ImmuCell Announces Unaudited Financial Results for the Quarter Ended September 30, 2026

Rhea-AI Summary

ImmuCell (Nasdaq: ICCC) reported unaudited third-quarter 2026 net income of $953,000, reversing a loss in the same quarter last year. Product sales rose 46.0% to $8.040 million. Diluted earnings were $0.10 per share, versus a $0.02 basic loss per share. Gross margin increased to 44.2% from 42.9%, while adjusted EBITDA reached $1.884 million versus $750,000.

Nine-month sales reached $25.584 million versus $20.018 million, and net income rose to $4.729 million from $1.809 million. Cash totaled $7.914 million at September 30, up from $3.807 million at year-end, partly helped by a $2 million settlement payment received in May. ImmuCell terminated its at-the-market offering. The company expects to sign a negotiated $3 million credit line in the fourth quarter and projects its capacity expansion and colostrum sourcing investments will finish on time and within budget.

19 points · 0 major

PositiveiHow this balance works

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter sales increased 46.0% to $8.040 million from $5.506 million a year earlier.
• Moderate pointThird-quarter net income reached $953,000, versus a $140,000 loss; diluted EPS was $0.10 versus a $0.02 basic loss.
• Moderate pointThird-quarter operating income rose to $958,000 from $20,000 a year earlier.
• Moderate pointThird-quarter adjusted EBITDA increased to $1.884 million from $750,000 a year earlier.
• Moderate pointDistributor out-the-door volume grew 18% over 2025, alongside growth across sales territories and product lines.
• Moderate pointNine-month operating cash flow increased to $7.348 million from $1.993 million a year earlier.
• Moderate pointCash increased to $7.914 million at September 30, 2026, from $3.807 million at December 31, 2025.
• Moderate pointNet working capital increased to $16.897 million from $12.967 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Negotiated larger $3 million credit line would expand available funding; signing is expected in fourth-quarter 2026. 3.2% of market cap

10 minor points

• Minor pointThird-quarter gross margin increased to 44.2% from 42.9%, reflecting higher pricing and manufacturing execution.
• Minor pointNine-month product sales increased to $25.584 million from $20.018 million a year earlier.
• Minor pointNine-month net income rose to $4.729 million from $1.809 million; diluted EPS increased to $0.51 from $0.20.
• Minor pointNine-month operating income increased to $4.862 million from $1.707 million a year earlier.
• Minor pointNine-month adjusted EBITDA increased to $7.289 million from $4.420 million a year earlier.
• Minor pointProduct development expenses fell to $177,000 quarterly and $614,000 year-to-date, from $694,000 and $2.283 million, respectively.
• Minor pointCompleted settlement payment of $2 million received in May contributed to the cash increase.
• Minor pointStockholders’ equity increased to $32.774 million from $27.055 million at December 31, 2025.
• Minor pointAt-the-market offering was terminated; the company cited its cash position.
• Minor point. Forward-looking: it has not happened yet and may not happen.Capacity expansion and colostrum sourcing investments are projected by ImmuCell to finish on time and within budget.

Negative

• Moderate pointSales, marketing and administrative expenses rose to $2.420 million quarterly from $1.649 million a year earlier.
• Moderate pointStock-based compensation increased to $397,000 quarterly and $774,000 year-to-date, from $73,000 and $192,000, respectively.
• Moderate pointNine-month investing cash outflow increased to $2.247 million from $1.047 million a year earlier.
• Moderate pointNew $3 million credit line remains unsigned, with signing expected during fourth-quarter 2026. 3.2% of market cap
• Minor pointNine-month sales, marketing and administrative expenses increased to $7.174 million from $4.545 million a year earlier.

3 minor points

• Minor pointProduct development expense shifts into costs of goods sold partially offset third-quarter gross-margin improvements.
• Minor pointNine-month other income of $110,000 became $92,000 of net other expenses.
• Minor pointNine-month financing cash outflow increased to $994,000 from $818,000 a year earlier.

News Explained

In its unaudited third-quarter results, ImmuCell reported a 46.0% sales increase and said the year-over-year comparison was partly aided by the absence of distributor-restocking headwinds that had weighed on sales a year earlier.

Key Figures

Product sales growth: 46.0% to approximately $8.0 million Gross margin: 44.2% vs. 42.9% Net income (loss): $953,000 vs. ($140,000) +3 more

Product sales growth

46.0% to approximately $8.0 million

Q3 2026 vs. Q3 2025; comparison partly benefited from the absence of distributor restocking headwinds

Gross margin

44.2% vs. 42.9%

Q3 2026 vs. Q3 2025

Net income (loss)

$953,000 vs. ($140,000)

Q3 2026 vs. Q3 2025

Adjusted EBITDA

$1.9 million vs. $0.8 million

Three months ended September 30, 2026 vs. 2025

Cash and cash equivalents

$7.9 million vs. $3.8 million

September 30, 2026 vs. December 31, 2025

Line of credit

$3 million

Negotiated; expected to be signed during Q4 2026

Previous Earnings Reports

2 past events · Latest: Aug 13

Same Type 2 events

1. Aug 13

   Q2 earnings results

   24h Move

   -7.8%

   Sales and net income grew, while gross margin contracted amid manufacturing and cost pressures.

2. Nov 13

   Q3 earnings results

   24h Move

   -10.7%

   Quarterly product sales declined 8%, although nine-month sales and gross margin improved.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, ebitda, non-gaap, at-the-market offering

4 terms

adjusted ebitda financial

"Adjusted EBITDA was $1.9 million in the three months ended September 30, 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ebitda financial

"Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"The non-GAAP measures included in this press release should be considered in addition to"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

at-the-market offering financial

"we have terminated our At-The-Market offering."

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PORTLAND, Maine, Nov. 12, 2026 (GLOBE NEWSWIRE) -- ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), an animal health biologics company that develops, manufactures and markets products to improve calf health and productivity, today announced its unaudited financial results for the quarter ended September 30, 2026.

Management’s Discussion:

“Today we are reporting net income of $953,000 for the third quarter of 2026, a $1.1 million increase compared to the third quarter of 2025,” commented Timothy C. Fiori, Chief Financial Officer of ImmuCell. “Revenue grew 46.0% to $8.0 million in the third quarter of 2026 compared to the third quarter of 2025, a comparison aided in part by the absence of distributor restocking headwinds that had adversely affected the third quarter sales in 2025. Gross margin was 44.2% in the third quarter of 2026, which is 130 basis points higher than the third quarter of 2025 and reflects higher pricing and manufacturing execution partially offset by the previously discussed shift of certain product development expenses to costs of goods sold.”

“We are pleased with our third quarter revenue and with distributor out-the-door volume growth of 18% over 2025,” commented Bobbi Jo Brockmann, Senior Vice President of Sales & Marketing. “Growth remained broad-based across our sales territories and product lines, supported by an increase in sales activity and continued progress in customer acquisition. We are also encouraged by inventory levels heading into our peak season as we shift our focus to the cow-calf market.”

“ImmuCell had a strong quarter. The expanded commercial team is delivering solid revenue growth as we reach more customers with our value propositions,” said Olivier te Boekhorst, President and CEO. “Increased commercial activity was supported by increased output from the manufacturing team. We are investing in capacity expansion and colostrum sourcing capabilities for future demand, and those efforts are projected to be completed on time and within budget.”

“We have negotiated a new, larger $3 million line of credit with our bank, which we expect to sign during the fourth quarter of 2026,” continued Mr. Fiori. “Additionally, given our strong cash position, we have terminated our At-The-Market offering.”

