The 34% revenue decline and margin compression confirm the structural headwinds flagged in prior guidance (customer loss, inventory build, delayed launch). The reaffirmed guidance implies a sharp H2 ramp that carries execution risk. Monitor Q2 results for any guidance revision and watch for preferred stock redemption demands starting June 29, 2026, which could pressure liquidity.
Price Chart
Executive Summary
Lifecore Biomedical reported Q1 2026 revenue of $23.2M, a 34% decline YoY from $35.2M, and a net loss of $15.0M ($0.43/share) vs a $14.8M loss in the prior year. Adjusted EBITDA fell to $1.0M from $5.7M. The company reaffirmed its full-year 2026 guidance of $120-125M revenue and $20.5-25M Adjusted EBITDA, citing cost reductions and new commercial program wins, but the sharp revenue drop and widening losses signal ongoing operational challenges.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $23.2M, down 34% YoY from $35.2M
- Net loss of $15.0M ($0.43/share) vs $14.8M ($0.42/share) in prior year
- Adjusted EBITDA fell to $1.0M from $5.7M YoY
- Gross margin contracted to 19.2% from 28.0% YoY
- Reaffirmed FY2026 guidance: revenue $120-125M, Adj. EBITDA $20.5-25M
- Signed three new commercial site transfer programs in Q1
- Cash from operations was $4.7M; free cash flow was $3.6M
- Ended Q1 with $38.1M liquidity ($20.8M cash + $17.3M revolver availability)
Financial Impact
Revenue decline of $12.0M (34% YoY); net loss widened by $0.2M; Adjusted EBITDA down $4.7M
Risk Factors
- Revenue concentration risk with largest customer's demand shift to 2027
- Series A preferred stock redemption of $50.2M becomes demandable June 29, 2026
- Debt of $147.8M (including related party) with PIK interest escalating
- Negative stockholders' equity of $28.4M as of March 31, 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001005286-26-000018 |
| Exhibit: ex992_lfcrpresentation.htm | 0001005286-26-000018 |
| Document: lndc-20260506.htm | 0001005286-26-000018 |
| Document: 0001005286-26-000018-index-headers.html | 0001005286-26-000018 |
| Document: 0001005286-26-000018-index.html | 0001005286-26-000018 |
| Document: 0001005286-26-000018.txt | 0001005286-26-000018 |
| 8-K Data (Synthetic) | 0001005286-26-000018 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $4.44 $4.74 | ▲ +6.76% | ▲ +7.36% | $6.53 (+47.07%) |
Jul 2, 2026 13w ago | 8-K | $5.09 $4.36 | ▲ +14.34% | ▲ +13.93% | $6.53 (−28.29%) |
Jun 15, 2026 15w ago | Press Release | $5.49 $4.63 | ▼ −15.66% | ▼ −14.91% | $6.53 (+18.94%) |
Jun 5, 2026 17w ago | 8-K | $5.57 $5.05 | ▼ −9.34% | ▼ −10.97% | $6.53 (+17.24%) |
Jun 2, 2026 17w ago | Press Release | $5.45 $5.27 | ▼ −3.30% | ▼ −1.74% | $6.53 (+19.82%) |
May 6, 2026 21w ago | 8-K | $4.96 $5.67 | ▼ −14.31% | ▼ −11.53% | $6.53 (−31.65%) |
Mar 26, 2026 27w ago | Press Release | $3.87 $5.02 | ▲ +29.72% | ▲ +19.05% | $6.53 (+68.73%) |
Mar 16, 2026 28w ago | Press Release | $4.37 $5.20 | ▲ +18.99% | ▲ +15.21% | $6.53 (+49.43%) |
Mar 4, 2026 30w ago | Press Release | $7.02 $3.84 | ▼ −45.30% | ▼ −41.51% | $6.53 (−6.98%) |
US Market Status
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