Ocugen, Inc. (OCGN) Income Statement
OCGN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsOCGN revenue and net income
Where OCGN's revenue goes
2025Each bar shows an amount and its share of revenue. OCGN kept −1,537.4% of revenue as net income.
OCGN profit margins
OCGN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.8% | +21.0% | +152.5% | — |
| Gross profit | −3.0% | — | — | — |
| 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.
OCGN quarterly EPS vs estimates
Ocugen beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.06).
OCGN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4M | $4.1M | $6.0M | $2.5M | $22,920 | $43,000 | $42,620 | $0 | $0 | $0 |
| Cost of revenue | $2.4M | $2.0M | $704,000 | $1.1M | $589,000 | $6.4M | $8.1M | $49,623 | $1.5M | $1.7M |
| Gross profit | $2.0M | $2.1M | $5.3M | −$1.1M | −$589,000 | −$6.3M | −$8.1M | −$49,623 | −$1.5M | −$1.7M |
| Research & development | $39.8M | $32.1M | $39.6M | $49.8M | $35.1M | $13.4M | $8.1M | $15.6M | $15.6M | $21.6M |
| Sales, general & admin | $27.6M | $26.7M | $32.0M | $35.1M | $22.9M | $8.0M | $6.1M | $10.2M | $9.4M | $8.5M |
| Total operating expenses | $64.9M | $56.8M | $70.9M | $84.9M | $58.0M | $15.0M | $6.1M | $25.8M | $24.9M | $30.1M |
| Operating income | −$62.9M | −$54.8M | −$65.5M | −$84.9M | −$58.0M | −$21.3M | −$14.2M | −$30.1M | −$24.9M | −$30.3M |
| Interest income | $922,000 | $1.3M | — | — | $16,065 | $1,065 | $1,214 | $20.0M | $1.3M | $14.3M |
| Interest expense | $5.2M | $688,000 | — | $3.5M | $79,000 | $720,963 | $1.8M | $163,000 | $134,000 | $60,000 |
| Income before taxes | −$67.8M | −$54.1M | −$63.1M | −$81.4M | −$58.4M | −$21.8M | −$20.2M | −$8.6M | −$26.4M | −$16.2M |
| Income taxes | — | — | $536,105 | −$4.0M | −$52,000 | $801,515 | $982,963 | −$15.8M | −$186,000 | −$15.8M |
| Net income | −$67.8M | −$54.1M | −$63.1M | −$77.8M | −$58.4M | −$21.8M | −$20.2M | −$8.6M | −$26.4M | −$16.2M |
| EBITDA | −$60.3M | −$52.1M | −$62.4M | −$84.4M | −$58.1M | −$14.2M | −$14.1M | −$14.4M | −$24.9M | −$11.4M |
| EPS (diluted) | −$0.23 | −$0.19 | −$0.26 | −$0.38 | −$0.29 | −$0.36 | −$4.34 | −$60.00 | −$60.60 | −$140.40 |
| Gross margin | 45.9% | 51.5% | 88.3% | −43.1% | −2,569.8% | −14,676.7% | −18,972.3% | — | — | — |
| Operating margin | −1,425.7% | −1,350.4% | −1,085.7% | −3,411.1% | −253,176.3% | −49,500.0% | −33,230.9% | — | — | — |
| Net margin | −1,537.4% | −1,333.0% | −1,045.0% | −3,128.4% | −254,646.6% | −50,748.8% | −47,496.5% | — | — | — |
| 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 | $1.5M | $1.5M | $0 | $1.8M | $1.4M | $1.5M | $764,000 | $1.1M | $1.1M | $1.0M | $6.0M | $3.7M |
| Cost of revenue | $0 | $0 | $193,000 | $0 | $0 | $0 | $598,000 | $0 | $8.9M | $179,000 | $179,000 | $7.0M |
| Gross profit | $1.5M | $1.5M | −$193,000 | $1.8M | $1.4M | $1.5M | $764,000 | $1.1M | $1.1M | $1.0M | $5.9M | −$3.3M |
| Research & development | $10.7M | $11.3M | $10.7M | $11.1M | $8.4M | $9.5M | $8.3M | $8.1M | $8.9M | $6.8M | $9.5M | $7.0M |
| Sales, general & admin | $7.2M | $8.1M | $6.1M | $8.2M | $6.8M | $6.5M | $6.3M | $6.3M | $7.7M | $6.6M | $5.2M | $9.1M |
