10-Q · May 14, 2026
Co-Diagnostics, Inc. reported Q4 2026 revenues of $263.9 million, significantly exceeding both estimates and prior periods, but at a steep loss of $16.65 per share. Operating margins turned negative, and the company…
Earnings analysis · 10-Q
CODX earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Co-Diagnostics reported Q2 2026 revenue of $166,131 and diluted EPS of negative $1.46, with EPS improving substantially year over year and beating the $3.00 loss consensus, while revenue increased only modestly. The…
Read full summary
Co-Diagnostics reported Q2 2026 revenue of $166,131 and diluted EPS of negative $1.46, with EPS improving substantially year over year and beating the $3.00 loss consensus, while revenue increased only modestly. The operating loss narrowed to $6.20 million from $8.06 million, but the company remains loss-making and required a private placement generating approximately $3.0 million gross proceeds. No quantitative financial guidance was provided, and litigation, liquidity, and potential warrant dilution remain material concerns.
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
- $-1.46
What stood out
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Revenue modestly higher year over year
Revenue was $166,131, up approximately 2.0% from $162,910 in Q2 2025 and approximately 13.8% from $145,954 in Q1 2026. The filing does not provide segment revenue detail in the extracted text.
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EPS loss improved materially
Diluted EPS was a loss of $1.46, improving from a loss of $6.90 in Q2 2025 and a loss of $4.06 in Q1 2026. EPS also beat the reported consensus estimate of a $3.00 loss.
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Operating loss narrowed
Operating loss declined to $6.20 million from $8.06 million in the year-ago quarter, a reduction of $1.86 million or approximately 23.1%, reflecting lower operating expenses.
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Raised approximately $3.0 million
The company completed a private placement that generated approximately $3.0 million of gross proceeds before fees and expenses, including a 7.0% placement-agent fee of approximately $210,000.
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Disclosure controls remain effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
What to watch
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$6.5 million settlement remains uncertain
The proposed Stadium Capital securities class-action settlement requires defendants to pay an aggregate of $6.5 million into a settlement fund. The settlement remains subject to preliminary and final court approval and other conditions, and the filing states there is no assurance it will become effective.
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Large potential equity dilution
The May 2026 financing included pre-funded warrants for up to 1,592,532 shares and common warrants for up to 3,294,894 shares, creating substantial potential dilution relative to the 54,915 common shares issued directly.
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Liquidity and ongoing losses
The company continues to face funding pressure after raising approximately $3.0 million gross in the private placement, while reporting a $6.20 million quarterly operating loss. The financing also required approximately $210,000 of placement-agent fees plus $50,000 of reimbursable expenses.
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Hukui appeal remains pending
The Hukui litigation appeal remains pending after defendants appealed the April 10, 2026 final judgment, which was amended on April 27, 2026 to include costs. The company states there can be no assurance as to the appeal’s outcome.
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Salna litigation could continue
The Salna plaintiff is seeking leave to file an amended complaint tied to an alleged failure to issue warrants in connection with a $2.0 million loan transaction. The motion remains pending despite the court’s May 26, 2026 dismissal order.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the filing; the 10-Q also states that the company expects to use all available funds for future development and expansion and does not anticipate paying dividends in the foreseeable future.
Earlier filings 4
10-K · March 31, 2026
Co-Diagnostics positions itself around a proprietary PCR design (Co-Primers) and a strategic pivot to a point-of-care / at-home Co-Dx PCR Pro platform (multiplex ABCR test) while expanding internationally via CoSara and…
10-Q · August 14, 2025
Co‑Diagnostics reported Q2 2025 product revenue of $162,910 (total revenue $162,910) and GAAP net loss of $7,730,117 (loss per share $0.23). Revenue collapsed versus Q2 2024 ($2,656,840) after grant revenue of…
10-Q · May 8, 2025
Co-Diagnostics reported a significant decline in revenue for Q1 2025, with total revenue of $50,277, down 89.3% compared to $467,854 for the same period last year. The company's operating losses increased to $8.55…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.