Operating losses have widened from $4.2 million in 2024Q2 to $7.2 million in 2026Q3, reflecting overhead costs that continue to outpace the company's ability to generate revenue.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 26.86M | 19.05M | 17.53M | 13.88M | 14.93M | 7.34M | 5.35M | 2.58M | 666.16K | 91.05K | 13.16K | 16.11K | 10.77K | 10.92K | 9.51K | 6.72K | 6.48K | 8.91K | 14.29K | 6.21K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.79M | 4.35M | 4.65M | 4.82M | 7.2M | 3.25M | 2.31M | 694.95K | 331.66K | 91.05K | 13.16K | 16.11K | 10.77K | 10.92K | 9.51K | 6.72K | 6.48K | 8.91K | 14.29K | 6.21K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 20.07M | 14.7M | 12.88M | 9.06M | 7.73M | 4.08M | 3.03M | 1.88M | 332.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 130 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -26.86M | -19.05M | -17.53M | -13.88M | -14.93M | -7.34M | -5.35M | -2.58M | -666.16K | -29.42K | -13.16K | -16.11K | -10.77K | -10.92K | -9.51K | -6.72K | -6.48K | -8.91K | -14.29K | -6.21K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -8.67% | -26.31% | 7.02% | -103.45% | -37.19% | -107.5% | -286.89% | -2164.48% | -123.49% | 18.32% | -49.6% | 1.36% | -14.79% | -41.65% | -3.61% | 27.22% | 37.67% | -130.21% | - |
| EBITDA | -25.3M | -17.98M | -17.1M | -13.73M | -14.81M | -7.15M | -5.31M | -2.56M | -664.3K | -91.05K | -13.16K | -16.11K | -10.77K | -10.92K | -9.51K | -6.72K | -6.48K | -8.91K | -14.29K | -6.21K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -44.49% | -5.16% | -24.6% | 7.31% | -106.98% | -34.68% | -107.29% | -285.79% | -629.59% | -591.72% | 18.32% | -49.6% | 1.36% | -14.79% | -41.65% | -3.61% | 27.22% | 37.67% | -130.21% | - |
| D&A (Non-Cash Add-back) | 1.56M | 1.06M | 426K | 152K | 117.49K | 181.84K | 35.43K | 14.47K | 1.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -26.78M | -18.82M | -17.47M | -13.88M | -15.88M | -7.34M | -5.35M | -2.58M | -666.16K | -29.42K | -13.16K | 0 | -10.77K | -10.92K | -9.51K | -6.72K | 0 | 0 | 0 | 0 |
| Net Interest Income | 0 | 0 | 0 | 0 | -2.75M | -39.66K | 28.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 130 | 28.75K | 39.39K | 8.52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 2.75M | 39.79K | 0 | 0 | 0 | 15.51K | 17.92K | 14.88K | 12.02K | 9.87K | 7.98K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 78K | 226K | 61K | 1K | -3.7M | -39.66K | 28.75K | 39.39K | 8.52K | 962 | -17.92K | -14.88K | -12.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -26.78M | -18.82M | -17.47M | -13.88M | -18.63M | -7.38M | -5.32M | -2.54M | -657.65K | -28.46K | -31.08K | -30.99K | -22.79K | -20.79K | -17.49K | -6.72K | -6.48K | -8.91K | -14.29K | -6.21K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 2K | 2K | 2K | 2K | 1.6K | 1.6K | 1.6K | 1.59K | 1.6K | 800 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.02% | -0.03% | -0.06% | -0.24% | -2.81% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -26.78M | -18.82M | -17.47M | -13.88M | -18.63M | -7.38M | -5.32M | -2.54M | -659.25K | -106.56K | -31.08K | -30.99K | -22.79K | -20.79K | -17.49K | -6.72K | -6.48K | -8.91K | -14.29K | -6.21K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -47.32% | -7.75% | -25.87% | 25.51% | -152.55% | -38.66% | -109.52% | -285.21% | -518.67% | -242.81% | -0.29% | -35.97% | -9.64% | -18.85% | -160.45% | -3.61% | 27.22% | 37.67% | -130.21% | - |
| Net Income (Continuing) | -26.78M | -18.82M | -17.47M | -13.88M | -18.63M | -7.38M | -5.32M | -2.54M | -659.25K | -29.26K | -31.08K | -30.99K | -22.79K | -20.79K | -17.49K | -6.72K | -6.48K | -8.91K | -14.29K | -6.21K |
| Discontinued Operations | 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 |
| EPS (Diluted) | -12.19 | -15.30 | -23.40 | -38.40 | -82.20 | -35.70 | -26.70 | -13.80 | -4.50 | -2.74 | -2.24 | -2.23 | -1.64 | -1.50 | -1.26 | -0.48 | -0.47 | -0.70 | -1.80 | -1.42 |
| EPS Growth % | 7.55% | 34.62% | 39.06% | 53.28% | -130.25% | -33.71% | -93.48% | -206.67% | -64.29% | -22.39% | -0.27% | -36.01% | -9.62% | -18.81% | -160.87% | -3.21% | 33.33% | 60.93% | -26.37% | - |
| EPS (Basic) | - | -15.30 | -23.40 | -38.40 | -82.20 | -35.70 | -26.70 | -13.80 | -4.50 | -2.74 | -2.24 | -2.23 | -1.64 | -1.50 | -1.26 | -0.48 | -0.47 | -0.70 | -1.80 | -1.42 |
| Diluted Shares Outstanding | 2.2M | 1.23M | 745.9K | 362.68K | 226.92K | 207.05K | 198.5K | 184.33K | 148.18K | 38.89K | 13.89K | 13.89K | 13.89K | 13.89K | 13.89K | 13.89K | 13.89K | 12.7K | 7.95K | 4.36K |
| Basic Shares Outstanding | 2.2M | 1.23M | 745.9K | 362.68K | 226.92K | 207.05K | 198.5K | 184.33K | 148.18K | 38.89K | 13.89K | 13.89K | 13.89K | 13.89K | 13.89K | 13.89K | 13.89K | 12.7K | 7.95K | 4.36K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and liquidity dependency
As indicated by recent financial disclosures, Modular Medical's quarterly R&D expenditures have steadily climbed from $3.2 million in 2024Q2 to $5.4 million by 2026Q3, reflecting a persistent commitment to product development that continues to consume the company's limited capital reserves without generating any offsetting revenue.
The consistent escalation in R&D spending suggests that the company remains in a high-stakes development phase, prioritizing technical validation over commercialization. Investors should monitor whether this trend indicates unforeseen technical hurdles or simply the necessary costs of navigating the final stages of the FDA 510(k) regulatory pathway.
Based on the provided income statements, the company has utilized stock-based compensation, reaching $813,000 in 2026Q2, which serves as a non-cash mechanism to preserve liquidity while simultaneously creating potential future dilution for shareholders as the firm attempts to retain talent during this pre-revenue development cycle.
The reliance on equity-based incentives appears to be a strategic necessity given the lack of operational cash flow. However, this practice warrants close scrutiny, as it may obscure the true cost of human capital and could lead to significant earnings per share dilution once the company eventually transitions to a commercial stage.
According to the reported quarterly data, operating losses have widened from $4.2 million in 2024Q2 to $7.2 million in 2026Q3, demonstrating that the company's overhead and research requirements are scaling faster than its ability to achieve any form of operational efficiency or revenue generation.
The widening gap between R&D investment and operating income suggests that the company is currently unable to leverage its cost structure. This trend implies that until the company achieves regulatory clearance and subsequent market entry, the operating margin will remain deeply negative, placing further pressure on the existing cash balance.
As reported in financial statements, the company's cash position of $13.1 million appears increasingly precarious when measured against the current quarterly burn rate of approximately $7 million, suggesting that the firm may face a critical liquidity event before it can successfully launch its primary insulin delivery platform.
Short-sellers would likely focus on the mismatch between the company's cash runway and the unpredictable nature of FDA approval timelines. This financial fragility suggests that any regulatory delay could force management to seek dilutive financing at potentially unfavorable terms, which would significantly impair the value proposition for existing equity holders.
Quick answers to the most common questions about buying MODD stock.
For fiscal year 2025, Modular Medical, Inc. (MODD) reported total revenue of $0.0M.
Modular Medical, Inc. (MODD) reported a net loss of $18.8M for the fiscal year ending 2025.