ImmuCell (ICCC) investor relations material

Executive summary

• Revenue for Q2 2026 increased 11.5% year-over-year to $7.2 million, driven by higher sales volumes, price increases, and strong demand for First Defense®, with expanded market share and investments in leadership, sales, and manufacturing.

• Net income for Q2 2026 rose to $1.8 million (25.5% margin), up from $0.5 million, aided by a $2 million legal settlement from a former contract manufacturer.

• Distributor out-the-door volume grew 28% in Q2 2026, with Tri-Shield® and Functional Feed lines contributing to growth.

• Commercial results benefited from restored product availability, expanded commercial team, and favorable domestic calf market conditions.

• The company is executing a two-phase manufacturing expansion to triple capacity, with $8 million in planned investments over 18 months.

Financial highlights

• Six-month revenue increased 20.9% year-over-year to $17.5 million; Q2 2026 product sales were $7.2 million, up from $6.4 million.

• Gross margin declined to 33.9% from 43.7% in Q2 2025, mainly due to higher costs, lower output, and cost shifts.

• Net income for the first six months was $3.8 million, nearly doubling year-over-year.

• Adjusted EBITDA for Q2 2026 was $2.7 million, up from $1.4 million; six-month adjusted EBITDA was $5.4 million.

• Cash and cash equivalents increased to $8.9 million as of June 30, 2026, from $3.8 million at year-end 2025; stockholders’ equity rose to $31.4 million.

Outlook and guidance

• Capacity expansion projects totaling $8 million are expected to be completed in phases through 2027, aiming to triple capacity and improve costs.

• Focus on yield improvement, cost management, and reliable supply to support scalable growth.

• Ongoing investments in manufacturing are expected to support future demand growth for First Defense®.

• No pending plans to issue additional shares under the ATM equity program as of June 30, 2026.

• The company anticipates continued tax liability as NOLs now offset only 80% of taxable income.