Revenue volatility remains acute, evidenced by a 95.3% year-over-year decline in 2025Q4 and gross margins that swung from 97.8% in 2025Q1 to 21.2% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 93.78M | 94.6M | 138.72M | 139.92M | 110.78M | 133.67M | 124.96M | 26.74M | 477.05M | 12.27M | 14.99M | 8.18M | 3.14M | 5.52M | 8.97M | 12.73M | 19.22M | 13.81M | 8.07M | 6.7M | 7.26M | 8.48M | 1.84M | 731.74K | 344.45K | 1.16M | 483.12K | 500K | 500K | 700K | 100K |
| Revenue Growth % | -22.06% | -31.8% | -0.86% | 26.31% | -17.13% | 6.97% | 367.28% | -94.39% | 3788.3% | -18.14% | 83.32% | 160.39% | -43.11% | -38.48% | -29.51% | -33.77% | 39.13% | 71.24% | 20.41% | -7.7% | -14.38% | 360.9% | 151.34% | 112.44% | -70.29% | 140% | -3.38% | 0% | -28.57% | 600% | - |
| Cost of Goods Sold | 32.49M | 29.7M | 31.29M | 17.83M | 10.43M | 16.6M | 25.74M | 15.09M | 108.29M | 16.68M | 19.71M | 13.13M | 10.83M | 13.86M | 18.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -945.4K | -400K | -200K | 0 | 0 |
| COGS % of Revenue | - | 31.4% | 22.56% | 12.74% | 9.42% | 12.42% | 20.6% | 56.41% | 22.7% | 135.95% | 131.51% | 160.6% | 344.93% | 251.06% | 203.03% | - | - | - | - | - | - | - | - | - | - | - | -195.69% | -80% | -40% | - | - |
| Gross Profit | 61.29M | 64.87M | 107.43M | 122.09M | 100.34M | 117.07M | 99.22M | 11.66M | 368.77M | -4.41M | -4.72M | -4.95M | -7.69M | -8.34M | -9.24M | 12.73M | 19.22M | 13.81M | 8.07M | 6.7M | 7.26M | 8.48M | 1.84M | 731.74K | 344.45K | 1.16M | 1.43M | 900K | 700K | 700K | 100K |
| Gross Margin % | 65.35% | 68.57% | 77.44% | 87.26% | 90.58% | 87.58% | 79.4% | 43.59% | 77.3% | -35.95% | -31.51% | -60.6% | -244.93% | -151.06% | -103.03% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 295.69% | 180% | 140% | 100% | 100% |
| Gross Profit Growth % | - | -39.62% | -12.01% | 21.67% | -14.29% | 17.99% | 751.25% | -96.84% | 8460.67% | 6.61% | 4.67% | 35.57% | 7.76% | 9.79% | -172.63% | -33.77% | 39.13% | 71.24% | 20.41% | -7.7% | -14.38% | 360.9% | 151.34% | 112.44% | -70.29% | -18.83% | 58.72% | 28.57% | 0% | 600% | - |
| Operating Expenses | 40.65M | 41.17M | 37.45M | 38.47M | 57.64M | 27.98M | 14.72M | 13.98M | 13.67M | 13.21M | 14.62M | 11.59M | 13.51M | 14.67M | 13.29M | 44.11M | 31.94M | 25.69M | 16.8M | 14.16M | 14.07M | 11.01M | 10.72M | 6.03M | 3.71M | 4.42M | 8.51M | 4.4M | 5.9M | 3M | 1.5M |
| OpEx % of Revenue | - | 43.52% | 26.99% | 27.5% | 52.04% | 20.93% | 11.78% | 52.27% | 2.87% | 107.69% | 97.57% | 141.77% | 430.32% | 265.72% | 148.19% | 346.6% | 166.21% | 186.01% | 208.32% | 211.41% | 193.84% | 129.87% | 582.82% | 823.6% | 1076.95% | 381.31% | 1761.89% | 880% | 1180% | 428.57% | 1500% |
| Selling, General & Admin | 4.67T | 3.13M | 25.14M | 22.04M | 35.12M | 18.03M | 14.72M | 13.25M | 12.88M | 12.3M | 13.71M | 10.58M | 12.52M | 13.24M | 11.41M | 25.74M | 9.28M | 8.27M | 5.19M | 4.22M | 4.92M | 2.71M | 4.44M | 2.95M | 1.94M | 2.57M | 4.96M | 2.3M | 2.8M | 2M | 800K |
| SG&A % of Revenue | - | 3.31% | 18.12% | 15.75% | 31.7% | 13.49% | 11.78% | 49.56% | 2.7% | 100.28% | 91.5% | 129.43% | 398.86% | 239.97% | 127.19% | 202.27% | 48.29% | 59.86% | 64.34% | 62.99% | 67.77% | 32.01% | 241.14% | 402.75% | 564.14% | 221.72% | 1026.19% | 460% | 560% | 285.71% | 800% |
| Research & Development | 2.7T | 6.53M | 12.31M | 16.43M | 22.53M | 9.94M | 0 | 0 | 13.02M | 16.68M | 19.71M | 13.13M | 10.83M | 13.86M | 18.21M | 18.37M | 22.66M | 17.42M | 11.61M | 9.94M | 9.15M | 8.3M | 4.17M | 2.94M | 1.77M | 1.73M | 2.61M | 1.7M | 2.9M | 900K | 700K |
| R&D % of Revenue | - | 6.9% | 8.87% | 11.74% | 20.33% | 7.44% | - | - | 2.73% | 135.95% | 131.51% | 160.6% | 344.93% | 251.06% | 203.03% | 144.33% | 117.92% | 126.15% | 143.98% | 148.42% | 126.07% | 97.86% | 226.51% | 402.16% | 512.81% | 149.48% | 540.01% | 340% | 580% | 128.57% | 700% |
| Other Operating Expenses | 0 | 31.51M | 0 | 0 | 0 | 0 | 0 | 726.11K | 78.94M | 16.79K | -1.66M | 42.2K | 1.06K | 1.5K | 522 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.12M | 136.75K | 0 | 117.26K | 945.4K | 400K | 200K | 100K | 0 |
| Operating Income | 20.64M | 23.7M | 69.98M | 83.62M | 42.7M | 89.09M | 84.5M | -2.32M | 355.1M | -18.85M | -31.01M | -30.95M | -209.67M | -23.52M | -22.54M | -31.38M | -12.72M | -11.88M | -8.74M | -7.46M | -6.81M | -2.53M | -9.45M | -5.29M | -3.37M | -3.26M | -7.08M | -3.5M | -5.2M | -2.3M | -1.4M |
| Operating Margin % | 22% | 25.05% | 50.45% | 59.76% | 38.55% | 66.65% | 67.62% | -8.68% | 74.44% | -153.63% | -206.94% | -378.59% | -6677.64% | -426.07% | -251.21% | -246.6% | -66.21% | -86.01% | -108.32% | -111.41% | -93.84% | -29.87% | -513.72% | -723.6% | -976.95% | -281.31% | -1466.21% | -700% | -1040% | -328.57% | -1400% |
| Operating Income Growth % | - | -66.13% | -16.31% | 95.83% | -52.07% | 5.43% | 3738.91% | -100.65% | 1983.9% | 39.23% | -0.2% | 85.24% | -791.59% | -4.35% | 28.19% | -146.66% | -7.1% | -35.96% | -17.07% | -9.58% | -168.94% | 73.2% | -78.44% | -57.35% | -3.17% | 53.95% | -102.39% | 32.69% | -126.09% | -64.29% | - |
| EBITDA | 21.07M | 24.26M | 70.52M | 84.16M | 43.22M | 89.62M | 85.03M | -1.8M | 355.17M | -18.72M | -30.84M | -30.71M | -209.32M | -23.05M | -22.12M | -30.81M | -12.1M | -11.4M | -8.28M | -6.21M | -5.25M | -1.2M | -8.39M | -4.56M | -3.05M | -2.7M | -6.14M | -3.1M | -5M | -2.2M | -500K |
| EBITDA Margin % | 22.46% | 25.65% | 50.84% | 60.15% | 39.01% | 67.04% | 68.05% | -6.71% | 74.45% | -152.56% | -205.77% | -375.57% | -6666.45% | -417.68% | -246.54% | -242.13% | -62.95% | -82.57% | -102.62% | -92.77% | -72.41% | -14.21% | -456.4% | -622.53% | -884.91% | -233.29% | -1270.52% | -620% | -1000% | -314.29% | -500% |
| EBITDA Growth % | -62.95% | -65.6% | -16.2% | 94.73% | -51.77% | 5.39% | 4836.69% | -100.51% | 1997.58% | 39.31% | -0.44% | 85.33% | -807.97% | -4.24% | 28.22% | -154.72% | -6.08% | -37.78% | -33.2% | -18.26% | -336.1% | 85.64% | -84.27% | -49.45% | -12.68% | 55.93% | -98% | 38% | -127.27% | -340% | - |
| D&A (Non-Cash Add-back) | 430.73K | 562.61K | 538.42K | 538.29K | 517.64K | 522.37K | 529.81K | 527K | 69.63K | 132.19K | 174.28K | 247.36K | 351.56K | 463.14K | 419.36K | 568.29K | 625.34K | 475.09K | 459.88K | 1.25M | 1.56M | 1.33M | 1.05M | 739.56K | 317.03K | 556.86K | 945.4K | 400K | 200K | 100K | 900K |
| EBIT | 24.1M | 23.7M | 69.98M | 83.62M | 42.7M | 89.09M | 76.53M | 5.59M | 427.12M | -23.57M | -25.62M | -38.72M | -211.48M | -23.59M | -22.2M | -6.93M | -28.2M | -11.88M | -8.74M | -7.46M | -6.81M | -2.53M | -8.88M | -5.29M | -3.37M | -3.26M | -7.08M | -3.48M | -5.2M | -1.8M | -1.4M |
| Net Interest Income | 4.41M | 6.68M | 0 | 0 | 0 | 0 | -3.02M | -15.77M | -15.48M | -14.76M | -14.06M | -266.73K | -455.81K | -1.21M | -172.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.26K | 34.06K | -192.68K | -550.46K | 0 | 0 | 0 | 0 |
| Interest Income | 4.41M | 6.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.26K | 34.06K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 3.02M | 15.77M | 15.48M | 14.76M | 14.06M | 266.73K | 455.81K | 1.21M | 172.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192.68K | 550.46K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.29M | 6.7M | 6.09M | 4.16M | 1.43M | 218.94K | -10.99M | -7.86M | 56.54M | -19.48M | -8.67M | -8.04M | -2.27M | -1.28M | 632.04K | 8.94M | -37.45M | -5.74M | 137.53K | 1.82M | -3.09M | 244.79K | 74.97K | -136.75K | 0 | -392.37K | -155.59K | 0 | -1.3M | 0 | -900K |
| Pretax Income | 26.93M | 30.4M | 76.07M | 87.78M | 44.13M | 89.31M | 73.51M | -10.18M | 411.64M | -38.33M | -39.68M | -38.99M | -211.93M | -24.8M | -22.37M | -22.44M | -19.4M | -17.62B | -8.6M | -5.64M | -9.9M | -2.29M | -12.06M | -5.43M | 0 | -3.65M | -7.24M | 0 | -6.5M | 0 | -2.3M |
| Pretax Margin % | 28.71% | 32.14% | 54.84% | 62.73% | 39.84% | 66.81% | 58.83% | -38.06% | 86.29% | -312.41% | -264.78% | -476.88% | -6749.87% | -449.26% | -249.39% | -176.31% | -100.96% | -127556.62% | -106.62% | -84.17% | -136.39% | -26.99% | -655.72% | -742.29% | - | -315.15% | -1498.41% | - | -1300% | - | -2300% |
| Income Tax | 6.67M | 7.1M | 16.86M | 19.71M | 10.23M | 19.86M | 17.17M | -2.94M | -10.17M | -2.09M | 13.88K | 461.98K | 53.53M | -7.62M | -7.84M | -36.03M | 15.47M | 5.74M | 0 | 0 | 0 | 0 | 493.36K | -18.26K | -34.06K | 467.79K | 706.05K | 100K | 1.4M | -100K | 0 |
| Effective Tax Rate % | 24.78% | 23.36% | 22.16% | 22.45% | 23.18% | 22.24% | 23.35% | 28.86% | -2.47% | 5.46% | -0.03% | -1.18% | -25.26% | 30.72% | 35.06% | 160.59% | -79.76% | -0.03% | 0% | 0% | 0% | 0% | -4.09% | 0.34% | - | -12.8% | -9.75% | - | -21.54% | - | 0% |
| Net Income | 20.26M | 23.3M | 59.21M | 68.07M | 33.9M | 69.45M | 56.34M | -7.24M | 421.81M | -36.24M | -39.7M | -39.45M | -265.46M | -17.18M | -14.53M | 13.59M | -28.2M | -17.62M | -8.6M | -5.64M | -9.9M | -2.29M | -9.37M | -5.28M | -3.33M | -3.73M | -7.79M | -3.6M | -6.6M | -2.2M | -2.3M |
| Net Margin % | 21.61% | 24.63% | 42.69% | 48.65% | 30.61% | 51.96% | 45.09% | -27.08% | 88.42% | -295.34% | -264.87% | -482.53% | -8454.68% | -311.22% | -161.95% | 106.82% | -146.73% | -127.56% | -106.62% | -84.17% | -136.39% | -26.99% | -509.65% | -721.11% | -967.06% | -321.66% | -1612.35% | -720% | -1320% | -314.29% | -2300% |
| Net Income Growth % | -58.25% | -60.65% | -13.01% | 100.76% | -51.18% | 23.27% | 878.08% | -101.72% | 1264.07% | 8.72% | -0.63% | 85.14% | -1445.43% | -18.23% | -206.87% | 148.21% | -60.04% | -104.87% | -52.51% | 43.04% | -332.72% | 75.6% | -77.64% | -58.41% | 10.69% | 52.12% | -116.38% | 45.45% | -200% | 4.35% | - |
| Net Income (Continuing) | 20.25M | 23.3M | 59.21M | 68.07M | 33.9M | 69.45M | 56.34M | -7.24M | 421.81M | -36.24M | -39.7M | -39.45M | -265.46M | -17.18M | -14.53M | 13.59M | -28.2M | -17.62M | -8.6M | -5.64M | -9.9M | -2.29M | -9.37M | -5.28M | -3.33M | -3.73M | -7.79M | -3.6M | -6.6M | -2.2M | -2.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.28 | 0.33 | 0.83 | 0.95 | 0.46 | 0.91 | 0.71 | -0.09 | 5.10 | -0.46 | -0.69 | -0.73 | -4.97 | -0.33 | -0.28 | 0.09 | -0.62 | -0.47 | -0.25 | -0.17 | -0.35 | -0.09 | -0.40 | -0.34 | -0.32 | -0.44 | -1.08 | -0.55 | -1.01 | -0.57 | -0.75 |
| EPS Growth % | -59.26% | -60.24% | -12.63% | 106.52% | -49.45% | 28.17% | 905.9% | -101.73% | 1208.7% | 33.33% | 5.48% | 85.31% | -1406.06% | -17.86% | -411.11% | 114.52% | -31.91% | -88% | -47.06% | 51.43% | -280.02% | 76.98% | -17.65% | -6.25% | 27.27% | 59.26% | -96.36% | 45.54% | -77.19% | 24% | - |
| EPS (Basic) | - | 0.33 | 0.83 | 0.95 | 0.46 | 0.92 | 0.71 | -0.09 | 5.28 | -0.46 | -0.69 | -0.73 | -4.97 | -0.33 | -0.28 | 0.57 | -0.62 | -0.47 | -0.25 | -0.17 | -0.35 | -0.09 | -0.40 | -0.34 | -0.32 | -0.44 | -1.08 | -0.55 | -1.01 | -0.57 | -0.75 |
| Diluted Shares Outstanding | 71.65M | 71.6M | 71.77M | 71.68M | 73.55M | 76.4M | 79.44M | 82.18M | 82.71M | 78.87M | 57.19M | 53.78M | 53.42M | 52.37M | 51.64M | 54.06M | 45.15M | 37.46M | 34.73M | 33.33M | 28.2M | 24.82M | 23.72M | 15.72M | 10.45M | 8.5M | 7.2M | 6.59M | 6.55M | 3.89M | 3.07M |
| Basic Shares Outstanding | 71.65M | 71.6M | 71.25M | 71.36M | 72.93M | 75.32M | 79.26M | 81.03M | 79.92M | 78.77M | 57.19M | 53.78M | 53.41M | 52.05M | 51.64M | 50.93M | 45.15M | 37.46M | 34.73M | 33.33M | 28.2M | 24.82M | 23.72M | 15.72M | 10.45M | 8.5M | 7.2M | 6.58M | 6.54M | 3.89M | 3.07M |
| Dividend Payout Ratio | - | 185.05% | 72.05% | 47.21% | 97.16% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Lumpy government procurement dependency
As reported in the company's recent financial filings, SIGA's revenue has experienced significant contraction, highlighted by a 95.3% year-over-year decline in 2025Q4, which underscores the inherent instability of a business model reliant on episodic, large-scale government contract deliveries rather than consistent, recurring commercial demand.
The dramatic fluctuations in quarterly revenue suggest that the company's top-line performance is dictated by the timing of BARDA delivery milestones rather than organic market growth. Investors should monitor whether the current revenue trough represents a structural decline or merely a temporary gap between major government replenishment cycles.
Based on the provided income statement data, gross margins have demonstrated extreme volatility, swinging from a high of 97.8% in 2025Q1 to a low of 21.2% in 2025Q4, indicating that the company's profitability is highly sensitive to the specific product mix and contract pricing of each delivery.
This margin instability suggests that the company lacks the pricing power or cost structure consistency of a diversified pharmaceutical firm. The wide variance in gross margins warrants further investigation into whether recent cost pressures are indicative of rising manufacturing expenses or unfavorable changes in government contract terms.
According to the historical income statement data, SIGA's operating leverage is currently strained, as evidenced by the shift from a 70.1% operating margin in 2024Q4 to a negative 85.2% in 2026Q1, reflecting an inability to scale operating expenses efficiently during periods of low revenue recognition.
The company's cost structure appears to be relatively fixed, which causes significant operating losses when revenue fails to meet specific thresholds. This suggests that without a consistent pipeline of government orders, the current overhead may be unsustainable, potentially leading to further margin compression in future quarters.
As indicated by the financial statements, the company's near-total reliance on TPOXX for revenue generation creates a precarious risk profile, where the absence of diversified income streams leaves the bottom line vulnerable to any shift in federal biodefense priorities or the expiration of sole-source procurement status.
Short-sellers may focus on the fact that the company's recent net losses, such as the $5.4 million loss in 2025Q4, highlight the danger of a single-product business model. The lack of a secondary commercial pipeline suggests that the company may struggle to maintain profitability if government demand for smallpox countermeasures continues to moderate.
Quick answers to the most common questions about buying SIGA stock.
For fiscal year 2025, SIGA Technologies, Inc. (SIGA) reported total revenue of $94.6M. This represents a 94500.0% increase compared to $0.1M in 1996.
SIGA Technologies, Inc. (SIGA) is profitable, generating $23.3M in net income for the fiscal year ending 2025 with a net profit margin of 24.6%.
SIGA Technologies, Inc. (SIGA) reported an operating income of $23.7M, resulting in an operating profit margin of 25.1%. This margin reflects the operational efficiency of the business before interest and taxes.
SIGA Technologies, Inc. (SIGA) generated $64.9M in gross profit for the year, representing a gross profit margin of 68.6%. This demonstrates the company's core pricing power and production efficiency.