Armata Pharmaceuticals, Inc. (ARMP) Income Statement
ARMP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsARMP revenue and net income
Where ARMP's revenue goes
2025Each bar shows an amount and its share of revenue. ARMP kept −3,544.0% of revenue as net income.
ARMP profit margins
ARMP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.2% | −3.8% | +42.9% | +26.3% |
| Gross profit | — | — | — | +21.7% |
| 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.
ARMP quarterly EPS vs estimates
Armata Pharmaceuticals beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.57).
ARMP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9M | $5.2M | $4.5M | $5.5M | $4.5M | $823,000 | $31,000 | $0 | $115,000 | $260,000 |
| Cost of revenue | $1.5M | $34.4M | $972,000 | $35.0M | $20.0M | $14.4M | $1.4M | $1.4M | $374,000 | $369,000 |
| Gross profit | $3.4M | −$29.3M | $3.6M | −$29.5M | −$15.5M | −$13.6M | −$1.4M | −$1.4M | −$259,000 | −$109,000 |
| Research & development | $23.7M | $34.4M | $33.8M | $35.0M | $20.0M | $14.4M | $9.8M | $4.9M | $2.9M | $5.7M |
| Sales, general & admin | $12.4M | $13.2M | $11.6M | $7.4M | $8.3M | $8.0M | $9.3M | $5.7M | $7.6M | $8.4M |
| Total operating expenses | $34.6M | $13.2M | $44.4M | $7.4M | $8.3M | $8.0M | $17.7M | $9.5M | $16.3M | $23.6M |
| Operating income | −$31.2M | −$42.4M | −$40.9M | −$36.9M | −$23.8M | −$21.6M | −$19.1M | −$12.5M | −$16.2M | −$23.4M |
| Interest income | $388,000 | $697,000 | $125,000 | $29,000 | $5,000 | $28,000 | $96,000 | $86,000 | $2.0M | $4.5M |
| Interest expense | $16.6M | $10.7M | $2.6M | $29,000 | $64,000 | $628,000 | $931,000 | $0 | $0 | $0 |
| Income before taxes | −$173.8M | −$18.9M | −$69.0M | −$36.9M | −$23.2M | −$22.2M | −$19.5M | −$16.7M | −$14.1M | −$19.4M |
| Income taxes | — | — | — | −$29,000 | $64,000 | $634,000 | −$454,000 | −$328,000 | −$1.3M | −$556,000 |
| Net income | −$173.8M | −$18.9M | −$69.0M | −$36.9M | −$23.2M | −$22.2M | −$19.5M | −$12.1M | −$12.8M | −$18.8M |
| EBITDA | −$155.7M | −$6.8M | −$65.4M | −$36.0M | −$21.9M | −$20.4M | −$17.2M | −$9.5M | −$10.0M | −$13.5M |
| EPS (diluted) | −$1.33 | −$1.11 | −$1.45 | −$1.09 | −$1.00 | −$1.42 | −$3.31 | −$9.52 | −$33.13 | −$257.18 |
| Gross margin | 68.8% | −565.4% | 78.5% | −535.7% | −347.4% | −1,655.0% | −4,358.1% | — | −225.2% | −41.9% |
| Operating margin | −636.7% | −820.2% | −902.8% | −670.8% | −532.5% | −2,623.0% | −61,577.4% | — | −14,048.7% | −8,991.5% |
| Net margin | −3,544.0% | −365.6% | −1,524.5% | −670.2% | −517.5% | −2,695.1% | −62,835.5% | — | −11,163.5% | −7,245.4% |
| 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 | $2.5M | $789,000 | $1.1M | $1.2M | $2.2M | $491,000 | $1.2M | $3.0M | $0 | $966,000 | $1.5M | $1.2M |
| Cost of revenue | $591,000 | $457,000 | $418,000 | $370,000 | $366,000 | $377,000 | $380,000 | $313,000 | $315,000 | $317,000 | $293,000 | $221,000 |
| Gross profit | $1.9M | $332,000 | $667,000 | $789,000 | $1.8M | $114,000 | $855,000 | $2.7M | −$315,000 | $649,000 | $1.2M | $1.0M |
| Research & development | $7.6M | $6.1M | $6.1M | $5.8M | $6.4M | $5.4M | $8.4M | $9.5M | $8.5M | $8.0M | $7.9M | $8.0M |
| Sales, general & admin | $5.2M | $3.5M | $3.4M | $3.1M | $2.6M | $3.3M | $3.3M | $3.2M | $3.4M | $3.2M | $3.2M | $3.6M |
| Total operating expenses | $12.2M | $9.1M | $13.8M | $7.8M | $8.6M | $8.3M | $11.4M | $12.4M | $11.6M | $10.9M | $10.8M | $11.3M |
