ImmuCell (ICCC) Q2 2026 net income climbs to $1.8M on 11.5% sales growth

Rhea-AI Filing Summary

ImmuCell Corporation reported significantly improved results for the quarter ended June 30, 2026. Revenue grew 11.5% to $7.2 million, driven by higher distributor volumes and pricing, with distributor out-the-door volume up 28%. Net income rose to $1.8 million (basic and diluted EPS $0.20), compared to $0.5 million (EPS $0.06) a year earlier, aided by a $2.0 million one-time settlement from a former contract manufacturer, recorded as other operating income.

Gross margin was 34%, pressured by lower manufacturing volumes, scrap from a purchased material quality issue, and costs shifted from the discontinued Re-Tain® program. Adjusted EBITDA increased to $2.7 million from $1.4 million in the prior-year quarter. Cash and cash equivalents were $8.9 million as of June 30, 2026, up from $3.8 million at year-end, supported by $6.6 million of operating cash flow in the first half.

The company’s share of U.S. calves receiving a scour biological reached 19%. ImmuCell is executing a two-phase First Defense® capacity expansion, with planned investments of approximately $3.5 million in freeze-drying capacity and $4.5 million in colostrum processing, expected to be financed with cash on hand and cash from operations.

Positive

• Revenue increased 11.5% year over year in Q2 2026 to $7.2 million, indicating strong demand despite tough prior-year restocking comparisons.
• Net income jumped to $1.8 million in Q2 2026 versus $0.5 million a year earlier, with basic EPS rising to $0.20 from $0.06.
• Adjusted EBITDA grew to $2.7 million in Q2 2026 from $1.4 million, and operating cash flow for the first half reached $6.6 million.
• Cash increased to $8.9 million and stockholders’ equity to $31.4 million as of June 30, 2026, strengthening the balance sheet.
• The company received a $2.0 million legal settlement from a former Re-Tain® contract manufacturer, boosting net income and adjusted EBITDA.
• ImmuCell reports growing market penetration, with its share of U.S. calves receiving a scour biological at 19% in the quarter.

Negative

• Gross margin was 34% in Q2 2026, pressured by lower manufacturing volumes, scrap from a material quality issue, and costs shifted from the discontinued Re-Tain® program.
• The company is committing to a combined ~$8.0 million First Defense® capacity expansion program, which will require substantial capital over the next 18 months.

Filing Explained

The August 13 Form 8-K reports that the Board authorized the First Defense® capacity program in June 2026: phase one is expected to take about 12 months and cost $3.5 million, followed by a roughly six-month, $4.5 million phase; these are planned investments, not completed work.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $7,186,000 Q2 2026 Net Income: $1,835,000 Q2 2026 Basic EPS: $0.20 +5 more

8 metrics

Q2 2026 Revenue $7,186,000 Product sales for the three months ended June 30, 2026

Q2 2026 Net Income $1,835,000 Net income for the three months ended June 30, 2026

Q2 2026 Basic EPS $0.20 Basic net income per share for the three months ended June 30, 2026

Q2 2026 Adjusted EBITDA $2,687,000 Adjusted EBITDA for the three months ended June 30, 2026

Gross Margin Q2 2026 34% Gross margin in the second quarter of 2026

Settlement Payment $2,000,000 One-time legal settlement from former Re-Tain® contract manufacturer in Q2 2026

Cash and Cash Equivalents $8,860,000 Cash balance as of June 30, 2026

Planned Capacity Expansion Investment $8,000,000 Approximately $3.5M plus $4.5M for First Defense® capacity expansion phases

Key Terms

Adjusted EBITDA, Other operating income, First Defense®, Scours, +2 more

6 terms

Adjusted EBITDA financial

"We calculate adjusted EBITDA as described in the following table and reconciled"

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.

Other operating income financial

"A one-time $2 million settlement payment from a former contract manufacturer (CMO) contributed to net income in the second quarter of 2026 and is shown in the operating statement as a reduction to operating expenses."

First Defense® technical

"convert the former Re-Tain® facilities and most of the related equipment for increased production of our First Defense® product line."

Scours medical

"Scours (neonatal calf diarrhea) is one of the most prevalent and deadly diseases in neonatal calves worldwide."

