What is Cerus' operating income?

Cerus' total operating income in 2025 was -$8.68 million, based on the following breakdown: Total Gross Profit: $112.29 million Total Operating Expenses: $148.63 million

Cerus (CERS) Financials

$3.16 0.00 (0.00%)

Closing price 07/2/2026 04:00 PM Eastern

Extended Trading

$3.20 +0.04 (+1.23%)

As of 07/2/2026 07:57 PM Eastern

Compare

Annual Income Statements for Cerus

This table shows Cerus' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-56	-63	-61	-58	-71	-60	-54	-43	-37	-21	-16
Consolidated Net Income / (Loss)	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Net Income / (Loss) Continuing Operations	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Total Pre-Tax Income	-60	-63	-57	-57	-71	-60	-54	-42	-37	-21	-15
Total Operating Income	-61	-61	-58	-55	-66	-58	-49	-34	-30	-14	-8.68
Total Gross Profit	11	19	29	44	41	51	67	87	86	100	112
Total Revenue	34	39	51	76	94	114	160	188	187	201	234
Operating Revenue	34	39	51	76	94	114	160	188	187	201	234
Total Cost of Revenue	23	20	23	32	33	41	63	75	70	81	94
Operating Cost of Revenue	23	20	23	32	33	41	63	75	70	81	94
Total Operating Expenses	72	80	86	99	127	131	145	147	147	135	149
Selling, General & Admin Expense	46	49	53	57	66	67	81	83	76	76	81
Research & Development Expense	26	31	34	43	60	64	64	64	68	59	68
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	3.73	0.00	0.00
Total Other Income / (Expense), net	1.54	-1.28	0.83	-2.35	-4.76	-1.24	-5.12	-8.26	-7.27	-6.53	-6.60
Interest Expense	1.71	2.45	3.02	4.01	6.07	3.75	4.92	5.83	8.39	8.88	8.34
Other Income / (Expense), net	3.24	1.16	3.85	1.66	1.31	2.51	-0.20	-2.43	1.12	2.35	1.74
Income Tax Expense	-3.67	0.18	3.89	0.23	0.26	0.28	0.32	0.49	0.33	0.21	0.35
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-0.00	-0.05	-0.16	-0.04	-0.01
Basic Earnings per Share	($0.58)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Weighted Average Basic Shares Outstanding	96.07M	101.83M	108.22M	131.66M	139.83M	163.95M	171.28M	176.55M	180.27M	184.56M	190.59M
Diluted Earnings per Share	($0.61)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Weighted Average Diluted Shares Outstanding	96.91M	101.83M	108.22M	131.66M	139.83M	163.95M	171.28M	176.55M	180.27M	184.56M	190.59M
Weighted Average Basic & Diluted Shares Outstanding	96.30M	101.50M	108.22M	131.66M	139.83M	163.95M	171.28M	177.62M	181.28M	185.79M	192.17M

This table shows Cerus' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-7.27	-1.33	-9.69	-5.78	-2.93	-2.52	-7.72	-5.71	-0.02	-2.18	-1.64
Consolidated Net Income / (Loss)	-7.29	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65
Net Income / (Loss) Continuing Operations	-7.29	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65
Total Pre-Tax Income	-7.21	-1.32	-9.62	-5.83	-2.86	-2.45	-7.64	-5.64	0.07	-2.07	-1.56
Total Operating Income	-5.24	0.98	-7.98	-3.84	-0.96	-1.45	-5.85	-3.42	1.24	-0.64	-0.35
Total Gross Profit	22	26	21	25	26	27	25	29	28	30	28
Total Revenue	47	53	43	51	51	57	43	60	60	65	54
Operating Revenue	47	53	43	51	51	57	43	60	60	65	54
Total Cost of Revenue	18	21	17	20	20	23	18	23	25	28	26
Operating Cost of Revenue	18	21	17	20	20	23	18	23	25	28	26
Total Operating Expenses	35	32	34	34	32	35	31	40	34	37	28
Selling, General & Admin Expense	16	17	20	19	18	19	20	21	19	21	20
Research & Development Expense	17	14	14	15	14	15	17	19	16	16	15
Other Operating Expenses / (Income)	-	-	-	-	-	-	-5.61	-	-	-	-6.23
Total Other Income / (Expense), net	-1.97	-2.29	-1.64	-2.00	-1.90	-1.00	-1.79	-2.22	-1.17	-1.42	-1.20
Interest Expense	2.36	2.23	2.23	2.33	2.26	2.05	2.11	2.15	2.12	1.96	1.87
Other Income / (Expense), net	0.40	-0.06	0.60	0.34	0.36	1.05	0.32	-0.07	0.95	0.54	0.67
Income Tax Expense	0.08	0.07	0.07	-0.06	0.08	0.11	0.07	0.08	0.09	0.12	0.09
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.02	-0.06	-0.00	0.00	0.00	-0.04	-0.00	-0.01	-0.00	-	-0.01
Basic Earnings per Share	($0.04)	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)
Weighted Average Basic Shares Outstanding	180.94M	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M
Diluted Earnings per Share	($0.04)	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)
Weighted Average Diluted Shares Outstanding	180.94M	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M
Weighted Average Basic & Diluted Shares Outstanding	181.20M	181.28M	184.89M	185.30M	185.72M	185.79M	191.16M	191.70M	192.09M	192.17M	200.37M

This table details how cash moves in and out of Cerus' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	48	-49	-8.81	18	5.83	1.48	12	-14	-24	8.00	-0.76
Net Cash From Operating Activities	-51	-54	-52	-31	-65	-42	-34	-26	-43	11	4.84
Net Cash From Continuing Operating Activities	-51	-54	-52	-31	-65	-42	-34	-26	-43	11	4.84
Net Income / (Loss) Continuing Operations	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Consolidated Net Income / (Loss)	-56	-63	-61	-58	-71	-60	-54	-43	-38	-21	-16
Depreciation Expense	1.70	1.82	1.81	1.45	2.40	3.11	3.15	2.98	2.60	1.86	1.43
Non-Cash Adjustments To Reconcile Net Income	0.28	8.48	10	12	16	19	26	30	24	25	26
Changes in Operating Assets and Liabilities, net	2.76	-0.92	-3.73	13	-12	-4.20	-8.74	-16	-32	5.23	-6.83
Net Cash From Investing Activities	1.52	-20	0.42	-44	28	-50	13	8.46	8.62	-8.13	-6.17
Net Cash From Continuing Investing Activities	1.52	-20	0.42	-44	28	-50	13	8.46	8.62	-8.13	-6.17
Purchase of Property, Plant & Equipment	-0.72	-0.56	-0.35	-1.14	-8.94	-1.62	-0.91	-2.00	-4.60	-2.84	-3.73
Purchase of Investments	-90	-83	-69	-81	-44	-99	-52	-30	-2.49	-43	-43
Sale and/or Maturity of Investments	93	63	70	38	81	51	66	40	16	38	40
Net Cash From Financing Activities	98	25	43	93	43	92	34	4.19	11	4.96	0.23
Net Cash From Continuing Financing Activities	98	25	43	93	43	92	34	4.19	11	4.96	0.23
Repayment of Debt	-	-0.62	-20	-	-31	-	15	0.21	9.92	4.30	-0.33
Issuance of Common Equity	88	25	33	93	30	88	13	3.98	0.75	0.67	0.56
Effect of Exchange Rate Changes	-	-	-	-	-0.34	1.07	-0.92	-0.73	-0.13	-0.19	0.34
Cash Interest Paid	1.09	1.37	2.03	2.73	3.08	3.27	4.18	5.10	9.21	9.30	8.52
Cash Income Taxes Paid	0.15	0.16	0.16	0.25	0.23	0.27	0.28	0.27	0.32	0.36	0.30

