Revenue remains erratic and milestone-dependent, contributing to a 2026Q1 net margin of -146.2% as fixed R&D costs continue to outpace top-line growth.
| 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'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 | Dec'93 |
|---|
| Sales/Revenue | 2.96M | 4.9M | 5.17M | 4.53M | 5.51M | 4.47M | 823K | 0 | 0 | 115K | 260K | 475K | 409K | 325K | 664K | 8.72M | 10.33M | 9.86M | 6.87M | 9.65M | 14.07M | 19.33M | 18.88M | 11.4M | 6.8M | 7.2M | 900K | 2.3M | 100K | 400K | 100K |
| Revenue Growth % | -37.05% | -5.22% | 14.24% | -17.77% | 23.11% | 443.62% | - | - | -100% | -55.77% | -45.26% | 16.14% | 25.85% | -51.05% | -92.38% | -15.62% | 4.74% | 43.5% | -28.78% | -31.41% | -27.21% | 2.4% | 65.57% | 67.69% | -5.56% | 700% | -60.87% | 2200% | -75% | 300% | - |
| Cost of Goods Sold | 823K | 1.53M | 34.43M | 972K | 35.02M | 20.02M | 14.44M | 1.35M | 1.35M | 374K | 369K | 0 | 0 | 82K | 0 | 15.18M | 17.71M | 14.48M | 18.2M | 17.29M | 17.2M | 29.75M | 37.62M | -1.77M | -1.6M | -1.6M | -1.6M | -1.9M | -1.4M | -1.3M | -400K |
| COGS % of Revenue | - | 31.22% | 665.37% | 21.46% | 635.75% | 447.36% | 1755.04% | - | - | 325.22% | 141.92% | - | - | 25.23% | - | 174.16% | 171.4% | 146.82% | 264.75% | 179.11% | 122.2% | 153.9% | 199.23% | -15.57% | -23.53% | -22.22% | -177.78% | -82.61% | -1400% | -325% | -400% |
| Gross Profit | 2.13M | 3.37M | -29.25M | 3.56M | -29.51M | -15.54M | -13.62M | -1.35M | -1.35M | -259K | -109K | 475K | 409K | 243K | 664K | 8.72M | 10.33M | 9.86M | 6.87M | 9.65M | 14.07M | -10.42M | 18.88M | 13.18M | 8.4M | 8.8M | 2.5M | 4.2M | 1.5M | 1.7M | 500K |
| Gross Margin % | 72.18% | 68.78% | -565.37% | 78.54% | -535.75% | -347.36% | -1655.04% | - | - | -225.22% | -41.92% | 100% | 100% | 74.77% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | -53.9% | 100% | 115.56% | 123.53% | 122.22% | 277.78% | 182.61% | 1500% | 425% | 500% |
| Gross Profit Growth % | - | 111.53% | -922.38% | 112.05% | -89.88% | -14.1% | -908.22% | 0% | -421.62% | -137.61% | -122.95% | 16.14% | 68.31% | -63.4% | -92.38% | -15.62% | 4.74% | 43.5% | -28.78% | -31.41% | 235.04% | -155.2% | 43.28% | 56.87% | -4.55% | 252% | -40.48% | 180% | -11.76% | 240% | - |
| Operating Expenses | 39.36M | 34.59M | 13.18M | 44.45M | 7.44M | 8.28M | 7.97M | 17.74M | 9.54M | 16.27M | 23.64M | 10.7M | 14.52M | 12.46M | 4.69M | 21M | 7.03M | 44.59M | 6.31M | 6.65M | 5.49M | 7.98M | 6.2M | 28.48M | 19.5M | 17.9M | 17.4M | 16.3M | 11.9M | 10M | 5.9M |
| OpEx % of Revenue | - | 705.44% | 254.81% | 981.39% | 135.02% | 185.09% | 967.92% | - | - | 14148.7% | 9091.54% | 2253.05% | 3549.88% | 3835.38% | 706.02% | 240.94% | 68.03% | 452.02% | 91.84% | 68.9% | 39.01% | 41.26% | 32.85% | 249.76% | 286.76% | 248.61% | 1933.33% | 708.7% | 11900% | 2500% | 5900% |
| Selling, General & Admin | 12.62M | 12.41M | 13.18M | 10.68M | 7.44M | 8.28M | 7.97M | 7.91M | 5.7M | 7.59M | 8.41M | 6.42M | 6.85M | 6M | 3.21M | 5.82M | 7.03M | 6.38M | 6.31M | 6.65M | 5.49M | 8.07M | 6.2M | 5.71M | 3.6M | 3M | 2.8M | 2.9M | 2.3M | 1.9M | 5.5M |
