Arcturus Therapeutics Holdings Inc. (ARCT) Income Statement
ARCT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsARCT revenue and net income
Where ARCT's revenue goes
2025Each bar shows an amount and its share of revenue. ARCT kept −97.9% of revenue as net income.
ARCT profit margins
ARCT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −51.4% | −31.1% | +47.8% | +27.0% |
| Gross profit | −53.6% | −32.2% | — | +26.6% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ARCT quarterly EPS vs estimates
Arcturus Therapeutics beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.60).
ARCT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.2M | $138.4M | $157.7M | $205.8M | $12.4M | $9.5M | $20.8M | $15.8M | $13.0M | $20.4M |
| Cost of revenue | $3.0M | $3.5M | $3.0M | $143.1M | $173.8M | $55.9M | $32.4M | $17.0M | $410,000 | $294,000 |
| Gross profit | $64.2M | $138.4M | $157.7M | $205.8M | $12.4M | −$46.4M | $20.8M | −$1.2M | $12.6M | $20.1M |
| Research & development | $112.2M | $195.2M | $192.1M | $147.8M | $173.8M | $57.8M | $33.6M | $17.0M | $15.9M | $18.4M |
| Sales, general & admin | $46.1M | $52.8M | $52.9M | $46.1M | $41.5M | $23.2M | $12.7M | $20.6M | $7.6M | $5.4M |
| Total operating expenses | $139.2M | $234.1M | $236.0M | $193.6M | $215.2M | $25.1M | $46.3M | $37.6M | $23.5M | $25.2M |
| Operating income | −$75.0M | −$95.7M | −$78.2M | $12.2M | −$202.9M | −$71.5M | −$25.5M | −$21.8M | −$10.5M | −$25.2M |
| Interest income | $10.1M | $15.2M | $12.3M | $2.6M | $753,000 | $470,000 | $408,000 | $514,000 | $89,000 | $798,000 |
| Interest expense | $9,000 | $0 | $767,000 | $3.0M | $2.7M | $831,000 | $854,000 | $186,000 | $150,000 | $295,000 |
| Income before taxes | −$65.8M | −$80.9M | −$27.9M | $10.6M | −$203.7M | −$72.1M | −$26.0M | −$21.8M | −$10.9M | −$24.5M |
| Income taxes | −$75.9M | −$4,000 | $1.8M | $1.3M | $3.2M | −$784,000 | −$270,000 | $212,000 | $1,000 | $73,000 |
| Net income | −$65.8M | −$80.9M | −$29.7M | $9.3M | −$203.7M | −$72.1M | −$26.0M | −$21.8M | −$10.9M | −$24.6M |
| EBITDA | −$62.8M | −$77.4M | −$24.2M | $15.2M | −$199.8M | −$70.6M | −$24.5M | −$20.7M | −$10.3M | −$947,000 |
| EPS (diluted) | −$2.38 | −$3.01 | −$2.28 | $0.34 | −$7.74 | −$3.39 | −$2.07 | −$2.57 | −$3.60 | −$6.23 |
| Gross margin | 95.5% | 100.0% | 100.0% | 100.0% | 100.0% | −486.5% | 100.0% | −7.8% | 96.8% | 98.6% |
| Operating margin | −111.5% | −69.1% | −49.6% | 5.9% | −1,641.3% | −749.8% | −122.7% | −138.5% | −80.7% | −123.5% |
| Net margin | −97.9% | −58.5% | −18.8% | 4.5% | −1,648.0% | −756.3% | −125.0% | −138.3% | −83.9% | −120.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $610,000 | $3.1M | $17.2M | $24.5M | $29.4M | $21.0M | $38.8M | $46.0M | $32.6M | $25.1M | $43.4M |
| Cost of revenue | $0 | $658,000 | $682,000 | $3.3M | $0 | $0 | $819,000 | $900,000 | $900,000 | $904,000 | $815,000 | $800,000 |
| Gross profit | $3.0M | −$48,000 | $3.1M | $13.8M | $24.5M | $29.4M | $21.0M | $38.8M | $46.0M | $32.6M | $25.1M | $43.4M |
| Research & development | $17.5M | $20.9M | $24.5M | $23.3M | $29.6M | $34.9M | $43.8M | $39.1M | $58.7M | $53.6M | $36.6M | $51.1M |
| Sales, general & admin | $11.0M | $9.5M | $14.0M | $10.4M | $10.3M | $11.3M | $12.4M | $13.3M | $12.3M | $14.9M | $12.5M | $13.4M |
| Total operating expenses | $28.5M | $29.7M | $34.4M | $30.3M | $36.1M | $46.2M | $54.4M | $49.6M | $67.1M | $63.0M | $43.4M | $62.7M |