This table details how cash moves in and out of Cerus' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.27	-5.80	8.88	-8.13	9.10	-1.85	-0.78	-3.45	-0.32	3.79	7.88
Net Cash From Operating Activities	-10	-15	1.96	0.40	4.07	4.93	-0.84	-2.45	1.93	6.20	-3.05
Net Cash From Continuing Operating Activities	-10	-15	1.96	0.40	4.07	4.93	-0.84	-2.45	1.93	6.20	-3.05
Net Income / (Loss) Continuing Operations	-7.29	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65
Consolidated Net Income / (Loss)	-7.29	-1.39	-9.69	-5.78	-2.93	-2.56	-7.72	-5.72	-0.02	-2.18	-1.65
Depreciation Expense	0.68	0.65	0.63	0.48	0.41	0.33	0.31	0.34	0.38	0.39	0.45
Non-Cash Adjustments To Reconcile Net Income	5.82	6.34	6.27	6.44	6.53	6.00	7.89	6.34	5.88	5.77	5.50
Changes in Operating Assets and Liabilities, net	-9.70	-21	4.75	-0.74	0.06	1.16	-1.32	-3.42	-4.31	2.22	-7.35
Net Cash From Investing Activities	-0.28	8.22	1.45	-7.11	4.82	-7.29	-1.19	-1.09	-2.51	-1.38	9.86
Net Cash From Continuing Investing Activities	-0.28	8.22	1.45	-7.11	4.82	-7.29	-1.19	-1.09	-2.51	-1.38	9.86
Purchase of Property, Plant & Equipment	-2.64	0.01	-1.10	-0.04	-0.72	-0.98	-0.11	-0.48	-1.83	-1.31	-0.23
Purchase of Investments	-0.05	-0.08	-0.12	-13	-5.65	-24	-7.96	-13	-7.29	-15	-8.41
Sale and/or Maturity of Investments	2.41	8.29	2.66	5.91	11	18	6.89	12	6.61	15	19
Net Cash From Financing Activities	7.60	1.18	5.56	-1.40	0.06	0.75	1.07	-0.13	0.32	-1.03	1.19
Net Cash From Continuing Financing Activities	7.60	1.18	5.56	-1.40	0.06	0.75	1.07	-0.13	0.32	-1.03	1.19
Repayment of Debt	2.17	6.22	5.00	-1.22	-0.26	5.78	-	0.70	-0.00	-1.03	0.93
Issuance of Common Equity	0.43	-0.04	0.44	-0.07	0.32	-0.03	0.27	-0.03	0.32	-	0.26
Effect of Exchange Rate Changes	-0.11	-0.02	-0.09	-0.02	0.15	-0.24	0.19	0.21	-0.06	-	-0.12

This table presents Cerus' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	139	103	98	163	166	221	237	218	198	201	222
Total Current Assets	130	94	90	147	128	183	187	170	144	152	174
Cash & Equivalents	71	23	14	29	35	37	49	36	12	20	20
Short-Term Investments	37	49	47	89	51	97	81	67	54	60	63
Accounts Receivable	5.79	6.87	12	8.75	17	21	25	34	36	30	30
Inventories, net	11	13	14	14	19	23	27	29	40	38	56
Prepaid Expenses	1.17	1.27	2.33	7.03	6.02	5.42	5.82	4.56	3.22	3.64	5.03
Plant, Property, & Equipment, net	3.55	2.99	2.12	8.13	15	14	12	11	8.64	7.15	9.20
Total Noncurrent Assets	5.45	6.39	6.23	8.43	23	24	38	37	45	42	38
Goodwill	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32
Other Noncurrent Operating Assets	2.58	4.15	4.13	4.05	19	20	35	34	42	39	36
Other Noncurrent Nonoperating Assets	0.61	0.18	0.25	2.73	2.44	2.31	2.29	1.77	1.71	1.10	0.64
Total Liabilities & Shareholders' Equity	139	103	98	163	166	221	237	218	198	201	222
Total Liabilities	45	46	59	79	108	118	152	150	144	144	157
Total Current Liabilities	22	27	23	53	50	60	79	117	68	64	101
Short-Term Debt	2.96	6.93	-	7.86	5.02	8.52	15	56	20	19	43
Accounts Payable	5.22	8.59	11	19	22	24	36	33	24	22	28
Accrued Expenses	9.85	11	12	20	21	25	26	25	19	19	25
Current Deferred Revenue	0.55	0.15	0.45	0.50	0.57	0.58	0.67	0.59	2.00	1.40	1.27
Other Current Liabilities	3.28	-	-	5.93	1.61	1.92	1.91	2.11	2.45	2.28	2.91
Total Noncurrent Liabilities	23	19	36	26	58	58	73	32	77	80	56
Long-Term Debt	17	12	30	22	39	40	55	14	60	65	41
Other Noncurrent Operating Liabilities	5.81	6.36	6.38	4.25	19	18	19	19	17	16	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	95	58	39	85	57	104	86	69	53	57	65
Total Preferred & Common Equity	95	58	39	85	57	104	85	68	53	56	64
Total Common Equity	95	58	39	85	57	104	85	68	53	56	64
Common Stock	685	718	760	864	907	1,013	1,049	1,078	1,099	1,122	1,146
Retained Earnings	-598	-661	-721	-779	-850	-910	-964	-1,007	-1,045	-1,066	-1,081
Accumulated Other Comprehensive Income / (Loss)	7.29	0.10	-0.10	-0.28	0.11	0.67	-0.15	-2.79	-1.27	-0.40	-0.16
Noncontrolling Interest	-	-	-	-	-	-	1.00	0.95	0.79	0.75	0.74

This table presents Cerus' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	206	189	185	190	207	213	215	223
Total Current Assets	151	138	135	141	162	169	167	175
Cash & Equivalents	17	21	12	22	19	16	16	28
Short-Term Investments	62	52	59	54	61	62	63	53
Accounts Receivable	25	23	24	24	26	31	30	29
Inventories, net	43	40	36	37	48	55	53	61
Prepaid Expenses	4.72	3.59	3.81	4.15	6.09	4.59	5.70	4.47
Plant, Property, & Equipment, net	9.25	8.10	7.78	7.44	7.05	6.89	6.58	9.25
Total Noncurrent Assets	46	43	43	41	38	38	41	38
Goodwill	1.32	1.32	1.32	1.32	1.32	1.32	1.32	1.32
Other Noncurrent Operating Assets	43	40	40	39	36	35	39	36
Other Noncurrent Nonoperating Assets	1.77	1.71	1.71	1.63	1.11	1.14	1.14	0.63
Total Liabilities & Shareholders' Equity	206	189	185	190	207	213	215	223
Total Liabilities	157	139	135	135	151	157	153	155
Total Current Liabilities	80	57	54	54	70	84	88	107
Short-Term Debt	19	20	19	19	20	28	36	52
Accounts Payable	39	17	17	16	28	31	25	32
Accrued Expenses	20	16	15	16	17	21	22	18
Current Deferred Revenue	0.94	2.17	1.10	1.82	2.45	2.21	2.28	1.72
Other Current Liabilities	2.27	2.19	2.22	2.26	2.53	2.60	2.61	3.14
Total Noncurrent Liabilities	77	82	81	81	81	73	65	47
Long-Term Debt	60	65	65	65	65	57	49	32
Other Noncurrent Operating Liabilities	17	17	16	16	16	16	16	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	49	50	50	54	56	56	62	68
Total Preferred & Common Equity	48	49	50	53	55	55	61	68
Total Common Equity	48	49	50	53	55	55	61	68
Common Stock	1,094	1,105	1,110	1,117	1,129	1,135	1,141	1,151
Retained Earnings	-1,043	-1,054	-1,060	-1,063	-1,073	-1,079	-1,079	-1,083
Accumulated Other Comprehensive Income / (Loss)	-2.23	-1.12	-0.87	-0.10	-0.27	-0.27	-0.17	-0.32
Noncontrolling Interest	0.86	0.79	0.79	0.79	0.75	0.74	0.74	0.73