| SG&A % of Revenue | - | 253.04% | 254.81% | 235.75% | 135.02% | 185.09% | 967.92% | - | - | 6600% | 3235.77% | 1351.79% | 1674.82% | 1844.92% | 483.13% | 66.78% | 68.03% | 64.7% | 91.84% | 68.9% | 39.01% | 41.73% | 32.85% | 50.06% | 52.94% | 41.67% | 311.11% | 126.09% | 2300% | 475% | 5500% |
| Research & Development | 24.4M | 23.72M | 34.43M | 33.77M | 35.02M | 20.02M | 14.44M | 9.82M | 4.89M | 2.88M | 5.68M | 3.99M | 5.8M | 6.5M | 1.48M | 15.18M | 17.71M | 14.48M | 18.2M | 17.29M | 17.2M | 29.39M | 31.55M | 19.31M | 14.3M | 13.3M | 13M | 11.5M | 8.2M | 6.8M | 0 |
| R&D % of Revenue | - | 483.63% | 665.37% | 745.64% | 635.75% | 447.36% | 1755.04% | - | - | 2505.22% | 2183.85% | 840.42% | 1419.32% | 2000.62% | 222.89% | 174.16% | 171.4% | 146.82% | 264.75% | 179.11% | 122.2% | 152.01% | 167.09% | 169.36% | 210.29% | 184.72% | 1444.44% | 500% | 8200% | 1700% | - |
| Other Operating Expenses | -823K | -1.53M | -34.43M | 0 | -35.02M | -20.02M | -14.44M | 0 | -1.4M | 6K | -554K | 289K | 1.86M | 0 | 0 | 8.88M | 2.15M | 23.72M | 1.71M | 884K | 5.19M | 4.62M | 9.73M | 3.46M | 1.6M | 1.6M | 1.6M | 1.9M | 1.4M | 1.3M | 400K |
| Operating Income | -37.23M | -31.22M | -42.44M | -40.89M | -36.95M | -23.82M | -21.59M | -19.09M | -12.52M | -16.16M | -23.38M | -10.23M | -14.11M | -14.99M | -4.02M | -21.17M | -16.55M | -36.73M | -19.35M | -15.17M | -13.8M | -18.4M | -28.6M | -45.8M | -11.1M | -9.1M | -14.9M | -12.1M | -10.4M | -8.3M | -5.4M |
| Operating Margin % | -1258.55% | -636.66% | -820.18% | -902.85% | -670.77% | -532.45% | -2622.96% | - | - | -14048.7% | -8991.54% | -2153.05% | -3449.88% | -4611.08% | -606.02% | -242.8% | -160.22% | -372.35% | -281.45% | -157.17% | -98.09% | -95.16% | -151.5% | -401.69% | -163.24% | -126.39% | -1655.56% | -526.09% | -10400% | -2075% | -5400% |
| Operating Income Growth % | - | 26.43% | -3.78% | -10.67% | -55.09% | -10.35% | -13.09% | -52.42% | 22.48% | 30.89% | -128.59% | 27.52% | 5.85% | -272.42% | 80.99% | -27.87% | 54.93% | -89.84% | -27.53% | -9.9% | 24.97% | 35.68% | 37.55% | -312.66% | -21.98% | 38.93% | -23.14% | -16.35% | -25.3% | -53.7% | - |
| EBITDA | -35.62M | -29.69M | -41.11M | -39.92M | -36.05M | -22.65M | -20.47M | -17.74M | -11.17M | -15.78M | -23.01M | -9.9M | -13.95M | -14.9M | -3.96M | -20.65M | -15.95M | -36.01M | -18.03M | -13.88M | -11.38M | -14.78M | -19.91M | -42.34M | -9.5M | -7.5M | -13.3M | -10.2M | -9M | -7M | -5M |
| EBITDA Margin % | -1204.09% | -605.44% | -794.57% | -881.39% | -654.58% | -506.33% | -2487.61% | - | - | -13723.48% | -8849.62% | -2083.58% | -3411.25% | -4585.85% | -596.99% | -236.88% | -154.39% | -365.05% | -262.26% | -143.81% | -80.89% | -76.45% | -105.47% | -371.34% | -139.71% | -104.17% | -1477.78% | -443.48% | -9000% | -1750% | -5000% |
| EBITDA Growth % | 8.71% | 27.78% | -2.99% | -10.72% | -59.16% | -10.65% | -15.42% | -58.76% | 29.2% | 31.41% | -132.48% | 29.06% | 6.39% | -275.98% | 80.8% | -29.46% | 55.7% | -99.74% | -29.88% | -21.93% | 22.98% | 25.77% | 52.98% | -345.73% | -26.67% | 43.61% | -30.39% | -13.33% | -28.57% | -40% | - |
