ImmuCell Corporation

03/04/2026 | Press release | Distributed by Public on 03/04/2026 15:08

ImmuCell Announces Unaudited Financial Results for the Year Ended December 31, 2025 (Form 8-K)

ImmuCell Announces Unaudited Financial Results

for the Year Ended December 31, 2025

For Immediate Release

PORTLAND, Maine - March 4, 2026 - ImmuCell Corporation (Nasdaq: ICCC) ("ImmuCell" or the "Company"), an animal health company that develops, manufactures and markets products that improve cattle health and productivity, today announced its unaudited financial results for the year ended December 31, 2025.

Management's Discussion:

"Today we are reporting 2025 net operating income of $1.6 million, an increase of $3.3 million compared to 2024. These results were largely driven by a significant improvement in gross margin, reflecting higher volumes, manufacturing efficiencies, and price realization," commented Timothy C. Fiori, Chief Financial Officer of ImmuCell. "Net loss for 2025 was $1.0 million, an improvement of $1.1 million compared to 2024. As previously discussed, we saw several non-recurring items in 2025 that affected our net loss, including a $2.7 million write-down of Re-Tain® assets, $651,000 of colostrum inventory write-downs, and $297,000 of expenses related to CEO transition, partially offset by $427,000 of one-time income from insurance proceeds received."

"2025 was a successful year for ImmuCell," said Olivier te Boekhorst, President and CEO of ImmuCell. "As first announced on January 8, 2026, revenue in 2025 grew by 4.3% compared to 2024 as our commercial team stepped up customer outreach. Our manufacturing team contributed by increasing average monthly output from approximately 345,000 units per month in 2024 to 380,000 units per month in 2025. In December, the Company also announced a new strategy of focusing on our successful on-market First Defense® franchise. Looking forward, we are expecting to see positive results from our investments in commercial expansion and continued manufacturing yield improvement efforts," continued Mr. te Boekhorst.

Certain Financial Results:

●

2025 product sales increased 4.3% to approximately $27.6 million compared to the year ended December 31, 2024.

●

2025 gross profit improved to 41.4% of product sales during the year ended December 31, 2025 compared to 30% during the year ended December 31, 2024.

●

Net loss was $1.0 million, or ($0.12) per basic share, during the year ended December 31, 2025 compared to a net loss of $2.2 million, or ($0.26) per basic share, during the year ended December 31, 2024.

Balance Sheet Data as of December 31, 2025:

●

Cash and cash equivalents remained at $3.8 million as of December 31, 2025 and 2024, with no draw outstanding on the available $1 million line of credit as of either date.

●

Net working capital increased to approximately $13.0 million as of December 31, 2025 from $10.6 million as of December 31, 2024, due primarily to an increase in finished goods inventory.

●

Stockholders' equity decreased to $27.1 million as of December 31, 2025 from $27.5 million as of December 31, 2024.

Condensed Statements of Operations (Unaudited)

During the Three-Month

During the Years Ended

Periods Ended December 31,

December 31,

(In thousands, except per share amounts)

2025

2024

2025

2024

Product sales

$7,626

$7,751

$27,644

$26,493

Costs of goods sold

4,716

4,919

16,199

18,552

Gross profit

2,910

2,832

11,445

7,941

Product development expenses

759

819

3,042

3,899

Sales, marketing and administrative expenses

2,209

1,391

6,754

5,682

Operating expenses

2,968

2,210

9,796

9,581

NET OPERATING (LOSS) INCOME

(58)

622

1,649

(1,640)

Other expenses, net

2,788

101

2,678

507

(LOSS) INCOME BEFORE INCOME TAXES

(2,846)

521

(1,029)

(2,147)

Income tax expense

3

6

11

10

NET (LOSS) INCOME

($2,849)

$515

($1,040)

($2,157)

Basic and diluted weighted average common shares

outstanding

9,046

8,935

9,026

8,167

Basic and diluted net (loss) income per share

($0.31)

$0.06

($0.12)

($0.26)

Selected Balance Sheet Data (In thousands) (Unaudited)

As of

As of

December 31, 2025

December 31, 2024

Cash and cash equivalents

$3,807

$3,758

Inventory

$9,267

$7,113

Net working capital

$12,967

$10,631

Total assets

$42,532

$45,100

Stockholders' equity

$27,055

$27,518

Selected Cash Flow Data (In thousands) (Unaudited)

During the Years Ended

December 31,

2025

2024

Operating Activities

$2,475

$357

Investing Activities

(1,214)

(461)

Financing Activities

(1,212)

2,883

Net Change in Cash

49

2,779

Cash at Beginning of Period

3,758

979

Cash at End of Period

$3,807

$3,758

Non-GAAP Financial Measures: Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this press release should be considered in addition to, and not as a substitute for or superior to, the comparable measure prepared in accordance with GAAP.

We believe that considering the non-GAAP measure of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) assists management and investors by looking at our performance across reporting periods on a consistent basis excluding certain charges from our reported (loss) income before income taxes. We calculate EBITDA as described in the following table and reconciled to the most comparable GAAP financial measure:

During the Three-Month

During the Years Ended

Periods Ended December 31,

December 31,

(In thousands)

2025

2024

2025

2024

(Loss) income before income taxes

($2,846)

$521

($1,029)

($2,147)

Interest expense (excluding debt issuance and debt discount costs)

103

125

439

526

Depreciation

702

669

2,711

2,668

Amortization (including debt issuance and debt discount costs)

8

16

73

62

EBITDA

($2,033)

$1,331

$2,194

$1,109

EBITDA includes stock-based compensation expense (which is a non-cash expense that management adds back to EBITDA when assessing its cash flows) of approximately $296,000 and $326,000 during the years ended December 31, 2025, and 2024, respectively. Cash payments to satisfy debt repayment obligations and to make capital expenditure investments are other uses of cash that are not included in the calculation of EBITDA, which management also considers when assessing its cash flows.

Conference Call:

The Company is planning to host a conference call on Thursday, March 5, 2026, at 9:00 AM ET to review the unaudited financial results. Interested parties can access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international) at 9:00 AM ET. A teleconference replay of the call will be available until March 12, 2026 at (855) 669-9658 (toll free) or (412) 317-0088 (international), utilizing replay access code #2017737.

About ImmuCell:

ImmuCell Corporation's (Nasdaq: ICCC) purpose is to create scientifically proven and practical products that improve cattle health and productivity. ImmuCell manufactures and markets First Defense®, providing Immediate Immunity™ to newborn dairy and beef calves. Press releases and other information about the Company are available at: http://www.immucell.com.

ImmuCell Corporation published this content on March 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 04, 2026 at 21:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]