This table displays calculated financial ratios and metrics derived from Cerus' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	97,138,029.00	103,466,759.00	114,086,442.00	135,689,199.00	142,088,830.00	167,141,975.00	172,266,380.00	177,420,943.00	181,197,000.00	-	192,087,501.00
DEI Adjusted Shares Outstanding	97,138,029.00	103,466,759.00	114,086,442.00	135,689,199.00	142,088,830.00	167,141,975.00	172,266,380.00	177,420,943.00	181,197,000.00	-	192,087,501.00
DEI Earnings Per Adjusted Shares Outstanding	-0.58	-0.61	-0.53	-0.42	-0.50	-0.36	-0.32	-0.24	-0.21	-	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.02%	14.76%	30.68%	48.17%	23.30%	21.83%	39.62%	18.05%	-0.81%	7.78%	16.13%
EBITDA Growth	-53.60%	-4.16%	11.29%	-0.03%	-20.49%	15.67%	12.77%	27.10%	21.43%	61.94%	44.99%
EBIT Growth	-52.35%	-4.24%	10.96%	0.65%	-21.73%	14.00%	11.99%	25.70%	20.74%	58.95%	41.58%
NOPAT Growth	-37.24%	-0.61%	6.37%	4.42%	-20.44%	11.92%	16.11%	30.36%	11.82%	52.67%	38.97%
Net Income Growth	-44.16%	-12.60%	3.69%	4.99%	-23.76%	15.98%	9.16%	21.24%	12.09%	44.32%	25.40%
EPS Growth	0.00%	-1.64%	9.68%	21.43%	-15.91%	27.45%	13.51%	25.00%	12.50%	47.62%	27.27%
Operating Cash Flow Growth	-28.43%	-4.69%	2.42%	40.18%	-109.62%	36.17%	18.87%	24.49%	-68.53%	126.31%	-57.42%
Free Cash Flow Firm Growth	-15.68%	14.12%	-1.02%	41.99%	-164.74%	33.68%	4.29%	16.19%	-49.78%	92.75%	-214.12%
Invested Capital Growth	1,586.06%	-11.98%	45.70%	-175.89%	325.32%	20.08%	46.15%	47.21%	90.71%	-9.39%	9.79%
Revenue Q/Q Growth	0.20%	6.98%	25.27%	-2.98%	7.14%	6.63%	11.54%	0.66%	1.09%	1.72%	3.46%
EBITDA Q/Q Growth	6.64%	2.75%	6.37%	-9.54%	-0.86%	4.93%	10.89%	-13.97%	32.31%	-19.35%	6.10%
EBIT Q/Q Growth	6.39%	2.75%	6.12%	-9.00%	-1.28%	4.36%	10.27%	-12.12%	30.29%	-12.39%	4.10%
NOPAT Q/Q Growth	-3.50%	-0.18%	6.88%	-9.14%	-1.45%	3.42%	13.10%	-9.61%	26.66%	-20.55%	8.52%
Net Income Q/Q Growth	8.85%	1.96%	3.22%	-8.93%	-1.02%	21.79%	-19.52%	-11.75%	24.53%	-5.93%	2.36%
EPS Q/Q Growth	10.29%	-5.08%	5.08%	-4.76%	1.92%	2.63%	11.11%	-4.35%	22.22%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-0.30%	-1.76%	-0.62%	8.60%	-1.75%	-1.65%	18.46%	-2.13%	-45.15%	229.77%	35.64%
Free Cash Flow Firm Q/Q Growth	-25.12%	7.08%	-5.61%	11.87%	-3.88%	-6.11%	11.02%	3.73%	-39.34%	82.69%	12.79%
Invested Capital Q/Q Growth	-16.82%	-45.85%	10.15%	-8,116.67%	-23.34%	-0.68%	-0.44%	-9.34%	40.29%	-1.56%	-3.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.44%	48.33%	56.10%	58.40%	43.97%	44.43%	42.24%	46.25%	46.25%	49.43%	48.03%
EBITDA Margin	-164.03%	-148.87%	-101.05%	-68.22%	-66.66%	-46.14%	-28.83%	-17.80%	-14.10%	-4.98%	-2.36%
Operating Margin	-178.46%	-156.45%	-112.09%	-72.30%	-70.62%	-51.06%	-30.68%	-18.10%	-16.09%	-7.07%	-3.71%
EBIT Margin	-168.99%	-153.50%	-104.58%	-70.12%	-69.23%	-48.86%	-30.80%	-19.39%	-15.49%	-5.90%	-2.97%
Profit (Net Income) Margin	-163.25%	-160.17%	-118.04%	-75.69%	-75.97%	-52.39%	-34.09%	-22.74%	-20.15%	-10.41%	-6.69%
Tax Burden Percent	93.83%	100.28%	106.86%	100.40%	100.37%	100.48%	100.59%	101.15%	100.87%	100.99%	102.32%
Interest Burden Percent	102.95%	104.06%	105.63%	107.52%	109.34%	106.71%	110.02%	115.97%	128.98%	174.73%	220.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1,508.29%	-752.76%	-612.72%	-4,097.03%	-1,250.56%	-278.37%	-173.88%	-82.50%	-42.03%	-15.91%	-9.73%
ROIC Less NNEP Spread (ROIC-NNEP)	-1,488.21%	-724.57%	-564.11%	-4,065.66%	-1,213.46%	-249.44%	-147.06%	-43.13%	109.72%	-164.16%	-650.94%
Return on Net Nonoperating Assets (RNNOA)	1,426.30%	670.29%	487.45%	4,003.78%	1,149.91%	203.95%	116.47%	26.95%	-19.69%	-22.08%	-15.93%
Return on Equity (ROE)	-81.99%	-82.47%	-125.27%	-93.25%	-100.65%	-74.42%	-57.41%	-55.55%	-61.71%	-37.99%	-25.66%
Cash Return on Invested Capital (CROIC)	-810.13%	-740.02%	-649.92%	0.00%	-492.15%	-296.62%	-211.38%	-120.70%	-104.43%	-6.05%	-19.07%
Operating Return on Assets (OROA)	-52.30%	-49.64%	-53.22%	-40.75%	-39.46%	-28.85%	-21.41%	-16.03%	-13.92%	-5.96%	-3.28%
Return on Assets (ROA)	-50.52%	-51.80%	-60.07%	-43.99%	-43.31%	-30.94%	-23.70%	-18.80%	-18.11%	-10.52%	-7.40%
Return on Common Equity (ROCE)	-81.99%	-82.47%	-125.27%	-93.25%	-100.65%	-74.42%	-57.11%	-54.85%	-60.83%	-37.46%	-25.35%
Return on Equity Simple (ROE_SIMPLE)	-58.95%	-108.86%	-155.59%	-68.11%	-124.88%	-57.66%	-64.26%	-63.34%	0.00%	-37.33%	0.00%
Net Operating Profit after Tax (NOPAT)	-43	-43	-40	-38	-46	-41	-34	-24	-21	-9.96	-6.08
NOPAT Margin	-124.92%	-109.52%	-78.46%	-50.61%	-49.44%	-35.74%	-21.47%	-12.67%	-11.26%	-4.95%	-2.60%
Net Nonoperating Expense Percent (NNEP)	-20.08%	-28.19%	-48.61%	-31.37%	-37.10%	-28.93%	-26.82%	-39.38%	-151.74%	148.26%	641.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-17.24%	-15.79%	-7.06%	-4.08%
Cost of Revenue to Revenue	68.56%	51.67%	43.90%	41.60%	35.64%	36.02%	39.79%	39.80%	37.46%	40.11%	40.14%
SG&A Expenses to Revenue	134.38%	124.65%	102.51%	74.74%	70.60%	58.66%	50.96%	44.25%	40.43%	37.70%	34.61%
R&D to Revenue	74.93%	79.75%	65.68%	55.97%	64.38%	56.38%	39.93%	34.04%	36.21%	29.26%	28.97%
