VolitionRx Limited (VNRX) Income Statement
VNRX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVNRX revenue and net income
Where VNRX's revenue goes
2025Each bar shows an amount and its share of revenue. VNRX kept −1,352.2% of revenue as net income.
VNRX profit margins
VNRX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +40.0% | +78.0% | +164.1% | — |
| Gross profit | +40.0% | +78.0% | +164.1% | — |
| 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.
VNRX quarterly EPS vs estimates
VolitionRx beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.35).
VNRX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $1.2M | $775,302 | $306,392 | $90,035 | $13,433 | $17,096 | $0 | $0 | $0 |
| Cost of revenue | $0 | $1.3M | $1.4M | $1.2M | $0 | $0 | $0 | $639,916 | $542,484 | $309,406 |
| Gross profit | $1.7M | $1.2M | $775,302 | $306,392 | $90,035 | $13,433 | $17,096 | −$639,916 | −$542,484 | −$309,406 |
| Research & development | $10.1M | $14.4M | $19.6M | $15.3M | $13.0M | $14.5M | $10.4M | $10.9M | $8.9M | $6.8M |
| Sales, general & admin | $9.5M | $13.6M | $16.9M | $16.4M | $14.8M | $6.5M | $5.5M | $7.0M | $6.1M | $5.4M |
| Total operating expenses | $22.9M | $28.3M | $36.8M | $32.1M | $28.4M | $21.3M | $16.1M | $17.9M | $15.0M | $11.9M |
| Operating income | −$21.2M | −$27.0M | −$36.0M | −$31.8M | −$28.3M | −$21.2M | −$16.0M | −$17.9M | −$15.0M | −$12.3M |
| Interest income | $600 | $9,947 | $152,144 | $125,265 | $2,734 | $49,495 | $112,367 | $110,920 | $73,130 | $20,380 |
| Interest expense | $2.5M | $340,362 | $221,622 | $173,087 | $155,803 | $129,799 | $126,572 | $110,924 | $73,133 | $0 |
| Income before taxes | −$23.5M | −$27.3M | −$35.7M | −$30.6M | −$27.0M | −$20.4M | −$16.1M | −$18.0M | −$14.8M | −$11.9M |
| Income taxes | — | — | −$357,994 | −$329,676 | −$19,313 | $82,620 | −$70,385 | $110,924 | −$276,706 | −$361,325 |
| Net income | −$23.4M | −$27.0M | −$35.3M | −$30.3M | −$26.8M | −$20.4M | −$16.1M | −$18.0M | −$14.8M | −$11.9M |
| EBITDA | −$19.8M | −$25.6M | −$34.0M | −$29.2M | −$25.7M | −$19.2M | −$15.1M | −$17.3M | −$14.2M | −$11.6M |
| EPS (diluted) | −$2.48 | −$6.20 | −$8.05 | −$8.53 | −$7.23 | −$7.20 | −$8.20 | −$9.31 | −$8.35 | −$8.32 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — |
| Operating margin | −1,228.6% | −2,190.9% | −4,641.8% | −10,372.4% | −31,469.0% | −158,176.2% | −93,840.2% | — | — | — |
| Net margin | −1,352.2% | −2,186.3% | −4,555.5% | −9,879.1% | −29,782.5% | −151,508.3% | −94,168.5% | — | — | — |
| 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 | $398,657 | $985,076 | $447,034 | $627,277 | $406,688 | $246,385 | $191,657 | $474,522 | $395,797 | $171,535 | $243,973 | $165,211 |
| Cost of revenue | $0 | $254,411 | $0 | $0 | $0 | $0 | $323,875 | $0 | $323,797 | $322,073 | $362,915 | $362,467 |
| Gross profit | $398,657 | $730,665 | $447,034 | $627,277 | $406,688 | $246,385 | $191,657 | $474,522 | $395,797 | $171,535 | −$118,942 | $165,211 |
| Research & development | $1.8M | $2.9M | $2.5M | $2.3M | $2.7M | $2.6M | $2.6M | $3.5M | $3.7M | $4.6M | $4.2M | $4.7M |
| Sales, general & admin | $2.8M | $2.6M | $2.8M | $3.4M | $3.9M | $3.1M | $3.3M | $2.8M | $3.6M | $3.9M | $4.4M | $4.1M |
