Revenue has plummeted from multi-million dollar quarterly peaks to just $146,000 in 2026Q1, while structural instability is highlighted by gross margins swinging to a negative 2.1% in the most recent period.
| Sales/Revenue | 718.17K | 622.49K | 3.92M | 6.81M | 34.22M | 97.89M | 74.55M | 214.97K | 39.91K | 7.66K | 0 | 10K | 0 |
| Revenue Growth % | -79.47% | -84.1% | -42.53% | -80.09% | -65.04% | 31.3% | 34579.9% | 438.63% | 420.9% | - | -100% | - | - |
| Cost of Goods Sold | 650K | 222.38K | 999.12K | 4.18M | 5.48M | 11.57M | 16.59M | 112.43K | 9.39K | 302 | 37.49K | 43.14K | 0 |
| COGS % of Revenue | - | 35.72% | 25.52% | 61.43% | 16.02% | 11.82% | 22.25% | 52.3% | 23.53% | 3.94% | - | 431.4% | - |
| Gross Profit | 68.17K | 400.11K | 2.92M | 2.63M | 28.74M | 86.31M | 57.96M | 102.54K | 30.52K | 7.36K | -37.49K | 10K | 0 |
| Gross Margin % | 9.49% | 64.28% | 74.48% | 38.57% | 83.98% | 88.17% | 77.75% | 47.7% | 76.47% | 96.06% | - | 100% | - |
| Gross Profit Growth % | - | -86.28% | 11% | -90.86% | -66.7% | 48.91% | 56424.01% | 235.99% | 314.67% | 119.63% | -474.91% | - | - |
| Operating Expenses | 32.01M | 31.68M | 43M | 45.33M | 55.72M | 40.25M | 16.27M | 6M | 6.15M | 4.57M | 1.65M | 1.98M | 1.03M |
| OpEx % of Revenue | - | 5089.8% | 1098.23% | 665.49% | 162.83% | 41.12% | 21.82% | 2789.31% | 15405.12% | 59663.63% | - | 19779.79% | - |
| Selling, General & Admin | 10.98M | 11.44M | 20.64M | 21.14M | 21.61M | 24.95M | 12.94M | 4.56M | 4.74M | 3.52M | 919K | 1.13M | 709.3K |
| SG&A % of Revenue | - | 1837.69% | 527.19% | 310.34% | 63.15% | 25.49% | 17.36% | 2120.7% | 11867.45% | 45973.66% | - | 11279.26% | - |
| Research & Development | 20.2M | 19.14M | 20.98M | 22.96M | 17.44M | 14.96M | 3.19M | 1.37M | 1.36M | 1M | 731.47K | 806.91K | 311.48K |
| R&D % of Revenue | - | 3074.31% | 535.86% | 337.09% | 50.96% | 15.29% | 4.27% | 637.95% | 3410.47% | 13092.76% | - | 8069.13% | - |
| Other Operating Expenses | 826.36K | 1.11M | 1.38M | 1.23M | 16.67M | 335.36K | 138.63K | 65.9K | 50.77K | 45.76K | 0 | 43.14K | 13.6K |
| Operating Income | -31.94M | -31.28M | -40.08M | -42.71M | -26.98M | 46.06M | 41.69M | -5.89M | -6.12M | -4.56M | -1.69M | -1.97M | -1.03M |
| Operating Margin % | -4447.41% | -5025.53% | -1023.75% | -626.92% | -78.85% | 47.06% | 55.93% | -2741.61% | -15328.65% | -59567.57% | - | -19679.79% | - |
| Operating Income Growth % | - | 21.95% | 6.15% | -58.29% | -158.57% | 10.48% | 807.42% | 3.66% | -34.04% | -170.39% | 14.23% | -90.26% | - |
| EBITDA | -30.86M | -30.18M | -38.7M | -41.48M | -25.7M | 46.4M | 41.83M | -5.83M | -6.07M | -4.52M | -1.65M | -1.92M | -1.02M |
| EBITDA Margin % | -4296.78% | -4847.72% | -988.57% | -608.86% | -75.1% | 47.4% | 56.11% | -2710.95% | -15201.45% | -58966.42% | - | -19248.39% | - |
| EBITDA Growth % | 16.71% | 22.03% | 6.68% | -61.4% | -155.38% | 10.92% | 817.8% | 3.94% | -34.29% | -173.74% | 14.25% | -88.57% | - |
| D&A (Non-Cash Add-back) | 1.08M | 1.11M | 1.38M | 1.23M | 1.28M | 335.36K | 138.63K | 65.9K | 50.77K | 46.06K | 37.49K | 43.14K | 13.6K |
| EBIT | -31.94M | -31.28M | -40.08M | -42.71M | -11.59M | 46.06M | 41.69M | -6.09M | -6.14M | -6.65M | -1.69M | -1.97M | -1.03M |
| Net Interest Income | -6.63K | 292.93K | 1.09M | 1.16M | 704.04K | 45.63K | 97.22K | -69.78K | -115.14K | -306.4K | -240.72K | -75.19K | -13.75K |
| Interest Income | -6.63K | 292.93K | 1.09M | 1.16M | 704.04K | 45.63K | 97.22K | 36.65K | 19.8K | 3.83K | 0 | 0 | 13.75K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106.44K | 134.95K | 310.23K | 240.72K | 75.19K | 0 |
| Other Income/Expense | -18.19M | -17.23M | 2.5M | 4.6M | 8.13M | -429.16K | 875.42K | -301.82K | -153.91K | -2.4M | -240.72K | -75.19K | -13.75K |
| Pretax Income | -50.13M | -48.51M | -37.58M | -38.11M | -18.85M | 45.64M | 42.57M | -6.2M | -6.27M | -6.96M | -1.93M | -2.04M | -1.05M |
| Pretax Margin % | -6980.3% | -7793.22% | -959.9% | -559.46% | -55.08% | 46.62% | 57.1% | -2882% | -15714.27% | -90827.88% | - | -20431.68% | - |
| Income Tax | -1.63M | -1.62M | 57.37K | -2.78M | -4.61M | 8.98M | 90.54K | 0 | -18.96K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 3.25% | 3.33% | -0.15% | 7.29% | 24.45% | 19.67% | 0.21% | 0% | 0.3% | 0% | 0% | 0% | 0% |
| Net Income | -48.5M | -46.9M | -37.64M | -35.33M | -14.24M | 36.66M | 42.48M | -6.2M | -6.27M | -6.96M | -1.93M | -2.04M | -1.05M |