| Operating income | −$10.3M | −$8.8M | −$13.8M | −$7.8M | −$6.8M | −$8.2M | −$10.5M | −$9.8M | −$11.9M | −$10.2M | −$9.6M | −$10.3M |
| Interest income | — | $60,000 | $131,000 | $90,000 | $108,000 | $59,000 | $130,000 | $294,000 | $221,000 | $52,000 | $68,000 | $47,000 |
| Interest expense | $6.6M | $5.6M | $4.8M | $4.3M | $3.8M | $3.6M | $3.3M | $2.9M | $2.7M | $1.8M | $1.4M | $1.2M |
| Income before taxes | $74.1M | −$115.3M | −$124.3M | −$26.7M | −$16.3M | −$6.5M | $2.6M | −$5.5M | $9.0M | −$25.0M | −$19.8M | −$31.2M |
| Income taxes | — | — | — | — | — | — | −$274,000 | — | — | $273,724 | $17.8M | −$14.7M |
| Net income | $74.1M | −$115.3M | −$124.3M | −$26.7M | −$16.3M | −$6.5M | $2.6M | −$5.5M | $9.0M | −$25.0M | −$19.8M | −$31.2M |
| EBITDA | $81.4M | −$109.3M | −$119.0M | −$22.0M | −$12.1M | −$2.6M | $6.3M | −$2.2M | $12.0M | −$22.9M | −$18.1M | −$29.8M |
| EPS (diluted) | −$0.27 | −$3.16 | −$0.51 | −$0.33 | −$0.29 | −$0.20 | −$0.23 | −$0.15 | −$0.40 | −$0.33 | −$0.55 | −$0.32 |
| Gross margin | 76.5% | 42.1% | 61.5% | 68.1% | 83.1% | 23.2% | 69.2% | 89.5% | — | 67.2% | 80.8% | 82.0% |
| Operating margin | −410.8% | −1,113.4% | −1,274.0% | −670.9% | −315.5% | −1,668.2% | −853.4% | −328.2% | — | −1,058.8% | −626.9% | −843.8% |
| Net margin | 2,953.8% | −14,619.3% | −11,456.0% | −2,301.6% | −751.3% | −1,330.1% | 210.5% | −184.4% | — | −2,590.2% | −1,298.9% | −2,543.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARMP's financial statements (latest annual report filed March 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARMP financial results
In fiscal year 2025 (ended December 31, 2025), Armata Pharmaceuticals reported revenue of $4.9 million, down 5.2% from the year before. It had a net loss of $173.8 million, a net profit margin of −3,544.0%. Diluted earnings per share came to −$1.33. Over five years revenue grew at an average rate of 42.9% a year.
See the ARMP stock overview for the latest quote and news, or the ARMP chart for price history and technical indicators.
ARMP income statement FAQ
What is Armata Pharmaceuticals's annual revenue?
Armata Pharmaceuticals reported total revenue of $4.9 million for fiscal year 2025, which ended on December 31, 2025. That was down 5.2% from $5.2 million the previous year.
Is Armata Pharmaceuticals profitable?
No. Armata Pharmaceuticals reported a net loss of $173.8 million in fiscal 2025, a net profit margin of −3,544.0%; its operating margin was −636.7%.
What is Armata Pharmaceuticals's gross margin?
Armata Pharmaceuticals's gross margin was 68.8% in fiscal 2025: for every $100 of revenue, Armata Pharmaceuticals kept $69 after the direct cost of its products and services.
How much does Armata Pharmaceuticals spend on research and development?
Armata Pharmaceuticals spent $23.7 million on research and development in fiscal 2025, 483.6% of revenue.
How fast is Armata Pharmaceuticals growing?
Revenue grew 42.9% a year on average over the last five fiscal years, from $0.8 million to $4.9 million.
What are Armata Pharmaceuticals's earnings per share?
Armata Pharmaceuticals earned $-1.33 per diluted share in fiscal 2025, compared with $-1.11 a year earlier.
When will Armata Pharmaceuticals report its next earnings?
Armata Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 after the market closes.
When does Armata Pharmaceuticals's fiscal year end?
Armata Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 25, 2026.