| Total operating expenses | $4.6M | $6.1M | $5.2M | $5.7M | $6.7M | $5.8M | $6.0M | $6.3M | $7.4M | $8.6M | $8.6M | $8.8M |
| Operating income | −$4.2M | −$5.3M | −$4.7M | −$5.1M | −$6.3M | −$5.5M | −$5.8M | −$5.9M | −$7.0M | −$8.4M | −$8.7M | −$8.7M |
| Interest income | $163 | $16 | $122 | $160 | $160 | $158 | $313 | $530 | $450 | $8,654 | $8,337 | $230 |
| Interest expense | $740,388 | $575,976 | $1.1M | $873,430 | $448,661 | $96,669 | $92,491 | $89,456 | $81,182 | $77,233 | $57,999 | $53,980 |
| Income before taxes | −$7.3M | −$6.7M | −$6.3M | −$5.4M | −$6.3M | −$5.5M | −$5.9M | −$5.9M | −$7.1M | −$8.5M | −$8.8M | −$8.5M |
| Income taxes | — | — | — | — | — | — | $104,620 | — | −$74,626 | −$104,620 | −$101,455 | −$28,907 |
| Net income | −$7.3M | −$6.7M | −$6.3M | −$5.4M | −$6.3M | −$5.4M | −$5.8M | −$5.8M | −$7.0M | −$8.4M | −$8.7M | −$8.4M |
| EBITDA | −$1.5M | −$5.9M | −$5.0M | −$4.2M | −$5.5M | −$5.1M | −$5.4M | −$5.4M | −$6.7M | −$8.1M | −$8.4M | −$8.0M |
| EPS (diluted) | −$0.78 | −$0.97 | −$0.05 | −$1.06 | −$1.31 | −$0.06 | −$1.20 | −$1.40 | −$1.60 | −$2.00 | −$0.11 | −$2.14 |
| Gross margin | 100.0% | 74.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | −48.8% | 100.0% |
| Operating margin | −1,042.5% | −543.0% | −1,058.4% | −813.2% | −1,548.6% | −2,241.1% | −3,016.5% | −1,236.8% | −1,766.2% | −4,887.9% | −3,582.6% | −5,237.6% |
| Net margin | −1,837.7% | −676.6% | −1,402.8% | −857.4% | −1,545.2% | −2,201.3% | −3,022.8% | −1,226.8% | −1,764.9% | −4,877.9% | −3,565.3% | −5,066.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VNRX's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VNRX financial results
In fiscal year 2025 (ended December 31, 2025), VolitionRx reported revenue of $1.7 million, up 40.0% from the year before. It had a net loss of $23.4 million, a net profit margin of −1,352.2%. Diluted earnings per share came to −$2.48. Over five years revenue grew at an average rate of 164.1% a year.
See the VNRX stock overview for the latest quote and news, or the VNRX chart for price history and technical indicators.
VNRX income statement FAQ
What is VolitionRx's annual revenue?
VolitionRx reported total revenue of $1.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 40.0% from $1.2 million the previous year.
Is VolitionRx profitable?
No. VolitionRx reported a net loss of $23.4 million in fiscal 2025, a net profit margin of −1,352.2%; its operating margin was −1,228.6%.
What is VolitionRx's gross margin?
VolitionRx's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, VolitionRx kept $100 after the direct cost of its products and services.
How much does VolitionRx spend on research and development?
VolitionRx spent $10.1 million on research and development in fiscal 2025, 583.6% of revenue.
How fast is VolitionRx growing?
Revenue grew 164.1% a year on average over the last five fiscal years, from $0.0 million to $1.7 million.
What are VolitionRx's earnings per share?
VolitionRx earned $-2.48 per diluted share in fiscal 2025, compared with $-6.20 a year earlier.
When will VolitionRx report its next earnings?
VolitionRx is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does VolitionRx's fiscal year end?
VolitionRx's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.