Co-Diagnostics Reports Third Quarter 2026 Financial Results
Co-Diagnostics, Inc. (CODX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Co-Diagnostics Reports Third Quarter 2026 Financial Results Two Regulatory Submissions Under Review in India and the U.S. Third Quarter Operating Expenses Down 12% Year Over Year Platform Capabilities Expanding with ReadyGo Collaboration, India Connectivity and Vecto
How this was made
The 30-second read
Why it matters
The earnings release provides fresh quantitative data and highlights regulatory progress, which may influence short‑term price action.
Market read
Micro‑cap earnings with regulatory milestones; likely short‑term price impact for traders.
What to watch
Cash burn reduction and 45% automation gain in manufacturing may improve margins if scaled.
Co-Diagnostics reports Q3 2026 revenue of $0.3 million, net loss of $6.3 million ($1.01 per share), and cash of $0.7 million at September 30, 2026
Revenue is minimal, gross profit is negative, the net loss is $6.3 million, and cash of $714,803 is set against a subsequent convertible debt financing. Operating expenses fell 12% year over year, but the filing shows no revenue base large enough to offset them, and the forward-looking statements list the ability to continue as a going concern as a risk.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026 (three months ended Sep 30)GAAP | $282,881 | – | – |
| Product revenue, Q3 2026GAAP | $282,881 | – | – |
| Cost of revenue, Q3 2026GAAP | $303,344 | – | – |
| Gross profit (loss), Q3 2026GAAP | $(20,463) | – | – |
| Sales and marketing expense, Q3 2026GAAP | $579,902 | – | – |
| General and administrative expense, Q3 2026GAAP | $1,871,838 | – | – |
| Research and development expense, Q3 2026GAAP | $3,574,784 | – | – |
| Depreciation and amortization expense, Q3 2026GAAP | $222,363 | – | – |
| Total operating expenses, Q3 2026GAAP | $6,248,887 | – | Operating expenses of $6.2 million compared with $7.1 million; the release states a decline of 12% year over year (headline) |
| Loss from operations, Q3 2026GAAP | $(6,269,350) | – | – |
| Interest income, net, Q3 2026GAAP | $3,123 | – | – |
| Loss before income taxes, Q3 2026GAAP | $(6,305,908) | – | – |
| Income tax provision (benefit), Q3 2026GAAP | $500 | – | – |
| Net loss, Q3 2026GAAP | $(6,306,408) | – | – |
| Comprehensive loss, Q3 2026GAAP | $(6,306,408) | – | – |
| Net loss per common share, basic and diluted, Q3 2026GAAP | $(1.01) | – | – |
| Adjusted EBITDA loss, Q3 2026non-GAAP | $(5,891,839) | – | – |
| Total operating expenses, nine months ended Sep 30, 2026GAAP | $21.7M | – | – |
| Net cash used in operating activities, nine months ended Sep 30, 2026GAAP | $20.7M | – | – |
| Cash and cash equivalents, Sep 30, 2026GAAP | $714,803 | – | – |
| Total assets, Sep 30, 2026GAAP | $12,791,848 | – | – |
| Total stockholders' equity, Sep 30, 2026GAAP | $9,425,279 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product revenueThe release prints product revenue of $282,881 against $145,380 in Q3 2025 but gives no driver for the change. It is the only revenue line presented. | $282,881 | – | – |
Capital returns
- No share repurchases or dividends are reported in the release. Treasury stock is printed at $(15,575,795) with 161,623 shares held at both September 30, 2026 and December 31, 2025.
What drove it
- The company states that Q3 2026 operating expenses decreased primarily due to decreased personnel and stock-based compensation expense and lower Co-Dx PCR platform development expense, partially offset by higher legal and professional services expense.
- The company states that the year-over-year increase in net loss was primarily attributable to an income tax benefit recognized in the prior-year period, partially offset by reduced operating expenses.
- Operating expenses are printed at $6,248,887 against $7,132,943. R&D fell from $4,480,678 to $3,574,784.
- Regulatory activity in the quarter: a 510(k) premarket notification and concurrent CLIA Waiver by Application were submitted to the FDA in August for the Co-Dx PCR Flu A/B & RSV test on the Co-Dx PCR Pro instrument. The CoSara PCR MTB tuberculosis test was submitted to India's CDSCO after a clinical performance study of 676 clinical samples.
Concerns
- Gross profit is printed as $(20,463) against cost of revenue of $303,344 on revenue of $282,881. The release does not explain the cost level.
- Cash and cash equivalents were $714,803 at September 30, 2026. The company then completed a convertible debt financing with initial funding of approximately $2.1 million before transaction expenses.
- The net loss of $6,306,408 is slightly larger than the prior-year net loss of $5,886,823. The company attributes the year-over-year change to the prior-year tax benefit, partly offset by lower operating expenses.
- The forward-looking statements list the ability to obtain additional capital, maintain sufficient liquidity, and continue as a going concern among the risks.
What to watch
- The FDA review of the Co-Dx PCR Flu A/B & RSV 510(k) and concurrent CLIA Waiver by Application submitted in August 2026.
- The CDSCO review of the CoSara PCR MTB tuberculosis test submitted in India.
- Use of the approximately $2.1 million initial convertible debt funding and the conditions for the up to $1.0 million additional amount.
- Revenue and gross profit trends, given revenue of $282,881 and a negative gross profit in the quarter.
- Vector Smart installations and the Ute Indian Tribe mosquito surveillance order, which the release mentions but does not quantify.
Balance sheet and cash flow
- Cash and cash equivalents were $714,803 at September 30, 2026, against $11,884,607 at December 31, 2025.