| D&A (Non-Cash Add-back) | 1.61M | 1.53M | 1.32M | 972K | 892K | 1.17M | 1.11M | 1.35M | 1.35M | 374K | 369K | 330K | 158K | 82K | 60K | 516K | 602K | 720K | 1.32M | 1.29M | 2.42M | 3.62M | 8.69M | 3.46M | 1.6M | 1.6M | 1.6M | 1.9M | 1.4M | 1.3M | 400K |
| EBIT | -163.06M | -31.22M | -42.44M | -66.42M | -36.95M | -23.09M | -21.55M | -18.55M | -10.89M | -10.36M | -13.83M | -10.23M | -12.25M | -61.71M | -3.92M | -12.29M | -14.41M | -34.72M | -17.64M | -14.29M | -8.61M | -18.49M | -28.6M | -45.8M | -11.1M | -9.1M | -14.9M | -12.1M | -10.4M | -8.3M | -5.4M |
| Net Interest Income | -18.16M | -16.2M | -10.04M | -2.45M | 0 | -59K | -600K | -835K | 0 | 0 | 0 | 0 | 0 | -2.87M | -339K | 279K | 427K | -411K | -512K | -476K | -1.21M | -1.42M | -452K | -266K | 0 | -300K | 0 | -400K | -300K | -200K | 0 |
| Interest Income | 389K | 388K | 697K | 179K | 29K | 5K | 28K | 96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 279K | 428K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18.55M | 16.59M | 10.74M | 2.63M | 29K | 64K | 628K | 931K | 0 | 0 | 0 | 0 | 0 | 2.86M | 339K | 0 | 1K | 411K | 512K | 476K | 1.21M | 1.42M | 452K | 265.65K | 0 | 300K | 0 | 400K | 300K | 200K | 0 |
| Other Income/Expense | -245.39M | -142.58M | 23.52M | -28.16M | 29K | 667K | -594K | -390K | 956K | 2.02M | 3.98M | 9.64M | 37.22M | -43.42M | -236K | 447K | 427K | 2.74M | 149K | 913K | -1.03M | 22.74M | 1.43M | -28.41M | -2.8M | 700K | 1.1M | -13.5M | 800K | 8.3M | 400K |
| Pretax Income | -282.61M | -173.8M | -18.92M | -69.05M | -36.92M | -23.16M | -22.18M | -19.48M | -16.7M | -14.14M | -19.39M | -589K | 23.11M | -58.41M | -4.26M | -20.72M | -16.13M | -33.99M | -19.2M | -14.26M | -14.83M | -21.84M | -27.17M | -47.66M | -26.7M | -8.7M | -14.2M | -26M | -9.9M | 0 | 0 |
| Pretax Margin % | -9554.23% | -3544.03% | -365.6% | -1524.51% | -670.24% | -517.55% | -2695.14% | - | - | -12295.65% | -7459.23% | -124% | 5650.12% | -17972.62% | -641.57% | -237.67% | -156.09% | -344.59% | -279.28% | -147.71% | -105.4% | -112.97% | -143.91% | -417.93% | -392.65% | -120.83% | -1577.78% | -1130.43% | -9900% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -328K | -1.3M | -556K | -73K | 0 | 43.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.77M | 0 | 47.66M | 26.7M | 8.7M | 14.2M | 26M | 9.9M | 8.4M | 5.1M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.96% | 9.21% | 2.87% | 12.39% | 0% | -74.34% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -108.82% | 0% | -100% | -100% | -100% | -100% | -100% | -100% | - | - |
| Net Income | -282.61M | -173.8M | -18.92M | -69.05M | -36.92M | -23.16M | -22.18M | -19.48M | -12.11M | -12.84M | -18.84M | -516K | 23.11M | -64.58M | -1.11M | -20.72M | -16.13M | -33.99M | -19.2M | -14.26M | -14.83M | -23.77M | -27.17M | -47.66M | -26.7M | -8.7M | -14.2M | -26M | -9.9M | -8.4M | -5.1M |
| Net Margin % | -9554.23% | -3544.03% | -365.6% | -1524.51% | -670.24% | -517.55% | -2695.14% | - | - | -11163.48% | -7245.38% | -108.63% | 5650.12% | -19871.69% | -167.17% | -237.67% | -156.09% | -344.59% | -279.28% | -147.71% | -105.4% | -122.93% | -143.91% | -417.92% | -392.65% | -120.83% | -1577.78% | -1130.43% | -9900% | -2100% | -5100% |
| Net Income Growth % | -66241.31% | -818.79% | 72.6% | -87.03% | -59.43% | -4.39% | -13.87% | -60.85% | 5.67% | 31.85% | -3550.78% | -102.23% | 135.78% | -5718.29% | 94.64% | -28.48% | 52.55% | -77.05% | -34.66% | 3.88% | 37.59% | 12.52% | 42.99% | -78.48% | -206.9% | 38.73% | 45.38% | -162.63% | -17.86% | -64.71% | - |
| Net Income (Continuing) | -282.61M | -173.8M | -18.92M | -69.05M | -36.92M | -23.16M | -22.18M | -19.48M | -16.7M | -12.84M | -18.84M | -516K | 23.11M | -64.58M | -4.26M | -20.72M | -16.13M | -33.99M | -19.2M | -14.26M | -14.83M | -23.77M | -27.17M | -43.97M | -26.7M | -8.7M | -14.2M | -26M | -9.9M | -8.4M | -5.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 750K | 750K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.74 | -4.80 | -0.52 | -1.91 | -1.08 | -0.96 | -1.35 | -2.43 | -8.90 | -27.34 | -345.80 | -278.60 | -326.20 | -4479.97 | -161.76 | -7270.18 | -6842.17 | -24313.30 | -15697.47 | -12561.23 | -1290.16 | -2600.00 | -3100.00 | -6300.00 | -4200.00 | -1633.19 | -3515.72 | -7924.41 | -4700.85 | -7000.00 | -195.58 |
| EPS Growth % | -1349.63% | -823.08% | 72.77% | -76.85% | -12.5% | 28.89% | 44.44% | 72.7% | 67.45% | 92.09% | -24.12% | 14.59% | 92.72% | -2669.52% | 97.78% | -6.26% | 71.86% | -54.89% | -24.97% | -873.62% | 50.38% | 16.13% | 50.79% | -50% | -157.17% | 53.55% | 55.63% | -68.57% | 32.84% | -3479.1% | - |
| EPS (Basic) | - | -4.80 | -0.52 | -1.91 | -1.08 | -0.96 | -1.35 | -2.43 | -8.90 | -28.14 | -345.80 | -278.60 | 589.40 | -4479.97 | -161.76 | -7270.18 | -6842.17 | -24289.85 | -15697.47 | -12561.23 | -1290.16 | -2600.00 | -3100.00 | -6312.01 | -4200.00 | -1633.19 | -3515.72 | -7924.41 | -4700.85 | -7000.00 | -195.58 |
| Diluted Shares Outstanding | 36.53M | 36.24M | 36.16M | 36.08M | 34.29M | 24.1M | 16.42M | 7.83M | 332.34K | 456.24K | 7.03K | 38.65K | 46.23K | 14.46K | 6.86K | 2.85K | 2.36K | 1.4K | 1.22K | 1.14K | 821 | 654 | 628 | 7.55K | 6.43K | 5.33K | 4.04K | 3.28K | 2.11K | 1.2K | 26.08K |
| Basic Shares Outstanding | 36.53M | 36.24M | 36.16M | 36.08M | 34.29M | 24.1M | 16.42M | 7.83M | 332.34K | 456.24K | 7.03K | 38.65K | 26.76K | 14.46K | 6.86K | 2.85K | 2.36K | 1.4K | 1.22K | 1.14K | 821 | 654 | 628 | 7.55K | 6.43K | 5.33K | 4.04K | 3.28K | 2.11K | 1.2K | 26.08K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial filings, Armata’s revenue trajectory remains highly volatile, characterized by intermittent quarterly inflows that reflect milestone-dependent collaboration agreements rather than consistent commercial growth, as evidenced by the 60.7% revenue increase in 2026Q1 following multiple quarters of zero or negligible reported top-line figures.
The absence of a sustained revenue CAGR suggests that the company is currently unable to generate predictable income from its phage platform. Investors should interpret these lumpy revenue patterns as a reflection of clinical development timelines rather than underlying market demand for their therapeutic candidates.
Based on the provided income statement data, Armata maintains a rigid cost structure where R&D expenditures consistently range between $5.4M and $9.5M per quarter, significantly outpacing the company's ability to generate gross profit and creating a persistent structural deficit that necessitates frequent external capital injections.
The high fixed-cost nature of maintaining specialized GMP manufacturing facilities implies that the company lacks the operational flexibility to scale down expenses during periods of clinical delay. This cost profile suggests that the firm remains entirely dependent on external financing to sustain its ongoing research activities.
According to historical income statements, Armata exhibits extreme negative operating leverage, with quarterly operating losses frequently exceeding $10M, indicating that the company's current business model is not yet optimized to convert its proprietary phage technology into a scalable or self-sustaining commercial enterprise at this stage.
The persistent gap between gross profit and operating expenses highlights the significant burden of administrative and research overhead. This suggests that until the company achieves a major clinical or commercial milestone, the operating margin will likely remain under severe pressure, limiting the firm's ability to achieve profitability.
As indicated by the provided financial data, Armata’s net income figures are frequently impacted by significant non-operating fluctuations, such as the $115.3M loss in 2026Q1, which obscures the underlying operational performance and complicates the assessment of the company's true cash-burn trajectory for potential investors.
The volatility in net income, often decoupled from operating income, warrants further investigation into non-cash charges and potential financing-related adjustments. Analysts should focus on the core operating burn rate rather than the headline net income to better understand the company's actual financial health.
Based on reported figures, the company's reliance on a single major shareholder for strategic financing creates a precarious dependency, as the $8.6M cash balance against substantial quarterly operating losses suggests that the current capital structure may be insufficient to support long-term clinical development without further dilution.
Short-term observers may focus on the risk that the company's primary benefactor could eventually limit its support, leaving the firm with few alternatives for liquidity. This dependency appears to be a critical vulnerability that could lead to significant equity dilution if the company fails to secure alternative funding.
Quick answers to the most common questions about buying ARMP stock.
For fiscal year 2025, Armata Pharmaceuticals, Inc. (ARMP) reported total revenue of $4.9M. This represents a 4804.0% increase compared to $0.1M in 1993.
Armata Pharmaceuticals, Inc. (ARMP) reported a net loss of $173.8M for the fiscal year ending 2025.
Armata Pharmaceuticals, Inc. (ARMP) reported an operating income of $-31.2M, resulting in an operating profit margin of -636.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Armata Pharmaceuticals, Inc. (ARMP) generated $3.4M in gross profit for the year, representing a gross profit margin of 68.8%. This demonstrates the company's core pricing power and production efficiency.