SIGA Q2 Revenue Halves as BARDA Contract Winds Down; Cash Drops to $118M

summarizeSummary

SIGA's Q2 revenue halved to $41M as its main BARDA contract winds down. Cash fell to $118M after a large dividend, and the company forecasts full-year losses — a stark shift from prior profitability.

check_boxKey Events · Earnings and Guidance · SIGA

• Revenue Plunges 49%

  Q2 2026 revenue of $41.0 million, down from $81.1 million in Q2 2025, driven by the wind-down of the 19C BARDA contract.

• Net Income Drops Sharply

  Net income fell to $12.5 million ($0.17 per share) from $35.5 million ($0.50 per share) a year ago.

• Cash Declines After Dividend

  Cash and equivalents dropped to $117.6 million from $155.0 million at year-end, largely due to a $43.3 million special dividend paid in April.

• Full-Year Loss Forecasted

  Management disclosed it expects full-year losses based on orders received to date, a reversal from prior profitability, as the BARDA contract is substantially complete.

auto_awesomeAnalysis · SIGA · Life Sciences

SIGA's second-quarter revenue fell 49% to $41 million as the massive 19C BARDA contract neared completion. Net income dropped to $12.5 million from $35.5 million a year ago. Cash declined to $117.6 million after paying a $43.3 million special dividend. The company disclosed it is forecasting full-year losses based on orders received to date, signaling a sharp post-contract revenue cliff. International sales provided a partial offset at $13 million, and the EMA finalized the removal of the mpox indication for TPOXX. The BARDA contract, which has driven nearly all historical revenue, is now substantially delivered, leaving SIGA reliant on uncertain new government orders and nascent international markets.