Operating Expenses to Revenue	209.90%	204.78%	168.19%	130.71%	134.99%	115.03%	90.89%	78.30%	78.63%	66.96%	63.57%
Earnings before Interest and Taxes (EBIT)	-58	-60	-54	-53	-65	-56	-49	-37	-29	-12	-6.94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-56	-58	-52	-52	-63	-53	-46	-34	-26	-10	-5.51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.48	7.79	9.90	8.14	10.51	11.14	13.86	9.58	7.43	5.09	6.16
Price to Tangible Book Value (P/TBV)	6.64	8.08	10.40	8.30	10.78	11.29	14.08	9.77	7.62	5.22	6.29
Price to Revenue (P/Rev)	17.94	11.46	7.51	9.05	6.39	10.12	7.35	3.44	2.10	1.42	1.69
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	86.51	74.36	45.51	0.00	41.89	66.92	47.63	17.89	6.18	4.88	6.08
Enterprise Value to Revenue (EV/Rev)	15.37	10.13	6.91	7.89	5.95	9.38	6.98	3.27	2.17	1.44	1.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.57	82.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.34	0.77	0.35	0.78	0.46	0.81	1.02	1.49	1.48	1.29
Long-Term Debt to Equity	0.18	0.22	0.77	0.26	0.69	0.38	0.64	0.20	1.12	1.14	0.62
Financial Leverage	-0.96	-0.93	-0.86	-0.98	-0.95	-0.82	-0.79	-0.62	-0.18	0.13	0.02
Leverage Ratio	1.62	1.59	2.09	2.12	2.32	2.41	2.42	2.95	3.41	3.61	3.47
Compound Leverage Factor	1.67	1.66	2.20	2.28	2.54	2.57	2.67	3.43	4.40	6.31	7.64
Debt to Total Capital	17.29%	25.11%	43.35%	26.11%	43.78%	31.67%	44.78%	50.45%	59.89%	59.66%	56.36%
Short-Term Debt to Total Capital	2.58%	8.99%	0.00%	6.87%	4.94%	5.61%	9.48%	40.59%	15.01%	13.68%	29.12%
Long-Term Debt to Total Capital	14.71%	16.12%	43.35%	19.24%	38.84%	26.06%	35.30%	9.86%	44.88%	45.98%	27.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.69%	0.60%	0.53%	0.50%
Common Equity to Total Capital	82.71%	74.89%	56.65%	73.89%	56.22%	68.33%	54.58%	48.86%	39.52%	39.80%	43.15%
Debt to EBITDA	-0.35	-0.33	-0.57	-0.58	-0.71	-0.91	-1.51	-2.08	-3.03	-8.40	-15.21
Net Debt to EBITDA	1.57	0.89	0.60	1.69	0.66	1.62	1.30	0.97	-0.53	-0.37	-0.18
Long-Term Debt to EBITDA	-0.30	-0.21	-0.57	-0.42	-0.63	-0.75	-1.19	-0.41	-2.27	-6.47	-7.35
Debt to NOPAT	-0.46	-0.45	-0.74	-0.78	-0.96	-1.18	-2.03	-2.93	-3.79	-8.45	-13.80
Net Debt to NOPAT	2.06	1.21	0.77	2.28	0.89	2.09	1.75	1.36	-0.66	-0.37	-0.17
Long-Term Debt to NOPAT	-0.39	-0.29	-0.74	-0.57	-0.85	-0.97	-1.60	-0.57	-2.84	-6.51	-6.67
Altman Z-Score	2.06	-3.79	-6.84	-1.36	-4.04	0.50	-0.51	-3.26	-4.84	-4.90	-3.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.53%	1.26%	1.43%	1.40%	1.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.97	3.50	3.89	2.79	2.55	3.06	2.38	1.45	2.14	2.39	1.73
Quick Ratio	5.20	2.92	3.16	2.40	2.04	2.58	1.97	1.17	1.50	1.73	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-49	-42	-43	-25	-66	-44	-42	-35	-52	-3.79	-12
Operating Cash Flow to CapEx	-7,081.58%	-9,507.82%	-14,797.45%	-2,731.29%	-733.06%	-2,588.92%	-3,727.69%	-1,280.75%	-939.05%	400.39%	129.71%
Free Cash Flow to Firm to Interest Expense	-28.88	-17.29	-14.14	-6.18	-10.82	-11.62	-8.46	-5.99	-6.23	-0.43	-1.43
Operating Cash Flow to Interest Expense	-29.99	-21.89	-17.28	-7.80	-10.80	-11.16	-6.89	-4.39	-5.15	1.28	0.58
Operating Cash Flow Less CapEx to Interest Expense	-30.41	-22.12	-17.40	-8.08	-12.27	-11.59	-7.08	-4.74	-5.70	0.96	0.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.32	0.51	0.58	0.57	0.59	0.70	0.83	0.90	1.01	1.11
Accounts Receivable Turnover	6.06	6.20	5.32	7.19	7.32	6.01	6.89	6.32	5.34	6.17	7.77
Inventory Turnover	1.82	1.74	1.67	2.26	2.02	1.93	2.54	2.69	2.03	2.07	1.99
Fixed Asset Turnover	9.34	12.02	20.11	14.84	8.14	7.94	12.24	16.25	19.05	25.49	28.59
Accounts Payable Turnover	3.11	2.94	2.30	2.14	1.64	1.77	2.12	2.18	2.46	3.55	3.78
Days Sales Outstanding (DSO)	60.19	58.84	68.56	50.79	49.89	60.78	52.96	57.72	68.32	59.17	46.95
Days Inventory Outstanding (DIO)	200.42	209.91	218.60	161.51	180.37	189.54	143.89	135.85	179.64	176.33	183.29
Days Payable Outstanding (DPO)	117.44	124.13	158.44	170.59	222.70	205.74	171.99	167.05	148.27	102.92	96.66
Cash Conversion Cycle (CCC)	143.17	144.61	128.72	41.72	7.56	44.57	24.86	26.52	99.69	132.59	133.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.08	5.35	7.80	-5.92	13	16	23	34	66	60	65
Invested Capital Turnover	12.07	6.87	7.81	80.95	25.30	7.79	8.10	6.51	3.73	3.22	3.75
Increase / (Decrease) in Invested Capital	6.49	-0.73	2.45	-14	19	2.68	7.39	11	31	-6.17	5.83
Enterprise Value (EV)	526	398	355	600	558	1,071	1,114	616	406	290	397
Market Capitalization	614	450	386	688	600	1,157	1,173	648	391	286	396
Book Value per Share	$0.98	$0.56	$0.34	$0.62	$0.40	$0.62	$0.49	$0.38	$0.29	$0.30	$0.33
Tangible Book Value per Share	$0.95	$0.54	$0.33	$0.61	$0.39	$0.61	$0.48	$0.37	$0.28	$0.30	$0.33
Total Capital	115	77	69	114	101	152	155	138	133	141	149
Total Debt	20	19	30	30	44	48	69	70	80	84	84
Total Long-Term Debt	17	12	30	22	39	40	55	14	60	65	41
Net Debt	-88	-52	-31	-88	-41	-85	-60	-32	14	3.71	1.01
Capital Expenditures (CapEx)	0.72	0.56	0.35	1.14	8.94	1.62	0.91	2.00	4.60	2.84	3.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.62	2.52	6.07	-15	-2.93	-1.62	-6.12	7.09	31	27	34
