Microbix Reports Results for H1 & Q2 2026
Rhea-AI Summary
Microbix (OTCQX:MBXBF) reported Q2 2026 revenue of $3.38 million, down 37% year-over-year, and H1 2026 revenue of $7.60 million, down 33%. Gross margin fell to 48% in Q2 and 44% in H1, leading to net losses of $1.43 million in Q2 and $2.60 million in H1.
Antigen sales to China dropped by over $4 million in H1, while antigen sales to other customers grew. Operating expenses declined slightly. At March 31, 2026, cash was $8.13 million, current ratio 5.35, and debt-to-equity 0.41. Management continues to pursue new clients and targets full-year 2026 results in line with MD&A guidance.
AI-generated analysis. Not financial advice.
Positive
- Antigen sales excluding China distributor increased 13% in Q2 2026 and 6% in H1 2026
- QAPs revenue was approximately flat year-over-year at $2.50 million for H1 2026
- Royalty revenue increased to $340,840 in H1 2026 from $293,275 in H1 2025
- Operating expenses in H1 2026 were slightly lower than in H1 2025
- Cash balance of $8,130,795 and current ratio of 5.35 at March 31, 2026
- Debt-to-equity ratio of 0.41 at March 31, 2026
Negative
- Q2 2026 revenue declined 37% year-over-year to $3,377,708
- H1 2026 revenue declined 33% year-over-year to $7,596,617
- Antigen revenues fell 45% year-over-year in H1 2026, including over $4 million lower sales to China distributor
- Gross margin percentage declined from 60% to 48% in Q2 and from 61% to 44% in H1
- Shift from H1 2025 net income of $877,627 to H1 2026 net loss of $2,597,514
- Cash used in operating activities was $307,771 in Q2 and $2,910,174 in H1 2026
- Cash decreased from $12,112,760 at September 30, 2025 to $8,130,795 at March 31, 2026
- Current ratio decreased from 8.48 to 5.35 between September 30, 2025 and March 31, 2026
News Market Reaction – MBXBF
On the day this news was published, MBXBF declined 12.66%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
H1 Revenues of
MISSISSAUGA, ON / ACCESS Newswire / May 14, 2026 / Microbix Biosystems Inc. (TSX:MBX)(OTCQX:MBXBF)(Microbix®), a life sciences innovator, manufacturer, and exporter, reports results for its second quarter and first half of fiscal 2026 ended March 31, 2026 ("Q2" and "H1"). Results for Q2 and H1 demonstrated early results of the Company's continuing work to rebuild revenues back to profitability following two client setbacks in mid-2025, with revenue growth of
Management Discussion
Microbix is prepared for material sales growth following additions to its capabilities and capacity. It is now at work on adding new client programs and clients to counter setbacks with two large clients in 2025. Progress with business development will be announced when secured. Microbix anticipates full-year fiscal 2026 results in-line with the forward-looking information (FLI) disclosed in its current Management Discussion and Analysis (MD&A), towards rebuilding sales above its earnings breakeven point.
Quarter ending March 31, 2026 ("Q2")
Q2 revenue was
Q2 gross margin percentage was
Operating expenses (including finance expenses) in Q2 were down
Overall, weaker Q2 revenues and decreased margins led to an operating loss of
Six Months ending March 31, 2026 ("H1")
H1 revenue was
H1 gross margin was
Operating expenses in H1 decreased slightly relative to H1 2025, as increased net financing costs versus prior year, due to lower interest income as a result of lower interest rates on decreased short-term investments were offset by lower selling costs and favourable foreign exchange gains.
Overall, weaker H2 revenues and decreased margins led to an operating loss and net loss of
At the end of H1, Microbix's current ratio (current assets divided by current liabilities) was 5.35 and its debt-to-equity ratio (total debt over shareholders' equity) was 0.41.
