Revenue has collapsed 87.9% from $24.5M in 2025Q2 to $3.0M in 2026Q2 on lumpy milestone recognition, while a persistent R&D burn averaging over $25M per quarter maintains negative operating leverage.
Arcturus Therapeutics Holdings Inc. (ARCT) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 24.95M | 67.22M | 138.39M | 157.75M | 205.75M | 12.36M | 9.54M | 20.79M | 15.75M | 13M | 20.38M | 6.14M | 0 | 0 | 0 | 0 |
| Revenue Growth % | -72.9% | -51.43% | -12.27% | -23.33% | 1564.82% | 29.56% | -54.12% | 31.97% | 21.2% | -36.23% | 232.06% | - | - | - | - | - |
| Cost of Goods Sold | 658K | 3.02M | 0 | 0 | 0 | 0 | 55.95M | 0 | 16.98M | 410K | 294K | 51K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 4.5% | - | - | - | - | 586.5% | - | 107.8% | 3.15% | 1.44% | 0.83% | - | - | - | - |
| Gross Profit | 5.99M | 64.2M | 138.39M | 157.75M | 205.75M | 12.36M | -46.41M | 20.79M | -1.23M | 12.59M | 20.09M | 6.09M | 0 | 0 | 0 | 0 |
| Gross Margin % | 24.02% | 95.5% | 100% | 100% | 100% | 100% | -486.5% | 100% | -7.8% | 96.85% | 98.56% | 99.17% | - | - | - | - |
| Gross Profit Growth % | - | -53.61% | -12.27% | -23.33% | 1564.82% | 126.63% | -323.23% | 1791.54% | -109.76% | -37.34% | 230.01% | - | - | - | - | - |
| Operating Expenses | 120.11M | 139.15M | 234.06M | 235.95M | 193.58M | 215.21M | 25.12M | 46.3M | 37.56M | 23.49M | 25.17M | 19.7M | 33.08M | 10.29M | 1.5M | 3.91M |
| OpEx % of Revenue | - | 207.01% | 169.13% | 149.58% | 94.08% | 1741.33% | 263.31% | 222.72% | 238.46% | 180.72% | 123.48% | 320.92% | - | - | - | - |
| Selling, General & Admin | 44.31M | 46.08M | 52.82M | 52.87M | 46.07M | 41.45M | 25.12M | 12.66M | 20.58M | 7.57M | 5.36M | 4.99M | 5.84M | 3.22M | 683K | 2.08M |
| SG&A % of Revenue | - | 68.55% | 38.17% | 33.52% | 22.39% | 335.39% | 263.31% | 60.91% | 130.65% | 58.26% | 26.28% | 81.33% | - | - | - | - |
| Research & Development | 79.91M | 112.21M | 195.16M | 192.13M | 147.75M | 173.76M | 57.85M | 33.64M | 16.98M | 15.92M | 18.39M | 13.46M | 25.11M | 7.07M | 818K | 1.82M |
| R&D % of Revenue | - | 166.93% | 141.02% | 121.8% | 71.81% | 1405.94% | 606.42% | 161.82% | 107.8% | 122.47% | 90.23% | 219.31% | - | - | - | - |
| Other Operating Expenses | -1000K | -19.14M | -13.92M | -9.05M | -244K | 0 | -57.85M | 0 | 0 | -348K | 1.42M | 1.25M | 2.13M | 0 | 0 | 0 |
| Operating Income | -95.82M | -74.95M | -95.67M | -78.2M | 12.18M | -202.85M | -71.52M | -25.51M | -21.81M | -10.49M | -25.17M | -19.7M | -33.08M | -10.29M | -1.5M | -3.91M |
| Operating Margin % | -384.08% | -111.51% | -69.13% | -49.58% | 5.92% | -1641.33% | -749.81% | -122.72% | -138.46% | -80.72% | -123.48% | -320.92% | - | - | - | - |
| Operating Income Growth % | - | 21.65% | -22.33% | -742.24% | 106% | -183.61% | -180.34% | -16.97% | -107.88% | 58.31% | -27.76% | 40.45% | -221.46% | -585.54% | 61.57% | - |
| EBITDA | -93.83M | -71.93M | -92.13M | -75.25M | 13.7M | -201.66M | -70.64M | -24.83M | -21.23M | -10.08M | -24.87M | -19.65M | -33.05M | -10.28M | -1.49M | -3.9M |
| EBITDA Margin % | -376.13% | -107.01% | -66.57% | -47.7% | 6.66% | -1631.68% | -740.56% | -119.43% | -134.76% | -77.57% | -122.03% | -320.09% | - | - | - | - |