Colostrum medical

"First Defense® line of products that provides Immediate Immunity™ through colostrum-derived, orally delivered antibodies"

Colostrum is the nutrient- and antibody-rich first milk produced by mammals in the hours and days after birth, like a concentrated starter pack of immune defenses and growth factors for newborns. Investors care because colostrum is a raw material and active ingredient in dairy, animal-health, and dietary-supplement markets, and its sourcing, quality, and regulatory status can affect product claims, manufacturing costs and market demand much like a key crop or commodity.

Capacity expansion technical

"authorized a manufacturing capacity expansion program to execute that strategy."

Earnings Snapshot

Revenue: $7,186,000

quarter ended June 30, 2026

Revenue $7,186,000 up from $6,445,000 in Q2 2025; 11.5% growth noted by management

Net Income $1,835,000 up from $502,000 in Q2 2025

Adjusted EBITDA $2,687,000 up from $1,364,000 in Q2 2025

Basic EPS $0.20 up from $0.06 in Q2 2025

FAQ

How did ImmuCell (ICCC) perform financially in Q2 2026?

ImmuCell reported Q2 2026 revenue of $7.2 million, up 11.5%, and net income of $1.8 million, or $0.20 per basic and diluted share, compared with $0.5 million and $0.06 per share in Q2 2025.

What was ImmuCell (ICCC)’s adjusted EBITDA for Q2 and first half 2026?

Adjusted EBITDA was $2.7 million in Q2 2026 versus $1.4 million a year earlier, and $5.4 million for the first six months of 2026 versus $3.7 million for the same period in 2025.

How strong is ImmuCell (ICCC)’s balance sheet as of June 30, 2026?

As of June 30, 2026, ImmuCell reported $8.9 million in cash and cash equivalents, $16.6 million of net working capital, $46.6 million in total assets, and $31.4 million in stockholders’ equity.

What major one-time item affected ImmuCell (ICCC)’s Q2 2026 results?

ImmuCell received a $2.0 million settlement payment from a former Re-Tain® contract manufacturer in Q2 2026, recorded as other operating income and contributing to higher net income and adjusted EBITDA.

What capacity expansion is ImmuCell (ICCC) planning for First Defense®?

ImmuCell plans a two-phase First Defense® expansion: about $3.5 million to add freeze-drying capacity over 12 months, and about $4.5 million over six additional months to expand colostrum liquid processing, funded by cash and operations.

How is ImmuCell (ICCC) performing in its target scour biological market?

The company reports that its share of U.S. calves receiving a scour biological reached 19% in Q2 2026, reflecting broader adoption of its First Defense® line and related products.

What were ImmuCell (ICCC)’s operating cash flows for the first half of 2026?

For the six months ended June 30, 2026, ImmuCell generated $6.6 million in cash from operating activities, compared with $3.2 million in the same period of 2025, supporting its planned capacity investments.

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Understanding 8-K Material Events →

Available on EDGAR 08/13/2026 - 04:09 PM Accepted by SEC EDGAR 08/13/2026 - 04:07 PM Learn about SEC filing dates

false 0000811641 0000811641 2026-08-13 2026-08-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 13, 2026

ImmuCell Corporation

(Exact name of registrant as specified in its charter)

DE		001-12934		01-0382980
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

56 Evergreen Drive Portland, Maine		04103
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code 207-878-2770

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $0.10 par value per share		ICCC		The NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operations and Financial Condition

On August 13, 2026 ImmuCell Corporation (the "Company") issued a press release announcing its unaudited financial results for the quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. 

Item 9.01.  Exhibits.

(d)           Exhibits.

	99.1	Press Release of the Company dated August 13, 2026
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IMMUCELL CORPORATION
Date: August 13, 2026	By:	/s/ Timothy C. Fiori
		Timothy C. Fiori
		Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	99.1 Press Release of the Company dated August 13, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit 99.1

ImmuCell

ImmuCell Announces Unaudited Financial Results for

the Quarter Ended June 30, 2026

For Immediate Release

PORTLAND, Maine – August 13, 2026 – 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 June 30, 2026.

