Q2 FY2026
Filed Sep 30, 2026CollPlant reported lower second-quarter revenue and a wider gross loss, while reducing operating expenses and completing a post-quarter-end strategic acquisition of LightSolver.
Second-quarter GAAP revenue fell to $108,000 from $179,000, while GAAP gross loss widened to $456,000 from $7,000. Cost reductions reduced GAAP operating expenses to $2.2 million from $3.2 million and narrowed GAAP net loss to $2.7 million from $3.3 million, but the six-month results were affected by the absence of a $2.0 million development milestone recognized in 2025 and cash used in operations increased to $5.4 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q2 2026 GAAP revenuesGAAP | $108,000 | – | – |
| Six months ended June 30, 2026 GAAP revenuesGAAP | $181,000 | – | – |
| Q2 2026 GAAP cost of revenuesGAAP | $564,000 | – | increase of approximately $378,000 |
| Six months ended June 30, 2026 GAAP cost of revenuesGAAP | $880,000 | – | increase of approximately $506,000 |
| Q2 2026 GAAP gross lossGAAP | $456,000 | – | – |
| Six months ended June 30, 2026 GAAP gross lossGAAP | $699,000 | – | – |
| Q2 2026 GAAP research and development expensesGAAP | $ 1,165 (U.S. dollars in thousands) | – | – |
| Q2 2026 GAAP general, administrative and marketing expensesGAAP | $ 1,012 (U.S. dollars in thousands) | – | – |
| Q2 2026 GAAP operating expensesGAAP | $2.2 million | – | decrease of approximately $1.0 million |
| Q2 2026 non-GAAP operating expensesnon-GAAP | $2.1 million | – | – |
| Six months ended June 30, 2026 GAAP operating expensesGAAP | $5.0 million | – | decrease of approximately $1.6 million |
| Six months ended June 30, 2026 non-GAAP operating expensesnon-GAAP | $4.8 million | – | – |
| Q2 2026 GAAP operating lossGAAP | $ 2,633 (U.S. dollars in thousands) | – | – |
| Q2 2026 non-GAAP operating lossnon-GAAP | $ 2,507 (U.S. dollars in thousands) | – | – |
| Six months ended June 30, 2026 GAAP operating lossGAAP | $ 5,748 (U.S. dollars in thousands) | – | – |
| Six months ended June 30, 2026 non-GAAP operating lossnon-GAAP | $ 5,466 (U.S. dollars in thousands) | – | – |
| Q2 2026 GAAP financial expenses, netGAAP | $93,000 | – | – |
| Six months ended June 30, 2026 GAAP financial expenses, netGAAP | $75,000 | – | – |
| Q2 2026 GAAP net lossGAAP | $2.7 million | – | – |
| Q2 2026 GAAP basic loss per shareGAAP | $1.89 basic loss per share | – | – |
| Q2 2026 non-GAAP net lossnon-GAAP | $2.4 million | – | – |
| Q2 2026 non-GAAP basic loss per sharenon-GAAP | $1.69 basic loss per share | – | – |
| Six months ended June 30, 2026 GAAP net lossGAAP | $5.8 million | – | – |
| Six months ended June 30, 2026 GAAP basic loss per shareGAAP | $4.13 basic loss per share | – | – |
| Six months ended June 30, 2026 non-GAAP net lossnon-GAAP | $5.4 million | – | – |
| Six months ended June 30, 2026 non-GAAP basic loss per sharenon-GAAP | $3.81 basic loss per share | – | – |
What drove it
- Second-quarter revenue decreased primarily due to lower sales of rhCollagen-based products.
- The six-month revenue decrease was primarily attributable to a $2.0 million development milestone payment from a former business collaborator recognized as revenue in 2025 that did not recur in 2026.
- Higher cost of revenues primarily reflected lower utilization of production facilities and inventory write-downs recorded during the period.
- The operating-expense reduction reflected the cost reduction plan, including lower personnel-related and share-based compensation expenses, reduced manufacturing and facility costs allocated to research and development, and lower professional-service expenses.
- The acquisition of LightSolver was signed and completed after June 30, 2026; therefore, the presented three- and six-month results do not include LightSolver operations.
- Joint LightSolver and HLRS research published in ACM proceedings demonstrated projected time-to-solution acceleration ranging from approximately 40× to more than 80,000× compared with state-of-the-art GPU-based algorithms, depending on the benchmark problem and algorithm evaluated.
Concerns
- Revenue was $108,000 in the second quarter and $181,000 for the six months ended June 30, 2026.
- GAAP gross loss widened to $456,000 in the second quarter from a gross loss of $7,000 in the prior-year quarter.
- Six-month GAAP net loss increased to $5.8 million from $4.8 million.
- Cash used in operating activities increased to $5.4 million from $3.6 million, primarily reflecting the nonrecurrence of the $2.0 million 2025 development milestone payment.
- Cash and cash equivalents were $2.6 million as of June 30, 2026.
- The company identified risks relating to integration of LightSolver, realization of acquisition benefits, technological and commercial milestones, market adoption, strategic collaborations, capital availability and Nasdaq listing compliance.
What to watch
- Commercialization and market adoption of LightSolver’s Laser Processing Unit technology following the September 2026 acquisition.
- Progress in establishing strategic partnerships for the plant-derived rhCollagen platform in medical aesthetics and 3D bioprinting of tissues and organs.
- Sales of rhCollagen-based products and production-facility utilization.
- Operating cash use and the contribution of the July private-placement proceeds and August and September warrant-exercise proceeds.
