The company reported a catastrophic gross margin of -134.0% in 2026Q2, reflecting a fundamental inability to cover direct costs amidst a near-total absence of revenue.
| Sales/Revenue | 87.86K | 6.33K | 156.42K | 8.56K | 0 | 123.82K | 99.88K |
| Revenue Growth % | 1225.81% | -95.95% | 1727.11% | - | -100% | 23.97% | - |
| Cost of Goods Sold | 316.27K | 59.4K | 105.83K | 9.93K | 0 | 133.25K | 54.13K |
| COGS % of Revenue | - | 938.21% | 67.66% | 115.94% | - | 107.62% | 54.19% |
| Gross Profit | -228.41K | -53.07K | 50.59K | -1.36K | 0 | -9.43K | 45.75K |
| Gross Margin % | -259.98% | -838.21% | 32.34% | -15.94% | - | -7.62% | 45.81% |
| Gross Profit Growth % | - | -204.9% | 3806.23% | - | 100% | -120.62% | - |
| Operating Expenses | 12.31M | 6.11M | 6.55M | 5.73M | 1.73M | 635.1K | 696.99K |
| OpEx % of Revenue | - | 96506.56% | 4185.59% | 66947.74% | - | 512.93% | 697.86% |
| Selling, General & Admin | 7.61M | 4.33M | 4.59M | 5.33M | 1.3M | 514.88K | 609.99K |
| SG&A % of Revenue | - | 68394.06% | 2937.46% | 62309.16% | - | 415.83% | 610.75% |
| Research & Development | 4.31M | 1.78M | 1.56M | 397.11K | 433.74K | 120.22K | 87K |
| R&D % of Revenue | - | 28112.49% | 998.58% | 4638.58% | - | 97.09% | 87.11% |
| Other Operating Expenses | 390.36K | 0 | 390.36K | 0 | 0 | 266 | 2.47K |
| Operating Income | -12.54M | -6.16M | -6.5M | -5.73M | -1.73M | -644.54K | -651.24K |
| Operating Margin % | -14271.46% | -97344.76% | -4153.25% | -66963.67% | - | -520.55% | -652.05% |
| Operating Income Growth % | - | 5.13% | -13.32% | -230.67% | -168.98% | 1.03% | - |
| EBITDA | -11.98M | -5.82M | -6.39M | -5.44M | -1 | -2 | 0 |
| EBITDA Margin % | -13635.47% | -91920.87% | -4087.34% | -63570.74% | - | -0% | - |
| EBITDA Growth % | -345.59% | 8.98% | -17.48% | -99999900% | 50% | - | - |
| D&A (Non-Cash Add-back) | 558.77K | 343.39K | 103.1K | 0 | 1.73M | 644.54K | 651.24K |
| EBIT | -12.56M | -6.15M | -6.71M | -5.44M | -1.73M | -644.27K | -648.77K |
| Net Interest Income | -105.93K | -58.18K | -26.88K | -15.47K | 0 | -28.64K | -90.69K |
| Interest Income | 0 | 0 | 0 | 0 | 15.44K | 0 | 0 |
| Interest Expense | 105.93K | 58.18K | 26.88K | 15.47K | 15.44K | 28.64K | 90.69K |
| Other Income/Expense | -107.05K | -41K | -242.65K | 275K | -16.19K | -28.38K | -88.22K |
| Pretax Income | -12.65M | -6.2M | -6.74M | -5.46M | -1.75M | -672.91K | -739.46K |
| Pretax Margin % | -14393.31% | -97992.31% | -4308.38% | -63751.47% | - | -543.46% | -740.38% |
| Income Tax | -410.25K | -136.66K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 3.24% | 2.2% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -12.22M | -6.06M | -6.73M | -5.46M | -1.71M | -650.98K | -801.13K |
| Net Margin % | -13913.25% | -95739.17% | -4304.81% | -63748.32% | - | -525.75% | -802.13% |
| Net Income Growth % | -28.35% | 9.98% | -23.38% | -219.37% | -162.5% | 18.74% | - |
| Net Income (Continuing) | -12.24M | -6.07M | -6.74M | -5.46M | -1.75M | -672.91K | -739.46K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -238.47K | -233.97K | -227.98K | -222.4K | -222.13K | -181.13K | -159.03K |
| EPS (Diluted) | -2.57 | -1.95 | -3.36 | -5.13 | -1.50 | -0.57 | -0.70 |
| EPS Growth % | 40.59% | 41.96% | 34.5% | -242% | -163.16% | 18.57% | - |
| EPS (Basic) | - | -1.96 | -3.36 | -5.13 | -1.50 | -0.57 | -0.70 |
| Diluted Shares Outstanding | 4.76M | 3.1M | 2.01M | 1.06M | 1.14M | 1.14M | 1.14M |
| Basic Shares Outstanding | 4.76M | 3.1M | 2.01M | 1.06M | 1.14M | 1.14M | 1.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Existential liquidity and solvency
As reported in recent financial filings, Virax Biolabs has experienced a catastrophic 95.95% year-over-year revenue decline, effectively rendering its historical diagnostic and PPE distribution model obsolete while failing to establish any meaningful commercial traction for its newer immunology-focused platform in the current fiscal period.
The precipitous drop in top-line performance suggests that the company's previous reliance on pandemic-era demand has completely evaporated. Without a clear path to recurring revenue, the current trajectory indicates that the business lacks a sustainable product-market fit in the highly competitive diagnostic space.
Based on the company's most recent income statement data, Virax Biolabs recorded a gross margin of -838.21%, a figure that highlights significant inventory impairment issues and a fundamental inability to cover the direct costs associated with its underutilized global distribution network and product procurement.
This extreme negative margin profile implies that the company is effectively paying to move inventory, likely due to the write-down of obsolete diagnostic kits and PPE. Investors should monitor whether management can pivot to a higher-margin licensing model, as the current physical distribution strategy appears economically unviable.
According to quarterly financial disclosures, the company's operating margin of -97,344% demonstrates a profound disconnect between corporate overhead and commercial output, suggesting that the current administrative and regulatory cost structure is entirely disproportionate to the negligible revenue generated by the firm's core business activities.
The inability to scale operating expenses relative to revenue indicates that the company is burdened by fixed costs that are likely unsustainable. This suggests that the current organizational footprint is far too large for the company's actual commercial footprint, necessitating a drastic reduction in operating expenses.
As evidenced by the provided income statement, Virax Biolabs continues to incur significant R&D and SG&A expenses despite a near-total absence of revenue, which suggests that management's current cost structure is not aligned with the reality of the company's limited commercial progress or market demand.
The persistence of high R&D spending in the absence of successful product commercialization warrants further investigation into the efficacy of these investments. It appears that the company is attempting to fund a growth-stage cost structure with a distressed-stage revenue base, which is a recipe for rapid capital depletion.
While the company attempts to frame its future around the ViraxImmune platform, the financial data suggests that the market may be mispricing the entity as a viable biotech firm rather than a distressed shell with limited cash reserves and no clear path to operational profitability.
Short-term observers might focus on the company's cash position, but the underlying income statement suggests that the business is fundamentally broken. The lack of institutional backing and the failure to convert distribution agreements into purchase orders suggest that the current valuation may be disconnected from the company's actual commercial prospects.
Quick answers to the most common questions about buying VRAX stock.
For fiscal year 2025, Virax Biolabs Group Limited (VRAX) reported total revenue of $0.0M. This represents a 93.7% decline compared to $0.1M in 2020.
Virax Biolabs Group Limited (VRAX) reported a net loss of $6.1M for the fiscal year ending 2025.
Virax Biolabs Group Limited (VRAX) reported an operating income of $-6.2M, resulting in an operating profit margin of -97344.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Virax Biolabs Group Limited (VRAX) generated $-0.1M in gross profit for the year, representing a gross profit margin of -838.2%. This demonstrates the company's core pricing power and production efficiency.