Revenue remains highly volatile and insufficient to cover production costs, resulting in a recent quarterly operating margin of -42.7% and negative gross margins.
| 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 |
|---|
| Sales/Revenue | 389K | 2.37M | 515K | 10.96M | 299K | 15.64M | 6.14M | 2.32M | 4.79M | 479.92K | 75.91K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -84.26% | 360.39% | -95.3% | 3565.22% | -98.09% | 154.86% | 164.75% | -51.59% | 897.75% | 532.21% | - | - | - | - | - |
| Cost of Goods Sold | 1.63M | 1.75M | 2.66M | 3.09M | 1.48M | 2M | 3.46M | 1.88M | 1.9M | 306.09K | 225.07K | 202.82K | 224.2K | 263.47K | 316.61K |
| COGS % of Revenue | - | 73.68% | 517.09% | 28.22% | 493.65% | 12.82% | 56.35% | 81.06% | 39.72% | 63.78% | 296.49% | - | - | - | - |
| Gross Profit | -1.24M | 624K | -2.15M | 7.87M | -1.18M | 13.64M | 2.68M | 439K | 3.11M | 157.63K | -149.01K | -202.82K | -224.2K | -263.47K | -316.61K |
| Gross Margin % | -319.28% | 26.32% | -417.09% | 71.78% | -393.65% | 87.18% | 43.65% | 18.94% | 64.99% | 32.85% | -196.29% | - | - | - | - |
| Gross Profit Growth % | - | 129.05% | -127.31% | 768.31% | -108.63% | 409% | 510.25% | -85.89% | 1874.22% | 205.79% | 26.53% | 9.54% | 14.91% | 16.78% | - |
| Operating Expenses | 11.71M | 12.11M | 15.1M | 15.38M | 15.92M | 13.57M | 8.28M | 8.07M | 7.68M | 6.72M | 10.26M | 7.49M | 5.03M | 5.25M | 4.18M |
| OpEx % of Revenue | - | 510.63% | 2932.62% | 140.32% | 5324.41% | 86.77% | 134.89% | 348.15% | 160.47% | 1400.44% | 13515.23% | - | - | - | - |
| Selling, General & Admin | 3.95M | 3.92M | 4.59M | 4.89M | 5.67M | 5.94M | 4.62M | 3.66M | 3.7M | 2.3M | 2.87M | 1.78M | 1.08M | 1.02M | 1.31M |
| SG&A % of Revenue | - | 165.33% | 890.87% | 44.66% | 1894.65% | 37.98% | 75.3% | 157.72% | 77.27% | 478.26% | 3778.25% | - | - | - | - |
| Research & Development | 7.76M | 8.19M | 10.52M | 10.48M | 10.26M | 7.63M | 3.66M | 4.41M | 5.16M | 4.05M | 4.36M | 3.04M | 2.5M | 3.57M | 3.27M |
| R&D % of Revenue | - | 345.3% | 2041.75% | 95.67% | 3429.77% | 48.79% | 59.59% | 190.42% | 107.8% | 843.29% | 5749.67% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.51K | 13.52K | 9.88K | 6.4K | 15.66K | 29.29K | 16.33K |
| Operating Income | -12.95M | -11.48M | -17.25M | -7.51M | -17.1M | 65K | -5.6M | -7.63M | -4.07M | -5.97M | -7.16M | -4.82M | -3.5M | -4.65M | -4.64M |
| Operating Margin % | -3329.05% | -484.31% | -3349.71% | -68.55% | -5718.06% | 0.42% | -91.23% | -329.21% | -84.91% | -1244.18% | -9433.24% | - | - | - | - |
| Operating Income Growth % | - | 33.44% | -129.65% | 56.06% | -26403.08% | 101.16% | 26.63% | -87.7% | 31.91% | 16.62% | -48.58% | -37.59% | 24.61% | -0.13% | - |
| EBITDA | -12.07M | -10.57M | -16.21M | -6.41M | -16.02M | 838K | -4.94M | -7.09M | -3.72M | -5.68M | -6.94M | -4.62M | -3.3M | -4.37M | -4.31M |
| EBITDA Margin % | -3103.34% | -445.85% | -3148.16% | -58.49% | -5358.19% | 5.36% | -80.48% | -305.95% | -77.76% | -1183.42% | -9136.75% | - | - | - | - |
| EBITDA Growth % | 11.03% | 34.8% | -152.93% | 59.99% | -2011.81% | 116.97% | 30.36% | -90.46% | 34.44% | 18.11% | -50.2% | -40.06% | 24.61% | -1.39% | - |