| Operating income | −$25.5M | −$29.8M | −$31.3M | −$16.5M | −$11.6M | −$16.8M | −$33.4M | −$10.7M | −$21.1M | −$30.4M | −$18.3M | −$19.3M |
| Interest income | $1.8M | $1.9M | $1.5M | $3.2M | $2.6M | $2.8M | $8.8M | $7.6M | $4.1M | $4.0M | $6.9M | $4.0M |
| Interest expense | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $4,000 | $20,000 |
| Income before taxes | −$23.8M | −$27.0M | −$29.1M | −$13.4M | −$9.2M | −$14.1M | −$30.0M | −$7.1M | −$17.4M | −$26.4M | −$11.4M | −$15.3M |
| Income taxes | — | — | −$4,000 | −$16.7M | $4,000 | −$16.8M | −$4,000 | −$217,000 | −$150,000 | $368,000 | $262,000 | $893,000 |
| Net income | −$23.8M | −$27.0M | −$29.1M | −$13.4M | −$9.2M | −$14.1M | −$30.0M | −$6.9M | −$17.2M | −$26.8M | −$11.7M | −$16.2M |
| EBITDA | −$23.1M | −$26.3M | −$20.1M | −$12.7M | −$8.4M | −$13.3M | −$29.2M | −$6.2M | −$16.5M | −$25.5M | −$10.6M | −$14.5M |
| EPS (diluted) | −$0.84 | −$0.95 | −$1.03 | −$0.49 | −$0.34 | −$0.52 | −$1.11 | −$0.26 | −$0.64 | −$1.00 | −$0.32 | −$0.61 |
| Gross margin | 100.0% | −7.9% | 100.0% | 80.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −863.3% | −4,882.0% | −1,016.1% | −96.3% | −47.4% | −57.3% | −159.0% | −27.7% | −46.0% | −93.3% | −72.9% | −44.5% |
| Net margin | −803.8% | −4,420.3% | −943.8% | −78.4% | −37.5% | −47.9% | −142.9% | −17.8% | −37.4% | −82.3% | −46.7% | −37.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARCT's financial statements (latest annual report filed March 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARCT financial results
In fiscal year 2025 (ended December 31, 2025), Arcturus Therapeutics reported revenue of $67.2 million, down 51.4% from the year before. It had a net loss of $65.8 million, a net profit margin of −97.9%. Diluted earnings per share came to −$2.38. Over five years revenue grew at an average rate of 47.8% a year.
See the ARCT stock overview for the latest quote and news, or the ARCT chart for price history and technical indicators.
ARCT income statement FAQ
What is Arcturus Therapeutics's annual revenue?
Arcturus Therapeutics reported total revenue of $67.2 million for fiscal year 2025, which ended on December 31, 2025. That was down 51.4% from $138.4 million the previous year.
Is Arcturus Therapeutics profitable?
No. Arcturus Therapeutics reported a net loss of $65.8 million in fiscal 2025, a net profit margin of −97.9%; its operating margin was −111.5%.
What is Arcturus Therapeutics's gross margin?
Arcturus Therapeutics's gross margin was 95.5% in fiscal 2025: for every $100 of revenue, Arcturus Therapeutics kept $95 after the direct cost of its products and services.
How much does Arcturus Therapeutics spend on research and development?
Arcturus Therapeutics spent $112.2 million on research and development in fiscal 2025, 166.9% of revenue.
How fast is Arcturus Therapeutics growing?
Revenue grew 47.8% a year on average over the last five fiscal years, from $9.5 million to $67.2 million.
What are Arcturus Therapeutics's earnings per share?
Arcturus Therapeutics earned $-2.38 per diluted share in fiscal 2025, compared with $-3.01 a year earlier.
When will Arcturus Therapeutics report its next earnings?
Arcturus Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Arcturus Therapeutics's fiscal year end?
Arcturus Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 3, 2026.