Celularity Inc Financials
Celularity Inc (CELU) reported $26.6M in revenue for fiscal year 2025, down 51.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Celularity’s dominant mechanic is a volatile margin model that still requires financing as losses erode an already thin balance sheet.
FY2024 paired its revenue peak of$54.2M with72.4% gross margin; in FY2025, revenue fell sharply and gross margin compressed. Operating margin also deteriorated from-70.8% to-230.9% , showing that the improved gross economics were not durable when revenue volume or mix changed.
By FY2025, negative equity accompanied liabilities of
Cash conversion remained less negative than the accounting loss in FY2024: operating cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Celularity Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Celularity Inc scores -15.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($53.6M) relative to total liabilities ($145.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Celularity Inc passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Celularity Inc reported a net loss of $91.7M while operations used $13.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Celularity Inc generated $26.6M in revenue in fiscal year 2025. This represents a decrease of 51.0% from the prior year.
Celularity Inc's EBITDA was -$54.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 77.5% from the prior year.
Celularity Inc reported -$91.7M in net income in fiscal year 2025. This represents a decrease of 58.4% from the prior year.
Celularity Inc earned -$3.59 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 36.0% from the prior year.
Cash & Balance Sheet
Celularity Inc held $6.2M in cash against $33.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Celularity Inc's gross margin was 24.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 48.0 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Celularity Inc invested $15.0M in research and development in fiscal year 2025. This represents a decrease of 13.6% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
CELU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1M-22.3% | $5.3M-7.9% | $5.7M-49.8% | $11.4M-37.0% | $18.1M+95.1% | $9.3M-23.2% | $12.1M-17.5% | $14.7M |
| Cost of Revenue | $7.4M+88.9% | $3.9M-25.5% | $5.2M+47.5% | $3.6M-51.6% | $7.3M+89.1% | $3.9M+82.9% | $2.1M+29.5% | $1.6M |
| Gross Profit | -$3.3M-337.0% | $1.4M+179.4% | $494K-93.7% | $7.9M-27.0% | $10.8M+99.3% | $5.4M-45.8% | $10.0M-23.4% | $13.0M |
| R&D Expenses | $3.3M-27.2% | $4.6M+37.2% | $3.4M-10.1% | $3.7M-2.6% | $3.8M-2.2% | $3.9M+3.0% | $3.8M-35.0% | $5.8M |
| SG&A Expenses | $15.1M+61.9% | $9.3M-26.3% | $12.6M-11.4% | $14.3M-11.2% | $16.1M+26.9% | $12.7M-20.5% | $15.9M+13.4% | $14.0M |
| Operating Income | -$22.1M-71.0% | -$12.9M+18.7% | -$15.9M-51.3% | -$10.5M-13.0% | -$9.3M+19.5% | -$11.5M-13.3% | -$10.2M-37.9% | -$7.4M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
| Net Income | -$24.4M-5.6% | -$23.1M+5.9% | -$24.5M-24.1% | -$19.8M-48.6% | -$13.3M+17.4% | -$16.1M-148.1% | -$6.5M+70.5% | -$22.0M |
| EPS (Diluted) | -$0.85+3.4% | -$0.88+13.7% | -$1.02-21.4% | -$0.84-42.4% | -$0.59+19.2% | -$0.73-143.3% | -$0.30+70.9% | -$1.03 |
Not reported in any period shown, so not listed: Interest Expense.
CELU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $107.3M-6.0% | $114.2M-5.0% | $120.3M-6.7% | $128.9M-2.9% | $132.7M+3.0% | $128.8M-4.9% | $135.5M-5.8% | $143.8M |
| Current Assets | $12.3M+16.3% | $10.6M-38.6% | $17.3M-21.8% | $22.1M+7.4% | $20.6M+41.8% | $14.5M-18.2% | $17.7M-22.4% | $22.9M |
| Cash & Equivalents | $6.2M+5045.8% | $120K-86.1% | $863K+194.5% | $293K-60.3% | $738K+454.9% | $133K-71.5% | $467K-75.4% | $1.9M |
| Inventory | $571K-77.7% | $2.6M-41.9% | $4.4M-28.8% | $6.2M+14.6% | $5.4M+36.5% | $4.0M+36.0% | $2.9M-21.2% | $3.7M |
| Goodwill | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M |
| Total Liabilities | $145.4M+8.2% | $134.3M-7.9% | $145.8M+8.5% | $134.4M+8.5% | $123.8M+11.0% | $111.6M+3.6% | $107.7M-4.3% | $112.6M |
| Current Liabilities | $80.8M+23.6% | $65.3M-5.7% | $69.2M+18.0% | $58.7M+9.3% | $53.7M-29.5% | $76.2M+12.2% | $67.9M+2.8% | $66.0M |
| Long-Term Debt | $33.8M-5.2% | $35.7M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$38.1M-89.4% | -$20.1M+21.2% | -$25.5M-363.1% | -$5.5M-162.3% | $8.8M-48.9% | $17.3M-37.9% | $27.8M-11.0% | $31.2M |
| Retained Earnings | -$991.5M-2.5% | -$967.1M-2.4% | -$944.0M-2.7% | -$919.5M-2.2% | -$899.7M-1.5% | -$886.4M-1.8% | -$870.3M-0.8% | -$863.8M |
Not reported in any period shown, so not listed: Accounts Receivable.
CELU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.1M-22.7% | -$4.2M-316.3% | -$999K+66.6% | -$3.0M-287.8% | $1.6M+1206.9% | -$144K+95.8% | -$3.4M+21.7% | -$4.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $91K | $0-100.0% | $31K-20.5% | $39K |
| Free Cash Flow | N/A | N/A | N/A | N/A | $1.5M+1143.8% | -$144K+95.9% | -$3.5M+21.7% | -$4.4M |
| Investing Cash Flow | N/A | N/A | N/A | N/A | -$1.6M | $0-100.0% | $2.1M+5597.4% | -$39K |
| Financing Cash Flow | $11.2M+222.6% | $3.5M+113.2% | $1.6M-29.7% | $2.3M+260.8% | $643K+913.9% | -$79K+12.2% | -$90K-101.4% | $6.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CELU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -79.7%-105.8pp | 26.1%+17.5pp | 8.6%-60.3pp | 68.9%+9.4pp | 59.5%+1.3pp | 58.2%-24.2pp | 82.5%-6.4pp | 88.8% |
| Operating Margin | -537.5% | -244.1% | -276.6% | -91.8%-40.6pp | -51.2% | -124.0% | -84.0%-33.8pp | -50.2% |
| Net Margin | -593.6% | -436.7% | -427.6% | -172.9% | -73.3% | -173.2% | -53.6% | -149.9% |
| Return on Equity | N/A | N/A | N/A | N/A | -150.4%-57.3pp | -93.2%-69.8pp | -23.3%+47.1pp | -70.5% |
| Return on Assets | -22.7%-2.5pp | -20.2%+0.2pp | -20.4%-5.1pp | -15.3%-5.3pp | -10.0%+2.5pp | -12.5%-7.7pp | -4.8%+10.5pp | -15.3% |
| Current Ratio | 0.150.0x | 0.16-0.1x | 0.25-0.1x | 0.380.0x | 0.38+0.2x | 0.19-0.1x | 0.26-0.1x | 0.35 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 14.01+7.6x | 6.46+2.6x | 3.87+0.3x | 3.60 |
| FCF Margin | N/A | N/A | N/A | N/A | 8.3%+9.8pp | -1.6%+27.2pp | -28.7%+1.5pp | -30.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$38.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.15), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Where Celularity Inc Ranks
Frequently Asked Questions
What is Celularity Inc's annual revenue?
Celularity Inc (CELU) reported $26.6M in total revenue for fiscal year 2025. This represents a -51.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Celularity Inc's revenue growing?
Celularity Inc (CELU) revenue declined by 51.0% year-over-year, from $54.2M to $26.6M in fiscal year 2025.
Is Celularity Inc profitable?
No, Celularity Inc (CELU) reported a net income of -$91.7M in fiscal year 2025.
What is Celularity Inc's EBITDA?
Celularity Inc (CELU) had EBITDA of -$54.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Celularity Inc have?
As of fiscal year 2025, Celularity Inc (CELU) had $6.2M in cash and equivalents against $33.8M in long-term debt.
What is Celularity Inc's gross margin?
Celularity Inc (CELU) had a gross margin of 24.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Celularity Inc's operating cash flow?
Celularity Inc (CELU) recorded an outflow of $13.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Celularity Inc's total assets?
Celularity Inc (CELU) had $107.3M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Celularity Inc spend on research and development?
Celularity Inc (CELU) invested $15.0M in research and development during fiscal year 2025.
What is Celularity Inc's current ratio?
Celularity Inc (CELU) had a current ratio of 0.15 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Celularity Inc's return on assets (ROA)?
Celularity Inc (CELU) had a return on assets of -85.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Celularity Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Celularity Inc (CELU) held $6.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.3M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Celularity Inc's debt-to-equity ratio negative or not reported?
Celularity Inc (CELU) has negative shareholder equity of -$38.1M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Celularity Inc's Altman Z-Score?
Celularity Inc (CELU) has an Altman Z-Score of -15.11, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Celularity Inc's Piotroski F-Score?
Celularity Inc (CELU) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Celularity Inc's earnings high quality?
Celularity Inc (CELU) reported a net loss of $91.7M while operations used $13.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Celularity Inc?
Celularity Inc (CELU) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.