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…
Earnings analysis · 10-Q
DCTH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- Gross margin
- 85.7%
What stood out
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Revenue Increased Significantly
Q1 2026 revenue reached $24.994 million, a 26% increase from $19.784 million in Q1 2025.
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Higher Gross Margin
Gross margin for Q1 2026 was 85.7%, slightly down from 85.6% in Q1 2025, indicating stable profitability on sales.
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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.
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Healthy Cash Position
Delcath ended Q1 2026 with $41.3 million in cash and cash equivalents, up from $12.8 million a year earlier.
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Segment Performance Growth
HEPZATO KIT revenue was $23.247 million, significantly up from $18.023 million in the previous year.
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Future Revenue Guidance
The company provided optimistic guidance, expecting at least $100 million in revenue for 2026.
What to watch
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Increased Losses
Net loss in Q1 2026 was $1.070 million, a notable decline from a profit of $1.069 million in Q1 2025.
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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.
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Dependence on Key Customers
Two customers accounted for 26.5% of total product revenue, increasing risk related to revenue concentration.
Management's outlook
Expecting 2026 revenue to exceed $100 million with continued growth in HEPZATO KIT volume.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.