Revenue declined YoY and operating cash flow turned negative, but gross margin expansion and reaffirmed full-year guidance provide some stability. Monitor Q2 results for signs of the expected NPI-driven revenue ramp and margin improvement; the stock is unlikely to move significantly on this mixed report.
Price Chart
Executive Summary
Harvard Bioscience reported Q1 2026 revenue of $20.8M, down 4.6% YoY from $21.8M, and a GAAP net loss of $(3.4)M, improved from a $(50.3)M loss in Q1 2025 that included a $48.0M goodwill impairment. Adjusted EBITDA was flat at $0.8M, and the company reaffirmed full-year 2026 guidance for 2-4% revenue growth and 6-10% adjusted EBITDA growth, with Q2 revenue guided to $20.5-22.5M.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $20.8M, down from $21.8M YoY (-4.6%)
- GAAP net loss of $(3.4)M vs $(50.3)M in Q1 2025 (prior year included $48.0M goodwill impairment)
- Adjusted EBITDA of $0.8M, flat YoY
- Gross margin improved to 59% from 56% YoY
- Operating cash flow was $(0.7)M vs $3.0M in Q1 2025
- Reaffirmed full-year 2026 guidance: 2-4% revenue growth, 58-60% adjusted gross margin, 6-10% adjusted EBITDA growth
- Q2 2026 guidance: revenue $20.5-22.5M, adjusted gross margin 57-59%, adjusted EBITDA $1.0-2.0M
- GAAP diluted loss per share $(0.77) vs $(11.42) in Q1 2025 (adjusted for 1-for-10 reverse stock split)
- Cash and cash equivalents $7.1M at March 31, 2026, down from $8.6M at December 31, 2025
Financial Impact
Revenue decline of ~$1M YoY; net loss improved by ~$47M due to absence of goodwill impairment; adjusted EBITDA flat at $0.8M
Risk Factors
- Continued revenue decline in Q1 (-4.6% YoY) with no clear catalyst for near-term reversal
- Negative operating cash flow of $(0.7)M vs positive $3.0M in prior year
- High net debt of $32.9M relative to $31M market cap
- Dependence on NPI adoption for second-half revenue growth, which may not materialize
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292722 |
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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