Debt-free Net Working Capital (DFNWC)	112	74	67	102	83	132	123	109	97	108	117
Net Working Capital (NWC)	109	67	67	94	78	123	109	53	77	88	74
Net Nonoperating Expense (NNE)	13	20	20	19	25	19	20	19	17	11	9.56
Net Nonoperating Obligations (NNO)	-89	-52	-31	-90	-44	-88	-62	-34	12	2.61	0.37
Total Depreciation and Amortization (D&A)	1.70	1.82	1.81	1.45	2.40	3.11	3.15	2.98	2.60	1.86	1.43
Debt-free, Cash-free Net Working Capital to Revenue	10.58%	6.42%	11.83%	-20.38%	-3.12%	-1.42%	-3.83%	3.77%	16.63%	13.54%	14.56%
Debt-free Net Working Capital to Revenue	325.80%	188.80%	130.08%	134.23%	88.29%	115.51%	77.26%	58.01%	51.89%	53.50%	50.01%
Net Working Capital to Revenue	317.17%	171.14%	130.08%	123.90%	82.94%	108.06%	68.05%	28.19%	41.18%	43.92%	31.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.58)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	96.07M	101.83M	108.22M	131.66M	162.17M	168.22M	173.72M	176.55M	180.27M	184.56M	190.59M
Adjusted Diluted Earnings per Share	($0.61)	($0.62)	($0.56)	($0.44)	($0.51)	($0.37)	($0.32)	($0.24)	($0.21)	($0.11)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	96.91M	101.83M	108.22M	131.66M	162.17M	168.22M	173.72M	176.55M	180.27M	184.56M	190.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.51)	($0.37)	($0.32)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.36M	103.47M	129.60M	136.95M	139.83M	163.95M	171.28M	177.62M	181.28M	185.79M	192.17M
Normalized Net Operating Profit after Tax (NOPAT)	-43	-43	-40	-38	-46	-41	-34	-24	-18	-9.96	-6.08
Normalized NOPAT Margin	-124.92%	-109.25%	-78.46%	-50.61%	-49.44%	-35.74%	-21.47%	-12.67%	-9.87%	-4.95%	-2.60%
Pre Tax Income Margin	-173.97%	-159.72%	-110.47%	-75.39%	-75.69%	-52.14%	-33.89%	-22.48%	-19.98%	-10.31%	-6.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-33.92	-24.66	-17.76	-13.31	-10.70	-14.90	-9.98	-6.26	-3.45	-1.34	-0.83
NOPAT to Interest Expense	-25.07	-17.59	-13.33	-9.60	-7.64	-10.90	-6.96	-4.09	-2.51	-1.12	-0.73
EBIT Less CapEx to Interest Expense	-34.34	-24.89	-17.88	-13.59	-12.18	-15.33	-10.17	-6.60	-4.00	-1.66	-1.28
NOPAT Less CapEx to Interest Expense	-25.50	-17.82	-13.44	-9.89	-9.12	-11.33	-7.14	-4.43	-3.06	-1.44	-1.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Cerus' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	180,804,051.00	181,197,000.00	181,282,725.00	184,890,071.00	185,297,208.00	-	185,789,815.00	191,160,480.00	191,698,794.00	192,087,501.00	192,171,776.00
DEI Adjusted Shares Outstanding	180,804,051.00	181,197,000.00	181,282,725.00	184,890,071.00	185,297,208.00	-	185,789,815.00	191,160,480.00	191,698,794.00	192,087,501.00	192,171,776.00
DEI Earnings Per Adjusted Shares Outstanding	-0.04	-0.01	-0.05	-0.03	-0.02	-	-0.04	-0.03	0.00	-0.01	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.96%	3.94%	12.78%	5.85%	7.21%	6.39%	-0.36%	19.02%	18.91%	13.79%	24.10%
EBITDA Growth	34.27%	114.16%	49.31%	70.99%	95.54%	-104.23%	22.57%	-4.10%	1,479.57%	542.42%	114.58%
EBIT Growth	31.27%	107.82%	47.09%	68.32%	87.65%	-143.64%	25.03%	0.34%	465.22%	74.62%	105.69%
NOPAT Growth	29.60%	109.81%	43.60%	67.04%	81.67%	-248.46%	26.64%	10.77%	43.47%	55.76%	93.95%
Net Income Growth	14.49%	89.81%	38.05%	56.68%	59.73%	-84.45%	20.35%	1.04%	99.32%	14.75%	78.65%
EPS Growth	20.00%	85.71%	44.44%	57.14%	50.00%	0.00%	20.00%	0.00%	100.00%	0.00%	75.00%
Operating Cash Flow Growth	-409.67%	-764.64%	123.05%	104.46%	138.80%	132.46%	-143.08%	-709.98%	-52.65%	25.79%	-261.26%
Free Cash Flow Firm Growth	36.55%	-69.66%	-398.50%	-260.20%	-14.46%	116.87%	93.32%	87.85%	48.37%	-221.77%	-536.33%
Invested Capital Growth	23.25%	90.71%	70.42%	65.94%	29.13%	-9.39%	-3.32%	1.43%	11.59%	9.79%	21.75%
Revenue Q/Q Growth	-1.00%	12.89%	-18.65%	16.42%	0.27%	12.03%	-23.81%	23.08%	0.18%	7.21%	-16.91%
EBITDA Q/Q Growth	59.98%	137.41%	-533.03%	55.25%	93.84%	64.52%	-7,819.70%	39.83%	181.59%	-88.62%	160.96%
EBIT Q/Q Growth	56.17%	118.83%	-909.43%	52.57%	82.92%	33.44%	-1,290.45%	36.95%	162.60%	-104.62%	411.88%
NOPAT Q/Q Growth	54.96%	118.62%	-917.52%	51.92%	74.95%	-50.78%	-303.93%	41.52%	84.13%	-17.98%	44.77%
Net Income Q/Q Growth	45.35%	80.94%	-597.62%	40.40%	49.19%	12.68%	-201.25%	25.95%	99.65%	-10,820.00%	24.54%
EPS Q/Q Growth	42.86%	75.00%	-400.00%	40.00%	33.33%	50.00%	-300.00%	25.00%	100.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-16.60%	-44.75%	112.90%	-79.53%	914.96%	21.11%	-117.12%	-189.81%	178.78%	221.74%	-149.18%
Free Cash Flow Firm Q/Q Growth	-67.18%	-144.44%	-1.08%	12.79%	46.88%	136.02%	-140.01%	-58.63%	-125.84%	15.05%	-109.09%
Invested Capital Q/Q Growth	27.30%	40.29%	-6.78%	-0.33%	-0.94%	-1.56%	-0.54%	4.58%	8.98%	-3.15%	10.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.17%	48.67%	49.02%	48.83%	51.72%	48.25%	58.80%	48.19%	46.72%	46.07%	51.98%
EBITDA Margin	-8.82%	2.92%	-15.56%	-5.98%	-0.37%	-0.12%	-12.09%	-5.23%	4.26%	0.45%	1.42%
Operating Margin	-11.10%	1.83%	-18.39%	-7.59%	-1.90%	-2.55%	-13.54%	-5.69%	2.05%	-0.99%	-0.66%
