Revenue has recovered to $13.4 million in Q2 2026 with a 95.5% gross margin, but the high fixed cost base of R&D and SG&A continues to generate substantial operating losses of -$6.6 million.
OmniAb, Inc. (OABI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 38.43M | 18.67M | 26.39M | 34.16M | 59.08M | 34.75M | 23.27M | 18.32M |
| Revenue Growth % | 66.89% | -29.27% | -22.75% | -42.17% | 70.02% | 49.34% | 27.02% | - |
| Cost of Goods Sold | 19.01M | 22.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 118.17% | - | - | - | - | - | - |
| Gross Profit | 19.42M | -3.39M | 26.39M | 34.16M | 59.08M | 34.75M | 23.27M | 18.32M |
| Gross Margin % | 50.53% | -18.17% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -112.85% | -22.75% | -42.17% | 70.02% | 49.34% | 27.02% | - |
| Operating Expenses | 67.76M | 68.13M | 100.89M | 103.58M | 85.72M | 70.36M | 48.89M | 31.34M |
| OpEx % of Revenue | - | 364.98% | 382.3% | 303.19% | 145.11% | 202.48% | 210.12% | 171.12% |
| Selling, General & Admin | 25.44M | 29.21M | 30.74M | 33.31M | 24.9M | 16.95M | 10.22M | 8.65M |
| SG&A % of Revenue | - | 156.51% | 116.48% | 97.51% | 42.15% | 48.77% | 43.94% | 47.23% |
| Research & Development | 43.47M | 47.75M | 55.11M | 56.52M | 48.36M | 39.23M | 24.8M | 13.21M |
| R&D % of Revenue | - | 255.83% | 208.82% | 165.45% | 81.87% | 112.9% | 106.57% | 72.1% |
| Other Operating Expenses | 110K | -8.84M | 15.04M | 13.74M | 12.46M | 14.18M | 13.87M | 9.49M |
| Operating Income | -48.34M | -71.52M | -74.5M | -69.42M | -26.65M | -35.61M | -25.62M | -13.03M |
| Operating Margin % | -125.79% | -383.15% | -282.3% | -203.19% | -45.11% | -102.48% | -110.12% | -71.12% |
| Operating Income Growth % | - | 4.01% | -7.32% | -160.5% | 25.16% | -38.97% | -96.69% | - |
| EBITDA | -29.56M | -49.76M | -50.92M | -49.92M | -8.4M | -19.36M | -13M | -2.43M |
| EBITDA Margin % | -76.91% | -266.6% | -192.94% | -146.12% | -14.22% | -55.71% | -55.85% | -13.29% |
| EBITDA Growth % | 39.41% | 2.27% | -2% | -494.38% | 56.61% | -48.95% | -433.94% | - |
| D&A (Non-Cash Add-back) | 18.36M | 21.75M | 23.58M | 19.5M | 18.25M | 16.25M | 12.63M | 10.59M |
| EBIT | -43.82M | -66.29M | -71.41M | -64.36M | -26.06M | -34.34M | -23.55M | -13.85M |
| Net Interest Income | 2.32M | 2.66M | 3.11M | 5.05M | 587K | -7K | -5K | 0 |
| Interest Income | 2.32M | 2.66M | 3.11M | 5.05M | 587K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 7K | 5K | 0 |
| Other Income/Expense | 4.52M | 5.22M | 3.09M | 5.06M | 587K | 1.26M | 1.9M | 0 |
| Pretax Income | -43.82M | -66.29M | -71.41M | -64.36M | -26.06M | -34.35M | -23.73M | -13.03M |
| Pretax Margin % | -114.03% | -355.16% | -270.59% | -188.39% | -44.11% | -98.85% | -101.98% | -71.12% |
| Income Tax | 441K | -1.51M | -9.38M | -13.74M | -3.73M | -7.31M | -6.17M | 562K |
| Effective Tax Rate % | -1.01% | 2.29% | 13.13% | 21.35% | 14.3% | 21.28% | 26.01% | -4.31% |
| Net Income | -44.26M | -64.78M | -62.03M | -50.62M | -22.33M | -27.04M | -17.56M | -13.59M |
| Net Margin % | -115.18% | -347.04% | -235.05% | -148.16% | -37.8% | -77.82% | -75.46% | -74.18% |
| Net Income Growth % | 30.31% | -4.43% | -22.55% | -126.65% | 17.41% | -54.02% | -29.2% | - |
| Net Income (Continuing) | -44.26M | -64.78M | -62.03M | -50.62M | -22.33M | -27.04M | -17.56M | -13.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.57 | -0.61 | -0.51 | -0.26 | -0.24 | -0.15 | -0.12 |
| EPS Growth % | 40% | 6.56% | -19.61% | -96.15% | -8.33% | -60% | -25% | - |
| EPS (Basic) | - | -0.57 | -0.61 | -0.51 | -0.26 | -0.24 | -0.15 | -0.12 |
| Diluted Shares Outstanding | 128.79M | 113.64M | 102.36M | 99.68M | 85.32M | 114.82M | 114.82M | 114.82M |
| Basic Shares Outstanding | 128.79M | 113.64M | 102.36M | 99.68M | 85.32M | 114.82M | 114.82M | 114.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OABI stock.
For fiscal year 2025, OmniAb, Inc. (OABI) reported total revenue of $18.7M. This represents a 1.9% increase compared to $18.3M in 2019.
OmniAb, Inc. (OABI) reported a net loss of $64.8M for the fiscal year ending 2025.
OmniAb, Inc. (OABI) reported an operating income of $-71.5M, resulting in an operating profit margin of -383.1%. This margin reflects the operational efficiency of the business before interest and taxes.
OmniAb, Inc. (OABI) generated $-3.4M in gross profit for the year, representing a gross profit margin of -18.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and cash burn
Metrics are mathematically derived from official filings.
Revenue Recovery Gains Momentum
After a severe contraction in 2025, OmniAb's revenue has rebounded sharply, with Q2 2026 revenue of $13.4 million representing a 2.4% sequential increase and a significant recovery from the $2.2 million low in Q3 2025, as reported in recent SEC filings.
The company's revenue trajectory shows a clear inflection from deep contraction to stabilization and modest growth. The recovery appears driven by a return to more normalized levels after what was likely a period of project-based lumpiness or a significant contract rolloff in mid-2025. The durability of this recovery is the key question, as the current run-rate is still well below the $10.8 million peak in Q4 2024.
Volatile Gross Margin Masks Core Profitability
Gross margin has swung wildly from 100% to negative 109% over the past ten quarters, with the most recent Q2 2026 margin of 95.5% suggesting a return to a high-margin, likely royalty or fee-based, revenue mix after a period of significant cost of goods sold.
The extreme volatility in gross margin, particularly the negative margin in Q3 2025 and the near-zero margin in Q4 2025, indicates that COGS is not a fixed percentage of revenue but is likely tied to specific, lumpy events such as milestone payments or inventory write-downs. The return to a 95.5% margin in Q2 2026 is a positive signal for the underlying business model's profitability, but the history of volatility warrants caution about its sustainability.
R&D Dominates Cost Structure, SG&A Stable
Research and development expense is the primary cost driver, consistently consuming 70-80% of revenue in recent quarters, while SG&A has remained relatively stable between $6.6M and $8.3M, indicating a focus on investment over overhead expansion.
The cost structure is heavily weighted towards R&D, which is typical for a pre-commercial biotechnology platform company. The relative stability of SG&A suggests management is exercising discipline on administrative expenses. However, the sheer scale of R&D spending relative to revenue underscores that the company is in a heavy investment phase, with profitability contingent on scaling revenue significantly against this fixed cost base.
Operating Leverage Remains Elusive
Despite a return to positive gross profit, operating losses remain substantial at -$6.6M in Q2 2026, as the high fixed cost base of R&D and SG&A prevents operating income from scaling with revenue recovery.
The income statement shows a lack of operating leverage to date. While gross profit has improved dramatically from negative levels, the operating loss has not contracted proportionally because the R&D and SG&A expenses have not declined. This suggests the cost structure is largely fixed in the near-term, and meaningful profitability will require revenue to grow well beyond current levels to absorb these ongoing investments.
Net Losses Driven by Core Operations
Reported net losses are a direct reflection of operating losses, with stock-based compensation of $3.2M in Q2 2026 representing a significant non-cash charge that dilutes shareholders but does not impact cash burn from operations.
The quality of earnings is straightforward: the net loss is driven by the operating loss, with no significant non-operating items distorting the picture. The persistent and material stock-based compensation is a key factor for investors to model, as it represents a real economic cost to shareholders through dilution, even though it is a non-cash expense on the income statement.
Sustainability of Recovery in Question
The strongest challenge to the positive revenue trend is the company's history of extreme volatility, with revenue collapsing 46% in Q3 2025 after a strong Q4 2024, suggesting the current recovery may be another temporary peak rather than a durable growth trajectory.
Short-sellers would focus on the pattern of sharp revenue spikes followed by deep troughs, which is inconsistent with a predictable, growing business. The Q2 2026 revenue of $13.4M, while an improvement, is still below the Q4 2024 level of $10.8M on a sequential basis, and the company remains deeply unprofitable. The risk is that this is another lumpiness event, and without a clear, disclosed driver for sustained growth, the valuation may be pricing in a recovery that has yet to be proven durable.