| D&A (Non-Cash Add-back) | 878K | 912K | 1.04M | 1.1M | 1.08M | 773K | 660K | 539K | 342K | 291.63K | 225.07K | 201.86K | 205.96K | 273.08K | 326.82K |
| EBIT | -12.93M | -11.48M | -16.59M | -7.01M | -16.89M | 274K | -5.74M | -11.09M | -6.22M | -5.7M | -7.25M | -4.8M | -3.63M | -4.56M | -4.46M |
| Net Interest Income | -202K | 365K | 721K | 778K | 287K | 182K | -34K | -73K | -26K | -105.64K | -15.89K | 0 | 2.79K | 6.93K | 26.71K |
| Interest Income | 24K | 380K | 738K | 788K | 321K | 219K | 0 | 0 | 0 | 0 | 0 | 0 | 9.78K | 6.93K | 26.71K |
| Interest Expense | 226K | 15K | 17K | 10K | 34K | 37K | 34K | 73K | 26K | 105.64K | 15.89K | 0 | 6.99K | 0 | 0 |
| Other Income/Expense | -184K | -6K | 642K | 493K | 172K | 172K | -175K | -3.53M | -2M | -94K | -101.99K | 50.87K | 156.32K | -63.02K | 185.19K |
| Pretax Income | -13.13M | -11.49M | -16.61M | -7.02M | -16.93M | 237K | -5.77M | -11.16M | -3.69M | -6.01M | -7.25M | -4.78M | -3.34M | -4.73M | -4.6M |
| Pretax Margin % | -3376.35% | -484.56% | -3225.05% | -64.05% | -5660.54% | 1.52% | -94.09% | -481.62% | -77% | -1251.8% | -9552.42% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.96M | 28.44K | 0 | 63.85K | 162.84K | -54.91K | 56.02K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -80.15% | -0.47% | 0% | -1.34% | -4.87% | 1.16% | -1.22% |
| Net Income | -13.13M | -11.49M | -16.61M | -7.02M | -16.93M | 237K | -5.77M | -11.16M | -6.25M | -5.8M | -7.27M | -4.8M | -3.64M | -4.56M | -4.46M |
| Net Margin % | -3376.35% | -484.56% | -3225.05% | -64.05% | -5660.54% | 1.52% | -94.09% | -481.62% | -130.5% | -1209.56% | -9571.91% | - | - | - | - |
| Net Income Growth % | 5.28% | 30.83% | -136.63% | 58.53% | -7241.35% | 104.1% | 48.28% | -78.65% | -7.65% | 20.11% | -51.37% | -31.85% | 20.21% | -2.42% | - |
| Net Income (Continuing) | -13.13M | -11.49M | -16.61M | -7.02M | -16.93M | 237K | -5.77M | -11.16M | -6.25M | -6.05M | -7.25M | -4.8M | -3.64M | -4.56M | -4.46M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.96 | -0.94 | -1.45 | -0.62 | -1.52 | 0.03 | -0.84 | -2.95 | -1.43 | -2.27 | -3.60 | -2.83 | -2.08 | -4.56 | -5.37 |
| EPS Growth % | 15.57% | 35.17% | -133.87% | 59.21% | -4544.44% | 104.07% | 71.53% | -106.29% | 37% | 36.94% | -27.21% | -36.06% | 54.39% | 15.08% | - |
| EPS (Basic) | - | -0.94 | -1.45 | -0.62 | -1.52 | 0.04 | -0.84 | -2.95 | -1.43 | -2.27 | -3.60 | -2.83 | -2.08 | -4.56 | -5.37 |
| Diluted Shares Outstanding | 13.75M | 12.2M | 11.45M | 11.39M | 11.03M | 11.97M | 6.89M | 4.99M | 4.38M | 2.66M | 2.01M | 1.69M | 1.61M | 1.04M | 856.97K |
| Basic Shares Outstanding | 13.75M | 12.2M | 11.45M | 11.39M | 11.03M | 9.97M | 6.89M | 4.99M | 4.38M | 2.66M | 2.01M | 1.69M | 1.61M | 1.04M | 856.97K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Critical liquidity and dilution risk
As evidenced by the quarterly financial data, CLGN's revenue trajectory remains highly volatile, characterized by significant fluctuations such as the 360% year-over-year growth spike, which appears to be driven by non-recurring milestone payments rather than consistent, scalable commercial product adoption across its core medical aesthetics and bioprinting segments.
