DCTH earnings analysis
What we found in DCTH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Delcath Systems, Inc. reported strong Q1 2026 results, with revenue increasing to $24.994 million from $19.784 million in Q1 2025, primarily driven by the continued demand for its HEPZATO KIT. The company recorded a net loss of $1.070 million, a decline from a net income of $1.069 million in the same period last year, attributing the net loss to rising expenses in R&D and SG&A. Looking ahead, Delcath anticipates revenue for the year to exceed $100 million, indicating robust growth expectations for their product lines.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased Significantly
- Q1 2026 revenue reached $24.994 million, a 26% increase from $19.784 million in Q1 2025.
- Higher Gross Margin
- Gross margin for Q1 2026 was 85.7%, slightly down from 85.6% in Q1 2025, indicating stable profitability on sales.
- R&D Expenses Up
- R&D expenses rose to $9.824 million in Q1 2026 compared to $5.007 million in Q1 2025, reflecting investment in clinical trials.
- Healthy Cash Position
- Delcath ended Q1 2026 with $41.3 million in cash and cash equivalents, up from $12.8 million a year earlier.
- Segment Performance Growth
- HEPZATO KIT revenue was $23.247 million, significantly up from $18.023 million in the previous year.
- Future Revenue Guidance
- The company provided optimistic guidance, expecting at least $100 million in revenue for 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Losses
- Net loss in Q1 2026 was $1.070 million, a notable decline from a profit of $1.069 million in Q1 2025.
- Higher Operating Expenses
- Total operating expenses increased to $22.895 million in Q1 2026 from $16.297 million in Q1 2025, putting pressure on profitability.
- Dependence on Key Customers
- Two customers accounted for 26.5% of total product revenue, increasing risk related to revenue concentration.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 85.7%
- Segment
- CHEMOSAT $1,747
- Segment
- HEPZATO KIT $23,247
What they said about what is next.
Expecting 2026 revenue to exceed $100 million with continued growth in HEPZATO KIT volume.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Delcath Systems Inc. reported significant growth in revenue for 2025, driven by sales of HEPZATO and CHEMOSAT, achieving a record total revenue of $85.2 million compared to $37.2 million in 2024. Despite operating…
- 10-Q · November 4, 2025
- Delcath Systems, Inc. reported substantial revenue growth for Q3 2025, with total revenue reaching $20.6 million, a 83.6% increase from $11.2 million in Q3 2024. Despite a decrease in operating income, the company…
- 10-Q · August 6, 2025
- Delcath Systems, Inc. reported significant financial improvements in Q2 2025, highlighted by a revenue increase of 209% year-over-year to $24.2 million and a positive diluted EPS of $0.07. The company's expanding…
- 10-Q · May 8, 2025
- Delcath Systems, Inc. reported substantial growth in Q1 2025 with revenue increasing to $19.8 million, up from $3.1 million year-over-year, marking a 532% increase. The company achieved an operating gain of $642,000 and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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