Revenue growth is strong (+26% YoY) and the CHOPIN publication is a positive clinical catalyst, but the GAAP net income swing to a loss and declining adjusted EBITDA are headwinds. Monitor the Q2 2026 report for evidence that the Lancet publication is converting into accelerating procedure volume and margin improvement.
Price Chart
Executive Summary
Delcath Systems reported Q1 2026 revenue of $25.0M (+26% YoY), beating the $23.4M consensus, but posted a GAAP net loss of $1.1M vs net income of $1.1M a year ago. The company maintained its FY2026 revenue guidance of at least $100M and highlighted 36% HEPZATO volume growth and the CHOPIN trial publication in The Lancet Oncology as key catalysts.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue of $25.0M, up 26% from $19.8M in Q1 2025
- GAAP net loss of $1.1M vs net income of $1.1M in Q1 2025
- GAAP diluted EPS of -$0.03 vs $0.03 in Q1 2025
- Non-GAAP adjusted EBITDA of $3.4M, down from $7.6M in Q1 2025
- FY2026 revenue guidance maintained at least $100M, gross margins 84%-87%
- HEPZATO volume grew ~36% YoY in Q1 2026; 29 active treatment centers
- CHOPIN Phase 2 trial results published in The Lancet Oncology
- Cash and investments of $89.3M, no debt as of March 31, 2026
- Repurchased 316,023 shares for ~$3.0M in Q1 2026 under $25M buyback program
Financial Impact
Revenue beat consensus by ~$1.6M (6.8%), but GAAP net income swung to a loss of $1.1M from a $1.1M profit a year ago. Adjusted EBITDA declined 55% to $3.4M.
Risk Factors
- GAAP net loss and declining adjusted EBITDA vs prior year
- FY2026 guidance of 'at least $100M' unchanged — no upward revision despite Q1 beat
- R&D expenses nearly doubled YoY to $9.8M, pressuring profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031725 |
| Document: dcth-20260507.htm | 0001628280-26-031725 |
| Document: 0001628280-26-031725-index-headers.html | 0001628280-26-031725 |
| Document: 0001628280-26-031725-index.html | 0001628280-26-031725 |
| Document: 0001628280-26-031725.txt | 0001628280-26-031725 |
| 8-K Data (Synthetic) | 0001628280-26-031725 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 16w ago | Institutional Cluster | $11.77 $16.48 | ▲ +40.08% | ▲ +35.68% | $15.07 (+28.09%) |
May 14, 2026 20w ago | 8-K | $11.46 $16.67 | ▲ +45.46% | ▲ +41.87% | $15.07 (+31.50%) |
May 7, 2026 21w ago | 8-K | $11.24 $13.04 | ▲ +16.01% | ▲ +12.18% | $15.07 (+34.07%) |
Apr 2, 2026 26w ago | DEFA14A | $9.63 $12.59 | ▲ +30.74% | ▲ +16.58% | $15.07 (+56.49%) |
Mar 2, 2026 30w ago | Insider Cluster | $8.93 $10.83 | ▲ +21.28% | ▲ +11.95% | $15.07 (+68.76%) |
Feb 28, 2026 30w ago | Institutional Cluster | $8.93 $10.83 | ▲ +21.28% | ▲ +11.95% | $15.07 (+68.76%) |
Feb 26, 2026 31w ago | 8-K | $9.00 $11.45 | ▲ +27.22% | ▲ +19.47% | $15.07 (+67.44%) |
US Market Status
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