Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.30M | $5.84M | $4.16M | $9.86M | $4.05M | $892K | $107K | $7.38M | $28.7M | $237M |
| Revenue growth | — | -37.2% | -28.8% | 137.1% | -59.0% | -78.0% | -88.0% | 6796.3% | 288.9% | 726.7% |
| Operating income | -$25.2M | -$10.0M | -$21.8M | -$15.8M | -$30.2M | -$72.8M | -$115M | -$83.3M | -$66.3M | $18.1M |
| Operating margin | -271.0% | -171.5% | -523.1% | -160.1% | -745.7% | -8156.1% | -107090.7% | -1129.5% | -231.0% | 7.6% |
| Net income | -$25.4M | -$9.58M | -$18.0M | -$18.6M | -$32.2M | -$70.5M | -$108M | -$82.5M | -$66.9M | $16.3M |
| Net margin | -273.1% | -164.1% | -433.0% | -189.1% | -796.3% | -7900.2% | -100708.4% | -1117.6% | -233.3% | 6.9% |
| EPS (diluted) | -$0.66 | -$0.76 | -$2.90 | -$0.86 | -$0.36 | -$0.58 | — | — | -$0.33 | $0.07 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.1M | -$10.0M | -$14.5M | -$13.1M | -$23.8M | -$59.8M | -$94.8M | -$70.5M | -$44.8M | $7.71M |
| Capital expenditures | $200K | $117K | $707K | $850K | $1.22M | $5.16M | $9.60M | $1.87M | $554K | $145K |
| Free cash flow | -$14.3M | -$10.2M | -$15.3M | -$13.9M | -$25.0M | -$65.0M | -$104M | -$72.3M | -$45.3M | $7.57M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $8.40M | $1.57M | $11.5M | $13.5M | $127M | $144M | $46.0M | $34.8M | $25.2M | $53.8M |
| Total assets | $72.7M | $4.52M | $35.2M | $37.0M | $153M | $221M | $154M | $91.8M | $166M | $186M |
| Total liabilities | $26.5M | $43.2M | $24.0M | $24.1M | $29.2M | $33.6M | $43.3M | $34.0M | $107M | $98.3M |
| Long-term debt | — | $15.9M | $17.7M | — | — | — | — | — | — | — |
| Shareholders' equity | -$29.6M | -$38.7M | $11.2M | $13.0M | $123M | $188M | $111M | $57.8M | $58.9M | $87.8M |
| Retained earnings | -$134M | -$80.0M | -$98.0M | -$117M | -$149M | -$219M | -$327M | -$410M | -$477M | -$460M |
| Shares (wtd avg diluted) | 38.6M | 38.6M | 7.14M | 48.3M | 110M | 121M | 128M | 145M | 202M | 230M |
Every figure is extracted from Vaxart, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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