The extreme variance in quarterly revenue suggests that the company has yet to establish a predictable, recurring revenue base. Investors should monitor whether future growth can transition from transactional partnership milestones to sustainable product sales, as the current pattern makes long-term forecasting difficult.
Based on reported income statements, CLGN's gross margins frequently dip into negative territory, with a recent quarterly margin of -3.3%, indicating that the cost of producing its plant-derived collagen currently exceeds the revenue generated from its commercial and research-focused product offerings.
This negative margin profile suggests that the company's specialized agricultural production infrastructure is not yet operating at an efficient scale. Until the company can optimize its tobacco-based extraction yields or achieve higher pricing power, gross profitability will likely remain a significant hurdle to achieving a sustainable business model.
According to the provided financial filings, CLGN exhibits a severe lack of operating leverage, as evidenced by an operating margin of -484% in recent periods, where heavy R&D and overhead expenditures continue to dwarf the company's limited top-line revenue generation capabilities.
The persistent gap between operating expenses and gross profit implies that the company is in a deep investment phase with no immediate path to operational break-even. The high fixed-cost nature of its R&D-heavy business model suggests that significant revenue scaling is required before operating leverage can be realized.
As reported in financial statements, CLGN maintains a high-cost structure dominated by R&D spending, which consistently exceeds quarterly revenue, reflecting the company's ongoing commitment to clinical trial progression and the development of its proprietary rhCollagen platform despite limited current commercial traction.
The company's expense discipline appears secondary to its need to advance its pipeline, which is typical for early-stage biotech but creates a precarious financial position. The reliance on high R&D spend relative to revenue suggests that the company's survival is contingent upon continued external funding or partnership support.
Based on the reported $5.95M cash balance and consistent quarterly operating losses, the company faces a critical liquidity risk that warrants investigation, as the current burn rate suggests that existing capital may be insufficient to support operations through the next fiscal year without further dilution.
Short-sellers would likely focus on the company's inability to generate positive cash flow and the potential for significant equity dilution to fund ongoing operations. The lack of a clear path to self-sufficiency suggests that the company remains highly vulnerable to capital market conditions and investor sentiment.
Quick answers to the most common questions about buying CLGN stock.
For fiscal year 2025, CollPlant Biotechnologies Ltd. (CLGN) reported total revenue of $2.4M.
CollPlant Biotechnologies Ltd. (CLGN) reported a net loss of $11.5M for the fiscal year ending 2025.
CollPlant Biotechnologies Ltd. (CLGN) reported an operating income of $-11.5M, resulting in an operating profit margin of -484.3%. This margin reflects the operational efficiency of the business before interest and taxes.
CollPlant Biotechnologies Ltd. (CLGN) generated $0.6M in gross profit for the year, representing a gross profit margin of 26.3%. This demonstrates the company's core pricing power and production efficiency.