| Total operating expenses | $17.9M | $19.4M | $16.8M | $19.4M | $15.2M | $16.0M | $14.6M | $14.4M | $16.6M | $13.2M | $14.7M | $9.1M |
| Operating income | −$16.4M | −$17.8M | −$17.0M | −$17.6M | −$13.8M | −$14.5M | −$13.8M | −$13.3M | −$15.4M | −$12.2M | −$8.6M | −$12.4M |
| Interest income | $395,000 | $132,000 | $144,000 | $207,000 | $227,000 | $343,000 | — | — | — | — | — | — |
| Interest expense | $4.5M | $1.3M | $1.3M | $1.3M | $1.1M | $914,000 | — | — | — | $1.3M | — | — |
| Income before taxes | −$24.9M | −$19.2M | −$17.7M | −$20.1M | −$14.7M | −$15.3M | −$13.9M | −$13.0M | −$15.3M | −$11.9M | −$9.5M | −$11.7M |
| Income taxes | — | — | — | — | — | — | — | — | — | $135,188 | $135,188 | −$177,000 |
| Net income | −$24.9M | −$19.2M | −$17.7M | −$20.1M | −$14.7M | −$15.3M | −$13.9M | −$13.0M | −$15.3M | −$11.9M | −$9.5M | −$11.7M |
| EBITDA | −$19.8M | −$17.3M | −$15.3M | −$17.8M | −$12.8M | −$13.5M | −$13.3M | −$12.4M | −$14.7M | −$11.7M | −$8.4M | −$11.5M |
| EPS (diluted) | −$0.07 | −$0.06 | −$0.06 | −$0.07 | −$0.05 | −$0.05 | −$0.05 | −$0.05 | −$0.04 | −$0.05 | −$0.03 | −$0.06 |
| Gross margin | 100.0% | 100.0% | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 97.0% | −90.5% |
| Operating margin | −1,105.1% | −1,163.7% | — | −1,006.0% | −1,004.7% | −979.1% | −1,811.5% | −1,166.5% | −1,354.0% | −1,204.7% | −142.9% | −336.1% |
| Net margin | −1,671.8% | −1,250.9% | — | −1,144.5% | −1,073.5% | −1,036.5% | −1,816.8% | −1,141.7% | −1,339.2% | −1,175.9% | −157.3% | −316.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in OCGN's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
OCGN financial results
In fiscal year 2025 (ended December 31, 2025), Ocugen reported revenue of $4.4 million, up 8.8% from the year before. It had a net loss of $67.8 million, a net profit margin of −1,537.4%. Diluted earnings per share came to −$0.23. Over five years revenue grew at an average rate of 152.5% a year.
See the OCGN stock overview for the latest quote and news, or the OCGN chart for price history and technical indicators.
OCGN income statement FAQ
What is Ocugen's annual revenue?
Ocugen reported total revenue of $4.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.8% from $4.1 million the previous year.
Is Ocugen profitable?
No. Ocugen reported a net loss of $67.8 million in fiscal 2025, a net profit margin of −1,537.4%; its operating margin was −1,425.7%.
What is Ocugen's gross margin?
Ocugen's gross margin was 45.9% in fiscal 2025: for every $100 of revenue, Ocugen kept $46 after the direct cost of its products and services.
How much does Ocugen spend on research and development?
Ocugen spent $39.8 million on research and development in fiscal 2025, 900.7% of revenue.
How fast is Ocugen growing?
Revenue grew 152.5% a year on average over the last five fiscal years, from $0.0 million to $4.4 million.
What are Ocugen's earnings per share?
Ocugen earned $-0.23 per diluted share in fiscal 2025, compared with $-0.19 a year earlier.
When will Ocugen report its next earnings?
Ocugen is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Ocugen's fiscal year end?
Ocugen's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.