Revenue volatility remains a primary concern, with the company reporting a sharp 88.5% year-over-year decline in 2026Q2 alongside an operating margin of -72.6%.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 |
|---|
| Sales/Revenue | 368K | 705.92K | 464.28K | 226.21K | 255.4K | 722.74K | 384.54K | 222.61K | 433.29K | 63.64K | 40.72K | 14.7K | 1.1M | 1.1M | 1.36M | 1.13M | 362.47K | 421.95K | 900.79K | 253.15K | 20.31K |
| Revenue Growth % | -30.03% | 52.05% | 105.24% | -11.43% | -64.66% | 87.95% | 72.74% | -48.62% | 580.85% | 56.29% | 176.96% | -98.66% | 0% | -19.17% | 19.76% | 212.79% | -14.1% | -53.16% | 255.83% | 1146.6% | - |
| Cost of Goods Sold | 0 | 2.72K | 4.82K | 31.5K | 71.84K | 175.35K | 99.38K | 22.89K | 25.18K | 29.75K | 45.62K | 29.88K | 795.2K | 795.2K | 783.27K | 667.86K | 273.62K | 548.32K | 912.75K | 124.91K | 93.32K |
| COGS % of Revenue | - | 0.39% | 1.04% | 13.93% | 28.13% | 24.26% | 25.84% | 10.28% | 5.81% | 46.75% | 112.03% | 203.26% | 72.46% | 72.46% | 57.69% | 58.91% | 75.49% | 129.95% | 101.33% | 49.34% | 459.55% |
| Gross Profit | 368K | 703.2K | 459.46K | 194.71K | 183.56K | 547.39K | 215.41K | 199.72K | 408.1K | 33.89K | -4.9K | -15.18K | 302.25K | 302.25K | 574.49K | 465.91K | 88.86K | -126.37K | -11.96K | 128.24K | -73.01K |
| Gross Margin % | 100% | 99.61% | 98.96% | 86.07% | 71.87% | 75.74% | 56.02% | 89.72% | 94.19% | 53.25% | -12.03% | -103.26% | 27.54% | 27.54% | 42.31% | 41.09% | 24.51% | -29.95% | -1.33% | 50.66% | -359.55% |
| Gross Profit Growth % | - | 53.05% | 135.97% | 6.08% | -66.47% | 154.11% | 7.86% | -51.06% | 1104.23% | 792.04% | 67.74% | -105.02% | 0% | -47.39% | 23.31% | 424.34% | 170.32% | -956.93% | -109.32% | 275.64% | - |
| Operating Expenses | 9.83M | 12.58M | 6.21M | 6.73M | 6.8M | 6.23M | 4.43M | 4.26M | 7.01M | 1.89M | 1.23M | 1.91M | 8.19K | 302.25K | 579.4K | 725.41K | 641.32K | 627.3K | 886.13K | 1.18M | 416.65K |
| OpEx % of Revenue | - | 1782.62% | 1338.12% | 2974.58% | 2663.54% | 862.59% | 1153.05% | 1913.44% | 1617.48% | 2967.88% | 3011.11% | 13012.05% | 0.75% | 27.54% | 42.67% | 63.98% | 176.93% | 148.67% | 98.37% | 465.49% | 2051.74% |
| Selling, General & Admin | 4.09M | 4.35M | 3.85M | 3.06M | 4.96M | 4.97M | 3.98M | 3.64M | 6.51M | 1.83M | 1.22M | 1.76M | 8.19K | 372.31K | 565.35K | 719.01K | 472.97K | 458.97K | 479.45K | 1.03M | 141.51K |
| SG&A % of Revenue | - | 615.53% | 829.68% | 1353.63% | 1942.04% | 687.85% | 1034.25% | 1636.6% | 1503.2% | 2880.4% | 2987.42% | 11991.48% | 0.75% | 33.92% | 41.64% | 63.42% | 130.49% | 108.77% | 53.23% | 406.88% | 696.87% |
| Research & Development | 5.75M | 8.24M | 2.36M | 3.67M | 1.84M | 1.26M | 387.07K | 555.73K | 492.86K | 54.19K | 9.02K | 146.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1167.09% | 508.44% | 1620.95% | 721.49% | 174.74% | 100.66% | 249.64% | 113.75% | 85.14% | 22.16% | 996.23% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 69.75K | 60.55K | 2.31K | 1.49K | 619 | 3.58K | 0 | -70.06K | 14.04K | 6.4K | 168.34K | 168.33K | 406.68K | 148.38K | 275.13K |
| Operating Income | -9.46M | -11.88M | -5.75M | -6.53M | -6.62M | -5.69M | -4.15M | -4.06M | -6.6M | -1.85M | -1.23M | -1.93M | 294.06K | 0 | -4.9K | -259.5K | -552.46K | -753.67K | -898.09K | -1.05M | -489.66K |
| Operating Margin % | -2571.89% | -1683.01% | -1239.16% | -2888.5% | -2591.67% | -786.85% | -1078.89% | -1823.73% | -1523.29% | -2914.63% | -3023.13% | -13115.3% | 26.79% | - | -0.36% | -22.89% | -152.42% | -178.61% | -99.7% | -414.83% | -2411.28% |
| Operating Income Growth % | - | -106.51% | 11.95% | 1.28% | -16.39% | -37.07% | -2.19% | 38.49% | -255.84% | -50.68% | 36.16% | -755.73% | - | 100% | 98.11% | 53.03% | 26.7% | 16.08% | 14.48% | -114.46% | - |
| EBITDA | -9.38M | -11.79M | -5.68M | -6.39M | -6.52M | -5.54M | -4M | -4M | -6.6M | -1.85M | -1.23M | -1.95M | 1.82M | 266.95K | 451.7K | 111.12K | -430.31K | -411.54K | -444.97K | -901.76K | -407.9K |
