Cibus (CBUS) Financials

Cibus (NASDAQ: CBUS) continues to post strong top-line growth, but profitability and cash burn remain the big issues. In Q1 2026, revenue rose to $1.7 million from $1.1 million in Q4 2025 and $1.0 million a year earlier, but the company still reported a net loss of $21.2 million. Operating losses remain substantial, and interest expense is a major drag on results. The balance sheet still shows a meaningful cash position, but Cibus is also carrying significant liabilities and relies on financing to support operations.

Here are the most important trends from the last four years:

• Revenue has generally trended upward over time, reaching $1.68 million in Q1 2026 versus $545,000 in Q1 2024.
• Cash and equivalents increased to $30.3 million in Q1 2026 from $23.6 million in Q1 2025, helped by financing activity.
• Quarterly operating cash burn improved slightly versus late 2024 and early 2025, with Q1 2026 operating cash outflow of $11.5 million compared with $13.4 million in Q4 2025.
• R&D spending remains high, which may support the company’s long-term technology pipeline if commercialization improves.
• Shares outstanding have changed meaningfully over time, reflecting capital raises and a much larger equity base than in prior periods.
• Non-cash charges have been a recurring feature of results, including impairment charges in some quarters, which can distort reported earnings.
• The company’s business still appears to be in an early commercialization phase, with revenue small relative to operating expenses.
• Cibus remains deeply unprofitable, with Q1 2026 operating loss of $12.1 million and net loss of $21.2 million.
• Interest expense is very high relative to revenue, at $9.1 million in Q1 2026, putting additional pressure on earnings.
• Liabilities remain heavy at $288.7 million in Q1 2026, while total equity is only $35.5 million, leaving a leveraged capital structure.

Income statement trends: Revenue has improved modestly, but expenses continue to overwhelm sales. In Q1 2026, SG&A was $5.1 million and R&D was $8.7 million, both below some prior quarters, yet still far above revenue. The operating loss narrowed from $22.6 million in Q4 2025 to $12.1 million in Q1 2026, which is a step in the right direction, but the business is still nowhere near breakeven.

Cash flow trends: Cibus continues to burn cash from operations every quarter in the period reviewed. Q1 2026 operating cash outflow was $11.5 million, though that was better than the $13.4 million outflow in Q4 2025 and similar to prior quarters. The company funded itself with debt issuance in Q1 2026, bringing in $37.3 million in financing cash inflow, which is why cash rose despite ongoing operating losses.

Balance sheet trends: Total assets were $324.2 million in Q1 2026, down sharply from $553.4 million in Q2 2024 and $796.2 million in Q3 2023, reflecting major changes in the asset base over time. Goodwill and intangible assets still make up a large portion of assets, which can create impairment risk if execution disappoints. Meanwhile, current liabilities were $13.9 million and noncurrent liabilities $274.8 million, with other noncurrent operating liabilities making up the bulk of the total.

Bottom line: Cibus is showing some progress on revenue growth and slightly improved quarterly operating burn, but the investment case still depends on whether it can scale sales faster than expenses, reduce reliance on financing, and eventually convert its platform into sustainable profits. For retail investors, this remains a high-risk, high-uncertainty story.