Management’s Discussion:

“Today we are reporting net income of $1.8 million for the second quarter of 2026,” commented Timothy C. Fiori, Chief Financial Officer of ImmuCell. “Revenue grew 11.5% to $7.2 million in the second quarter of 2026, which is a strong positive market signal in the face of high revenue in the second quarter of 2025 driven by distributor-restocking after a prolonged period of backorders. Gross margin was 34% in the second quarter of 2026, reflecting low manufacturing volumes and the absorption of expenses previously related to a discontinued development program as compared to the second quarter of 2025. A one-time $2 million settlement payment from a former contract manufacturer (CMO) contributed to net income in the second quarter of 2026 and is shown in the operating statement as a reduction to operating expenses.”

“We saw an acceleration of our distributors’ out-the-door volume growth to 28% in the second quarter of 2026, up from 21% in the first quarter of 2026,” said Bobbi Brockmann, Senior Vice President of Sales and Marketing. “Our momentum was broad-based, driven by both higher volumes and price realization across sales territories and products. Tri-Shield® remained our primary growth driver at the producer-level, while we had higher sales of Dual-Force® to distribution this quarter as part of normal stocking activity, and our Functional Feed line continued to gain traction. We are pleased to report continued increases in our share of U.S. calves receiving a scour biological, reaching 19% this quarter.”

“The 34% gross margin in the second quarter of 2026 was the result of several headwinds in manufacturing, primarily lower manufacturing volumes as compared to recent quarters, scrap caused by a quality issue with a purchased material, and the shift of costs formerly associated with Re-Tain®,” explained Mr. Fiori. “The lower output this quarter was aligned with lower sales volumes, as we were able to meet demand and expand finished goods inventory. Additionally, we made process changes in our manufacturing process to increase yields in future quarters.”

ImmuCell recently announced the start of a capacity expansion investment to build its scalable manufacturing capability and ensure continued reliable supply of First Defense® using facilities and equipment associated with the discontinued Re-Tain® development program. “We previously announced an approximately $3.5 million investment in freeze-drying capacity that we expect to complete in the first half of 2027,” said Mr. Fiori. “In a second phase, we plan to invest approximately $4.5 million in our First Defense® colostrum liquid processing capacity to keep pace with demand. This phase is expected to take approximately six additional months. Currently, we intend to finance these expansions with cash on hand and cash from operations.”

“Our strong commercial results reflect the benefits of restored product availability, investments in our commercial team and product portfolio, and a favorable domestic calf market,” said Olivier te Boekhorst, President and CEO. “We have been highly focused on ensuring reliable product supply and we are now well-positioned to meet customer demand while we execute a major capacity expansion program. Over the next 18 months, we expect to triple our capacity and improve long-term product economics. With greater confidence in our ability to meet customer demand, we are now prioritizing product cost improvements and strengthening colostrum sourcing capabilities to support scalable growth.”

Certain Financial Results:

● Second quarter 2026 product sales increased 11.5%, to approximately $7.2 million, compared to the quarter ended June 30, 2025.

● Second quarter 2026 gross margin declined to 33.9% of product sales compared to 43.7% during the quarter ended June 30, 2025.

● Net income was $1.8 million, or $0.20 per diluted share, during the quarter ended June 30, 2026 compared to a net income of $0.5 million, or $0.06 per basic share, during the quarter ended June 30, 2025.

● Adjusted EBITDA (calculation methodology shown below) was $2.7 million in the three months ended June 30, 2026, as compared to $1.4 million in the three months ended June 30, 2025.

● During the three-month period ended June 30, 2026, ImmuCell received a legal settlement payment of $2 million from our former Re-Tain® contract manufacturer, which contributed to reported net income and adjusted EBITDA.

Balance Sheet Data as of June 30, 2026:

● Cash and cash equivalents increased to $8.9 million as of June 30, 2026, from $3.8 million as of December 31, 2025, such increase benefiting in part from the $2 million settlement payment.

● Net working capital increased to approximately $16.6 million as of June 30, 2026 from $13.0 million as of December 31, 2025.

● Stockholders’ equity increased to $31.4 million as of June 30, 2026 from $27.1 million as of December 31, 2025.

