Co-Diagnostics, Inc.

Second-quarter 2026 revenue was $166 thousand versus $163 thousand a year ago. Gross profit was approximately $121 thousand versus $131 thousand last year, on cost of revenue of $45 thousand. Total operating expenses were $6.3 million, down from $8.2 million, with R&D at $4.2 million versus $4.7 million, sales and marketing at $467 thousand versus $610 thousand, and G&A at $1.5 million versus $2.6 million. Net loss was $6.3 million, or $1.46 per basic and diluted share, compared with a net loss of $7.7 million, or $7 per basic and diluted share, and adjusted EBITDA was a loss of $5.8 million versus a loss of $7.2 million. Cash and cash equivalents were $3.6 million at quarter-end, down from $11.9 million at the end of 2025. Forward-looking commentary did not include quantitative next-quarter or full-year revenue guidance; management said it expects continued operating losses in the near term while prioritizing clinical pipeline progress, regulatory submissions, and future revenue growth, and it expects to continue evaluating financing options.

Dwight Egan framed the quarter as a transition from platform development toward commercialization, emphasizing execution across regulatory, clinical, commercial, and technology initiatives. He highlighted the FDA submission for the upper respiratory assay as a major milestone, said TB work in India remains on track for later-year submissions, and pointed to Ebola and digital infrastructure efforts as evidence the platform can expand beyond respiratory testing. His tone was upbeat and focused on long-term positioning, while repeatedly stressing that the company is now seeing earlier investments translate into operational milestones.

Brian Brown said revenue remained limited at $166 thousand, while cost variability continues to affect gross margin at this stage. He highlighted a drop in operating expenses to $6.3 million from $8.2 million, driven by lower legal, personnel, and stock-based compensation costs, with R&D down to $4.2 million, sales and marketing to $467 thousand, and G&A to $1.5 million. He also reported $3.6 million in cash and cash equivalents at quarter-end and said the company will continue to manage capital carefully, may use equity, debt, strategic transactions, partnerships, and nondilutive grants, and is mindful of dilution and capital efficiency.

In Q&A, the analyst first confirmed that TB is targeted for ERPD assessment later this year, and management said that was correct. The analyst also asked about the Ebola strategy and timing, and Dwight Egan said the company is aiming to be ready when needed, noting rapid response work, completion of a request for 200 tests through C-CAMP, and that the disease could create opportunity for the company even though it is a public health threat. The exchange did not surface new financial concerns, but it underscored that Ebola development is still early and opportunistic rather than a near-term commercial driver.