Microbix Biosystems (MBX) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue rose 17% year-over-year to $4.1 million, reflecting recovery efforts after client losses in 2025 and nearing the 20% target.

• Antigen sales rose 20% and QAPs sales increased 13% year-over-year in Q3.

• Gross margin improved to 54% from 41% in the prior year Q3, driven by product mix and manufacturing efficiencies.

• Net loss for Q3 was $806,762, a significant improvement from $1,642,776 in Q3 2025, controlled by strict cost controls.

• Strong cash position with CAD 7.2 million and ongoing share buybacks.

Financial highlights

• Q3 revenue grew 17% year-over-year, with both antigens and QAPs contributing.

• Gross margin reached 54%, up from 41% in Q3 last year; YTD gross margin declined to 48% from 56%.

• Operating expenses decreased 2% year-over-year in Q3 and YTD.

• Net loss for the quarter was $806,762 (CAD 800,000).

• Cash balance at quarter-end was CAD 7.2 million.

Outlook and guidance

• Management expects full-year 2026 results in line with current guidance, aiming to rebuild sales above breakeven.

• Expect continued year-over-year and sequential revenue growth in Q4, with a focus on new client acquisition and margin improvement.

• Targeting a return to break-even and reduced net cash usage.

• Anticipate stronger Q4 performance and further progress on major projects.

• Focus remains on expanding diagnostics and advancing the Kinlytic® urokinase drug program.