FINANCIAL HIGHLIGHTS | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
For the three months and six months ended | March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | ||||||||||||
Total Revenue | $ | 3,377,708 | $ | 5,324,864 | $ | 7,596,617 | $ | 11,368,866 | ||||||||
Gross Margin | 1,628,216 | 3,168,437 | 3,361,683 | 6,921,117 | ||||||||||||
SG&A Expenses | 2,289,253 | 2,361,455 | 4,414,847 | 4,437,570 | ||||||||||||
R&D Expense | 601,294 | 509,737 | 1,158,360 | 1,109,339 | ||||||||||||
Foreign Exchange (Gain) Loss | (26,004 | ) | 118,620 | 11,783 | 225,491 | |||||||||||
Financial Expenses | 194,011 | 157,962 | 374,207 | 271,091 | ||||||||||||
Operating Income (Loss) for the period | (1,430,338 | ) | 20,664 | (2,597,514 | ) | 877,627 | ||||||||||
Net Income (Loss) and Comprehensive Income (Loss) for the period | (1,430,338 | ) | 20,664 | (2,597,514 | ) | 877,627 | ||||||||||
EPS - Basic | $ | (0.010 | ) | $ | 0.000 | $ | (0.019 | ) | $ | 0.006 | ||||||
- Diluted | $ | (0.010 | ) | $ | 0.000 | $ | (0.019 | ) | $ | 0.006 | ||||||
Cash Provided (Used) by Operating Activities | (307,771 | ) | 994,052 | (2,910,174 | ) | 1,786,753 | ||||||||||
As at | March 31, 2026 | September 30, 2025 | ||||||||||||||
Cash | 8,130,795 | 12,112,760 | ||||||||||||||
Accounts receivable | 3,261,306 | 1,610,509 | ||||||||||||||
Total current assets | 22,044,746 | 23,574,891 | ||||||||||||||
Total assets | 35,365,224 | 37,409,933 | ||||||||||||||
Total current liabilities | 4,118,401 | 2,778,953 | ||||||||||||||
Total liabilities | 10,224,946 | 9,622,391 | ||||||||||||||
Total shareholders' equity | 25,140,278 | 27,787,542 | ||||||||||||||
Current ratio | 5.35 | 8.48 | ||||||||||||||
Debt to equity ratio | 0.41 | 0.35 | ||||||||||||||
Corporate Outlook
Microbix is aggressively pursuing new client programs and new clients, while continuing to add to its portfolio of products and services, and its capabilities. It thereby intends to continue driving sales growth across all of its business lines, while also improving percentage gross margins and working to deliver bottom-line results. Microbix's goal is to create meaningful and sustained shareholder value within both its diagnostics-oriented business and its fully-funded Kinlytic® urokinase "thrombolytic" drug program.
Furthermore, at 10:00 AM ET on Thursday May 14th, 2026 Microbix intends to hold a webinar discussion of Q2 2026 results with its CEO, CFO, and COO.
Investors and shareholders can participate in the webinar, hosted by Adelaide Capital, by registering at: https://us02web.zoom.us/webinar/register/WN_8O4BZDDqQmGB2VZLOHUNfw. It will also be live-streamed to YouTube at: https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw.
A replay of the webinar will also be made available on Adelaide Capital's YouTube channel.
About Microbix Biosystems Inc.
Microbix Biosystems Inc. creates proprietary biological products for human health, with over 120 skilled employees and revenues of C
Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to resolve blood clots, and reagents or medial to support diagnostic testing (e.g., its DxTM™ for patient-sample collection). Microbix is traded on the TSX and OTCQX, and headquartered in Mississauga, Ontario, Canada.
Forward-Looking Information
This news release includes "forward-looking information," as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of Microbix's business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced in its corporate presentation, regulatory compliance and approvals, access to and sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company's judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information except as required by applicable law.
Please visit www.microbix.com or https://www.sedarplus.ca for recent Microbix news and filings.
For further information, please contact Microbix at:
Cameron Groome, CEO | Jim Currie, | Deborah Honig, |
Copyright © 2026 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, PROCEEDx™, QAPs™, QUANTDx™, and REDx™ are trademarks of Microbix Biosystems Inc.
SOURCE: Microbix Biosystems Inc.
View the original press release on ACCESS Newswire