NAUT earnings analysis
What we found in NAUT'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
- Gross margin
- 92.1%
- Operating margin
- -8296.3%
- Segment
- Grant revenue: $180,000 in Q2 2026 versus $0 in Q2 2025.
- Segment
- Service revenue: $10,000 in Q2 2026 versus $0 in Q2 2025.
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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