10-Q · May 14, 2026
VolitionRx Limited's Q4 2026 report reflected significant challenges as revenues fell sharply to $447,034, missing the consensus estimate of $780,106, with a notable year-over-year decline and an EPS loss of -$0.05…
Earnings analysis · 10-Q
VNRX earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Volition reported approximately $0.4 million of second-quarter revenue, below the $489,472 consensus estimate, while first-half revenue grew 112% year over year. Operating expenses fell 32%, narrowing the operating loss…
Read full summary
Volition reported approximately $0.4 million of second-quarter revenue, below the $489,472 consensus estimate, while first-half revenue grew 112% year over year. Operating expenses fell 32%, narrowing the operating loss 34% to $4.2 million, and operating cash use improved 18% to $5.2 million. However, the company remains loss-making, continues to consume cash, issued 687,314 shares for $1.25 million of debt repayments, and still has ineffective disclosure controls due to a material weakness. No material changes to the risk-factor assessment or quantitative forward guidance were provided.
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.
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.
What stood out
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First-half revenue grew 112%
First-half revenue increased 112% year over year, although second-quarter revenue was approximately $0.4 million versus the $489,472 consensus estimate.
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Cost reductions narrowed operating loss
Operating expenses declined 32% year over year, contributing to a 34% narrowing of the operating loss to $4.2 million.
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Cash burn improved 18%
Operating cash use declined 18% to $5.2 million, indicating improved cash-burn performance versus the prior-year period.
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Material-weakness remediation underway
Management has initiated remediation of the material weakness, including plans to centralize accounting in-house, engage internal-control consultants, and document financial-reporting procedures.
What to watch
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Ongoing operating losses
The company continues to report operating losses, including a $4.2 million operating loss for the quarter, despite the 34% year-over-year reduction.
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Continued cash consumption
Operating cash use remained $5.2 million for the quarter, indicating continued dependence on external financing or additional capital to fund operations.
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Equity-financed debt repayment
The company issued 687,314 shares during the quarter to satisfy three $416,666 repayment obligations under the 2025 Lind Note, totaling $1.25 million of obligations and creating dilution risk.
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Internal-control weakness persists
Disclosure controls were still ineffective as of June 30, 2026 because of a material weakness involving insufficient written documentation of internal-control policies and GAAP and SEC reporting procedures.
Management's outlook
The filing provides no quantitative revenue or EPS guidance and does not state that prior guidance was raised, maintained, lowered, or withdrawn.
Earlier filings 4
10-K · April 30, 2026
VolitionRx Limited reported disappointing financial results for 2025, with revenues totaling $2.06 million, significantly below analyst expectations and reflecting a 92% decrease year-over-year. The company indicated a…
10-K · March 31, 2026
VolitionRx is transitioning from R&D to commercialization: 2025 revenues rose 40% to $1.727M driven by product sales, and the company recorded first regulated product revenue from its CE-marked Nu.Q® NETs automated…
10-Q · May 15, 2025
VolitionRx reported Q1 revenue of $246,385, up from $171,535 year-over-year (+$74,850) and up from $191,657 in the prior quarter (+$54,728). The company remains unprofitable: operating loss narrowed to $5,521,720…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.