| Net Margin % | -6753.69% | -7533.62% | -961.37% | -518.68% | -41.61% | 37.45% | 56.98% | -2882% | -15714.27% | -90827.88% | - | -20431.68% | - |
| Net Income Growth % | -35.25% | -24.59% | -6.53% | -148.15% | -138.84% | -13.7% | 785.63% | 1.21% | 9.88% | -260.83% | 5.6% | -94.94% | - |
| Net Income (Continuing) | -48.5M | -46.9M | -37.64M | -35.33M | -14.24M | 36.66M | 42.48M | -6.2M | -6.27M | -6.96M | -1.93M | -2.04M | -1.05M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -21.52 | -35.25 | -37.20 | -36.00 | -13.57 | 36.90 | 1.52 | -11.09 | -15.00 | -18.90 | -5.10 | -5.40 | -3.90 |
| EPS Growth % | 5.59% | 5.24% | -3.33% | -165.29% | -136.78% | 2327.63% | 113.71% | 26.07% | 20.63% | -270.59% | 5.56% | -38.46% | - |
| EPS (Basic) | - | -35.25 | -37.20 | -36.00 | -13.57 | 38.10 | 1.59 | -11.09 | -15.00 | -18.90 | -5.10 | -5.40 | -3.90 |
| Diluted Shares Outstanding | 2.25M | 1.33M | 1.01M | 978.22K | 1.05M | 996.79K | 933.35K | 558.56K | 416.15K | 365.34K | 372.74K | 372.74K | 261.84K |
| Basic Shares Outstanding | 2.25M | 1.33M | 1.01M | 978.22K | 1.05M | 962.49K | 890.67K | 558.56K | 416.15K | 365.34K | 368.7K | 368.7K | 261.84K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and liquidity exhaustion
As reported in recent financial filings, Co-Diagnostics has experienced a severe revenue contraction, with quarterly figures plummeting from multi-million dollar levels to just $146,000 in 2026Q1, signaling the total exhaustion of legacy pandemic-driven demand and a difficult transition toward its unproven point-of-care hardware platform.
The company's revenue trajectory reflects a business that has lost its primary commercial engine without yet establishing a replacement stream. This volatility suggests that current sales are likely sporadic and lack the recurring nature required to support the firm's existing cost structure.
Based on the provided income statement data, gross margins have exhibited extreme instability, swinging from a negative 70.8% in 2024Q4 to a positive 81.9% in 2025Q3, which highlights the company's inability to maintain consistent production efficiency amidst a collapsing and unpredictable sales volume.
The erratic nature of these margins indicates that the company is struggling with inventory management and capacity utilization. Investors should monitor whether these fluctuations are driven by one-time write-downs or if they represent a fundamental inability to scale production costs alongside the new product launch.
According to the latest quarterly reports, the company maintains a heavy fixed-cost structure, with R&D expenses consistently exceeding $4.5 million per quarter, which dwarfs the current revenue base and underscores a significant disconnect between operational spending and the firm's ability to generate commercial returns.
The persistence of high R&D and SG&A spending in the face of negligible revenue suggests that management is prioritizing long-term product development over immediate fiscal discipline. This strategy appears to be placing immense pressure on the company's remaining liquidity, necessitating a potential future capital raise.
As indicated by the financial statements, the company's net income remains deeply negative, with a net margin of -62.6% in 2026Q1, a trend that is further exacerbated by ongoing stock-based compensation expenses that continue to dilute shareholders despite the lack of meaningful operational progress.
The quality of reported earnings is effectively non-existent, as the firm is currently in a state of pure cash consumption. The reliance on equity-based incentives during a period of sustained losses warrants further investigation into the alignment between management compensation and the actual commercialization of the platform.
Quick answers to the most common questions about buying CODX stock.
For fiscal year 2025, Co-Diagnostics, Inc. (CODX) reported total revenue of $0.6M.
Co-Diagnostics, Inc. (CODX) reported a net loss of $46.9M for the fiscal year ending 2025.
Co-Diagnostics, Inc. (CODX) reported an operating income of $-31.3M, resulting in an operating profit margin of -5025.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Co-Diagnostics, Inc. (CODX) generated $0.4M in gross profit for the year, representing a gross profit margin of 64.3%. This demonstrates the company's core pricing power and production efficiency.