Certain Financial Results:

• Third quarter 2026 product sales increased 46.0%, to approximately $8.0 million, compared to the quarter ended September 30, 2025.
• Third quarter 2026 gross margin increased to 44.2% of product sales compared to 42.9% during the quarter ended September 30, 2025.
• Net income was $953,000, or $0.10 per diluted share, during the quarter ended September 30, 2026, compared to a net loss of $140,000, or ($0.02) per basic share, during the quarter ended September 30, 2025.
• Adjusted EBITDA (calculation methodology shown below) was $1.9 million in the three months ended September 30, 2026, as compared to $0.8 million in the three months ended September 30, 2025.

Balance Sheet Data as of September 30, 2026:

• Cash and cash equivalents increased to $7.9 million as of September 30, 2026, from $3.8 million as of December 31, 2025, such increase benefiting in part from the $2 million settlement payment received in May 2026.
• Net working capital increased to approximately $16.9 million as of September 30, 2026 from $13.0 million as of December 31, 2025.
• Stockholders’ equity increased to $32.8 million as of September 30, 2026 from $27.1 million as of December 31, 2025.
  

Condensed Statements of Income (Unaudited)
	Three Months Ended September 30,									Nine Months Ended September 30,
(In thousands, except per share amounts)		2026				2025				2026				2025
Product sales	$8,040				$5,506				$25,584				$20,018
Costs of goods sold		4,485				3,143				14,934				11,483
Gross profit		3,555				2,363				10,650				8,535
Sales, marketing and administrative expenses		2,420				1,649				7,174				4,545
Product development expenses		177				694				614				2,283
Other operating income		-				-				(2,000)				-
Operating expenses		2,597				2,343				5,788				6,828
NET OPERATING INCOME		958				20				4,862				1,707
Other (expenses) income, net		(22)				(155)				(92)				110
INCOME (LOSS) BEFORE INCOME TAXES		936				(135)				4,770				1,817
Income tax (benefit) expense		(17)				5				41				8
NET INCOME (LOSS)	$953					($140)			$4,729				$1,809
Basic weighted average common shares outstanding		9,084				9,046				9,065				9,019
Basic net income (loss) per share	$0.10					($0.02)			$0.52				$0.20
Diluted weighted average common shares outstanding		9,298				9,046				9,189				9,019
Diluted net income (loss) per share	$0.10					($0.02)			$0.51				$0.20

Selected Balance Sheet Data (In thousands) (Unaudited)
	As of			As of
	September 30, 2026			December 31, 2025
Cash and cash equivalents	$7,914			$3,807
Inventory	$9,857			$9,267
Net working capital	$16,897			$12,967
Total assets	$47,958			$42,532
Stockholders' equity	$32,774			$27,055

Selected Cash Flow Data (In thousands) (Unaudited)
	Nine Months Ended September 30,
		2026				2025
Operating Activities	$7,348				$1,993
Investing Activities		(2,247)				(1,047)
Financing Activities		(994)				(818)
Net Change in Cash		4,107				128
Cash at Beginning of Period		3,807				3,758
Cash at End of Period	$7,914				$3,886

Non-GAAP Financial Measures: Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this press release should be considered in addition to, and not as a substitute for or superior to, the comparable measure prepared in accordance with GAAP.

We believe that considering the non-GAAP measure of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) assists management and investors by looking at our performance across reporting periods on a consistent basis excluding certain charges from our reported income before income taxes. We calculate adjusted EBITDA as described in the following table and reconciled to the most comparable GAAP financial measure:

	Three Months Ended September 30,									Nine Months Ended September 30,
(In thousands)		2026				2025				2026			2025
Net income (Loss)	$953					($140)			$4,729			$1,809
Income tax (benefit) expense		(17)				4				41			8
Interest expense (excluding debt issuance and debt discount costs)		89				105				278			336
Depreciation		459				674				1,458			2,009
Amortization (including debt issuance and debt discount costs)		3				34				9			66
Stock-based compensation expense		397				73				774			192
Adjusted EBITDA	$1,884				$750				$7,289			$4,420

Cash payments to satisfy debt repayment obligations and to make capital expenditure investments are other uses of cash that are not included in the calculation of EBITDA, but which management also does consider when assessing its cash flows.

