The top-line beat and raised guidance provide a positive narrative, but the GAAP loss widening and negative operating cash flow are significant headwinds for a micro-cap with $33.5M net debt. Monitor the Q3 2026 earnings for evidence that the revenue growth translates into cash generation and narrowing losses.
Price Chart
Executive Summary
Harvard Bioscience reported Q2 2026 revenue of $22.7M, up 11% YoY, beating the $21.4M consensus estimate. However, GAAP net loss widened to ($2.9M) from ($2.3M) a year ago, and GAAP EPS of ($0.64) was a significant miss versus the ($0.21) consensus. The company raised its full-year 2026 revenue growth guidance to 3%-5%, but the widening losses and cash burn from operations are concerning for a $29M market cap company.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $22.7M, up 11% YoY from $20.5M
- GAAP net loss widened to ($2.9M) vs ($2.3M) in Q2 2025
- GAAP EPS of ($0.64) vs consensus ($0.21) — a 205% miss
- Adjusted EBITDA improved to $1.7M from $1.5M YoY
- Raised full-year 2026 revenue growth guidance to 3%-5% from prior
- Cash used in operations was ($0.3M) in H1 2026 vs $5.7M provided in H1 2025
- Net debt increased to $33.5M from $27.9M a year ago
- Gross margin contracted to 55.6% from 56.4% YoY
Financial Impact
Revenue beat consensus by ~6% ($22.7M vs $21.4M est), but GAAP EPS missed by 205% ($-0.64 vs $-0.21 est). Net loss widened by $0.6M YoY.
Risk Factors
- Widening GAAP net loss and negative operating cash flow despite revenue growth
- High net debt of $33.5M relative to $29M market cap
- Gross margin compression from product mix shift to lower-margin CMT products
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-005405 |
| Document: f8k_081126.htm | 0001171843-26-005405 |
| Document: 0001171843-26-005405-index-headers.html | 0001171843-26-005405 |
| Document: 0001171843-26-005405-index.html | 0001171843-26-005405 |
| Document: 0001171843-26-005405.txt | 0001171843-26-005405 |
| 8-K Data (Synthetic) | 0001171843-26-005405 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | SC 13G/A | $7.92 | awaiting T+60 | — | $8.32 (+5.05%) |
Aug 11, 2026 10w ago | 8-K | $6.13 | awaiting T+60 | — | $8.32 (+35.73%) |
Aug 11, 2026 10w ago | 8-K | $6.13 | awaiting T+60 | — | $8.32 (+35.73%) |
Jul 28, 2026 12w ago | Press Release | $5.92 | awaiting T+60 | — | $8.32 (+40.54%) |
Jun 2, 2026 20w ago | 8-K | $6.50 $7.90 | ▲ +21.54% | ▲ +19.04% | $8.32 (+28.00%) |
May 12, 2026 23w ago | 8-K | $5.41 $6.19 | ▲ +14.42% | ▲ +10.03% | $8.32 (+53.79%) |
May 12, 2026 23w ago | 8-K | $5.41 $6.19 | ▼ −14.42% | ▼ −10.03% | $8.32 (−53.79%) |
May 12, 2026 23w ago | Press Release | $5.41 $6.19 | ▲ +14.42% | ▲ +10.03% | $8.32 (+53.79%) |
Mar 16, 2026 32w ago | Insider Cluster | $5.01 $6.01 | ▲ +19.96% | ▲ +9.48% | $8.32 (+66.07%) |
Mar 16, 2026 32w ago | Insider Cluster | $5.01 $6.01 | ▲ +19.96% | ▲ +9.48% | $8.32 (+66.07%) |
US Market Status
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