EBIT Margin	-10.25%	1.71%	-17.01%	-6.93%	-1.18%	-0.70%	-12.80%	-5.80%	3.63%	-0.16%	0.59%
Profit (Net Income) Margin	-15.42%	-2.60%	-22.33%	-11.43%	-5.79%	-4.51%	-17.85%	-9.50%	-0.03%	-3.38%	-3.07%
Tax Burden Percent	101.08%	105.47%	100.77%	99.04%	102.66%	104.53%	100.97%	101.35%	-30.77%	105.76%	105.84%
Interest Burden Percent	148.80%	-144.41%	130.26%	166.55%	477.93%	615.83%	138.13%	161.62%	2.98%	2,044.55%	-494.29%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	130.77%	0.00%	0.00%
Return on Invested Capital (ROIC)	-33.85%	4.78%	-50.80%	-21.14%	-4.90%	-5.75%	-31.66%	-14.03%	-2.23%	-2.60%	-1.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-14.97%	23.71%	14.47%	126.13%	-119.08%	-26.60%	-83.37%	-54.39%	4.08%	-118.99%	-43.39%
Return on Net Nonoperating Assets (RNNOA)	4.66%	-4.25%	-1.66%	-5.19%	-4.57%	-3.58%	-10.97%	-8.40%	0.40%	-2.91%	-2.34%
Return on Equity (ROE)	-29.19%	0.53%	-52.46%	-26.33%	-9.47%	-9.33%	-42.63%	-22.43%	-1.83%	-5.51%	-4.06%
Cash Return on Invested Capital (CROIC)	-88.48%	-104.43%	-86.51%	-72.61%	-40.82%	-6.05%	-10.69%	-14.73%	-21.34%	-19.07%	-23.01%
Operating Return on Assets (OROA)	-8.99%	1.54%	-16.37%	-7.01%	-1.18%	-0.71%	-13.01%	-6.30%	4.05%	-0.17%	0.67%
Return on Assets (ROA)	-13.53%	-2.34%	-21.49%	-11.57%	-5.80%	-4.56%	-18.14%	-10.32%	-0.04%	-3.74%	-3.49%
Return on Common Equity (ROCE)	-28.76%	0.52%	-51.64%	-25.90%	-9.32%	-9.20%	-42.02%	-22.11%	-1.81%	-5.45%	-4.01%
Return on Equity Simple (ROE_SIMPLE)	-103.56%	0.00%	-64.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.67	0.68	-5.59	-2.69	-0.67	-1.01	-4.10	-2.40	-0.38	-0.45	-0.25
NOPAT Margin	-7.77%	1.28%	-12.87%	-5.32%	-1.33%	-1.79%	-9.48%	-3.98%	-0.63%	-0.69%	-0.46%
Net Nonoperating Expense Percent (NNEP)	-18.88%	-18.93%	-65.27%	-147.27%	114.18%	20.85%	51.71%	40.36%	-6.31%	116.39%	41.67%
Return On Investment Capital (ROIC_SIMPLE)	-	0.51%	-4.13%	-2.01%	-0.49%	-0.72%	-2.90%	-1.70%	-0.26%	-0.30%	-0.16%
Cost of Revenue to Revenue	38.00%	39.01%	39.39%	40.41%	39.12%	41.28%	41.20%	39.03%	40.77%	43.36%	48.02%
SG&A Expenses to Revenue	34.19%	32.37%	45.63%	37.56%	35.11%	34.07%	46.92%	35.23%	30.91%	32.25%	37.17%
R&D to Revenue	35.52%	26.79%	33.37%	29.63%	27.66%	27.21%	38.40%	31.43%	26.27%	25.38%	27.08%
Operating Expenses to Revenue	73.09%	59.16%	79.00%	67.19%	62.77%	61.28%	72.34%	66.66%	57.18%	57.63%	52.64%
Earnings before Interest and Taxes (EBIT)	-4.84	0.91	-7.38	-3.50	-0.60	-0.40	-5.53	-3.49	2.18	-0.10	0.32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.17	1.56	-6.75	-3.02	-0.19	-0.07	-5.23	-3.15	2.57	0.29	0.76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.08	7.43	6.94	6.57	6.03	5.09	4.65	4.86	4.96	6.16	5.18
Price to Tangible Book Value (P/TBV)	6.25	7.62	7.13	6.75	6.18	5.22	4.77	4.98	5.07	6.29	5.28
Price to Revenue (P/Rev)	1.59	2.10	1.79	1.67	1.63	1.42	1.28	1.25	1.35	1.69	1.43
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.27	6.18	5.82	5.55	5.48	4.88	4.44	4.48	4.62	6.08	4.92
Enterprise Value to Revenue (EV/Rev)	1.59	2.17	1.86	1.74	1.67	1.44	1.31	1.28	1.38	1.70	1.45
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	747.14
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	25.57	30.74	48.55	87.47	82.17	134.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.60	1.49	1.69	1.66	1.54	1.48	1.51	1.51	1.36	1.29	1.24
Long-Term Debt to Equity	1.22	1.12	1.29	1.29	1.19	1.14	1.15	1.01	0.78	0.62	0.48
Financial Leverage	-0.31	-0.18	-0.11	-0.04	0.04	0.13	0.13	0.15	0.10	0.02	0.05
Leverage Ratio	3.42	3.41	3.63	3.77	3.83	3.61	3.72	3.74	3.47	3.47	3.45
Compound Leverage Factor	5.09	-4.92	4.73	6.28	18.29	22.25	5.14	6.05	0.10	70.93	-17.06
Debt to Total Capital	61.58%	59.89%	62.87%	62.44%	60.57%	59.66%	60.17%	60.18%	57.72%	56.36%	55.40%
Short-Term Debt to Total Capital	14.72%	15.01%	14.89%	14.02%	13.46%	13.68%	14.23%	19.94%	24.64%	29.12%	34.22%
Long-Term Debt to Total Capital	46.86%	44.88%	47.98%	48.42%	47.11%	45.98%	45.94%	40.24%	33.07%	27.24%	21.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.67%	0.60%	0.59%	0.59%	0.58%	0.53%	0.53%	0.53%	0.50%	0.50%	0.48%
Common Equity to Total Capital	37.75%	39.52%	36.54%	36.97%	38.86%	39.80%	39.30%	39.29%	41.78%	43.15%	44.12%
Debt to EBITDA	-2.02	-3.03	-4.30	-6.75	-9.93	-8.40	-10.00	-9.84	-14.46	-15.21	178.59
Net Debt to EBITDA	0.01	-0.53	-0.65	-1.00	-0.93	-0.37	-0.48	-0.80	-1.09	-0.18	9.28
Long-Term Debt to EBITDA	-1.54	-2.27	-3.28	-5.24	-7.72	-6.47	-7.63	-6.58	-8.29	-7.35	68.28
Debt to NOPAT	-2.74	-3.79	-5.08	-7.43	-10.09	-8.45	-10.03	-10.38	-12.78	-13.80	-38.09
Net Debt to NOPAT	0.02	-0.66	-0.76	-1.10	-0.94	-0.37	-0.48	-0.84	-0.96	-0.17	-1.98
Long-Term Debt to NOPAT	-2.08	-2.84	-3.88	-5.76	-7.85	-6.51	-7.66	-6.94	-7.33	-6.67	-14.56
Altman Z-Score	-4.74	-4.34	-4.93	-5.05	-4.84	-4.71	-4.82	-4.62	-4.30	-3.86	-3.98
Noncontrolling Interest Sharing Ratio	1.47%	1.43%	1.57%	1.63%	1.59%	1.40%	1.45%	1.44%	1.32%	1.22%	1.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.88	2.14	2.41	2.51	2.59	2.39	2.32	2.00	1.89	1.73	1.63
