SIGA Technologies(SIGA) - 2025 Q1 - Quarterly Results

Q1 2025 Financial and Operational Highlights Financial Performance Summary SIGA's Q1 2025 revenue decreased to $7.0 million, resulting in a $0.4 million net loss, a significant decline from Q1 2024's $25.4 million revenue and $10.3 million net income Summary Financial Results (Millions USD) | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Product Sales | $5.8M | $23.9M | | Total Revenues | $7.0M | $25.4M | | Operating (Loss) / Income | ($2.3M) | $11.3M | | Net (Loss) / Income | ($0.4M) | $10.3M | | Diluted (Loss) / Income per Share | ($0.01) | $0.14 | - The decline in financial performance was primarily driven by a sharp drop in product sales and supportive services, which decreased from $23.9 million in Q1 2024 to $5.8 million in Q1 2025[20] - Operating expenses decreased to $9.3 million from $14.2 million year-over-year, mainly due to lower cost of sales and reduced selling, general, and administrative expenses[20] Balance Sheet Analysis SIGA's balance sheet as of March 31, 2025, shows stable total assets at $247.1 million, with cash and equivalents increasing to $162.3 million, and total liabilities at $30.9 million Condensed Consolidated Balance Sheets (Millions USD) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $162.3M | $155.4M | | Total current assets | $233.6M | $231.0M | | Total assets | $247.1M | $244.3M | | Total current liabilities | $27.8M | $25.3M | | Total liabilities | $30.9M | $28.5M | | Total stockholders' equity | $216.1M | $215.8M | Business and Operational Updates SIGA achieved key operational milestones, including a $26 million U.S. government order, a $6 million international sale, $94 million in outstanding SNS orders, and TPOXX regulatory approval in Japan - As of March 31, 2025, the company had $94 million in outstanding orders for TPOXX to be delivered to the U.S. Strategic National Stockpile (SNS)[4][7] - In March 2025, SIGA received a $26 million procurement order for IV TPOXX from the U.S. Government under the 19C BARDA contract[7][12] - Subsequent to the quarter end, in April 2025, the company delivered approximately $53 million of oral TPOXX and $9 million of IV TPOXX to the SNS[12] - An international sale of approximately $6 million was completed in March 2025, marking a sale to this specific country in five of the last six years[4][12] - In January 2025, TPOXX received regulatory approval in Japan (as TEPOXX) for treating smallpox, mpox, and other related conditions, becoming the first approved antiviral for orthopoxviruses in the country[12] Capital Management SIGA demonstrated commitment to shareholder value by declaring a special cash dividend of $0.60 per share on April 8, 2025 - A special cash dividend of $0.60 per share was declared on April 8, 2025, payable on May 15, 2025, to shareholders of record as of April 29, 2025[9]