Revenue Recovery with Strong YoY Growth
Revenue rebounded sharply to $389M in Q1 FY2026 from $108M in Q1 FY2025, a 260.2% increase, likely reflecting improved COVID-19 vaccine sales seasonality and early contributions from newer product launches.
Moderna, Inc. is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: Moderna reported Q1 FY2026 revenue of $389M (+260.2% YoY) driven by product sales recovery, but posted a net loss of -$1.34B as cost of revenue surged 961% and operating losses widened, reflecting ongoing commercial-stage cost pressures and heavy pipeline investment.
Drawn from management commentary in the Q1 2026 10-Q:
Revenue rebounded sharply to $389M in Q1 FY2026 from $108M in Q1 FY2025, a 260.2% increase, likely reflecting improved COVID-19 vaccine sales seasonality and early contributions from newer product launches.
Cost of revenue skyrocketed 961.1% YoY to $955M against revenue of only $389M, resulting in a deeply negative gross profit of approximately -$566M. This suggests significant inventory write-downs, underutilization charges, or manufacturing scale-up costs that far exceeded product revenues.
Operating loss deepened to -$1.39B from -$1.05B a year ago (-32.2% YoY), even as R&D expenses declined 24.2% YoY to $649M, indicating that the cost-of-revenue spike more than offset savings from reduced research spending.
Revenue
$389M
++260.19% YoY
EPS (Basic)
$-3.40
-34.92% YoY
Operating Income
$-1.39B
-32.19% YoY
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