Revenue volatility remains high, evidenced by a 49.87% year-over-year decline and an operating margin of -1942.20% that highlights the company's inability to scale against fixed R&D costs.
| Sales/Revenue | 1.22M | 1.2M | 2.39M | 709K | 1.22M | 1.31M | 5.63M | 5.63M | 2.13M |
| Revenue Growth % | -45.35% | -49.87% | 237.38% | -41.98% | -6.43% | -76.8% | -0.01% | 163.71% | - |
| Cost of Goods Sold | 424K | 396K | 508K | 488K | 725K | 716K | 3.8M | 3.8M | 1.45M |
| COGS % of Revenue | - | 33.03% | 21.24% | 68.83% | 59.33% | 54.82% | 67.56% | 67.56% | 68.12% |
| Gross Profit | 792K | 803K | 1.88M | 221K | 497K | 590K | 1.83M | 1.83M | 680.65K |
| Gross Margin % | 65.13% | 66.97% | 78.76% | 31.17% | 40.67% | 45.18% | 32.44% | 32.44% | 31.88% |
| Gross Profit Growth % | - | -57.38% | 752.49% | -55.53% | -15.76% | -67.69% | -0.01% | 168.31% | - |
| Operating Expenses | 23.67M | 24.09M | 18.41M | 21.25M | 18.54M | 18.05M | 5.6M | 5.6M | 7.04M |
| OpEx % of Revenue | - | 2009.17% | 769.48% | 2997.18% | 1517.18% | 1381.78% | 99.56% | 99.56% | 329.84% |
| Selling, General & Admin | 11.83M | 12.05M | 10.27M | 12.18M | 9.17M | 10.95M | 2.93M | 2.93M | 3.17M |
| SG&A % of Revenue | - | 1004.92% | 429.31% | 1718.48% | 750.41% | 838.74% | 52.05% | 52.05% | 148.28% |
| Research & Development | 11.85M | 12.04M | 8.14M | 9.07M | 9.37M | 7.09M | 2.67M | 2.67M | 3.88M |
| R&D % of Revenue | - | 1004.25% | 340.18% | 1278.7% | 766.78% | 543.03% | 47.5% | 47.51% | 181.56% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -22.88M | -23.29M | -16.52M | -21.03M | -18.04M | -17.46M | -3.78M | -3.78M | -6.36M |
| Operating Margin % | -1881.66% | -1942.2% | -690.72% | -2966.01% | -1476.51% | -1336.6% | -67.12% | -67.12% | -297.95% |
| Operating Income Growth % | - | -40.95% | 21.43% | -16.55% | -3.36% | -362.04% | 0.01% | 40.6% | - |
| EBITDA | -22.08M | -22.06M | -15.56M | -20.08M | -17.15M | -16.54M | -2.99M | -3.01M | -5.61M |
| EBITDA Margin % | -1815.46% | -1839.87% | -650.67% | -2832.58% | -1403.44% | -1266.62% | -53.17% | -53.46% | -263.02% |
| EBITDA Growth % | -33.92% | -41.74% | 22.5% | -17.1% | -3.68% | -452.69% | 0.55% | 46.4% | - |
| D&A (Non-Cash Add-back) | 805K | 1.23M | 958K | 946K | 893K | 914K | 785K | 768.84K | 745.77K |
| EBIT | -22.42M | -23.29M | -16.52M | -21.03M | -18.04M | -17.04M | -3.71M | -3.71M | -6.34M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -4K | -6.4K | 2.77K | 23.82K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 139 | 2.94K | 23.82K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 4K | 6.54K | 169 | 0 |
| Other Income/Expense | 452K | 583K | 549K | -384K | -792K | 411K | 57K | 57.47K | 23.82K |
| Pretax Income | -22.43M | -22.7M | -15.97M | -21.41M | -18.84M | -17.05M | -3.72M | -3.72M | -6.34M |
| Pretax Margin % | -1844.49% | -1893.58% | -667.77% | -3020.17% | -1541.33% | -1305.13% | -66.1% | -66.09% | -296.84% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.82K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.38% |
| Net Income | -22.43M | -22.7M | -15.97M | -21.41M | -18.84M | -17.05M | -3.72M | -3.72M | -6.34M |
| Net Margin % | -1844.49% | -1893.58% | -667.77% | -3020.17% | -1541.33% | -1305.13% | -66.1% | -66.09% | -296.84% |
| Net Income Growth % | -32.53% | -42.14% | 25.41% | -13.69% | -10.5% | -358.08% | -0.01% | 41.28% | - |
| Net Income (Continuing) | -22.43M | -22.7M | -15.97M | -21.41M | -18.84M | -17.05M | -3.72M | -3.72M | -6.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.90 | -1.29 | -1.07 | -10.22 | -9.00 | -9.00 | -2.21 | -1.87 | -3.98 |
| EPS Growth % | 58.63% | -20.56% | 89.53% | -13.56% | 0% | -307.24% | -18.18% | 53.02% | - |