Condensed Statements of Income (Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except per share amounts)		2026				2025				2026				2025
Product sales		$	7,186			$	6,445			$	17,543			$	14,512
Costs of goods sold			4,749				3,627				10,449				8,340
Gross profit			2,437				2,818				7,094				6,172
Sales, marketing and administrative expenses			2,382				1,416				4,753				2,896
Product development expenses			120				832				437				1,589
Other operating income			(2,000	)			-				(2,000	)			-
Operating expenses			502				2,248				3,190				4,485
NET OPERATING INCOME			1,935				570				3,904				1,687
Other (expenses) income, net			(54	)			(66	)			(70	)			266
INCOME BEFORE INCOME TAXES			1,881				504				3,834				1,953
Income tax expense			46				2				58				4
NET INCOME		$	1,835			$	502			$	3,776			$	1,949
Basic weighted average common shares outstanding			9,065				9,031				9,055				9,006
Basic net income per share		$	0.20			$	0.06			$	0.42			$	0.22
Diluted weighted average common shares outstanding			9,189				9,031				9,127				9,006
Diluted net income per share		$	0.20			$	0.06			$	0.41			$	0.22

Selected Balance Sheet Data (In thousands) (Unaudited)

		As of				As of
		June 30, 2026				December 31, 2025
Cash and cash equivalents		$	8,860			$	3,807
Inventory		$	9,078			$	9,267
Net working capital		$	16,644			$	12,967
Total assets		$	46,630			$	42,532
Stockholders' equity		$	31,375			$	27,055

Selected Cash Flow Data (In thousands) (Unaudited)

		Six Months Ended June 30,
		2026				2025
Operating Activities		$	6,592			$	3,175
Investing Activities			(901	)			(455	)
Financing Activities			(638	)			(480	)
Net Change in Cash			5,053				2,240
Cash at Beginning of Period			3,807				3,758
Cash at End of Period		$	8,860			$	5,998

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 June 30,								Six Months Ended June 30,
(In thousands)		2026				2025				2026				2025
Net income		$	1,835			$	502			$	3,776			$	1,949
Income tax expense			46				2				58				4
Interest expense (excluding debt issuance and debt discount costs)			92				114				189				231
Depreciation			471				663				999				1,335
Amortization (including debt issuance and debt discount costs)			3				16				7				31
Stock-based compensation expense			240				67				378				119
Adjusted EBITDA		$	2,687			$	1,364			$	5,407			$	3,669

During the six-month period ended June 30 2026, we received a legal settlement payment of $2 million from our former Re-Tain® CMO, which is part of reported net income and also adjusted EBITDA. 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.

First Defense® Capacity Expansion:

In late December 2025 and early January 2026, we announced our plan to convert the former Re-Tain® facilities and most of the related equipment for increased production of our First Defense® product line. In June 2026, our Board of Directors authorized a manufacturing capacity expansion program to execute that strategy.

The first phase expands drying capacity by renovating the former Re-Tain® facility and adding a new freeze dryer with greater capacity and reliability than our current freeze-drying equipment. This phase is expected to take approximately 12 months and cost approximately $3.5 million. In a second phase, we plan to repurpose Re-Tain® equipment and add additional equipment and automation to expand our First Defense® colostrum liquid processing capacity. The second phase will involve additional investments, including for detailed engineering work to develop an efficient and scalable process. This phase is expected to take approximately six months and cost approximately $4.5 million.

The goal of these capacity expansion investments is to further strengthen our ability to reliably manufacture First Defense® products to meet expected customer demand.

Webcast / Conference Call:

The Company will host a conference call and webcast on August 14, 2026, at 9:00 AM ET to review the unaudited financial results for the quarter ended June 30, 2026. 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/EQx8PqBGe36

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 August 21, 2026, by dialing (855) 669-9658 (toll free) or (412) 317-0088 (international) and utilizing replay access code #8659150.

A webcast replay will also be available at: https://app.webinar.net/EQx8PqBGe36

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; and cost recoveries on Re-Tain® equipment no longer in service;

● capital expenditures, contractual commitments, and the anticipated sources and uses of cash to fund them;

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

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 150.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB