SIGA earnings analysis
What we found in SIGA'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
SIGA Technologies reported a challenging Q1 2026 with revenues of $6.2 million, below estimates of $7.0 million, and a diluted EPS loss of $0.05. The operational metrics indicate declining revenues from product sales compared to the same period last year, alongside significant ongoing expenses related to research and development and contract fulfillment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decrease
- Q1 2026 revenue was $6.2 million, down from $7.0 million in Q1 2025.
- Loss per Share
- Reported diluted EPS loss of $0.05, compared to a loss of $0.01 in Q1 2025.
- Increased R&D Expenses
- R&D expenses increased to $3.9 million from $3.5 million year-over-year.
- Cash Position
- Cash and cash equivalents decreased to $145.6 million from $155.0 million as of December 31, 2025.
- Government Contracts
- SIGA expects to deliver over $35 million of TPOXX to the U.S. Government in upcoming quarters.
- Higher Operating Loss
- Pre-tax loss increased to $4.0 million from a loss of $0.6 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.
- Regulatory Challenges
- FDA referral procedure reflects ongoing regulatory scrutiny over TPOXX, particularly related to mpox treatment.
- Market Development Uncertainty
- Risks remain due to a potentially undeveloped international market for TPOXX and competition.
- Supply Chain Vulnerability
- Tariff-related cost increases could materially affect manufacturing costs for IV TPOXX.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
What they said about what is next.
SIGA anticipates delivering over $35 million of TPOXX in upcoming quarters.
The filing reads worse than the one before it.
What came before.
- 10-K · March 10, 2026
- SIGA’s 10-K emphasizes a government‑contract driven commercial strategy centered on TPOXX® with a 19C BARDA contract that contemplates up to approximately $630 million of payments and cumulative oral deliveries of…
- 10-Q · November 6, 2025
- SIGA reported a weak Q3 2025 operational quarter: total revenue fell to $2,620,000 and GAAP diluted loss per share was $(0.09), driven by an operating loss of $(10,222,579). Offsetting the quarterly weakness, the…
- 10-Q · November 7, 2024
- SIGA reported Q3 revenue of $10,009,781, up from $9,235,171 in Q3 2023, producing gross margin of 83.8% and operating income of $542,087 (versus an operating loss of $1,309,244 a year ago). Diluted EPS was $0.02…
- 10-Q · August 1, 2024
- SIGA reported Q2 revenue of $21,810,891 and diluted EPS of $0.03, a large year-over-year recovery from revenue of $5,878,166 and EPS of $(0.04) in Q2 2023 but a decline versus the prior quarter (Q1 2024 revenue ~$25M;…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing SIGA makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever