ImmuCell (ICCC) investor relations material

Executive summary

• Revenue for Q2 2026 increased 11.5% year-over-year to $7.2 million, driven by higher sales volumes, price increases, and strong demand for First Defense® and Tri-Shield® products.

• Net income rose to $1.8 million ($0.20/share), up from $0.5 million in Q2 2025, aided by a $2 million legal settlement from a former contract manufacturer.

• Investments in leadership, sales force, and manufacturing, along with restored product availability, supported commercial success and market share gains.

• Distributor volume growth accelerated, and First Defense® market share increased in both animals treated and producer spending.

• Capacity expansion is underway to more than triple manufacturing capability and improve long-term product costs.

Financial highlights

• Q2 2026 product sales reached $7.2M, up 11.5% year-over-year; six-month sales were $17.5M, up 20.9%.

• Gross margin declined to 33.9% from 43.7% in Q2 2025, impacted by higher costs, lower output, and cost reallocation.

• Net income for Q2 2026 was $1.8M ($0.20/share), up from $0.5M ($0.06/share) in Q2 2025; six-month net income was $3.8M vs. $1.9M prior year.

• Adjusted EBITDA for Q2 2026 was $2.7M, up from $1.4M in Q2 2025; six-month adjusted EBITDA was $5.4M vs. $3.7M.

• Cash and cash equivalents increased to $8.9M as of June 30, 2026, from $3.8M at year-end 2025; stockholders’ equity rose to $31.4M.

Outlook and guidance

• Capacity expansion projects totaling $8M are expected to be completed by end of 2027, tripling capacity and reducing processing time.

• Focus remains on yield improvement, cost reduction, and strengthening colostrum sourcing to support scalable growth.

• International growth is a long-term opportunity, with new leadership and proactive strategy.