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 and price increases in the First Defense® product line, with strong domestic growth and improved product availability.

• Net income for Q2 2026 rose to $1.8 million (25.5% margin), up from $0.5 million in Q2 2025, aided by a $2 million legal settlement from a former contract manufacturer.

• Adjusted EBITDA for Q2 2026 was $2.7 million, up from $1.4 million in Q2 2025.

• Strategic focus on the calf scours market and First Defense® product, with investments in leadership, sales force, and manufacturing supporting commercial success.

• Distributor out-the-door volume growth accelerated to 28% in Q2 2026, with broad-based momentum across products.

Financial highlights

• Six-month revenue increased 20.9% year-over-year to $17.5 million; net income nearly doubled to $3.78 million.

• Gross margin for Q2 2026 was 33.9%, down from 43.7% in Q2 2025, mainly due to higher costs, lower output, and cost shifts.

• Operating margin for Q2 2026 was 26.9%, up from 8.8% a year earlier.

• 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 as of June 30, 2026.

Outlook and guidance

• Capacity expansion projects totaling $8 million are underway, aiming to triple manufacturing capability and reduce processing time by end of 2027.

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

• Expectation to complete $3.5 million freeze-drying investment by H1 2027, followed by $4.5 million liquid processing expansion.

• International strategy is being developed, with results expected over a longer horizon.

• Continued tax liability anticipated as NOLs now offset only 80% of taxable income.