Revenue growth remains highly inconsistent, fluctuating between 2.8% and 133.2% over the last ten quarters, while operating losses consistently dwarf revenue due to heavy R&D spending.
| 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 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 |
|---|
| Sales/Revenue | 2.47M | 1.73M | 1.23M | 775.3K | 306.39K | 90.03K | 13.43K | 17.1K | 0 | 0 | 0 | 0 | 14.79K | 0 | 54.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 88.49% | 40.04% | 59.1% | 153.04% | 240.3% | 570.25% | -21.43% | - | - | - | - | -100% | - | -100% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 254.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 639.92K | 542.48K | 309.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.21M | 1.73M | 1.23M | 775.3K | 306.39K | 90.03K | 13.43K | 17.1K | -639.92K | -542.48K | -309.41K | 0 | 14.79K | 0 | 54.97K | 0 | 0 | 0 | 0 | -4K | 0 | 0 | 0 |
| Gross Margin % | 89.68% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | 100% | - | 100% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 40.04% | 59.1% | 153.04% | 240.3% | 570.25% | -21.43% | 102.67% | -17.96% | -75.33% | - | -100% | - | -100% | - | - | - | - | 100% | - | - | - | - |
| Operating Expenses | 23.69M | 22.95M | 28.26M | 36.76M | 32.09M | 28.42M | 21.26M | 16.06M | 17.9M | 15.05M | 11.91M | 9.86M | 5.81M | 3.36M | 4.14M | 2.61M | 10.95K | 15.82K | 21.8K | 22.3K | 36.99K | 13.11K | 24.18K |
| OpEx % of Revenue | - | 1328.57% | 2290.9% | 4741.76% | 10472.36% | 31568.96% | 158276.25% | 93940.22% | - | - | - | - | 39284.5% | - | 7528.05% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 13.57M | 13.38M | 13.64M | 16.92M | 16.4M | 14.83M | 6.54M | 5.49M | 6.95M | 6.13M | 5.43M | 3.9M | 1.91M | 1.72M | 1.3M | 1.1M | 10.95K | 15.82K | 21.8K | 22.3K | 36.99K | 13.11K | 24.18K |
| SG&A % of Revenue | - | 774.85% | 1105.75% | 2182.3% | 5354.14% | 16467.28% | 48682.74% | 32083.77% | - | - | - | - | 12906.17% | - | 2356.71% | - | - | - | - | - | - | - | - |
| Research & Development | 10.33M | 10.08M | 14.41M | 19.55M | 15.33M | 13.02M | 14.53M | 10.36M | 10.91M | 8.91M | 6.84M | 6.1M | 4.04M | 2.5M | 2.84M | 1.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 583.62% | 1167.93% | 2521.79% | 5004.37% | 14463.72% | 108195.21% | 60618% | - | - | - | - | 27352.2% | - | 5171.34% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -208.51K | -516.51K | 212.43K | 292.05K | 348.81K | 574.39K | 187.83K | 211.73K | 37.23K | 349.84K | -361.32K | -15.68K | -143.99K | -865.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -21.48M | -21.22M | -27.02M | -35.99M | -31.78M | -28.33M | -21.25M | -16.04M | -17.9M | -15.05M | -12.27M | -10.01M | -5.94M | -4.58M | -4.08M | -2.61M | -10.95K | -15.82K | -21.8K | -26.3K | -36.99K | -13.11K | -24.18K |
| Operating Margin % | -870.98% | -1228.57% | -2190.9% | -4641.76% | -10372.36% | -31468.96% | -158176.25% | -93840.22% | - | - | - | - | -40158.37% | - | -7428.05% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 21.47% | 24.91% | -13.24% | -12.17% | -33.35% | -32.44% | 10.36% | -18.95% | -22.66% | -22.6% | -68.52% | -29.75% | -12.07% | -56.53% | -23728.11% | 30.79% | 27.46% | 17.08% | 28.91% | -182.24% | 45.8% | - |
| EBITDA | -20.32M | -20.01M | -25.69M | -34.57M | -30.59M | -27.19M | -20.21M | -15.14M | -17.26M | -14.5M | -11.96M | -9.77M | -5.8M | -4.43M | -3.95M | -2.49M | -10.95K | -15.82K | -21.8K | -26.3K | -36.99K | -13.11K | -24.18K |
| EBITDA Margin % | -823.83% | -1158.15% | -2082.35% | -4459.48% | -9983.98% | -30197.06% | -150423.9% | -88561.72% | - | - | - | - | -39197.05% | - | -7181.1% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 11.04% | 22.11% | 25.71% | -13.02% | -12.51% | -34.55% | -33.46% | 12.27% | -18.99% | -21.29% | -22.39% | -68.57% | -30.83% | -12.22% | -58.54% | -22644.55% | 30.79% | 27.46% | 17.08% | 28.91% | -182.24% | 45.8% | - |
| D&A (Non-Cash Add-back) | 1.16M | 1.22M | 1.34M | 1.41M | 1.19M | 1.15M | 1.04M | 902.41K | 639.92K | 542.48K | 309.41K | 236.34K | 142.13K | 146.4K | 135.74K | 118.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -20.98M | -21.01M | -26.92M | -35.46M | -30.43M | -26.83M | -20.27M | -15.97M | -17.9M | -14.7M | -11.91M | -9.53M | -8.21M | -3.71M | -4.08M | -13.02K | -10.95K | -15.82K | -21.8K | -26.3K | -36.99K | -13.11K | -24.18K |
| Net Interest Income | -2.97M | -2.49M | -330.42K | -128.3K | -47.82K | -153.07K | -80.3K | -14.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 458 | 600 | 9.95K | 93.32K | 125.27K | 2.73K | 49.49K | 112.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.97M | 2.49M | 340.36K | 221.62K | 173.09K | 155.8K | 129.8K | 126.57K | 110.92K | 73.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.25M | -2.28M | -233.01K | 310.62K | 1.18M | 1.34M | 848.52K | -56.13K | -110.92K | -73.13K | 361.32K | 470.87K | -2.28M | 515.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -24.73M | -23.5M | -27.26M | -35.68M | -30.6M | -26.99M | -20.4M | -16.1M | -18.01M | -14.77M | -11.91M | -9.53M | -8.21M | -3.71M | -4.08M | 0 | -10.95K | -15.82K | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -1002.82% | -1360.63% | -2209.79% | -4601.7% | -9986.71% | -29976.99% | -151859.55% | -94168.55% | - | - | - | - | -55553.12% | - | -7428.05% | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110.92K | -276.71K | 0 | -4.6K | 4.84M | 700K | 0 | 0 | 0 | 0 | 21.8K | 26.3K | 36.99K | 13.11K | 24.18K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.62% | 1.87% | 0% | 0.05% | -58.93% | -18.87% | 0% | - | 0% | 0% | - | - | - | - | - |
| Net Income | -24.6M | -23.36M | -26.97M | -35.32M | -30.27M | -26.81M | -20.35M | -16.1M | -18.01M | -14.77M | -11.91M | -9.53M | -8.21M | -3.71M | -4.08M | -2.61M | -10.95K | -15.82K | -21.8K | -26.3K | -36.99K | -13.11K | -24.18K |
| Net Margin % | -997.46% | -1352.16% | -2186.27% | -4555.53% | -9879.11% | -29782.49% | -151508.34% | -94168.55% | - | - | - | - | -55553.12% | - | -7428.05% | - | - | - | - | - | - | - | - |
| Net Income Growth % | -2.39% | 13.39% | 23.65% | -16.68% | -12.88% | -31.75% | -26.42% | 10.6% | -21.93% | -24.06% | -24.92% | -16.03% | -121.37% | 9.13% | -56.53% | -23728.11% | 30.79% | 27.46% | 17.08% | 28.91% | -182.24% | 45.8% | - |
| Net Income (Continuing) | -24.73M | -23.5M | -27.26M | -35.68M | -30.6M | -26.99M | -20.4M | -16.1M | -18.01M | -14.77M | -11.91M | -9.53M | 0 | -3.71M | -4.08M | -2.61M | -10.95K | -15.82K | -21.8K | -26.3K | -36.99K | -13.11K | -24.18K |
| 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 |
| Minority Interest | -1.39M | -1.35M | -1.2M | -909.97K | -551.97K | -222.29K | -47.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.57 | -4.40 | -6.20 | -10.00 | -11.00 | -10.20 | -9.00 | -8.20 | -11.40 | -11.20 | -10.40 | -10.80 | -12.20 | -6.80 | -8.80 | -9.00 | -0.10 | -0.14 | -0.19 | -0.23 | -0.34 | -0.20 | -0.37 |
| EPS Growth % | 22.24% | 29.03% | 38% | 9.09% | -7.84% | -13.33% | -9.76% | 28.07% | -1.79% | -7.69% | 3.7% | 11.48% | -79.41% | 22.73% | 2.22% | -9275% | 30.43% | 27.37% | 17.39% | 31.55% | -68% | 46.52% | - |
| EPS (Basic) | - | -4.40 | -6.20 | -10.00 | -11.00 | -10.20 | -9.00 | -8.20 | -11.40 | -11.20 | -10.40 | -10.80 | -12.20 | -6.80 | -8.80 | -9.00 | -0.10 | -0.14 | -0.19 | -0.23 | -0.34 | -0.20 | -0.37 |
| Diluted Shares Outstanding | 6.88M | 5.34M | 4.33M | 3.56M | 2.77M | 2.63M | 2.26M | 1.96M | 1.57M | 1.32M | 1.15M | 886.59K | 671.76K | 541.62K | 468K | 288.41K | 114.25K | 114.25K | 114.25K | 114.25K | 110.18K | 65.53K | 64.75K |
| Basic Shares Outstanding | 6.88M | 5.34M | 4.33M | 3.56M | 2.77M | 2.63M | 2.26M | 1.96M | 1.57M | 1.32M | 1.15M | 886.59K | 671.76K | 541.62K | 468K | 288.41K | 114.25K | 114.25K | 114.25K | 114.25K | 110.18K | 65.53K | 64.75K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As reported in recent financial filings, VNRX experienced a 40.04% year-over-year revenue increase, yet quarterly growth remains highly inconsistent, fluctuating between 2.8% and 133.2% over the last ten quarters, suggesting that revenue is currently driven by lumpy milestone payments rather than predictable, recurring product sales.
The erratic nature of top-line growth indicates that the company has not yet achieved a repeatable commercial engine. Investors should monitor whether future revenue shifts toward consistent diagnostic kit volume, as current figures appear heavily reliant on non-recurring research and licensing agreements.
Based on the provided income statement data, VNRX has maintained a 100% gross margin in nine of the last ten quarters, a structural anomaly that likely reflects the absence of significant manufacturing costs associated with its current licensing-heavy revenue model rather than true operational efficiency.
This margin profile is likely to compress significantly as the company scales physical test kit production and incurs standard COGS. The recent dip to 74.2% in 2026Q1 may serve as an early indicator of this transition toward a more capital-intensive manufacturing cost structure.
According to the company's historical income statements, VNRX consistently deploys between $2.3 million and $4.6 million in quarterly R&D, which, when combined with SG&A, results in operating losses that dwarf current revenue, highlighting a cost structure that is fundamentally disconnected from its current commercial scale.
The persistent high level of R&D spending reflects the company's ongoing reliance on clinical trial validation to drive future adoption. Without a substantial increase in commercial revenue, this expense discipline appears insufficient to reach operational break-even in the near term.
Based on the reported figures, the company's cash position of approximately $1.1 million against a quarterly operating loss exceeding $5 million suggests a precarious financial state that may necessitate immediate, dilutive capital raises to sustain the current pace of clinical development and administrative overhead.
Short-sellers would likely focus on this liquidity gap, as the company's inability to self-fund operations creates a binary risk for equity holders. The reliance on external financing in a high-rate environment may continue to erode shareholder value through persistent dilution.
Quick answers to the most common questions about buying VNRX stock.
For fiscal year 2025, VolitionRx Limited (VNRX) reported total revenue of $1.7M.
VolitionRx Limited (VNRX) reported a net loss of $23.4M for the fiscal year ending 2025.
VolitionRx Limited (VNRX) reported an operating income of $-21.2M, resulting in an operating profit margin of -1228.6%. This margin reflects the operational efficiency of the business before interest and taxes.
VolitionRx Limited (VNRX) generated $1.7M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.