- Total assets were $12,791,848 at September 30, 2026, against $24,742,585 at December 31, 2025.
- Total liabilities were $3,366,569 at September 30, 2026, against $4,113,921 at December 31, 2025.
- Total stockholders' equity was $9,425,279 at September 30, 2026, against $20,628,664 at December 31, 2025. Accumulated deficit was $(102,103,771) against $(80,373,539).
- Nine-month net cash used in operating activities was $20.7 million, against $22.9 million in the prior-year period.
- Subsequent to quarter end, the company completed a senior secured convertible debt financing with J.J. Astor & Co., with approximately $2.1 million in initial funding before other transaction expenses and up to an additional $1.0 million available subject to specified conditions.
Analysis
Co-Diagnostics reported Q3 2026 revenue of $282,881 in product revenue, against $145,380 in the same quarter of 2025. Cost of revenue of $303,344 exceeded revenue, which left gross profit at $(20,463) against $119,095 a year earlier. The release does not print a gross margin percentage or explain the cost of revenue increase, so the margin trend is set side by side here rather than interpreted.
Operating expenses were $6,248,887 against $7,132,943, and the company attributes the decline primarily to lower personnel and stock-based compensation and lower Co-Dx PCR platform development expense, partly offset by higher legal and professional services expense. R&D was the largest line at $3,574,784, down from $4,480,678. G&A was $1,871,838, up from $1,815,945. Loss from operations was $(6,269,350) against $(7,013,848). Net loss was $(6,306,408), or $(1.01) per basic and diluted share, against a net loss of $(5,886,823), or $(4.66) per share, in the prior-year quarter. The company states that the year-over-year increase in the net loss was primarily attributable to an income tax benefit of $(1,166,593) recognized in the prior-year period, partly offset by reduced operating expenses. Adjusted EBITDA, a non-GAAP measure, was $(5,891,839) against $(6,301,839).
On a nine-month basis, operating expenses were $21.7 million against $23.9 million, and net cash used in operating activities was $20.7 million against $22.9 million. Cash and cash equivalents were $714,803 at September 30, 2026, against $11,884,607 at December 31, 2025, and stockholders' equity fell to $9,425,279 from $20,628,664. The subsequent convertible debt financing with J.J. Astor & Co. provides approximately $2.1 million before transaction expenses, with up to $1.0 million more subject to conditions.
The release carries no financial guidance, so there is no outlook to measure the quarter against. Management's emphasis is on regulatory and operational milestones: the FDA 510(k) for the Flu A/B & RSV test, the CDSCO submission for the TB test, the India cloud launch, the ReadyGo collaboration, and Vector Smart installations. The release says the Co-Dx PCR platform is not yet available for sale. The reported figures show limited revenue and a large cash burn, so the regulatory progress described is not yet reflected in the reported results.
Management, verbatim
"The third quarter was a period of significant regulatory and operational progress for Co-Diagnostics," said Dwight Egan, Chief Executive Officer of Co-Diagnostics. "CoSara completed its clinical performance study for our point-of-care tuberculosis test and submitted it to India's Central Drugs Standard Control Organization (CDSCO), and together with our August FDA 510(k) submission for the Flu A/B & RSV test, we now have two regulatory submissions under review in two important markets for our platform. We also launched our cloud and mobile infrastructure in India, began evaluating blood-based testing with ReadyGo, and completed the first international deployment of Vector Smart. With our submissions in India and the U.S. under review, our focus is on supporting those reviews, advancing our feasibility work with ReadyGo and continuing to grow Vector Smart."
Dwight Egan, Chief Executive Officer, Co-Diagnostics
Not in the filing
stated, not guessed- Company financial guidance for Q4 2026 or FY 2026 (none printed in the release).
- Gross margin percentage for Q3 2026 and Q3 2025.
- Year-over-year and sequential percentage changes for revenue, operating expenses, and net loss.
- Prior-quarter (Q2 2026) financial results for sequential comparison.
- Share-count-based adjusted figures and per-share amounts for the prior-year quarter beyond the printed $(4.66) loss per share.
- Quarterly operating cash flow and free cash flow for Q3 2026 (only nine-month operating cash use is printed).
- Prior-year (December 31, 2025) comparative figures for the period-end balance sheet are printed but are not a same-period quarterly comparison, so they are not placed in prior_year fields.
- Terms, interest rate, and maturity of the J.J. Astor & Co. convertible debt financing.
- Consensus estimates, analyst expectations, and share-price reaction (not in the documents).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Co‑Diagnostics, Inc. (NASDAQ: CODX) filed an 8‑K reporting its Q3 2026 financial results and operational updates.
Ticker impact
Q3 2026 results: $0.3M revenue, $6.3M operating loss, $0.7M cash, new FDA 510(k) submission and senior secured convertible debt financing.
likely downward pressure as investors price in the loss and limited cash runway
Losses remain large relative to cash; however, regulatory progress and new financing may temper the sell‑off.
Market effects
Highlights ongoing challenges for small‑cap molecular diagnostics firms in scaling revenue while managing high R&D spend.
Limited impact; the company is US‑based with modest exposure to Indian regulatory review.
Minimal; the filing is a micro‑cap earnings release without broader market implications.
Counterpoint
The regulatory milestones and new financing could enable a turnaround, making the stock a potential rebound play.
Key entities
- companyCo‑Diagnostics, Inc.
Molecular diagnostics firm reporting Q3 2026 results.
- investorJ.J. Astor & Co.
Provider of senior secured convertible debt financing to CODX.
