Celularity Inc Financials
This page shows Celularity Inc (CELUW) financial statements, including the 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 FY2024 improvement came from a gross-margin reset, but external financing still bridged the company to year-end.
Operating improvement did not yet make the business self-funding: FY2024 free cash outflow of-$6.6M was almost fully matched by$6.7M of financing inflow. That left cash at just$738K and a thin liquidity cushion near 0.4x current assets to current liabilities.
The most important operating change was margin shape: gross margin reached
The balance-sheet posture is still thin: FY2024 liabilities were
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 has an operating margin of -230.9%, meaning the company retains $-231 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -70.8% the prior year.
Celularity Inc's revenue declined 51% year-over-year, from $54.2M to $26.6M. This contraction results in a growth score of 47/100.
Celularity Inc has elevated debt relative to equity (D/E of -0.89), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Celularity Inc's current ratio of 0.15 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Celularity Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Celularity Inc generates $0.14 in operating cash flow (-$13.3M OCF vs -$91.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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.
Celularity Inc had 29M shares outstanding in fiscal year 2025. This represents an increase of 28.3% from the prior year.
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.
Celularity Inc's operating margin was -230.9% in fiscal year 2025, reflecting core business profitability. This is down 160.2 percentage points from the prior year.
Celularity Inc's net profit margin was -345.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 238.7 percentage points from the prior year.
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.
CELUW Income Statement
| 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 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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) | N/A | $-0.88+13.7% | $-1.02-21.4% | $-0.84 | N/A | $-0.73-143.3% | $-0.30+70.9% | $-1.03 |
CELUW Balance Sheet
| 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 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
CELUW Cash Flow Statement
| 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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CELUW Financial Ratios
| 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%-293.3pp | -244.1%+32.4pp | -276.6%-184.8pp | -91.8%-40.6pp | -51.2%+72.8pp | -124.0%-40.0pp | -84.0%-33.8pp | -50.2% |
| Net Margin | -593.6%-156.9pp | -436.7%-9.2pp | -427.6%-254.7pp | -172.9%-99.6pp | -73.3%+99.9pp | -173.2%-119.6pp | -53.6%+96.4pp | -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 | 0.150.0 | 0.16-0.1 | 0.25-0.1 | 0.380.0 | 0.38+0.2 | 0.19-0.1 | 0.26-0.1 | 0.35 |
| Debt-to-Equity | -0.89+0.9 | -1.78+3.9 | -5.72+18.7 | -24.41-38.4 | 14.01+7.6 | 6.46+2.6 | 3.87+0.3 | 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% |
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.
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Frequently Asked Questions
What is Celularity Inc's annual revenue?
Celularity Inc (CELUW) 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 (CELUW) revenue declined by 51% year-over-year, from $54.2M to $26.6M in fiscal year 2025.
Is Celularity Inc profitable?
No, Celularity Inc (CELUW) reported a net income of -$91.7M in fiscal year 2025, with a net profit margin of -345.4%.
What is Celularity Inc's EBITDA?
Celularity Inc (CELUW) 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 (CELUW) had $6.2M in cash and equivalents against $33.8M in long-term debt.
What is Celularity Inc's gross margin?
Celularity Inc (CELUW) 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 margin?
Celularity Inc (CELUW) had an operating margin of -230.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Celularity Inc's net profit margin?
Celularity Inc (CELUW) had a net profit margin of -345.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Celularity Inc's operating cash flow?
Celularity Inc (CELUW) generated -$13.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Celularity Inc's total assets?
Celularity Inc (CELUW) 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 (CELUW) invested $15.0M in research and development during fiscal year 2025.
What is Celularity Inc's current ratio?
Celularity Inc (CELUW) 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 debt-to-equity ratio?
Celularity Inc (CELUW) had a debt-to-equity ratio of -0.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Celularity Inc's return on assets (ROA)?
Celularity Inc (CELUW) had a return on assets of -85.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Celularity Inc's cash runway?
Based on fiscal year 2025 data, Celularity Inc (CELUW) had $6.2M in cash against an annual operating cash burn of $13.3M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Celularity Inc's debt-to-equity ratio negative or unusual?
Celularity Inc (CELUW) has negative shareholder equity of -$38.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Piotroski F-Score?
Celularity Inc (CELUW) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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 (CELUW) has an earnings quality ratio of 0.14x, considered low quality (accrual-driven). 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 (CELUW) scores 8 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.