The company reported a 69.8% year-over-year revenue contraction in 2026Q1, resulting in a deeply negative operating margin of -19.7% as R&D expenses continue to dwarf top-line performance.
| Sales/Revenue | 22.33M | 25.21M | 52.3M | 44.76M | 17.2M | 243K |
| Revenue Growth % | -50.66% | -51.79% | 16.84% | 160.21% | 6978.19% | - |
| Cost of Goods Sold | 25.13M | 5.32M | 0 | 94.4M | 1.73M | 387K |
| COGS % of Revenue | - | 21.09% | - | 210.93% | 10.08% | 159.26% |
| Gross Profit | -2.8M | 19.89M | 52.3M | -49.65M | 15.47M | -144K |
| Gross Margin % | -12.54% | 78.91% | 100% | -110.93% | 89.92% | -59.26% |
| Gross Profit Growth % | - | -61.96% | 205.33% | -420.99% | 10840.97% | - |
| Operating Expenses | 89.98M | 115.91M | 141.2M | 28.84M | 60.11M | 23.8M |
| OpEx % of Revenue | - | 459.76% | 270% | 64.45% | 349.46% | 9795.47% |
| Selling, General & Admin | 25.22M | 26.79M | 32.02M | 28.84M | 18.7M | 9.71M |
| SG&A % of Revenue | - | 106.27% | 61.22% | 64.45% | 108.73% | 3996.71% |
| Research & Development | 87.27M | 94.43M | 109.18M | 94.4M | 43.14M | 14.48M |
| R&D % of Revenue | - | 374.59% | 208.78% | 210.93% | 250.81% | 5958.02% |
| Other Operating Expenses | -1000K | -5.32M | 0 | -94.4M | -1.73M | -387K |
| Operating Income | -92.78M | -96.01M | -88.9M | -78.49M | -44.64M | -23.95M |
| Operating Margin % | -415.48% | -380.85% | -170% | -175.38% | -259.53% | -9854.73% |
| Operating Income Growth % | - | -8% | -13.26% | -75.83% | -86.41% | - |
| EBITDA | -87.28M | -90.7M | -83.49M | -74.28M | -42.91M | -23.56M |
| EBITDA Margin % | -390.86% | -359.76% | -159.66% | -165.98% | -249.46% | -9695.47% |
| EBITDA Growth % | -6.19% | -8.63% | -12.4% | -73.13% | -82.12% | - |
| D&A (Non-Cash Add-back) | 3.96M | 5.32M | 5.41M | 4.21M | 1.73M | 387K |
| EBIT | -89.03M | -96.01M | -88.9M | -78.49M | -40.93M | -21.14M |
| Net Interest Income | 8.12M | 9.47M | 14.72M | 15.47M | 3.32M | -259K |
| Interest Income | 8.12M | 9.47M | 14.72M | 15.47M | 3.42M | 43K |
| Interest Expense | 0 | 0 | 0 | 0 | 98K | 302K |
| Other Income/Expense | 6.75M | 8.09M | 5.33M | 18.26M | 3.62M | 2.5M |
| Pretax Income | -86.03M | -87.93M | -83.57M | -60.23M | -41.02M | -21.44M |
| Pretax Margin % | -385.27% | -348.77% | -159.81% | -134.57% | -238.51% | -8823.87% |
| Income Tax | -166K | -58K | -5.51M | 8.03M | 2.57M | 0 |
| Effective Tax Rate % | 0.19% | 0.07% | 6.6% | -13.33% | -6.26% | 0% |
| Net Income | -85.89M | -87.87M | -78.06M | -68.25M | -43.59M | -21.44M |
| Net Margin % | -384.61% | -348.54% | -149.26% | -152.5% | -253.45% | -8823.87% |
| Net Income Growth % | -10.18% | -12.57% | -14.36% | -56.57% | -103.31% | - |
| Net Income (Continuing) | -85.87M | -87.87M | -78.06M | -68.25M | -43.59M | -21.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.29 | -2.36 | -2.09 | -1.82 | -1.16 | -3.62 |
| EPS Growth % | -9% | -12.92% | -14.84% | -56.9% | 67.96% | - |
| EPS (Basic) | - | -2.36 | -2.09 | -1.82 | -1.16 | -3.62 |
| Diluted Shares Outstanding | 37.58M | 37.25M | 37.42M | 37.47M | 37.47M | 5.93M |
| Basic Shares Outstanding | 37.58M | 37.25M | 37.42M | 37.47M | 37.47M | 5.93M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidity and partnership concentration
As reported in recent financial filings, MGX experienced a severe 69.8% year-over-year revenue decline in 2026Q1, reflecting the exhaustion of legacy upfront payments and the loss of key strategic collaborations that previously underpinned the company's top-line performance during its early public market tenure.
The sharp drop in revenue highlights the volatility inherent in a project-based, milestone-dependent business model. Investors should monitor whether the company can secure new partnerships to replace the lost Moderna-related inflows, as the current trajectory suggests a significant struggle to maintain top-line momentum.
Based on the company's latest income statement, R&D expenses remain persistently high at $19.3M for 2026Q1, which, when combined with G&A costs, continues to dwarf the meager $1.2M in quarterly revenue, indicating a structural inability to cover operating costs through current partnership-based income streams.
The company's cost structure is heavily weighted toward specialized labor and computational infrastructure, which are essential for its discovery engine but currently lack the scale to be self-sustaining. This persistent mismatch between high fixed R&D spending and declining revenue suggests that the firm's operational model may require a fundamental pivot to achieve long-term viability.
According to the most recent quarterly data, MGX reported an operating loss of $24.6M, demonstrating that the company has yet to achieve any meaningful operating leverage as R&D and administrative expenses continue to consume capital far faster than the platform can generate new licensing revenue.
The lack of operating leverage is a critical concern for a pre-commercial biotech firm, as it implies that every dollar of revenue growth is currently insufficient to offset the underlying cost of discovery. Without a significant increase in milestone payments or a reduction in burn, the company appears to be trapped in a cycle of high-cost R&D without a clear path to operational break-even.
Data from the income statement suggests that the company's reliance on lumpy, non-recurring milestone payments creates an unsustainable financial profile, as evidenced by the 2026Q1 operating margin of -19.7% and the rapid depletion of cash reserves relative to the ongoing high-intensity research and development spending.
Short-sellers would likely focus on the company's inability to generate consistent cash flow and the high probability of future dilutive financing to sustain operations. The reliance on a narrow set of partners, combined with the recent termination of major collaborations, warrants further investigation into the long-term durability of the company's proprietary discovery platform.
Quick answers to the most common questions about buying MGX stock.
For fiscal year 2025, Metagenomi, Inc. Common Stock (MGX) reported total revenue of $25.2M. This represents a 10274.5% increase compared to $0.2M in 2021.
Metagenomi, Inc. Common Stock (MGX) reported a net loss of $87.9M for the fiscal year ending 2025.
Metagenomi, Inc. Common Stock (MGX) reported an operating income of $-96.0M, resulting in an operating profit margin of -380.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Metagenomi, Inc. Common Stock (MGX) generated $19.9M in gross profit for the year, representing a gross profit margin of 78.9%. This demonstrates the company's core pricing power and production efficiency.