10-K · February 27, 2026
Fulgent reports top-line expansion in 2025 with quarterly revenues of $73M, $82M, $84M and $83M (≈$322M for the year) while remaining unprofitable and cash flow negative in Q4 (operating margin -43.5% and FCF -$83M).…
Earnings analysis · 10-Q
FLGT earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Fulgent Genetics reported a revenue decline of 3% to $71.1 million for Q1 2026 compared to Q1 2025, driven mainly by reduced sales in precision diagnostics. The operating loss widened significantly to $34.6 million due…
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Fulgent Genetics reported a revenue decline of 3% to $71.1 million for Q1 2026 compared to Q1 2025, driven mainly by reduced sales in precision diagnostics. The operating loss widened significantly to $34.6 million due to increased expenses from recent acquisitions, leading to a net loss attributable to Fulgent of $24.8 million. Cash provided by operations rose to $7.1 million, reflecting improved cash flow management despite ongoing challenges associated with customer transitions and increased operational costs.
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.
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
- Earnings per share
- $-0.38
What stood out
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Q1 Revenue Decline
Revenue decreased by 3% from $73.5 million in Q1 2025 to $71.1 million in Q1 2026.
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Increased Operating Loss
Operating loss widened to $34.6 million, up from $19.8 million in the prior year.
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Cash from Operations Turnaround
Generated $7.1 million in cash from operating activities, a recovery from $4.4 million used last year.
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Cost of Revenue Increased
Cost of revenue rose by 10% to $49.6 million, leading to a 24% drop in gross profit.
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Acquisition Impact on Financials
The Bako Acquisition began impacting financial results, contributing $2.6 million in revenue for two weeks.
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Reduction in Cash Reserves
Cash, cash equivalents, and marketable securities decreased to $604.7 million from $705.5 million.
What to watch
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Revenue Dependence on Key Customer
A significant customer transition to internal testing led to a $3.9 million revenue drop in precision diagnostics.
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Integration Challenges
Acquisition of Bako Diagnostics poses integration risks and potential unanticipated costs.
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Increased Operating Expenses
Operating expenses surged by 17% YoY, reflecting high integration costs and expanded operations.
Management's outlook
Management indicates anticipates continued operational cash use while integrating acquisitions.
Earlier filings 4
10-Q · August 1, 2025
Fulgent reported Q2 revenue of $81.8M, up $10.8M (≈15.2%) year-over-year with gross margin expanding to 42.1% from 37.3%. Despite top-line strength and higher cash balances, the company recorded an impairment of $9.9M…
10-K · February 28, 2025
Fulgent positions itself as a technology-driven laboratory services company that is expanding into therapeutics via its 2022 acquisition of Fulgent Pharma. In 2024 the company generated roughly $283.0 million of revenue…
10-Q · May 3, 2024
Fulgent reported quarterly revenue of $64,485 (in thousands), down $1,683 from $66,168 a year earlier, but achieved gross profit of $22,104 (in thousands) as cost of revenue fell to $42,381 (in thousands). Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.