ImmuCell (ICCC) Q2 2026 earnings summary

Executive summary

• Revenue for the quarter ended June 30, 2026, increased 11.5% year-over-year to $7.2 million, driven by higher sales volumes, price increases, and strong market demand.

• Net income for the quarter rose 265.6% to $1.83 million, aided by a $2.0 million legal settlement related to a discontinued product.

• Domestic sales grew 27.7% while international sales declined 38.9% for the quarter; for the six months, domestic sales rose 32.5% and international sales fell 35.7%.

• Distributor out-the-door volume growth accelerated to 28% in Q2 2026, up from 21% in Q1 2026, with broad-based momentum across products.

• The company is executing a two-phase manufacturing expansion to increase First Defense® 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; net income nearly doubled to $3.78 million.

• Gross profit for the quarter was $2.44 million, down 13.5% year-over-year due to higher costs of goods sold, which rose 30.9%.

• Gross margin declined to 33.9% from 43.7% in Q2 2025 due to lower manufacturing volumes and quality issues.

• Adjusted EBITDA rose to $2.7 million from $1.4 million year-over-year.

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

Outlook and guidance

• Capacity expansion program underway, aiming to triple production capacity over the next 18 months, with $8 million in planned investments.

• Focus on product cost improvements and strengthening colostrum sourcing to support scalable growth.

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

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