Celularity (CELU) Q2 2026 earnings summary

Executive summary

• Q2 revenue was $5.4M, down 5.3% YoY; operating loss narrowed to $4.2M from $15.9M, while net income was $0.7M versus a $24.5M loss.

• Reported profit reflected significant settlement and fair-value items; recurring operating cash generation remained weak, and substantial doubt about continuing as a going concern was cited.

Financial highlights

• Q2 product sales rose 70.7% YoY to $4.1M, while Services fell 48.9% to $0.7M and License, royalty and other revenue fell 65.5% to $0.7M.

• H1 revenue was $9.3M, down 45.9% YoY; product sales fell 56.8% to $4.9M, Services fell 29.1% to $1.9M, and License, royalty and other fell 20.5% to $2.4M.

• H1 operating loss narrowed to $14.4M from $26.4M; net income was $1.6M versus a $44.3M loss, including $12.2M from New Jersey NOL sales and a $6.7M SLS settlement gain.

• Q2 SG&A declined 60.9% YoY to $4.9M and R&D declined 39.5% to $2.0M, primarily reflecting lower headcount and related costs.

Outlook and guidance

• Revenue growth and additional financing are needed to reach break-even cash flows; management cautioned that funding may not be available on acceptable terms and losses and operating cash use may continue.

• Strategy prioritizes cellular therapy and manufacturing capabilities, while pursuing third-party manufacturing, biobanking and retained biomaterials revenue opportunities.

• NexGel arrangement may provide up to $20.0M in milestones; first $2.5M milestone depends on sales thresholds and timing, and no milestones had been achieved by June 30, 2026.