| EBITDA Growth % | -24.8% | 21.92% | -22.43% | -649.1% | 106.8% | -185.47% | -184.51% | -16.96% | -110.56% | 59.47% | -26.6% | 40.55% | -221.41% | -588.22% | 61.69% | - |
| D&A (Non-Cash Add-back) | 1.98M | 3.02M | 3.54M | 2.96M | 1.53M | 1.19M | 882K | 684K | 582K | 410K | 294K | 51K | 31K | 8K | 7K | 6K |
| EBIT | -71.57M | -65.78M | -80.94M | -27.12M | 13.64M | -201M | -71.52M | -25.14M | -21.3M | -10.75M | -1.24M | -1.65M | -32.84M | -10.28M | -1.51M | -3.93M |
| Net Interest Income | 5.28M | 10.1M | 15.2M | 16.59M | -420K | -1.92M | -361K | -446K | 328K | -61K | -286K | -250K | 237K | -175K | -78K | -23K |
| Interest Income | 5.28M | 10.1M | 15.2M | 17.36M | 2.58M | 753K | 470K | 408K | 514K | 89K | 9K | 1K | 239K | 22K | 2K | 21K |
| Interest Expense | 0 | 0 | 0 | 767K | 3M | 2.67M | 831K | 854K | 186K | 150K | 295K | 251K | 2K | 197K | 80K | 44K |
| Other Income/Expense | 8.57M | 9.17M | 14.72M | 50.31M | -1.53M | -822K | -624K | -478K | 26K | -409K | -536K | 11K | 227K | -197K | -78K | -23K |
| Pretax Income | -87.25M | -65.78M | -80.94M | -27.89M | 10.64M | -203.67M | -72.15M | -25.99M | -21.79M | -10.9M | -24.53M | -19.4M | -32.85M | -10.49M | -1.58M | -3.93M |
| Pretax Margin % | -349.73% | -97.86% | -58.49% | -17.68% | 5.17% | -1647.98% | -756.35% | -125.02% | -138.29% | -83.87% | -120.35% | -316.03% | - | - | - | - |
| Income Tax | -9.19M | 0 | -4K | 1.83M | 1.29M | 0 | 0 | 0 | 212K | 1K | 73K | 51K | -17K | 61K | 0 | 21K |
| Effective Tax Rate % | 10.53% | 0% | 0% | -6.58% | 12.17% | 0% | 0% | 0% | -0.97% | -0.01% | -0.3% | -0.26% | 0.05% | -0.58% | 0% | -0.53% |
| Net Income | -78.06M | -65.78M | -80.94M | -29.73M | 9.35M | -203.67M | -72.15M | -25.99M | -21.79M | -10.9M | -24.6M | -19.45M | -32.83M | -10.55M | -1.58M | -3.93M |
| Net Margin % | -312.88% | -97.86% | -58.49% | -18.84% | 4.54% | -1647.98% | -756.35% | -125.02% | -138.29% | -83.87% | -120.71% | -316.86% | - | - | - | - |
| Net Income Growth % | -17.01% | 18.73% | -172.3% | -417.95% | 104.59% | -182.3% | -177.59% | -19.31% | -99.83% | 55.69% | -26.5% | 40.77% | -211.28% | -568.02% | 59.81% | - |
| Net Income (Continuing) | -78.06M | -65.78M | -80.94M | -29.73M | 9.35M | -203.67M | -72.15M | -25.99M | -21.79M | -10.9M | -1.57M | -1.9M | -32.83M | -10.55M | -1.58M | -3.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.74 | -2.40 | -3.00 | -1.12 | 0.35 | -7.74 | -3.55 | -2.13 | -2.16 | -3.53 | -6.25 | -6.29 | -16.81 | -7.25 | -0.99 | -2.47 |
| EPS Growth % | -26.02% | 20% | -167.86% | -420% | 104.52% | -118.03% | -66.67% | 1.39% | 38.81% | 43.52% | 0.64% | 62.58% | -131.86% | -632.32% | 59.92% | - |
| EPS (Basic) | - | -2.40 | -3.00 | -1.12 | 0.35 | -7.74 | -3.55 | -2.13 | -2.16 | -3.53 | -6.25 | -6.29 | -16.81 | -7.25 | -0.99 | -2.47 |
| Diluted Shares Outstanding | 28.44M | 27.39M | 27M | 26.63M | 27.09M | 26.32M | 20.3M | 12.07M | 10.07M | 3.09M | 3.94M | 3.09M | 1.95M | 1.45M | 1.59M | 1.59M |
| Basic Shares Outstanding | 28.44M | 27.39M | 27M | 26.63M | 26.45M | 26.32M | 20.3M | 12.07M | 10.07M | 3.09M | 3.94M | 3.09M | 1.95M | 1.45M | 1.59M | 1.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ARCT stock.