| EBITDA Margin % | -2547.89% | -1670.57% | -1222.75% | -2824.23% | -2551.45% | -766.43% | -1040.9% | -1796.53% | -1522.76% | -2912.29% | -3021.61% | -13275.24% | 165.5% | 24.32% | 33.27% | 9.8% | -118.71% | -97.53% | -49.4% | -356.22% | -2008.67% |
| EBITDA Growth % | -0.34% | -107.73% | 11.14% | 1.96% | -17.64% | -38.39% | -0.09% | 39.39% | -256% | -50.64% | 36.96% | -207.45% | 580.4% | -40.9% | 306.48% | 125.82% | -4.56% | 7.51% | 50.66% | -121.07% | - |
| D&A (Non-Cash Add-back) | 88.32K | 87.83K | 76.15K | 145.4K | 102.72K | 147.6K | 146.09K | 60.55K | 2.31K | 1.49K | 619 | 0 | 1.52M | 343.06K | 456.6K | 370.62K | 122.16K | 342.13K | 453.12K | 148.38K | 81.76K |
| EBIT | -9.53M | -11.91M | -5.81M | -6.71M | -7.38M | -4.16M | -4.15M | -4.06M | -6.6M | -1.92M | -1.27M | -1.95M | -1.52M | 0 | -13.87K | -259.5K | -385.14K | -593.55K | -492.68K | -1.05M | -211.54K |
| Net Interest Income | 4.79K | 3.02K | 14.31K | 43.19K | 0 | 0 | 0 | 0 | 0 | -6.01K | -2.25K | -31.54K | 0 | 0 | -237.64K | -278.73K | -167.32K | -160.03K | 13.38K | -15.79K | -15.79K |
| Interest Income | 4.79K | 3.02K | 14.31K | 43.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94 | 4.09K | 18.09K | 6.12K | 6.12K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.01K | 2.25K | 31.54K | 267.36K | 246.61K | 237.64K | 167.32K | 160.12K | 857.58K | 4.71K | 21.91K | 21.91K |
| Other Income/Expense | -69.13K | -30.7K | -55.52K | -178.5K | -764.61K | 1.52M | 0 | -98.62K | -8.97K | -74.63K | -46.29K | -55.06K | -355.23K | -82 | -246.61K | -278.73K | 552.46K | 753.67K | -73.27K | -4.71K | 489.66K |
| Pretax Income | -9.53M | -11.91M | -5.81M | -6.71M | -7.38M | -4.16M | -4.15M | -4.16M | -6.61M | -1.93M | -1.28M | -1.98M | -1.87M | -343.55K | -251.51K | -538.23K | 0 | 0 | -971.35K | -1.05M | 0 |
| Pretax Margin % | -2590.67% | -1687.36% | -1251.12% | -2967.41% | -2891.05% | -576.16% | -1078.89% | -1868.03% | -1525.36% | -3031.89% | -3136.82% | -13489.8% | -170.5% | -31.3% | -18.52% | -47.47% | - | - | -107.83% | -416.69% | - |
| Income Tax | 4.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 294.06K | 0 | 0 | 0 | 0 | 0 | 7.14K | 1.04K | 0 |
| Effective Tax Rate % | -0.05% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -15.71% | 0% | 0% | 0% | - | - | -0.73% | -0.1% | - |
| Net Income | -9.53M | -11.9M | -5.8M | -6.66M | -7.27M | -4.03M | -3.93M | -4.1M | -6.6M | -1.87M | -1.21M | -1.77M | -1.87M | -343.55K | -251.51K | -538.23K | -552.46K | -753.57K | -978.49K | -1.06M | -508.26K |
| Net Margin % | -2589.65% | -1686% | -1248.25% | -2946.36% | -2846.28% | -557.19% | -1023.03% | -1841.53% | -1522.97% | -2937.31% | -2983.38% | -12042.58% | -170.5% | -31.3% | -18.52% | -47.47% | -152.42% | -178.59% | -108.63% | -417.1% | -2502.87% |
| Net Income Growth % | -1.56% | -105.37% | 13.05% | 8.31% | -80.51% | -2.36% | 4.04% | 37.88% | -253.02% | -53.88% | 31.39% | 5.38% | -444.67% | -36.6% | 53.27% | 2.58% | 26.69% | 22.99% | 7.33% | -107.75% | - |
| Net Income (Continuing) | -9.54M | -11.91M | -5.81M | -6.71M | -7.38M | -4.16M | -4.15M | -4.16M | -6.61M | -1.93M | -1.28M | -1.98M | -1.87M | 0 | -251.51K | -538.23K | -552.46K | -753.57K | -978.49K | -1.06M | -508.26K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -22K | 64.18K | 0 | 0 | 0 | 0 | 48.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -392.19K | -386.94K | -377.35K | -364.04K | -316.41K | -202.09K | -42.94K | 107.67K | 0 | -238.48K | -178.29K | -115.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.66 | -0.47 | -1.01 | -1.24 | -0.92 | -1.42 | -1.62 | -2.79 | -0.95 | -0.83 | -1.34 | -0.07 | -0.42 | -1.09 | -1.22 | -2.80 | -4.46 | -5.21 | -3.16 | -0.47 |
| EPS Growth % | 20.56% | -40.43% | 53.47% | 18.55% | -34.78% | 35.21% | 12.35% | 41.94% | -193.68% | -14.46% | 38.06% | -1740.66% | 82.67% | 61.47% | 10.66% | 56.43% | 37.22% | 14.4% | -64.87% | -572.34% | - |
| EPS (Basic) | - | -0.66 | -0.47 | -1.01 | -1.24 | -0.92 | -1.42 | -1.62 | -2.79 | -0.95 | -0.83 | -1.34 | -0.07 | -0.42 | -1.09 | -1.22 | -2.80 | -4.46 | -5.21 | -3.16 | -0.47 |
