Co-Diagnostics (CODX) Q4 2025 earnings summary

Executive summary

• Achieved relisting on Nasdaq after a temporary disruption, maintaining focus on execution and growth initiatives.

• Revenue declined to $0.6 million for 2025 from $3.9 million in 2024, mainly due to lower grant revenue.

• Net loss widened to $46.9 million, or $35.25 per share, compared to $37.6 million, or $37.22 per share, in 2024, primarily due to intangible asset impairment charges.

• Significant progress in global commercialization, clinical pipeline, and regulatory milestones, including joint ventures in India and Saudi Arabia.

• Expanded AI-driven capabilities and strengthened intellectual property portfolio with new patents in Australia and Japan.

Financial highlights

• Full-year 2025 revenue was $0.6M, down from $3.9M in 2024, mainly due to lower grant revenue.

• Product revenue was $0.4M, compared to $0.8M in 2024.

• Operating expenses rose to $50.6M from $43.0M, driven by an $18.9M non-cash impairment charge.

• Adjusted EBITDA loss improved to $28.0M from $33.5M year-over-year.

• Gross profit for 2025 was $222,377, down from $999,124 in 2024.

Outlook and guidance

• Preparing for commercialization of the diagnostics platform in 2026, with a focus on regulatory submissions and clinical evaluations.

• Initial FDA 510(k) submission for upper respiratory test will focus on flu A, flu B, and RSV, with flexibility to add COVID if needed.

• Continued operating losses expected in the near term; evaluating financing alternatives and non-dilutive funding.