Revenue performance has deteriorated significantly, evidenced by a 77.4% year-over-year decline in 2025Q4 and a collapse in gross margins to a nominal 2.1%.
| Sales/Revenue | 26.55M | 54.22M | 22.77M | 17.98M | 21.34M | 14.28M | 21.15M | 17.55M |
| Revenue Growth % | -51.03% | 138.11% | 26.68% | -15.75% | 49.43% | -32.48% | 20.47% | - |
| Cost of Goods Sold | 6.36M | 14.99M | 16.02M | 19.66M | 9.65M | 4.93M | 6.32M | 6.55M |
| COGS % of Revenue | 23.96% | 27.64% | 70.34% | 109.4% | 45.24% | 34.54% | 29.9% | 37.34% |
| Gross Profit | 20.19M | 39.23M | 6.75M | -1.69M | 11.68M | 9.35M | 14.82M | 11M |
| Gross Margin % | 76.04% | 72.36% | 29.66% | -9.4% | 54.76% | 65.46% | 70.09% | 62.66% |
| Gross Profit Growth % | -48.54% | 480.77% | 499.7% | -114.47% | 24.99% | -36.95% | 34.77% | - |
| Operating Expenses | 81.5M | 77.59M | 199.04M | 23.91M | 120.74M | 161.27M | 278.95M | 1.1K |
| OpEx % of Revenue | 306.95% | 143.1% | 874.1% | 133.02% | 565.93% | 1129.51% | 1319.11% | 0.01% |
| Selling, General & Admin | 51.27M | 58.64M | 50.58M | 66.02M | 71.34M | 31.34M | 41.79M | 1.1K |
| SG&A % of Revenue | 193.09% | 108.16% | 222.11% | 367.29% | 334.38% | 219.47% | 197.62% | 0.01% |
| Research & Development | 15.03M | 17.39M | 30.46M | 78.36M | 88.35M | 52.71M | 46.05M | 29.06M |
| R&D % of Revenue | 56.59% | 32.07% | 133.79% | 435.96% | 414.12% | 369.15% | 217.77% | 165.56% |
| Other Operating Expenses | 15.21M | 1.56M | 118M | -120.47M | -38.95M | 77.23M | 191.11M | -31.6M |
| Operating Income | -61.31M | -38.36M | -192.29M | -25.6M | -109.06M | -151.93M | -264.13M | -1.1K |
| Operating Margin % | -230.92% | -70.75% | -844.44% | -142.42% | -511.17% | -1064.05% | -1249.01% | -0.01% |
| Operating Income Growth % | -59.83% | 80.05% | -651.12% | 76.53% | 28.22% | 42.48% | -24055364.48% | - |
| EBITDA | -54.01M | -30.44M | -182.96M | -16.16M | -100.24M | -143.75M | -257.94M | 4.79M |
| EBITDA Margin % | -203.44% | -56.13% | -803.49% | -89.92% | -469.85% | -1006.8% | -1219.76% | 27.28% |
| EBITDA Growth % | -77.46% | 83.36% | -1031.92% | 83.88% | 30.27% | 44.27% | -5486.27% | - |
| D&A (Non-Cash Add-back) | 7.29M | 7.92M | 9.32M | 9.44M | 8.82M | 8.17M | 6.19M | 4.79M |
| EBIT | -84.96M | -51.63M | -193.27M | -148.27M | -96.93M | -210.58M | -77.16M | -1.1K |
| Net Interest Income | -6.49M | -5.93M | -2.69M | 365K | -2.84M | -1.98M | 694K | 0 |
| Interest Income | 262K | 331K | 320K | 365K | 332K | 370K | 694K | 628K |
| Interest Expense | 6.75M | 6.26M | 3.02M | 0 | 3.17M | 2.35M | 0 | 0 |
| Other Income/Expense | -30.41M | -19.53M | -4M | 39.8M | 8.96M | -61.01M | -3.87M | 2 |
| Pretax Income | -91.71M | -57.89M | -196.28M | 14.21M | -100.1M | -212.93M | -267.99M | -1.1K |
| Pretax Margin % | -345.44% | -106.77% | -862% | 79.03% | -469.17% | -1491.34% | -1267.29% | -0.01% |
| Income Tax | 3K | 0 | 10K | 13K | 20K | -4.7M | -56.11M | 0 |
| Effective Tax Rate % | -0% | 0% | -0.01% | 0.09% | -0.02% | 2.21% | 20.94% | 0% |
| Net Income | -91.8M | -57.89M | -196.29M | 14.19M | -100.12M | -208.23M | -211.88M | -1.1K |
| Net Margin % | -345.76% | -106.77% | -862.04% | 78.95% | -469.27% | -1458.42% | -1001.94% | -0.01% |
| Net Income Growth % | -58.57% | 70.51% | -1483.14% | 114.18% | 51.92% | 1.72% | -19296894.54% | - |
| Net Income (Continuing) | -91.72M | -57.89M | -196.29M | 14.19M | -100.12M | -208.23M | -211.88M | -1.1K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.59 | -2.64 | -11.02 | 0.95 | -7.87 | -113.06 | -88.75 | 0.00 |
| EPS Growth % | -35.75% | 76% | -1263.4% | 112.04% | 93.04% | -27.39% | - | - |
| EPS (Basic) | -3.59 | -2.64 | -11.02 | 1.01 | -7.87 | -113.06 | -88.75 | 0.00 |
| Diluted Shares Outstanding | 25.6M | 21.89M | 17.81M | 14.98M | 12.73M | 1.84M | 2.39M | 3.59M |
| Basic Shares Outstanding | 25.6M | 21.89M | 17.81M | 13.99M | 12.73M | 1.84M | 2.39M | 3.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and going concern
As reported in recent financial filings, Celularity's revenue has experienced a severe -77.4% year-over-year decline in 2025Q4, signaling a fundamental breakdown in the commercial execution of its wound care and biobanking segments that previously provided the necessary capital to fund its high-burn clinical research pipeline.
The sharp drop in quarterly revenue to $4.1M suggests that the company's hybrid commercial model is failing to gain traction in the competitive surgical market. Investors should monitor whether this decline reflects a permanent loss of market share or temporary disruptions in partnership milestones, as the current trajectory appears incompatible with the company's existing cost structure.
Based on the provided income statement data, Celularity's gross margin collapsed to a nominal 2.1% in 2025Q4, a stark departure from the historical highs of over 80% observed in previous periods, suggesting significant inefficiencies in the manufacturing and processing of its placental-derived biological products.
The extreme volatility in gross margins implies that the company lacks the pricing power or cost control necessary to maintain profitability at the product level. This inconsistency suggests that the underlying manufacturing process for placental tissue may be struggling with yield issues or rising input costs that are not being effectively passed on to end-market customers.
According to the latest quarterly figures, Celularity continues to face an unsustainable cost structure where SG&A expenses of $15.1M significantly exceed the $4.1M in total revenue, highlighting a persistent inability to achieve the operational scale required to support its extensive clinical-stage research and development activities.
The company's inability to right-size its overhead in response to declining revenue suggests a rigid cost base that may be difficult to adjust without further compromising its clinical pipeline. This disconnect between operational spending and top-line performance warrants investigation into whether management can implement meaningful cost-saving measures before the current cash buffer is fully exhausted.
Based on the reported figures, the company's net loss of $24.4M in 2025Q4 against a cash position of only $6.17M indicates a critical liquidity shortfall, suggesting that the current business model may be unable to sustain operations without immediate and potentially dilutive external capital infusions or asset divestitures.
Short-sellers would likely focus on the widening gap between cash burn and available liquidity, which points to a high probability of future shareholder dilution. The reliance on high-cost R&D while commercial revenue is in freefall creates a precarious financial position that leaves little room for error in the company's clinical trial execution or regulatory compliance.
Quick answers to the most common questions about buying CELU stock.
For fiscal year 2025, Celularity Inc. (CELU) reported total revenue of $26.6M. This represents a 51.2% increase compared to $17.6M in 2018.
Celularity Inc. (CELU) reported a net loss of $91.8M for the fiscal year ending 2025.
Celularity Inc. (CELU) reported an operating income of $-61.3M, resulting in an operating profit margin of -230.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Celularity Inc. (CELU) generated $20.2M in gross profit for the year, representing a gross profit margin of 76.0%. This demonstrates the company's core pricing power and production efficiency.