Revenue growth remains highly volatile with a modest 2.8% year-over-year increase in 2026Q2, while operating expenses consistently outpace the 63.4% gross margin to drive persistent quarterly losses.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'02 | Jun'01 |
|---|
| Sales/Revenue | 13.04M | 7.29M | 4.9M | 1.8M | 765.19K | 145.78K | 2.52M | 2.39M | 1.84M | 1.4M | 1M | 1M | 1M | 149.75K | 449.01K | 213.95K | 461.89K | 524.1K | 292.9K | 4.25M | 4M | 4.87M | 3.68M | 1.98M | 488.23K |
| Revenue Growth % | 59.55% | 48.63% | 171.67% | 135.85% | 424.91% | -94.21% | 5.49% | 29.55% | 31.99% | 39.47% | -0.13% | 0% | 569.35% | -66.65% | 109.87% | -53.68% | -11.87% | 78.93% | -93.11% | 6.17% | -17.78% | 32.36% | 85.57% | 305.9% | - |
| Cost of Goods Sold | 4.62M | 2.52M | 1.57M | 64.63K | 241.69K | 810.84K | 688.84K | 680.76K | 582.29K | 474.04K | 305.61K | 351.47K | 351.47K | 115.62K | 363.72K | 216.64K | 275.43K | 172.94K | 271.03K | 3.83M | 2.58M | 7.07M | 2.35M | 1.36M | 814.12K |
| COGS % of Revenue | - | 34.61% | 31.94% | 3.58% | 31.59% | 556.22% | 27.35% | 28.51% | 31.6% | 33.95% | 30.53% | 35.06% | 35.06% | 77.21% | 81% | 101.26% | 59.63% | 33% | 92.53% | 90.14% | 64.39% | 145.24% | 64.03% | 68.78% | 166.75% |
| Gross Profit | 8.42M | 4.77M | 3.34M | 1.74M | 523.5K | -665.06K | 1.83M | 1.71M | 1.26M | 922.16K | 695.47K | 650.91K | 650.91K | 34.14K | 85.3K | -2.69K | 186.46K | 351.17K | 21.87K | 418.9K | 1.43M | -2.2M | 1.32M | 618.75K | -325.88K |
| Gross Margin % | 64.6% | 65.39% | 68.06% | 96.42% | 68.41% | -456.22% | 72.65% | 71.49% | 68.4% | 66.05% | 69.47% | 64.94% | 64.94% | 22.79% | 19% | -1.26% | 40.37% | 67% | 7.47% | 9.86% | 35.61% | -45.24% | 35.97% | 31.22% | -66.75% |
| Gross Profit Growth % | - | 42.8% | 91.76% | 232.39% | 178.72% | -136.35% | 7.21% | 35.38% | 36.7% | 32.6% | 6.84% | 0% | 1806.82% | -59.98% | 3270.82% | -101.44% | -46.9% | 1505.55% | -94.78% | -70.61% | 164.71% | -266.5% | 113.76% | 289.87% | - |
| Operating Expenses | 17.47M | 10.11M | 9.14M | 5.31M | 3.39M | 7.71M | 4.74M | 6.36M | 4.25M | 9.31M | 8.96M | 4.93M | 4.93M | 3.33M | -3.39M | -2.89M | -2.45M | -3.32M | -4.01M | -5.02M | -5.8M | -352.98K | -3.42M | -2.52M | -1.59M |
| OpEx % of Revenue | - | 138.74% | 186.38% | 294.17% | 443.46% | 5292.26% | 188.02% | 266.53% | 230.54% | 666.9% | 894.81% | 491.83% | 491.83% | 2222.27% | -754.6% | -1349.18% | -530.63% | -633.78% | -1370.43% | -118.14% | -144.82% | -7.25% | -93.06% | -127.33% | -326.03% |
| Selling, General & Admin | 13.69M | 7.94M | 6.59M | 5.15M | 3.94M | 6.38M | 4.04M | 5.9M | 4.1M | 4.68M | 5.33M | 1.91M | 1.91M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 108.91% | 134.32% | 285.27% | 515.02% | 4378.21% | 160.47% | 247.23% | 222.44% | 335.24% | 532.81% | 190.72% | 190.72% | 1028.23% | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 5.56M | 3.6M | 5.38M | 2.59M | 657.72K | 1.37M | 1.18M | 1.04M | 2.26M | 4.63M | 3.62M | 3.02M | 3.02M | 1M | 304.11K | 1.89M | 1.41M | 697.84K | 857.69K | 699.5K | 762.66K | 1.69M | 587.07K | 802K | 669K |
| R&D % of Revenue | - | 49.37% | 109.64% | 143.63% | 85.95% | 937.78% | 46.8% | 43.75% | 122.48% | 331.66% | 362.01% | 301.11% | 301.11% | 668.53% | 67.73% | 883.31% | 304.24% | 133.15% | 292.82% | 16.46% | 19.06% | 34.81% | 15.96% | 40.47% | 137.03% |
| Other Operating Expenses | -1.78M | -1.42M | -2.82M | -2.43M | -1.21M | -34.58K | -485.01K | -583.86K | -2.11M | 0 | 0 | 0 | 0 | 0 | -3.69M | -4.78M | -3.86M | -4.02M | -4.87M | -5.72M | -6.56M | -2.05M | -4.01M | -3.33M | -2.26M |
| Operating Income | -9.05M | -5.34M | -5.8M | -3.57M | -2.87M | -8.38M | -2.91M | -4.66M | -2.99M | -8.39M | -8.26M | -4.28M | -4.28M | -3.24M | -3.3M | -2.89M | -2.26M | -2.97M | -3.99M | -4.6M | -4.37M | -2.56M | -2.1M | -1.9M | -1.92M |
| Operating Margin % | -69.39% | -73.34% | -118.32% | -197.75% | -375.05% | -5748.48% | -115.37% | -195.04% | -162.13% | -600.86% | -825.34% | -426.9% | -426.9% | -2164.35% | -735.61% | -1350.44% | -490.26% | -566.78% | -1362.97% | -108.28% | -109.21% | -52.5% | -57.09% | -96.1% | -392.78% |
| Operating Income Growth % | - | 7.87% | -62.55% | -24.36% | 65.75% | -188.41% | 37.6% | -55.84% | 64.38% | -1.54% | -93.08% | 0% | -32.02% | 1.87% | -14.32% | -27.59% | 23.77% | 25.59% | 13.24% | -5.27% | -71.06% | -21.7% | -10.24% | 0.68% | - |
| EBITDA | -9.06M | -5.29M | -5.76M | -3.52M | -2.84M | -8.37M | -2.89M | -4.65M | -2.98M | -8.38M | -8.26M | -4.28M | -4.28M | -2.51M | -3.23M | -2.87M | -2.23M | -2.81M | -3.91M | -4.44M | -4.2M | -2.37M | -1.92M | -1.74M | -1.87M |
| EBITDA Margin % | -69.51% | -72.66% | -117.38% | -195.06% | -371.57% | -5745.03% | -114.63% | -194.82% | -161.86% | -600.5% | -824.95% | -426.53% | -426.53% | -1673.97% | -719.45% | -1341.16% | -481.74% | -536.76% | -1333.83% | -104.59% | -104.86% | -48.61% | -52.11% | -87.58% | -383.15% |
| EBITDA Growth % | -1.38% | 8% | -63.49% | -23.81% | 66.05% | -190.07% | 37.93% | -55.93% | 64.42% | -1.52% | -93.16% | 0% | -70.55% | 22.4% | -12.58% | -28.96% | 20.9% | 27.99% | 12.1% | -5.9% | -77.36% | -23.48% | -10.42% | 7.22% | - |
| D&A (Non-Cash Add-back) | 17.41K | 49.69K | 45.98K | 48.66K | 26.61K | 5.04K | 18.42K | 5.29K | 5.05K | 4.92K | 3.89K | 3.72K | 3.72K | 734.37K | 72.57K | 19.85K | 39.35K | 157.31K | 85.34K | 156.71K | 174.19K | 189K | 183.34K | 169K | 47K |
| EBIT | -9.1M | -5.36M | -5.22M | -3.41M | -3.12M | -7.96M | -3.07M | -4.71M | -3.25M | -8.39M | -8.27M | -4.28M | -4.28M | -3.24M | -2.19M | -2.81M | -2.16M | -2.97M | -3.99M | -4.6M | -4.37M | -1.63M | -1.49M | -1.9M | -1.92M |
| Net Interest Income | 220.93K | 128.56K | 320.18K | 106.67K | 15.6K | -4.56K | -21.63K | 39 | -22.96K | -81.27K | -329.44K | 112.44K | -500.29K | -603.66K | -96.86K | 48.87K | 32.8K | 26.83K | 26.53K | 42.93K | 106.22K | 234.62K | 84.15K | 205K | 365K |
| Interest Income | 227.39K | 135.87K | 327.76K | 116.32K | 21.79K | 9.2K | 0 | 39 | 1.24K | 16.1K | 12.16K | 112.44K | 375.34K | 11.84K | 14.25K | 52.61K | 36.19K | 26.83K | 26.53K | 42.93K | 106.22K | 234.79K | 86.59K | 205K | 365K |
| Interest Expense | 11.2K | 7.3K | 7.58K | 9.65K | 6.18K | 13.76K | 21.63K | 0 | 24.2K | 24.48K | 341.6K | 0 | 588.64K | 615.49K | 111.11K | 3.73K | 3.38K | 0 | 0 | 0 | 0 | 168 | 2.43K | 0 | 0 |
| Other Income/Expense | 129.47K | 128.56K | -1.14M | -217.67K | 15.6K | -4.56K | -21.63K | 39 | -22.96K | 1.58M | 1.19M | 1.59M | 1.59M | -297.9K | 1.01M | 80.2K | 98.32K | 421.52K | 787.98K | 1.04M | 811.05K | 922K | 604.88K | 205.55K | 363.66K |
| Pretax Income | -8.92M | -5.22M | -6.94M | -3.79M | -2.85M | -8.38M | -2.93M | -4.66M | -3.01M | -6.8M | -7.07M | -2.69M | -2.69M | -3.54M | -2.3M | -2.81M | -2.17M | -2.55M | -3.2M | -3.56M | -3.56M | -1.63M | -1.49M | -1.7M | -1.55M |
| Pretax Margin % | -68.4% | -71.58% | -141.49% | -209.81% | -373.01% | -5751.61% | -116.23% | -195.04% | -163.38% | -487.33% | -706.12% | -268.54% | -268.54% | -2363.27% | -511.68% | -1312.95% | -468.98% | -486.54% | -1093.94% | -83.87% | -88.95% | -33.55% | -40.65% | -85.73% | -318.29% |
| Income Tax | -419.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -213.9K | -260.35K | 75K | -268.44K | -282.52K | 0 | -299.88K | -332.75K | 112 | -483 |
| Effective Tax Rate % | 4.7% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 7.61% | 12.02% | -2.94% | 8.38% | 7.93% | 0% | 18.36% | 22.26% | -0.01% | 0.03% |
| Net Income | -8.5M | -5.22M | -6.94M | -3.79M | -2.85M | -8.38M | -2.93M | -4.66M | -3.01M | -6.8M | -7.07M | -2.69M | -2.69M | -3.54M | -2.3M | -2.6M | -1.91M | -2.32M | -2.86M | -3.28M | -3.56M | -1.33M | -1.16M | -1.7M | -1.55M |
| Net Margin % | -65.18% | -71.58% | -141.49% | -209.81% | -373.01% | -5751.61% | -116.23% | -195.04% | -163.38% | -487.33% | -706.12% | -268.54% | -268.54% | -2363.27% | -511.68% | -1212.98% | -412.61% | -442.24% | -975.86% | -77.22% | -88.95% | -27.39% | -31.6% | -85.74% | -318.19% |
| Net Income Growth % | 19.91% | 24.81% | -83.2% | -32.66% | 65.96% | -186.43% | 37.14% | -54.65% | 55.75% | 3.74% | -162.6% | 0% | 23.94% | -54.04% | 11.47% | -36.17% | 17.78% | 18.91% | 12.89% | 7.83% | -166.98% | -14.75% | 31.61% | -9.37% | - |
| Net Income (Continuing) | -8.5M | -5.22M | -6.94M | -3.79M | -2.85M | -8.38M | -2.93M | -4.66M | -3.01M | -6.8M | -7.07M | -2.69M | -2.69M | 0 | -2.3M | -2.6M | -1.91M | -2.62M | -2.94M | -3.28M | -3.56M | -1.33M | -1.16M | -1.7M | -1.55M |
| 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -1.24 | -0.90 | -1.22 | -0.66 | -0.50 | -1.52 | -0.66 | -1.29 | -0.90 | -2.57 | -3.70 | -1.44 | -1.44 | -13.60 | -7.20 | -9.20 | -8.00 | -18.80 | -30.00 | -37.20 | -42.40 | -16.00 | -16.00 | -23.60 | -22.80 |
| EPS Growth % | 25.13% | 26.23% | -84.85% | -32% | 67.11% | -130.3% | 48.84% | -43.33% | 64.98% | 30.54% | -156.94% | 0% | 89.41% | -88.89% | 21.74% | -15% | 57.45% | 37.33% | 19.35% | 12.26% | -165% | 0% | 32.2% | -3.51% | - |
| EPS (Basic) | - | -0.90 | -1.22 | -0.66 | -0.50 | -1.52 | -0.66 | -1.29 | -0.90 | -2.57 | -3.70 | -1.44 | -1.44 | -13.60 | -7.20 | -9.20 | -8.00 | -18.80 | -30.00 | -37.20 | -42.40 | -16.00 | -16.00 | -23.60 | -22.80 |
| Diluted Shares Outstanding | 6.85M | 5.77M | 5.7M | 5.69M | 5.69M | 5.53M | 4.41M | 3.62M | 3.34M | 2.65M | 1.91M | 1.87M | 1.05M | 319.71K | 310.51K | 284.38K | 236.98K | 122.99K | 94.93K | 88.59K | 83.62K | 82.6K | 73.25K | 71.5K | 68.18K |
| Basic Shares Outstanding | 6.85M | 5.77M | 5.7M | 5.69M | 5.69M | 5.53M | 4.41M | 3.62M | 3.34M | 2.65M | 1.91M | 1.87M | 1.05M | 319.71K | 310.51K | 284.38K | 236.98K | 122.99K | 94.93K | 88.59K | 83.62K | 82.6K | 73.25K | 71.5K | 68.18K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cash burn rate
