessed from the…
10-K · April 30, 2026
Celularity Inc. faced significant challenges in 2025, culminating in a net loss of $91.7 million and a troubling cash position of $6.2 million. The company reported a steep decline in product sales, notably a 62.7% drop…
10-Q · August 29, 2025
Celularity reported Q2 revenue of $5.736M, down sharply from $12.111M a year ago, driven by a collapse in product sales. Gross margin compressed to 8.6% (from 82.5% a year ago) and operating loss and net loss widened,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.