Moderna Q1 2026 Financial Report: Net Loss of $1.3 Billion, but Clear 2026 Target—10% Revenue Growth

In the first quarter, Moderna continued advancing its multi-year revenue growth strategy through strategic partnerships and key regulatory approvals. In the UK, the company completed its first product deliveries under a long-term strategic partnership agreement. Moderna also received European regulatory approval for mNEXSPIKE, the combined flu–COVID vaccine mCOMBRIAX, and mRESVIA—approved for all individuals aged 18 years and older. Q1 2026 Financial Results Revenue: Total revenue for Q1 2026 was $389 million, an increase of $281 million year-on-year versus Q1 2025. U.S. market revenue amounted to $78 million, while international revenue totaled $311 million. The growth in net product sales was primarily driven by higher COVID-19 vaccine volumes, stemming from deliveries under long-term strategic partnerships with government agencies—predominantly in international markets. Cost of Sales: Cost of sales for Q1 2026 was $955 million, including $895 million in third-party royalty fees and $38 million in inventory write-downs. Compared to Q1 2025, cost of sales increased by $865 million, mainly due to the recognition of $878 million in litigation settlement-related expenses within third-party royalty fees during Q1 2026. Excluding these expenses, cost of sales declined year-on-year, primarily reflecting lower costs associated with underutilized manufacturing capacity, reduced losses on firm purchase commitments, and lower inventory write-downs—partially offset by higher sales volume. Research and Development Expenses: R&D expenses for Q1 2026 were $649 million, down 24% year-on-year versus Q1 2025. This decline was primarily attributable to lower clinical development and manufacturing costs, reflecting the winding down of large Phase 3 respiratory programs and congenital CMV studies, as well as timing of clinical trial activities—partially offset by increased post-marketing commitment costs related to Moderna’s COVID-19 products. Selling, General and Administrative Expenses: SG&A expenses for Q1 2026 were $173 million, down 18% year-on-year versus Q1 2025. The decrease stemmed primarily from lower personnel-related expenses, reduced marketing costs, and decreased consulting and external service expenses across multiple functional departments—reflecting ongoing organization-wide cost discipline. Income Taxes: Income tax provisions remained insignificant for both periods, as the company continues to maintain a full valuation allowance against the majority of its deferred tax assets globally. Net Loss: Net loss for Q1 2026 was $1.3 billion, compared to a net loss of $1.0 billion in Q1 2025. Litigation settlement-related expenses negatively impacted Q1 2026 net loss by $90 million. Loss Per Share: Loss per share for Q1 2026 was $(3.40), compared to $(2.52) in Q1 2025. Litigation settlement-related expenses negatively impacted Q1 2026 loss per share by $(2.22). Cash Position: As of March 31, 2026, cash, cash equivalents, and investments totaled $7.5 billion, down from $8.1 billion as of December 31, 2025.

NVIDIA’s Support Helps INNOSEMI Secure Position in the 800V Ecosystem—Shares Surge 25% in a Single Day

Other newly added chip suppliers in the same timeframe include global industry leaders such as Analog Devices (ADI), ON Semiconductor, and Renesas. INNOSEMI is the only Chinese semiconductor company selected among them. To date, the chip suppliers in NVIDIA’s 800 V HVDC data center power distribution ecosystem include ADI, Infineon, INNOSEMI, MPS, Navitas Semiconductor, ON Semiconductor, ROHM, STMicroelectronics, and Texas Instruments—only two of which are Chinese suppliers. Under this roadmap, INNOSEMI will be positioned to fully capitalize on the demand surge driven by the 800V architecture rollout over the next two years, delivering end-to-end gallium nitride (GaN) power solutions for its Kyber rack system. According to publicly available information, this collaboration focuses on revolutionizing AI data center power delivery to address energy consumption bottlenecks in high-performance computing clusters. NVIDIA expects mass production of its Rubin Ultra platform in 2026 (with per-rack power exceeding 600 kW), for which INNOSEMI’s GaN devices will be deployed in centralized rectifiers (HVDC) for high-voltage conversion, as well as in rack-mounted DC–DC power modules (enabling highly efficient 800 V → 48 V conversion). Its technical advantages include: superior high-voltage compatibility—its GaN devices withstand voltages above 800 V, achieving energy conversion efficiency of up to 98.5%, reducing power loss by 30% versus traditional silicon-based solutions; and strong space optimization capability—the physical size of its devices is just one-fifth that of silicon-based counterparts, enabling per-rack power density to exceed 300 kW and reducing data center floor space by 40%. After overseas sales surged 118%, INNOSEMI’s GaN export acceleration is set to intensify further. Public records indicate that INNOSEMI, founded in December 2015, is a high-tech enterprise dedicated to the R&D and industrialization of third-generation semiconductors—specifically silicon-based gallium nitride (GaN). It is also the world’s first integrated device manufacturer (IDM) to achieve mass production of 8-inch GaN-on-silicon wafers, possessing significant first-mover technological advantages and vertically integrated supply chain capabilities. As the world’s only silicon-based GaN chip company offering a full voltage-range product portfolio, INNOSEMI’s commercially available and under-development products span 15 V to 1,200 V. Its next-generation 700 V GaN device platform has completed customer qualification and is expected to enter mass production in 2025; its 1,200 V platform and high-voltage vertical GaN (V-GaN) product series have likewise completed R&D validation. According to its 2024 annual report, INNOSEMI achieved an overall wafer fabrication yield of 95% in 2024, driving a nearly 40% reduction in unit manufacturing costs and accelerating profitability improvement. This suite of production-line and technological advantages is clearly reflected in its financial results. The report shows that from 2024 through H1 2025, INNOSEMI demonstrated robust financial growth and operational breakthroughs. On the revenue front, it generated RMB 828 million in 2024—a 39.8% year-on-year increase—and has maintained exceptionally high growth rates for four consecutive years. Operational efficiency improved markedly: gross margin rose sharply from –61.6% in 2023 to –19.5% in 2024, narrowing losses by 42.1 percentage points. Underpinning this performance is the accelerating realization of economies of scale. In 2024 alone, INNOSEMI onboarded 471 new customer design-ins, added 21 direct customers and 13 distributors. With this rapid customer expansion, it shipped 660 million GaN chips for the year—exhibiting geometric growth in shipment volume.

Innospec Schedules Third-Quarter 2026 Results Release on November 3

Oct 20, 2026

Innospec Inc. will announce its third-quarter 2026 financial results on November 3 following market close. The company reported an 11.8% year-over-year revenue increase to USD 491.40 million in the previous quarter.

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