10-Q · April 28, 2026
Nautilus remains a development-stage company with no revenue; Q1 2026 net loss narrowed to $14.697 million (vs. $16.613 million in Q1 2025) and diluted EPS of $(0.12) modestly beat consensus of $(0.14). Operating…
Earnings analysis · 10-Q
NAUT earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Nautilus generated its first $0.2 million of grant and service revenue and improved Q2 EPS to $(0.11), aided by a 7% reduction in operating expenses, but it remains a development-stage company with a $14.5 million…
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Nautilus generated its first $0.2 million of grant and service revenue and improved Q2 EPS to $(0.11), aided by a 7% reduction in operating expenses, but it remains a development-stage company with a $14.5 million quarterly loss and no material near-term revenue expected. The central negative change is execution timing: broadscale assay general availability is no longer supported for 2027 at target specifications, while Voyager pre-orders and shipments are expected in early and mid-2027, respectively. Cash, cash equivalents and investments were $129.2 million at June 30, 2026, with $26.8 million of six-month operating cash burn and management expecting future capital needs.
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
- $-0.11
What stood out
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First reported revenue streams
Q2 revenue reached $190,000, versus no revenue in Q2 2025, consisting of $180,000 of Michael J. Fox Foundation grant revenue and $10,000 of Early Access Program service revenue.
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Loss and EPS improved
Net loss narrowed 4% year over year to $14.5 million from $15.0 million. Diluted EPS was $(0.11), compared with the $(0.14) consensus estimate supplied with the earnings results.
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Operating expenses declined
R&D expense declined 8% to $9.6 million and SG&A fell 6% to $6.3 million, reducing total operating expenses 7% to $15.9 million.
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High initial service gross margin
The initial service business generated $175,000 of gross profit on $190,000 of revenue after $15,000 of service costs, equivalent to a 92.1% reported gross margin, albeit on a very small base.
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Cash burn modestly improved
Six-month operating cash use improved to $26.8 million from $27.3 million, while capital expenditures were only $1.0 million, or approximately 3.7% of operating cash outflow.
What to watch
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Broadscale launch target has slipped
Management now states the broadscale assay is not advanced enough to support 2027 general availability at target specifications, while commercial pre-orders are expected only in early 2027 and instrument shipments in mid-2027.
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Revenue remains immaterial versus losses
The company remains pre-commercial at scale: Q2 revenue was just $190,000 against a $14.5 million net loss, and it does not anticipate Early Access activities will generate material revenue.
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Funding need persists
Liquidity is finite despite $129.2 million of cash, cash equivalents and investments at June 30, 2026; operating cash use was $26.8 million in the first six months and management says additional capital will be needed in the future.
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Interest-income cushion is shrinking
Interest income fell 37% year over year to $1.3 million in Q2, reflecting lower cash, cash-equivalent and investment balances as well as lower investment yields.
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Nasdaq minimum-bid-price risk
The filing reiterates Nasdaq listing sensitivity: the minimum closing-bid requirement is $1.00 per share for 30 consecutive business days, despite regaining compliance on November 3, 2025.
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Investment portfolio has rate sensitivity
A 100-basis-point interest-rate change would alter the fair value of marketable debt securities by $0.9 million, creating valuation sensitivity within the $129.2 million investment balance.
Management's outlook
No quantitative financial guidance was provided in the 10-Q. Management expects Voyager pre-orders to open in early 2027 and instrument shipments to begin in mid-2027; it stated that broadscale assay development is not sufficiently advanced for general availability in 2027 at target specifications.
Earlier filings 4
10-K · February 26, 2026
Nautilus remains a development‑stage proteomics platform company executing a phased commercialization plan around its Nautilus Voyager platform and Iterative Mapping method. The 10‑K reiterates a large addressable…
10-Q · July 30, 2024
Nautilus remains pre-revenue and reported a GAAP net loss of $(18,010)k for Q2 (six months $(36,740)k), with GAAP diluted EPS of $(0.14) for the quarter. The company holds $167.4M of cash and short-term investments as…
10-K · February 28, 2024
Nautilus is a development-stage proteomics company building the Nautilus platform (instrument, consumables, software) and has a prototype plus partnerships with Genentech, Amgen, MD Anderson and TGen. The filing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.