Champions Oncology (CSBR) Q1 2026 earnings summary

Executive summary

• Achieved $14.0 million in Q1 revenue, with sequential growth but flat or slightly down year-over-year, rebounding from Q4 softness.

• Growth led by TOS business and increasing contributions from the data platform, with ongoing investment in sequencing and data capabilities.

• Advanced strategic initiatives in radiopharmaceutical services and data, reinforcing long-term growth foundation.

• Leadership transition completed, with new CEO Rob Brainin focused on execution and sustainable growth.

• Engaged in technology-enabled research for drug discovery and development, focusing on oncology solutions and data-driven platforms.

Financial highlights

• Q1 revenue was $14.0 million, flat or down 0.5% year-over-year from $14.1 million, but up from $12.4 million in Q4.

• Research services contributed $13.7 million; data business provided the remainder, with data license revenue increasing by $300,000.

• GAAP operating loss of $0.5 million versus $1.3 million income last year; adjusted EBITDA was $60,000, down from $2.0 million.

• Gross margin declined to 43% from 50% due to higher outsourced lab costs.

• Ended Q1 with $10.3 million in cash, up $0.5 million from year-end; operating cash flow positive at $0.6 million.

Outlook and guidance

• Management anticipates sequential revenue growth and margin expansion as radiolabeling work shifts in-house.

• Cash on hand and expected cash flows are projected to fund operations through at least October 2026.

• Cautiously optimistic about improving market conditions and easing budget constraints.

• No specific Q2 revenue guidance provided, but management anticipates quarterly increases.

• Ongoing focus on expanding data licensing and SaaS offerings, with continued investment in R&D.