Humacyte, Inc. (HUMA) Income Statement
HUMA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHUMA revenue and net income
Where HUMA's revenue goes
2025Each bar shows an amount and its share of revenue. HUMA kept −2,003.6% of revenue as net income.
HUMA profit margins
HUMA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | +9.2% | +6.4% | — |
| Gross profit | — | — | — | — |
| 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.
HUMA quarterly EPS vs estimates
Humacyte beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.09).
HUMA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.0M | $0 | $0 | $1.6M | $1.3M | $1.5M | $6.2M |
| Cost of revenue | $17.0M | $7.2M | $76.5M | $8.3M | $61.3M | $54.1M | $75.6M |
| Gross profit | −$15.0M | −$7.2M | −$76.5M | −$6.7M | −$60.1M | −$52.6M | −$69.4M |
| Research & development | $69.3M | $88.6M | $76.5M | $63.3M | $61.3M | $54.1M | $75.6M |
| Sales, general & admin | $31.2M | $25.8M | $23.4M | $22.9M | $21.0M | $11.9M | $16.3M |
| Total operating expenses | $92.4M | $107.2M | $23.5M | $77.9M | $21.1M | $12.0M | $16.3M |
| Operating income | −$107.4M | −$114.4M | −$100.0M | −$84.6M | −$81.2M | −$64.6M | −$85.7M |
| Interest income | $2.6M | $4.1M | $5.7M | $2.6M | $16,000 | $278,000 | — |
| Interest expense | $11.2M | $9.3M | $6.6M | $6.2M | $4.3M | $2.2M | $2.3M |
| Income before taxes | −$40.8M | −$148.7M | −$110.8M | −$12.0M | −$26.5M | −$66.5M | −$85.4M |
| Income taxes | — | — | $3.1M | −$76.2M | −$64.0M | $2.2M | — |
| Net income | −$40.8M | −$148.7M | −$110.8M | −$12.0M | −$26.5M | −$66.5M | −$85.4M |
| EBITDA | −$22.2M | −$132.2M | −$96.5M | $2.4M | −$13.9M | −$56.2M | −$78.9M |
| EPS (diluted) | −$0.26 | −$1.20 | −$0.88 | −$0.69 | −$1.05 | −$0.01 | — |
| Gross margin | −736.5% | — | — | −427.5% | −4,756.8% | −3,527.0% | −1,122.0% |
| Operating margin | −5,271.7% | — | — | −5,404.3% | −6,429.8% | −4,332.7% | −1,385.0% |
| Net margin | −2,003.6% | — | — | −764.5% | −2,096.4% | −4,461.7% | −1,380.7% |
| 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 | $406,000 | $495,000 | $467,000 | $753,000 | $301,000 | $517,000 | $7.2M | $0 | $0 | $0 | $10.8M | $0 |
| Cost of revenue | $1.2M | $2.0M | $10.9M | $2.1M | $2.1M | $2.0M | $3.6M | $1.8M | $1.8M | $1.8M | $3.4M | $1.3M |
| Gross profit | −$825,000 | −$1.5M | −$10.4M | −$1.4M | −$1.8M | −$1.5M | $3.6M | −$1.8M | −$1.8M | −$1.8M | −$3.4M | −$1.3M |
| Research & development | $18.1M | $19.5M | $14.6M | $17.3M | $22.0M | $15.4M | $20.7M | $22.9M | $23.8M | $21.3M | $20.2M | $18.6M |
| Sales, general & admin | $8.0M | $7.9M | $23.0M | $7.6M | $7.8M | $8.1M | $11.0M | $7.3M | $5.7M | $5.3M | $6.0M | $6.1M |
| Total operating expenses | $26.2M | $27.4M | $20.4M | $23.0M | $28.0M | $21.7M | $31.7M | $28.4M | $27.7M | $24.8M | $22.8M | $23.3M |
| Operating income | −$27.0M | −$28.9M | −$30.8M | −$24.4M | −$29.7M | −$23.2M | −$28.1M | −$30.2M | −$29.5M | −$26.6M | −$26.2M | −$24.6M |
| Interest income | $388,000 | $330,000 | $503,000 | $590,000 | $832,000 | $662,000 | $852,000 | $911,000 | $1.3M | $1.0M | $1.1M | $1.4M |
| Interest expense | $2.3M | $2.3M | $3.1M | $2.6M | $2.5M | $3.0M | $2.5M | $2.4M | $2.5M | $1.8M | $1.7M | $1.5M |
| Income before taxes | −$36.8M | −$17.6M | −$24.8M | −$17.5M | −$37.7M | $39.1M | −$20.9M | −$39.2M | −$56.7M | −$31.9M | −$25.1M | −$26.0M |
| Income taxes | — | — | — | — | — | — | −$1.7M | — | — | $1.7M | −$28.0M | $1.5M |
| Net income | −$36.8M | −$17.6M | −$24.8M | −$17.5M | −$37.7M | $39.1M | −$20.9M | −$39.2M | −$56.7M | −$31.9M | −$25.1M | −$26.0M |
| EBITDA | −$32.7M | −$13.6M | −$19.9M | −$13.0M | −$33.3M | $44.0M | −$16.6M | −$35.0M | −$52.3M | −$28.3M | −$20.0M | −$23.2M |
| EPS (diluted) | −$0.16 | −$0.09 | −$0.19 | −$0.11 | −$0.24 | $0.28 | −$0.21 | −$0.26 | −$0.48 | −$0.25 | −$0.24 | −$0.24 |
| Gross margin | −203.2% | −311.7% | −2,227.6% | −182.2% | −588.7% | −282.8% | 50.0% | — | — | — | −31.3% | — |
| Operating margin | −6,649.3% | −5,845.5% | −6,603.0% | −3,239.0% | −9,876.1% | −4,484.3% | −388.6% | — | — | — | −242.7% | — |
| Net margin | −9,064.5% | −3,559.4% | −5,311.3% | −2,325.4% | −12,511.0% | 7,570.4% | −289.7% | — | — | — | −232.7% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HUMA's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HUMA financial results
In fiscal year 2025 (ended December 31, 2025), Humacyte reported revenue of $2.0 million. It had a net loss of $40.8 million, a net profit margin of −2,003.6%. Diluted earnings per share came to −$0.26. Over five years revenue grew at an average rate of 6.4% a year.
See the HUMA stock overview for the latest quote and news, or the HUMA chart for price history and technical indicators.
HUMA income statement FAQ
What is Humacyte's annual revenue?
Humacyte reported total revenue of $2.0 million for fiscal year 2025, which ended on December 31, 2025.
Is Humacyte profitable?
No. Humacyte reported a net loss of $40.8 million in fiscal 2025, a net profit margin of −2,003.6%; its operating margin was −5,271.7%.
What is Humacyte's gross margin?
Humacyte's gross margin was −736.5% in fiscal 2025: for every $100 of revenue, Humacyte kept $-736 after the direct cost of its products and services.
How much does Humacyte spend on research and development?
Humacyte spent $69.3 million on research and development in fiscal 2025, 3,400.5% of revenue.
How fast is Humacyte growing?
Revenue grew 6.4% a year on average over the last five fiscal years, from $1.5 million to $2.0 million.
What are Humacyte's earnings per share?
Humacyte earned $-0.26 per diluted share in fiscal 2025, compared with $-1.20 a year earlier.
When will Humacyte report its next earnings?
Humacyte is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Humacyte's fiscal year end?
Humacyte's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.