CDT achieved a 37.1% gross margin on $696.4 million in revenue during 2026Q1, marking a definitive shift from the zero-revenue profile maintained throughout the prior nine quarters.
| Sales/Revenue | 696.38M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 438.29M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 258.09M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 37.06% | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 213.27M | 36.76M | 15.42M | 5.26M | 3.16M | 3.17M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 167.66M | 31.7M | 12.04M | 5.17M | 3.05M | 2.89M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 34.23M | 5.05M | 3.38M | 90K | 111K | 283K |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 44.82M | -36.76M | -15.42M | -5.26M | -3.16M | -3.17M |
| Operating Margin % | 6.44% | - | - | - | - | - |
| Operating Income Growth % | - | -138.39% | -193.03% | -66.52% | 0.41% | - |
| EBITDA | 81.4M | -34.33M | -14.96M | 3.05M | -4.89M | -3.66M |
| EBITDA Margin % | 11.69% | - | - | - | - | - |
| EBITDA Growth % | 906.01% | -129.46% | -590.08% | 162.47% | -33.63% | - |
| D&A (Non-Cash Add-back) | 36.58M | 2.42M | 457K | 0 | 0 | 0 |
| EBIT | 41.9M | -38.91M | -16.3M | 3.05M | -4.89M | -3.66M |
| Net Interest Income | -13.58M | -291K | -1.49M | -196K | 1.98M | 0 |
| Interest Income | 20K | 28K | 13K | 15K | 1.98M | 0 |
| Interest Expense | 13.6M | 319K | 1.51M | 211K | 0 | 0 |
| Other Income/Expense | -16.52M | -2.47M | -2.38M | 8.1M | -1.73M | -484K |
| Pretax Income | 28.3M | -39.22M | -17.8M | 2.84M | -4.89M | -3.66M |
| Pretax Margin % | 4.06% | - | - | - | - | - |
| Income Tax | 11.74M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 41.5% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 16.56M | -39.22M | -17.8M | -535K | -4.89M | -3.66M |
| Net Margin % | 2.38% | - | - | - | - | - |
| Net Income Growth % | 187.12% | -120.33% | -3227.48% | 89.05% | -33.63% | - |
| Net Income (Continuing) | 16.56M | -39.22M | -17.8M | 2.84M | -4.89M | -3.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 420.26 | -1177.90 | -61593.00 | -26760.00 | -20136.00 | -75.00 |
| EPS Growth % | 99.33% | 98.09% | -130.17% | -32.9% | -26748% | - |
| EPS (Basic) | - | -1177.90 | -61593.00 | -2397.00 | -20136.00 | -75.00 |
| Diluted Shares Outstanding | 39.4K | 33.3K | 289 | 226 | 243 | 58 |
| Basic Shares Outstanding | 38.81K | 33.3K | 289 | 223 | 243 | 58 |
| Dividend Payout Ratio | - | - | - | - | - | - |
Binary clinical asset failure
According to the most recent quarterly financial statements, CDT transitioned from a pre-revenue entity to reporting $696.4 million in revenue during 2026Q1, marking a significant departure from the historical trend of zero top-line generation observed throughout the preceding nine quarters of the company's operational history.
The sudden appearance of revenue suggests that the company has successfully moved at least one asset through its facilitation pipeline to a monetization event. Investors should monitor whether this represents a recurring licensing stream or a one-time milestone payment, as the durability of this growth remains unproven.
Based on reported figures for 2026Q1, CDT achieved a gross margin of 37.1%, a notable development given that the company recorded no gross profit in any of the prior nine quarters, reflecting the inherent volatility of a business model reliant on sporadic clinical asset commercialization events.
This margin profile appears to be a function of the specific cost-to-revenue spread of the initial commercialized asset. Future margin sustainability will likely depend on the company's ability to maintain this spread as it scales its portfolio of facilitated clinical programs.
As reported in recent filings, CDT generated $78.0 million in operating income during 2026Q1, demonstrating an operating margin of 11.2% that contrasts sharply with the consistent operating losses sustained by the firm from 2023Q4 through 2025Q4, indicating a potential inflection in operational efficiency.
The ability to convert revenue into positive operating income suggests that the company's fixed-cost structure is beginning to be absorbed by its first major commercial success. Analysts should investigate if SG&A expenses will remain contained as the company attempts to expand its asset acquisition pipeline.
Based on the provided income statement data, CDT recorded $9.2 million in stock-based compensation during 2026Q1, which represents a significant portion of the reported $51.0 million net income, warranting careful scrutiny regarding the dilutionary impact on shareholders as the company transitions toward a profitable operational state.
While the company has achieved positive net income, the reliance on equity-based incentives may mask the true cash-based profitability of the underlying business. Investors should assess whether this compensation level is sustainable or if it will continue to exert downward pressure on earnings per share.
Quick answers to the most common questions about buying CDT stock.
For fiscal year 2025, CDT Equity Inc. (CDT) reported total revenue of $0.0M.
CDT Equity Inc. (CDT) reported a net loss of $39.2M for the fiscal year ending 2025.