- Execution of the cost reduction plan and its effect on research and development activity and operating expenses.
Balance sheet and cash flow
- Cash and cash equivalents as of June 30, 2026, were $2.6 million.
- Cash and cash equivalents were $ 2,559 (U.S. dollars in thousands) as of June 30, 2026, compared with $ 5,591 (U.S. dollars in thousands) as of December 31, 2025.
- Total assets were $ 7,197 (U.S. dollars in thousands) as of June 30, 2026, compared with $ 10,785 (U.S. dollars in thousands) as of December 31, 2025.
- Total liabilities were $ 4,252 (U.S. dollars in thousands) as of June 30, 2026, compared with $ 4,704 (U.S. dollars in thousands) as of December 31, 2025.
- Total shareholders’ equity was $ 2,945 (U.S. dollars in thousands) as of June 30, 2026, compared with $ 6,081 (U.S. dollars in thousands) as of December 31, 2025.
- Cash used in operating activities during the six months ended June 30, 2026, was $5.4 million compared to $3.6 million during the six months ended June 30, 2025.
- Cash provided by investing activities during the six months ended June 30, 2026, was $8,000 compared to cash used in investing activities of $11,000 during the six months ended June 30, 2025.
- Cash provided by financing activities during the six months ended June 30, 2026, was $2.3 million compared to $3.1 million during the six months ended June 30, 2025.
- Net decrease in cash and cash equivalents for the six months ended June 30, 2026 was $ 3,032 (U.S. dollars in thousands), compared with $ 475 (U.S. dollars in thousands) in 2025.
- Cash provided by financing activities in 2026 consisted of $1.7 million of net proceeds from the February 2026 registered direct offering and $0.6 million of net proceeds received on account of securities to be issued under the June 2026 private placement.
- Subsequent to June 30, 2026, the private placement was completed on July 6, 2026, and the Company received the remaining $1.94 million of gross proceeds.
- During August and September 2026, certain shareholders exercised Series B warrants and pre-funded warrants, resulting in aggregate proceeds to the Company of approximately $5.2 million.
Analysis
CollPlant’s second-quarter operating performance remained weak at the revenue and gross-profit levels. GAAP revenue was $108,000, compared with $179,000 in the second quarter of 2025, primarily due to lower sales of rhCollagen-based products. GAAP cost of revenues increased to $564,000 from $186,000, driven mainly by lower production-facility utilization and inventory write-downs. Consequently, GAAP gross loss was $456,000, compared with a gross loss of $7,000 a year earlier.
The company reduced its operating cost base. GAAP operating expenses declined to $2.2 million from $3.2 million, while non-GAAP operating expenses declined to $2.1 million from $2.8 million. Management attributed the reduction to its cost reduction plan, including lower personnel-related and share-based compensation costs, reduced manufacturing and facility costs allocated to research and development, and lower professional-service costs. GAAP net loss narrowed to $2.7 million, or $1.89 basic loss per share, from $3.3 million, or $2.83 basic loss per share.
The six-month comparison was more challenging. GAAP revenue was $181,000 compared with $2.2 million in the prior-year period, when the company recognized a $2.0 million development milestone payment from a former business collaborator that did not recur in 2026. Six-month GAAP gross loss was $699,000 versus gross profit of $1.9 million, and GAAP net loss was $5.8 million versus $4.8 million. Non-GAAP net loss was $5.4 million, compared with $3.9 million.
Liquidity and financing warrant close attention. Cash and cash equivalents were $2.6 million as of June 30, 2026, while cash used in operating activities during the first six months was $5.4 million, compared with $3.6 million a year earlier. The company received $1.7 million of net proceeds from a February registered direct offering and $0.6 million on account of the June private placement during the six-month period. After quarter end, it received remaining gross private-placement proceeds of $1.94 million and approximately $5.2 million from certain Series B warrant and pre-funded warrant exercises during August and September.
The strategic focus changed after quarter end with the September 2026 acquisition of LightSolver, which was not included in the reported financial results. Management is positioning the acquired laser-based pure photonic computing technology as an additional technology portfolio alongside regenerative medicine. The release provided no financial outlook, so the next evidence points are LightSolver commercialization milestones, integration, rhCollagen product sales, strategic partnerships and the company’s operating cash use.
Management, verbatim
The acquisition of LightSolver marks CollPlant’s strategic entry into high-performance computing (HPC) and photonics computing markets, alongside our regenerative medicine activities. LightSolver’s pioneering LPU technology, recently validated in a peer-reviewed study with Germany’s HLRS demonstrating acceleration of fundamental HPC workloads by up to 80,000 times, provides an exciting opportunity to diversify our portfolio and create long-term shareholder value. We are also pleased to welcome LightSolver co-founder Dr. Ruti Ben Shlomi to our Board, bringing deep scientific and entrepreneurial expertise as we advance the technology toward commercialization.
Yehiel Tal, Chief Executive Officer
Concurrently, we remain committed to our leadership in regenerative medicine. We are actively advancing our proprietary plant-derived rhCollagen platform and continue to dedicate significant resources toward establishing strategic partnerships with leading global players to utilize our technology in medical aesthetics and 3D bioprinting of tissues and organs.
Yehiel Tal, Chief Executive Officer
Not in the filing
stated, not guessed- Forward financial guidance for revenue, gross margin, operating expenses, tax rate or other metrics was not provided.
- Previous-release outlook was not provided.
- Gross margin was not reported.
- Debt was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported.
- Capital returns, including dividends and share repurchases, were not reported.
- Reportable segment revenue was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.