GRAL earnings analysis
What we found in GRAL'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
GRAIL, Inc. (GRAL) reported Q1 2026 results with revenue of $40.8 million, exceeding estimates of $39.4 million. The diluted EPS was -$2.29, worse than the expected -$2.17, but the company improved its net loss to $93.2 million from $106.2 million in the previous year. Segment performance highlighted a 37% increase in screening revenue driven by higher Galleri sales volume, while development services revenue decreased by 65%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 28% YoY
- Total revenue increased to $40.8 million from $31.8 million, marking a year-over-year growth of 28%.
- Screening Revenue Saw 37% Increase
- Screening revenue grew from $29.1 million to $39.8 million, primarily driven by a 50% increase in Galleri sales volume.
- Improvement in Net Loss
- Net loss decreased to $93.2 million from $106.2 million in the previous year.
- Cost Control Measures
- Total operating expenses decreased to $176.6 million from $185.4 million, showing effective cost management.
- Free Cash Flow Enhancements
- Adjusted EBITDA improved slightly to -$79.9 million from -$98.7 million year-over-year.
- Interest Income Improved
- Interest income increased to $8.0 million, up 3% from $7.8 million in Q1 2025.
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.
- Continued High Net Loss
- The net loss remains significant at $93.2 million, raising concerns about sustainability without profitability.
- Regulatory Approval Risks
- Dependence on FDA approval for Galleri poses uncertainties for future revenue growth.
- Negative EPS Trend
- Diluted EPS of -$2.29 shows a worsening trend compared to the analyst estimate of -$2.17.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.29
- Segment
- Screening revenue: $39.8M
- Segment
- Development services revenue: $0.95M
What they said about what is next.
No explicit numeric guidance provided; 2026 expectations remain cautious.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 12, 2026
- GRAIL, Inc. (GRAL) reported a notable 17% increase in total revenue for 2025, with screening revenue up 28% driven by a 36% increase in Galleri test volumes. Despite substantial operational losses, the company is…
- 10-Q · November 13, 2025
- GRAIL, Inc. reported a revenue of $36.2 million for Q3 2025, surpassing expectations and showing a 26% increase year-over-year along with an EPS loss of $2.46, reflecting continued operational challenges but improving…
- 10-Q · August 13, 2025
- GRAIL, Inc. reported a modest increase in Q2 2025 revenue, totaling $35.5 million, marking an 11% rise year-over-year, driven largely by a 22% increase in screening revenue. Despite this growth, the company continued to…
- 10-Q · May 14, 2025
- GRAIL, Inc. (GRAL) reported a 19.09% decrease in total revenue to $31.8 million for Q1 2025, compared to the previous year, driven by a decline in the average selling price of its Galleri tests despite a 31% increase in…
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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