ImmuCell (ICCC) investor relations material

Executive summary

• Achieved record Q1 2026 revenue of $10.4 million, up 28.4% year-over-year, driven by strong product sales, high seasonal demand in the cow-calf segment, and manufacturing improvements.

• Net income rose 34% to $1.9 million ($0.21 per share), with EPS up from $0.16, reflecting margin expansion and operational efficiencies.

• Tri-Shield and First Defense® led growth, with Tri-Shield sales up 38.5% and First Defense® accounting for nearly 80% of category dollar expansion.

• Domestic sales surged 35.7%, while international sales declined 30.2%, now representing 6% of total sales.

• Settled all disputes with a former contract manufacturer, resulting in a $2 million payment to be used for capacity expansion.

Financial highlights

• Product sales reached $10.4 million, up from $8.1 million in Q1 2025, with gross profit at $4.7 million and gross margin improving to 45% from 41.6% year-over-year.

• Operating income rose to $2.0 million, and EBITDA increased to $2.6 million from $2.3 million year-over-year.

• Cash and cash equivalents increased to $6.8 million as of March 31, 2026, with free cash flow of $3.4 million.

• Inventory decreased to $8.7 million, and net working capital rose to $15 million.

• Debt outstanding decreased to $8.7 million, with no draws on the $1 million line of credit.

Outlook and guidance

• Focus remains on expanding First Defense® capacity, yield, and commercial execution to meet strong demand, with ongoing investments in manufacturing and sales force.

• Revenue expected to moderate mid-year as seasonal demand subsides and due to the impact of a large backorder cleared in Q2 2025.

• International expansion is a strategic priority, with disciplined market entry and regulatory planning underway.