Revenue has experienced a severe contraction of 85.2% year-over-year as of 2026Q1, while gross margins remain highly volatile, swinging from 56.3% in 2024Q1 to a negative 10.6% in 2025Q4.
| Sales/Revenue | 1.03M | 1.93M | 9.29M | 9.93M | 10.4M | 11.14M | 8.18M | 4.3M | 4.39M |
| Revenue Growth % | -87.25% | -79.24% | -6.42% | -4.56% | -6.58% | 36.06% | 90.4% | -2.2% | - |
| Cost of Goods Sold | 1.33M | 1.9M | 5.3M | 4.82M | 4.76M | 5.25M | 3.59M | 2.13M | 2.36M |
| COGS % of Revenue | - | 98.75% | 57.07% | 48.55% | 45.73% | 47.14% | 43.81% | 49.5% | 53.76% |
| Gross Profit | -304.52K | 24.11K | 3.99M | 5.11M | 5.65M | 5.89M | 4.6M | 2.17M | 2.03M |
| Gross Margin % | -29.64% | 1.25% | 42.93% | 51.45% | 54.27% | 52.86% | 56.19% | 50.5% | 46.24% |
| Gross Profit Growth % | - | -99.4% | -21.92% | -9.52% | -4.09% | 28% | 111.87% | 6.8% | - |
| Operating Expenses | 9.57M | 9M | 16.72M | 16.28M | 15.83M | 11.81M | 7.01M | 6.05M | 5.39M |
| OpEx % of Revenue | - | 466.67% | 179.92% | 163.95% | 152.19% | 106.07% | 85.59% | 140.76% | 122.61% |
| Selling, General & Admin | 6.88M | 5.77M | 12.65M | 11.68M | 12.37M | 9.4M | 5.04M | 4.26M | 3.51M |
| SG&A % of Revenue | - | 299% | 136.13% | 117.64% | 118.95% | 84.41% | 61.61% | 99.21% | 79.76% |
| Research & Development | -545.37K | 0 | 3.53M | 3.57M | 2.66M | 1.84M | 1.47M | 993.33K | 1.21M |
| R&D % of Revenue | - | - | 38% | 35.93% | 25.54% | 16.5% | 17.9% | 23.11% | 27.53% |
| Other Operating Expenses | 2.46M | 3.23M | 537.89K | 1.03M | 801.13K | 573.91K | 497.18K | 792.78K | 41.73K |
| Operating Income | -9.88M | -8.98M | -12.73M | -11.17M | -10.19M | -5.93M | -2.41M | -3.88M | -3.36M |
| Operating Margin % | -961.36% | -465.42% | -136.99% | -112.5% | -97.92% | -53.21% | -29.4% | -90.27% | -76.37% |
| Operating Income Growth % | - | 29.46% | -13.96% | -9.65% | -71.91% | -146.23% | 37.98% | -15.61% | - |
| EBITDA | -8.48M | -7.25M | -12.78M | -9.1M | -8.98M | -4.92M | -1.59M | -3.25M | -2.89M |
| EBITDA Margin % | -825.12% | -375.69% | -137.6% | -91.7% | -86.34% | -44.2% | -19.39% | -75.5% | -65.69% |
| EBITDA Growth % | 8.2% | 43.31% | -40.43% | -1.37% | -82.49% | -210.16% | 51.11% | -12.4% | - |
| D&A (Non-Cash Add-back) | 1.4M | 1.73M | -56.47K | 2.07M | 1.21M | 1M | 819.69K | 634.97K | 469.17K |
| EBIT | -11.37M | -10.48M | -12.67M | -10.87M | -10.01M | -6.86M | -2.56M | -3.16M | -4.26M |
| Net Interest Income | 10.87K | 1.8K | -175.94K | 108.97K | -69.62K | -2.09M | -2.1M | -1.72M | -1.21M |
| Interest Income | 10.87K | 3.75K | 44.13K | 339.75K | 169.34K | 11.4K | 437 | 630 | 1.5K |
| Interest Expense | 0 | 1.95K | 220.07K | 230.78K | 238.96K | 2.1M | 2.1M | 1.72M | 1.21M |
| Other Income/Expense | -1.23M | -1.51M | 230.24K | 69.86K | -59.84K | -3.04M | -2.25M | -1M | -2.12M |
| Pretax Income | -11.1M | -10.49M | -12.5M | -11.1M | -10.25M | -8.96M | -4.65M | -4.88M | -5.47M |
| Pretax Margin % | -1080.72% | -543.68% | -134.51% | -111.8% | -98.5% | -80.48% | -56.84% | -113.63% | -124.56% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -157K | -127K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3.21% | 2.32% |
| Net Income | -11.1M | -10.49M | -12.5M | -11.1M | -10.25M | -8.96M | -4.65M | -4.73M | -5.35M |
| Net Margin % | -1080.72% | -543.68% | -134.51% | -111.8% | -98.5% | -80.48% | -56.84% | -109.97% | -121.67% |
| Net Income Growth % | 1.33% | 16.09% | -12.6% | -8.33% | -14.33% | -92.64% | 1.59% | 11.6% | - |
| Net Income (Continuing) | -11.1M | -10.49M | -12.5M | -11.1M | -10.25M | -8.96M | -4.65M | -4.73M | -5.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3253.55 | -91.20 | -703.20 | -982.00 | -817.60 | -980.40 | -5775.20 | -4039.60 | -4564.40 |
| EPS Growth % | 51.08% | 87.03% | 28.39% | -20.11% | 16.61% | 83.02% | -42.96% | 11.5% | - |
| EPS (Basic) | - | -91.20 | -703.20 | -49.20 | -818.80 | -980.40 | -5775.20 | -4039.60 | -4564.40 |
| Diluted Shares Outstanding | 3.41K | 115.06K | 17.77K | 11.3K | 11.05K | 10.22K | 1.17K | 1.17K | 1.17K |
| Basic Shares Outstanding | 3.41K | 115.06K | 17.77K | 11.3K | 11.04K | 10.22K | 1.17K | 1.17K | 1.17K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Existential revenue collapse
As reported in recent financial filings, iSpecimen experienced a precipitous revenue decline, with quarterly figures falling to $156.0K in 2026Q1 from $2.6M in 2023Q4, representing a sustained and aggressive contraction that suggests the company's transactional marketplace model is failing to maintain its core customer base.
The consistent quarter-over-quarter revenue decay indicates that the firm's digital integration strategy has failed to secure a defensible market position. This trajectory suggests that the business is losing relevance within the biotech R&D procurement cycle, likely due to either client churn or a fundamental shift in how researchers source biospecimens.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from a peak of 56.3% in 2024Q1 to a negative 10.6% in 2025Q4, which highlights the company's inability to maintain consistent pricing power or control its direct procurement costs.
The erratic margin profile suggests that the company lacks the scale to absorb fluctuations in specimen acquisition costs. Investors should monitor whether this instability is a result of poor inventory management or an inability to pass through logistics costs to end-users in a competitive marketplace.
According to the company's historical income statements, operating expenses have remained persistently high relative to the collapsing revenue base, resulting in an operating margin of -465.42% in the most recent period, which indicates a complete lack of operational scalability within the current business model.
The inability to align SG&A and R&D spending with the declining top-line suggests that the company's fixed-cost structure is fundamentally misaligned with its current transaction volume. This disconnect implies that the firm is currently unable to achieve the operating leverage required to reach a sustainable break-even point.
Data from the income statement suggests that iSpecimen's business model may be fundamentally flawed, as evidenced by the 79% year-over-year revenue decline and the persistent inability to generate positive gross profit, which warrants significant skepticism regarding the company's long-term viability as a standalone entity.
Short-sellers would likely focus on the company's inability to convert its proprietary digital integration into a recurring revenue stream, viewing the current cash burn as an unsustainable path toward insolvency. The lack of a clear path to profitability suggests that the firm may be forced into dilutive financing or a distressed sale of its assets.
Quick answers to the most common questions about buying ISPC stock.
For fiscal year 2025, iSpecimen Inc. (ISPC) reported total revenue of $1.9M. This represents a 56.1% decline compared to $4.4M in 2018.
iSpecimen Inc. (ISPC) reported a net loss of $10.5M for the fiscal year ending 2025.
iSpecimen Inc. (ISPC) reported an operating income of $-9.0M, resulting in an operating profit margin of -465.4%. This margin reflects the operational efficiency of the business before interest and taxes.
iSpecimen Inc. (ISPC) generated $0.0M in gross profit for the year, representing a gross profit margin of 1.2%. This demonstrates the company's core pricing power and production efficiency.