Webcast / Conference Call:

The Company is planning to host a conference call and webcast on November 13, 2026, at 9:00 AM ET to review the unaudited financial results. Interested parties may access the conference call by dialing (844) 855-9502 (toll free) or (412) 317-5499 (international). 

The live webcast can be accessed at: https://app.webinar.net/JL8AEda3K5D

The live webcast will feature a set of accompanying presentation slides that will subsequently be available in the Investors section of the Company’s website at: https://immucell.com/investors/ 

A teleconference replay of the conference call will be available through November 20, 2026, by dialing (855) 669-9658 (toll free) or (412) 317-0088 (international) and utilizing replay access code #2589057.

About ImmuCell:

ImmuCell Corporation (Nasdaq: ICCC) is an animal-health biologics company that operates in the fast-growing market for calf health solutions. It develops, manufactures and commercializes the First Defense^® line of products that provides Immediate Immunity™ through colostrum-derived, orally delivered antibodies against the principal viral and bacterial causes of scours. Scours (neonatal calf diarrhea) is one of the most prevalent and deadly diseases in neonatal calves worldwide. Press releases and other information about the Company are available at:
http://www.immucell.com/investors.

Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):
This Press Release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and will often include words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to:

• our business plans, goals and strategies;
• projections of future financial and operational performance, expense ratios and margins;
• future demand for our products, including the First Defense® product line;
• the sequence, duration, costs and goals of our program to repurpose our former Re-Tain^® facility and equipment for First Defense^® production; cost recoveries on Re-Tain^® equipment no longer in service; and other elements of projected depreciation expense affecting future income for book and tax return purposes;
• capital expenditures, contractual commitments, and the anticipated sources and uses of cash to fund them;
• anticipated timing and terms of a new line of credit;

and any other statements that are not historical facts. projections about depreciation expense and its impact on income for book and tax return purposes; and any other statements that are not historical facts. These statements reflect management’s current expectations as of the date hereof, are based on management’s estimates, projections, beliefs and assumptions as of such date; and are not guarantees of future performance. Such statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to differ materially, including risks relating to: competition in our markets; customer acceptance and product performance; alignment between our manufacturing resources and product demand; supply chain disruptions affecting our operations and our customer and supplier relationships; the commercial and operational risks of our current and planned expansion of production capacity; difficulties or delays in development, testing, regulatory approval, production and marketing of our products, and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission (SEC), including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. There can be no assurance that the risks or developments we anticipate will be those that actually affect us. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contacts:	Olivier te Boekhorst, President and CEO
	Timothy C. Fiori, Chief Financial Officer
	ImmuCell Corporation
	investor.relations@immucell.com
	Joe Diaz, Robert Blum and Joe Dorame
	Lytham Partners, LLC
	iccc@lythampartners.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were ImmuCell’s third-quarter 2026 earnings and sales?

ImmuCell reported $953,000 in net income and $8.040 million in product sales for the quarter ended September 30, 2026. Sales increased 46.0% from a year earlier. Diluted earnings were $0.10 per share, compared with a basic loss of $0.02 per share in third-quarter 2025.

What is the status of ImmuCell’s new credit line and at-the-market offering?

ImmuCell has negotiated a larger $3 million line of credit with its bank and expects to sign it during fourth-quarter 2026. Its at-the-market offering has been terminated. The company cited its cash position as the reason for ending the offering.

How does ImmuCell calculate adjusted EBITDA for its 2026 results?

ImmuCell reconciles adjusted EBITDA from net income by adjusting for income taxes, interest, depreciation, amortization and stock-based compensation. This non-GAAP measure does not include cash payments for debt repayments or capital expenditures and is not a substitute for GAAP results.