| Diluted Shares Outstanding | 24.44M | 18M | 12.38M | 6.61M | 5.89M | 4.39M | 2.77M | 2.59M | 2.37M | 1.96M | 1.46M | 1.32M | 25.71M | 602.48K | 493.23K | 451.94K | 268.67K | 219.28K | 202.59K | 160.87K | 160.05K |
| Basic Shares Outstanding | 24.44M | 18M | 12.38M | 6.61M | 5.89M | 4.39M | 2.77M | 2.59M | 2.37M | 1.96M | 1.46M | 1.32M | 25.71M | 602.48K | 493.23K | 451.94K | 268.67K | 219.28K | 202.59K | 160.87K | 160.05K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by recent financial filings, Lexaria's revenue trajectory has turned sharply negative, with a 88.5% year-over-year decline in 2026Q2, underscoring the inherent instability of a business model reliant on sporadic, project-based milestone payments rather than a predictable, recurring commercial revenue stream.
The erratic revenue profile suggests that the company lacks a foundational commercial base, leaving its top-line performance entirely at the mercy of partner-driven feasibility study timelines. Investors should monitor whether the recent pivot toward GLP-1 applications can generate more consistent, long-term licensing agreements to replace these volatile, one-off project payments.
Based on reported income statements, Lexaria's cost structure is dominated by aggressive R&D spending, which reached $475.4K in 2026Q2, consistently dwarfing the company's minimal revenue and highlighting a high-burn operational profile that necessitates constant external capital infusions to sustain its ongoing clinical trial activities.
The company's expense discipline appears secondary to the urgent requirement of validating its delivery platform through clinical data. This heavy reliance on R&D spending suggests that the firm is prioritizing long-term intellectual property development over near-term operational efficiency, a strategy that remains unproven in terms of eventual commercial viability.
According to historical income statement data, Lexaria frequently utilizes stock-based compensation, including a notable $470.1K charge in 2025Q3, which serves to preserve limited cash reserves while simultaneously diluting existing shareholders to fund the company's ongoing operational and research-related talent requirements.
The reliance on equity-based incentives suggests that management is attempting to mitigate cash outflows, yet this practice complicates the assessment of true economic costs. Analysts should scrutinize these non-cash charges to determine the actual cash-burn rate, as the current EPS figures may not fully capture the dilutive impact on long-term equity value.
As evidenced by the persistent negative operating margins, which reached -72.6% in 2026Q2, the company's reliance on an IP-licensing model appears increasingly fragile, raising significant concerns regarding its ability to achieve self-sustaining profitability before exhausting its limited cash runway and forcing further dilutive financing.
Short-sellers would likely focus on the lack of a clear path to commercial scale, noting that the 99% gross margin is a structural artifact of the licensing model rather than a sign of competitive pricing power. The absence of recurring revenue suggests that the company may remain a perpetual capital-consumer unless a transformative partnership is secured.
Quick answers to the most common questions about buying LEXX stock.
For fiscal year 2025, Lexaria Bioscience Corp. (LEXX) reported total revenue of $0.7M. This represents a 3376.3% increase compared to $0.0M in 2006.
Lexaria Bioscience Corp. (LEXX) reported a net loss of $11.9M for the fiscal year ending 2025.
Lexaria Bioscience Corp. (LEXX) reported an operating income of $-11.9M, resulting in an operating profit margin of -1683.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lexaria Bioscience Corp. (LEXX) generated $0.7M in gross profit for the year, representing a gross profit margin of 99.6%. This demonstrates the company's core pricing power and production efficiency.