For fiscal year 2025, Arcturus Therapeutics Holdings Inc. (ARCT) reported total revenue of $67.2M.
Arcturus Therapeutics Holdings Inc. (ARCT) reported a net loss of $65.8M for the fiscal year ending 2025.
Arcturus Therapeutics Holdings Inc. (ARCT) reported an operating income of $-75.0M, resulting in an operating profit margin of -111.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Arcturus Therapeutics Holdings Inc. (ARCT) generated $64.2M in gross profit for the year, representing a gross profit margin of 95.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Lumpy, milestone-driven revenue
Metrics are mathematically derived from official filings.
Revenue Collapses on Lumpy Recognition
ARCT's revenue has collapsed from a peak of $46.0M in 2024Q2 to just $3.0M in 2026Q2, with sequential quarters showing extreme volatility, such as a 97.9% decline from 2025Q4 to 2026Q1, indicating a complete reliance on sporadic, non-recurring payments.
The revenue trajectory is not one of decelerating organic growth but of a project-based model where significant upfront or milestone payments create artificial peaks followed by deep troughs. This pattern suggests a lack of recurring revenue streams and a business model vulnerable to lengthy periods of minimal top-line activity between major events.
R&D Burn Dominates Cost Structure
Research and development expenses consistently dwarf all other line items, accounting for over 50% of operating costs in 8 of the last 10 quarters, peaking at $58.7M in 2024Q2, which underscores a heavy, non-discretionary investment cycle.
The scale of R&D spending relative to volatile revenue creates a fixed-cost burden that amplifies losses during revenue troughs. While necessary for a clinical-stage biotech, this structure offers no operational flexibility, and the recent moderation in R&D spend (to $17.5M in 2026Q2) may indicate project completion rather than improved efficiency.
Negative Operating Leverage Amplifies Losses
Despite periods of 100% gross margins, operating leverage remains decisively negative; operating losses consistently exceed gross profit, as seen in 2026Q2 where a $3.0M gross profit was overwhelmed by $28.5M in operating expenses.
The company's high fixed cost base, primarily R&D, means that even quarters with significant gross profit fail to translate into positive operating income. This negative leverage suggests that achieving break-even will require not just more revenue, but revenue of a scale and consistency that is not currently evident in the financial history.
Dilution from SBC Outweighs Net Losses
Stock-based compensation is a material, non-cash expense ranging from $4.3M to $10.1M per quarter, which consistently adds 10-20 percentage points to the net loss margin, as reported in the financial statements.
The persistent and significant SBC expense represents a real economic cost to shareholders through dilution, even as it doesn't impact cash flow. The magnitude of this expense relative to the company's small and volatile revenue stream significantly depresses the quality of the already deeply negative earnings, indicating a reliance on equity-based incentives to retain talent during a cash-burning phase.
Sustainability of Milestone-Based Revenue
The core risk to the income statement narrative is the apparent impossibility of forecasting or sustaining revenue; the lumpy, milestone-dependent top line offers no visibility and makes any extrapolation of a single quarter's results highly speculative.
An analyst would challenge whether the company has any path to predictable revenue, given that 9 of the last 10 quarters showed gross profit of $3.1M or less, with two quarters actually negative. The business model appears to generate windfalls followed by droughts, making the current expense structure potentially unsustainable over a full cycle without continuous capital raises.