As reported in recent financial filings, Immuron's revenue growth has exhibited significant quarterly fluctuations, with a 2.8% year-over-year increase in 2026Q2 following periods of extreme volatility, suggesting that commercial performance remains highly sensitive to external travel demand rather than consistent, organic product adoption across its core markets.
The inconsistent revenue trajectory highlights the company's reliance on transactional sales of Travelan, which appears to lack the recurring nature of a traditional pharmaceutical product. Investors should monitor whether the company can decouple its top-line performance from seasonal travel cycles as it attempts to scale its North American footprint.
Based on the provided income statement data, Immuron has maintained a relatively stable gross margin profile, averaging approximately 65% over the last several quarters, which indicates that the variable costs associated with its bovine-derived antibody production are currently well-contained despite the company's limited overall commercial scale.
While these margins appear healthy for a biotech firm, they remain vulnerable to potential supply chain disruptions in the Australian dairy sector. The ability to sustain these levels will likely depend on whether the company can achieve greater manufacturing efficiencies as it transitions toward a more clinical-stage pharmaceutical model.
According to the income statement, Immuron's operating expenses, particularly R&D and SG&A, consistently exceed gross profit, resulting in a persistent operating loss that reached $2.3 million in 2026Q2, reflecting a cost structure that is heavily weighted toward clinical development and administrative overhead relative to revenue.
The company's expense discipline appears secondary to the necessity of funding Phase III clinical trials, which creates a structural disconnect between current commercial output and operational spending. This high fixed-cost base suggests that the company may remain cash-flow negative until a successful regulatory reclassification or commercial breakthrough occurs.
With cash and equivalents reported at approximately $2.8 million against a substantial trailing twelve-month net loss, the company's financial position warrants further investigation, as the current burn rate may necessitate additional dilutive capital raises or increased reliance on non-dilutive military grants to sustain operations.
Short-term liquidity risks appear elevated, and the lack of a traditional credit facility leaves the company exposed to market volatility. Investors should consider whether the current reliance on external grant funding provides a sufficient buffer to reach the next major clinical inflection point without further equity dilution.
Quick answers to the most common questions about buying IMRN stock.
For fiscal year 2025, Immuron Limited (IMRN) reported total revenue of $7.3M. This represents a 1392.5% increase compared to $0.5M in 2001.
Immuron Limited (IMRN) reported a net loss of $5.2M for the fiscal year ending 2025.
Immuron Limited (IMRN) reported an operating income of $-5.3M, resulting in an operating profit margin of -73.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Immuron Limited (IMRN) generated $4.8M in gross profit for the year, representing a gross profit margin of 65.4%. This demonstrates the company's core pricing power and production efficiency.