| EPS (Basic) | - | -1.29 | -1.07 | -10.22 | -9.00 | -9.00 | -2.21 | -1.87 | -3.98 |
| Diluted Shares Outstanding | 24.79M | 17.58M | 14.89M | 2.17M | 2.1M | 1.89M | 1.69M | 1.6M | 1.59M |
| Basic Shares Outstanding | 24.79M | 17.58M | 14.89M | 2.17M | 2.1M | 1.89M | 1.69M | 1.6M | 1.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the quarterly financial data, Longeveron's revenue trajectory remains highly erratic, with a significant 49.87% year-over-year decline in recent periods, underscoring the company's reliance on non-recurring grant funding and clinical trial milestones rather than a stable, commercialized product revenue stream for its LOMECEL-B therapy.
The revenue profile is characterized by extreme quarterly fluctuations, which suggests that the firm lacks a predictable commercial engine. Investors should interpret these swings as a direct consequence of the company's dependence on clinical trial enrollment cycles and grant-based income, which are inherently non-durable.
According to the reported income statements, Longeveron's gross margins have fluctuated wildly between -3.2% and 91.2%, a trend that suggests the current cost of goods sold is highly sensitive to the specific mix of clinical services and grant-funded activities performed in any given quarter.
While the high gross margin figures might appear attractive, they are likely an artifact of accounting for small-scale clinical trial reimbursements rather than true commercial production efficiency. This volatility indicates that the company has not yet achieved a standardized, scalable manufacturing process that would provide reliable margin visibility.
Based on the provided financial figures, Longeveron exhibits a severe lack of operating leverage, as evidenced by an operating margin of -1942.20% that demonstrates the company's inability to scale its revenue base against the heavy, fixed-cost burden of its ongoing clinical research and development programs.
The persistent gap between revenue and operating expenses suggests that the company is currently in a high-burn phase where every dollar of revenue is dwarfed by the necessary investment in clinical trials. Without a significant shift in the revenue model, the current cost structure appears unsustainable and requires constant external capital injections.
As reported in recent filings, the company's cash and equivalents of $4.661M against substantial quarterly operating losses suggest that the current business model is highly vulnerable to capital market conditions, potentially forcing management into dilutive financing events to sustain its clinical pipeline through the next phase.
Short-sellers would likely focus on the disconnect between the company's ambitious clinical goals and its rapidly depleting cash reserves. The lack of a clear path to commercial revenue implies that the firm may face a liquidity crisis if it fails to secure non-dilutive funding or strategic partnerships in the near term.
Quick answers to the most common questions about buying LGVN stock.
For fiscal year 2025, Longeveron Inc. (LGVN) reported total revenue of $1.2M. This represents a 43.8% decline compared to $2.1M in 2018.
Longeveron Inc. (LGVN) reported a net loss of $22.7M for the fiscal year ending 2025.
Longeveron Inc. (LGVN) reported an operating income of $-23.3M, resulting in an operating profit margin of -1942.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Longeveron Inc. (LGVN) generated $0.8M in gross profit for the year, representing a gross profit margin of 67.0%. This demonstrates the company's core pricing power and production efficiency.