Revenue decline and negative operating cash flow in Q1 despite reaffirmed guidance suggest the H2 ramp is critical. Watch for Q2 results in August — a miss on the $20.5M-$22.5M revenue guidance would confirm the downtrend and likely pressure the stock further. The $31M market cap leaves little room for error.
Price Chart
Executive Summary
Harvard Bioscience reported Q1 2026 revenue of $20.8M, down 4.7% YoY from $21.8M, and a GAAP net loss of $(3.4M) vs $(50.3M) in Q1 2025 (which included a $48.0M goodwill impairment). Adjusted EBITDA was flat at $0.8M. The company reaffirmed full-year 2026 guidance of 2-4% revenue growth and 6-10% adjusted EBITDA growth, but the Q1 revenue decline and negative operating cash flow of $(0.7M) signal continued operational headwinds.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $20.8M vs $21.8M YoY, a decline of 4.6%
- GAAP net loss $(3.4M) vs $(50.3M) in Q1 2025 (prior year included $48.0M goodwill impairment)
- Adjusted EBITDA flat at $0.8M vs $0.8M YoY
- Operating cash flow negative $(0.7M) vs positive $3.0M in Q1 2025
- Reaffirmed FY2026 guidance: revenue growth 2-4%, adjusted gross margin 58-60%, adjusted EBITDA growth 6-10%
- Q2 2026 guidance: revenue $20.5M-$22.5M, adjusted EBITDA $1.0M-$2.0M
- Gross margin improved to 59% from 56% YoY
- Net debt increased to $32.9M from $30.8M a year ago
- 1-for-10 reverse stock split effective March 13, 2026
Financial Impact
Revenue declined $1.0M YoY; operating cash flow swung from +$3.0M to -$0.7M; net debt increased $2.1M YoY
Risk Factors
- Continued revenue decline driven by challenging end-market conditions (CRO/academic spending)
- Negative operating cash flow may pressure liquidity given $32.9M net debt
- FY2026 guidance depends on H2 ramp of new product introductions which may not materialize
- Reverse stock split may indicate low share price pressure and potential delisting risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-003270 |
| Document: f8k_050826.htm | 0001171843-26-003270 |
| Document: 0001171843-26-003270-index-headers.html | 0001171843-26-003270 |
| Document: 0001171843-26-003270-index.html | 0001171843-26-003270 |
| Document: 0001171843-26-003270.txt | 0001171843-26-003270 |
| 8-K Data (Synthetic) | 0001171843-26-003270 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | SC 13G/A | $7.92 | awaiting T+60 | — | $8.35 (+5.43%) |
Aug 11, 2026 11w ago | 8-K | $6.13 | awaiting T+60 | — | $8.35 (+36.22%) |
Aug 11, 2026 11w ago | 8-K | $6.13 | awaiting T+60 | — | $8.35 (+36.22%) |
Jul 28, 2026 13w ago | Press Release | $5.92 | awaiting T+60 | — | $8.35 (+41.05%) |
Jun 2, 2026 20w ago | 8-K | $6.50 $7.90 | ▲ +21.54% | ▲ +19.04% | $8.35 (+28.46%) |
May 12, 2026 24w ago | 8-K | $5.41 $6.19 | ▲ +14.42% | ▲ +10.03% | $8.35 (+54.34%) |
May 12, 2026 24w ago | 8-K | $5.41 $6.19 | ▼ −14.42% | ▼ −10.03% | $8.35 (−54.34%) |
May 12, 2026 24w ago | Press Release | $5.41 $6.19 | ▲ +14.42% | ▲ +10.03% | $8.35 (+54.34%) |
Mar 16, 2026 32w ago | Insider Cluster | $5.01 $6.01 | ▲ +19.96% | ▲ +9.48% | $8.35 (+66.67%) |
Mar 16, 2026 32w ago | Insider Cluster | $5.01 $6.01 | ▲ +19.96% | ▲ +9.48% | $8.35 (+66.67%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers