Geovax Labs Inc Financials
This page shows Geovax Labs Inc (GOVX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 24 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).
GeoVax still operates as a capital-raised research platform, with financing cash rather than product revenue carrying the business.
In FY2025,$21.5M of operating cash burn was offset by$19.1M of financing inflow. Even after that raise, cash ended at$3.1M ; because the same dependence was visible in FY2024, the cushion is better read as continuing access to external funding than as internally replenished liquidity.
This is a development-stage cost structure: FY2025 R&D spending of
The business is also asset-light but cash-hungry. Capital spending was only
Financial Health Signals
Scored against operating 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 Geovax Labs 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.
Geovax Labs Inc has an operating margin of -869.3%, meaning the company retains $-869 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is down from -635.8% the prior year.
Geovax Labs Inc's revenue declined 37.1% year-over-year, from $4.0M to $2.5M. This contraction results in a growth score of 2/100.
Geovax Labs Inc has a moderate D/E ratio of 0.66. This balance of debt and equity financing earns a leverage score of 55/100.
With a current ratio of 2.74, Geovax Labs Inc holds $2.74 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.
While Geovax Labs Inc generated -$21.5M in operating cash flow, capex of $28K consumed most of it, leaving -$21.5M in free cash flow. This results in a low score of 2/100, reflecting heavy capital investment rather than weak cash generation.
Geovax Labs Inc's ROE of -561.2% shows moderate profitability relative to equity, earning a score of 31/100. This is down from -495.0% the prior year.
Geovax Labs Inc scores -42.07, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.1M) relative to total liabilities ($2.5M). 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.
Geovax Labs Inc passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Geovax Labs Inc generates $1.00 in operating cash flow (-$21.5M OCF vs -$21.5M 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
Geovax Labs Inc generated $2.5M in revenue in fiscal year 2025. This represents a decrease of 37.1% from the prior year.
Geovax Labs Inc's EBITDA was -$21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.9% from the prior year.
Geovax Labs Inc reported -$21.5M in net income in fiscal year 2025. This represents an increase of 14.1% from the prior year.
Cash & Balance Sheet
Geovax Labs Inc generated -$21.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.9% from the prior year.
Geovax Labs Inc held $3.1M in cash against $0 in long-term debt as of fiscal year 2025.
Geovax Labs Inc had 2M shares outstanding in fiscal year 2025.
Margins & Returns
Geovax Labs Inc's operating margin was -869.3% in fiscal year 2025, reflecting core business profitability. This is down 233.5 percentage points from the prior year.
Geovax Labs Inc's net profit margin was -862.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 230.4 percentage points from the prior year.
Geovax Labs Inc's ROE was -561.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 66.1 percentage points from the prior year.
Capital Allocation
Geovax Labs Inc invested $18.1M in research and development in fiscal year 2025. This represents a decrease of 23.6% from the prior year.
Geovax Labs Inc invested $28K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 33.7% from the prior year.
GOVX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | N/A | $0-100.0% | $852K-47.9% | $1.6M | N/A | $2.8M+827.7% | $301K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $3.9M | N/A | $5.0M+6.7% | $4.7M-11.7% | $5.4M | N/A | $7.4M+73.1% | $4.3M |
| SG&A Expenses | $1.4M | N/A | $1.3M-13.8% | $1.5M-8.6% | $1.7M | N/A | $1.2M+14.3% | $1.1M |
| Operating Income | -$5.3M | N/A | -$6.4M-17.6% | -$5.4M-0.3% | -$5.4M | N/A | -$5.9M-15.7% | -$5.1M |
| Interest Expense | N/A | N/A | $0 | $0 | N/A | N/A | $14K+93.1% | $7K |
| Income Tax | $0 | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | -$5.3M | N/A | -$6.3M-17.7% | -$5.4M-0.2% | -$5.4M | N/A | -$5.8M-14.8% | -$5.1M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
GOVX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.0M-53.0% | $6.3M-5.8% | $6.7M+25.8% | $5.4M-50.6% | $10.8M+32.8% | $8.2M-26.6% | $11.1M+171.4% | $4.1M |
| Current Assets | $2.4M-54.3% | $5.3M-18.5% | $6.5M+26.9% | $5.1M-51.6% | $10.6M+33.7% | $7.9M-27.0% | $10.9M+182.8% | $3.8M |
| Cash & Equivalents | $1.3M-58.8% | $3.1M-38.4% | $5.0M+61.9% | $3.1M-58.4% | $7.4M+35.1% | $5.5M-35.9% | $8.6M+450.2% | $1.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | $0 | $0-100.0% | $533K-64.4% | $1.5M+127.1% | $659K+20.4% | $548K+82.1% | $301K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.5M-1.1% | $2.5M+38.0% | $1.8M-27.9% | $2.5M-13.8% | $2.9M-5.5% | $3.1M+19.1% | $2.6M-59.3% | $6.4M |
| Current Liabilities | $2.3M+18.3% | $1.9M+6.2% | $1.8M-27.9% | $2.5M-13.8% | $2.9M-5.5% | $3.1M+19.1% | $2.6M-59.3% | $6.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $494K-87.1% | $3.8M-22.0% | $4.9M+73.9% | $2.8M-64.3% | $7.9M+56.4% | $5.0M-40.6% | $8.5M+468.3% | -$2.3M |
| Retained Earnings | -$156.1M-3.5% | -$150.8M-3.0% | -$146.4M-4.5% | -$140.1M-4.0% | -$134.7M-4.1% | -$129.4M-6.8% | -$121.1M-5.0% | -$115.3M |
GOVX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.5M+28.7% | -$5.0M+20.1% | -$6.2M-43.3% | -$4.3M+27.3% | -$6.0M+23.1% | -$7.8M+16.6% | -$9.3M-379.0% | -$1.9M |
| Capital Expenditures | $0 | $0 | $0-100.0% | $11K-36.6% | $17K | $0-100.0% | $21K | $0 |
| Free Cash Flow | -$3.5M+28.7% | -$5.0M+20.1% | -$6.2M-43.0% | -$4.3M+27.4% | -$6.0M+22.8% | -$7.8M+16.8% | -$9.3M-380.0% | -$1.9M |
| Investing Cash Flow | $0 | $0 | $0+100.0% | -$11K+36.6% | -$17K | $0+100.0% | -$21K | $0 |
| Financing Cash Flow | $1.7M-43.3% | $3.0M-62.6% | $8.1M+3888536.4% | $209-100.0% | $7.9M+69.5% | $4.7M-71.4% | $16.3M+498.0% | $2.7M |
| 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 |
GOVX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -322.1% | N/A | N/A | -635.8%-305.6pp | -330.2% | N/A | -209.9%+1473.7pp | -1683.6% |
| Net Margin | -321.5% | N/A | N/A | -630.1%-302.7pp | -327.3% | N/A | -208.5%+1475.7pp | -1684.2% |
| Return on Equity | -1065.7% | N/A | -128.8%+61.6pp | -190.3%-122.5pp | -67.8% | N/A | -68.4% | N/A |
| Return on Assets | -176.4% | N/A | -93.9%+6.5pp | -100.4%-50.9pp | -49.5% | N/A | -52.3%+71.3pp | -123.7% |
| Current Ratio | 1.06-1.7 | 2.74-0.8 | 3.57+1.5 | 2.03-1.6 | 3.62+1.1 | 2.55-1.6 | 4.17+3.6 | 0.60 |
| Debt-to-Equity | 5.04+4.4 | 0.66+0.3 | 0.37-0.5 | 0.90+0.5 | 0.37-0.2 | 0.62+0.3 | 0.31+3.1 | -2.77 |
| FCF Margin | -217.2% | N/A | N/A | -509.8%-144.3pp | -365.5% | N/A | -334.0%+311.5pp | -645.6% |
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Frequently Asked Questions
What is Geovax Labs Inc's annual revenue?
Geovax Labs Inc (GOVX) reported $2.5M in total revenue for fiscal year 2025. This represents a -37.1% 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 Geovax Labs Inc's revenue growing?
Geovax Labs Inc (GOVX) revenue declined by 37.1% year-over-year, from $4.0M to $2.5M in fiscal year 2025.
Is Geovax Labs Inc profitable?
No, Geovax Labs Inc (GOVX) reported a net income of -$21.5M in fiscal year 2025, with a net profit margin of -862.3%.
What is Geovax Labs Inc's EBITDA?
Geovax Labs Inc (GOVX) had EBITDA of -$21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Geovax Labs Inc's operating margin?
Geovax Labs Inc (GOVX) had an operating margin of -869.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Geovax Labs Inc's net profit margin?
Geovax Labs Inc (GOVX) had a net profit margin of -862.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Geovax Labs Inc's return on equity (ROE)?
Geovax Labs Inc (GOVX) has a return on equity of -561.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Geovax Labs Inc's free cash flow?
Geovax Labs Inc (GOVX) generated -$21.5M in free cash flow during fiscal year 2025. This represents a 12.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Geovax Labs Inc's operating cash flow?
Geovax Labs Inc (GOVX) generated -$21.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Geovax Labs Inc's total assets?
Geovax Labs Inc (GOVX) had $6.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Geovax Labs Inc's capital expenditures?
Geovax Labs Inc (GOVX) invested $28K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Geovax Labs Inc spend on research and development?
Geovax Labs Inc (GOVX) invested $18.1M in research and development during fiscal year 2025.
What is Geovax Labs Inc's current ratio?
Geovax Labs Inc (GOVX) had a current ratio of 2.74 as of fiscal year 2025, which is generally considered healthy.
What is Geovax Labs Inc's debt-to-equity ratio?
Geovax Labs Inc (GOVX) had a debt-to-equity ratio of 0.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Geovax Labs Inc's return on assets (ROA)?
Geovax Labs Inc (GOVX) had a return on assets of -338.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Geovax Labs Inc's cash runway?
Based on fiscal year 2025 data, Geovax Labs Inc (GOVX) had $3.1M in cash against an annual operating cash burn of $21.5M. This gives an estimated cash runway of approximately 2 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.
What is Geovax Labs Inc's Altman Z-Score?
Geovax Labs Inc (GOVX) has an Altman Z-Score of -42.07, 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 Geovax Labs Inc's Piotroski F-Score?
Geovax Labs Inc (GOVX) has a Piotroski F-Score of 1 out of 7 computable signals; 2 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 Geovax Labs Inc's earnings high quality?
Geovax Labs Inc (GOVX) has an earnings quality ratio of 1.00x, 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 Geovax Labs Inc?
Geovax Labs Inc (GOVX) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.