Quick Ratio	1.29	1.50	1.65	1.76	1.84	1.73	1.54	1.30	1.22	1.12	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-13	-31	-31	-27	-14	5.15	-2.06	-3.27	-7.39	-6.28	-13
Operating Cash Flow to CapEx	-398.06%	0.00%	178.25%	978.05%	564.49%	505.02%	-753.57%	-512.79%	105.13%	474.37%	-1,308.58%
Free Cash Flow to Firm to Interest Expense	-5.29	-13.71	-13.82	-11.56	-6.33	2.51	-0.98	-1.52	-3.49	-3.20	-7.01
Operating Cash Flow to Interest Expense	-4.44	-6.81	0.88	0.17	1.80	2.40	-0.40	-1.14	0.91	3.16	-1.63
Operating Cash Flow Less CapEx to Interest Expense	-5.55	-6.81	0.39	0.15	1.48	1.93	-0.45	-1.36	0.04	2.49	-1.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.88	0.90	0.96	1.01	1.00	1.01	1.02	1.09	1.12	1.11	1.14
Accounts Receivable Turnover	7.01	5.34	8.03	8.47	8.09	6.17	8.23	7.85	8.35	7.77	8.77
Inventory Turnover	1.93	2.03	1.92	1.98	1.97	2.07	1.85	1.86	1.99	1.99	1.86
Fixed Asset Turnover	18.57	19.05	20.26	21.57	23.72	25.49	26.56	29.50	32.24	28.59	29.97
Accounts Payable Turnover	2.01	2.46	2.77	2.81	2.87	3.55	3.68	3.58	4.32	3.78	3.42
Days Sales Outstanding (DSO)	52.05	68.32	45.48	43.08	45.10	59.17	44.34	46.50	43.72	46.95	41.60
Days Inventory Outstanding (DIO)	188.70	179.64	190.22	184.00	184.99	176.33	197.18	196.08	183.34	183.29	195.92
Days Payable Outstanding (DPO)	181.64	148.27	131.96	129.76	127.03	102.92	99.22	102.03	84.50	96.66	106.61
Cash Conversion Cycle (CCC)	59.11	99.69	103.74	97.33	103.06	132.59	142.30	140.55	142.56	133.59	130.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	47	66	61	61	60	60	59	62	67	65	72
Invested Capital Turnover	4.36	3.73	3.95	3.98	3.69	3.22	3.34	3.52	3.53	3.75	3.72
Increase / (Decrease) in Invested Capital	8.83	31	25	24	14	-6.17	-2.04	0.88	7.01	5.83	13
Enterprise Value (EV)	293	406	356	339	331	290	263	277	312	397	355
Market Capitalization	293	391	343	325	322	286	258	270	305	396	350
Book Value per Share	$0.27	$0.29	$0.27	$0.27	$0.29	$0.30	$0.30	$0.29	$0.32	$0.33	$0.35
Tangible Book Value per Share	$0.26	$0.28	$0.27	$0.26	$0.28	$0.30	$0.29	$0.28	$0.31	$0.33	$0.34
Total Capital	128	133	135	134	138	141	141	141	147	149	153
Total Debt	79	80	85	84	83	84	85	85	85	84	85
Total Long-Term Debt	60	60	65	65	65	65	65	57	49	41	32
Net Debt	-0.44	14	13	12	7.80	3.71	4.05	6.87	6.39	1.01	4.41
Capital Expenditures (CapEx)	2.64	-0.01	1.10	0.04	0.72	0.98	0.11	0.48	1.83	1.31	0.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	31	29	29	29	27	31	34	36	34	40
Debt-free Net Working Capital (DFNWC)	90	97	101	100	105	108	112	112	115	117	120
Net Working Capital (NWC)	71	77	81	81	86	88	92	84	79	74	68
Net Nonoperating Expense (NNE)	3.62	2.07	4.10	3.09	2.26	1.55	3.62	3.32	-0.36	1.74	1.40
Net Nonoperating Obligations (NNO)	-2.21	12	11	11	6.17	2.61	2.95	5.73	5.25	0.37	3.78
Total Depreciation and Amortization (D&A)	0.68	0.65	0.63	0.48	0.41	0.33	0.31	0.34	0.38	0.39	0.45
Debt-free, Cash-free Net Working Capital to Revenue	5.73%	16.63%	15.06%	14.77%	14.77%	13.54%	15.41%	15.84%	16.12%	14.56%	16.35%
Debt-free Net Working Capital to Revenue	48.49%	51.89%	52.71%	51.38%	52.95%	53.50%	55.64%	51.90%	50.87%	50.01%	49.28%
Net Working Capital to Revenue	38.32%	41.18%	42.21%	41.72%	43.59%	43.92%	45.65%	38.90%	34.83%	31.47%	27.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	180.94M	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M
Adjusted Diluted Earnings per Share	($0.04)	($0.01)	($0.05)	($0.03)	($0.02)	($0.01)	($0.04)	($0.03)	$0.00	($0.01)	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	180.94M	180.27M	182.09M	184.98M	185.42M	184.56M	187.07M	191.30M	191.83M	190.59M	194.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	181.20M	181.28M	184.89M	185.30M	185.72M	185.79M	191.16M	191.70M	192.09M	192.17M	200.37M
Normalized Net Operating Profit after Tax (NOPAT)	-2.55	0.68	-5.59	-2.69	-0.67	-1.01	-4.10	-2.40	0.87	-0.45	-0.25
Normalized NOPAT Margin	-5.40%	1.28%	-12.87%	-5.32%	-1.33%	-1.79%	-9.48%	-3.98%	1.44%	-0.69%	-0.46%
Pre Tax Income Margin	-15.25%	-2.47%	-22.16%	-11.54%	-5.64%	-4.32%	-17.68%	-9.38%	0.11%	-3.20%	-2.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.05	0.41	-3.30	-1.50	-0.26	-0.19	-2.62	-1.62	1.03	-0.05	0.17
NOPAT to Interest Expense	-1.55	0.31	-2.50	-1.15	-0.30	-0.49	-1.94	-1.11	-0.18	-0.23	-0.13
EBIT Less CapEx to Interest Expense	-3.16	0.41	-3.80	-1.52	-0.58	-0.67	-2.68	-1.84	0.17	-0.72	0.04
NOPAT Less CapEx to Interest Expense	-2.67	0.31	-2.99	-1.17	-0.62	-0.97	-1.99	-1.34	-1.04	-0.89	-0.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Cerus (NASDAQ: CERS) showed a mixed but still fragile financial picture in Q1 2026. Revenue fell year over year, the company remained unprofitable, and debt still weighs heavily on the balance sheet. At the same time, Cerus ended the quarter with a solid cash and investment position and generated a strong swing in investing cash flow, helped by maturities and sales of investments.

Top takeaways from the latest quarter and recent trends:

Cerus ended Q1 2026 with $80.4 million in cash and short-term investments, up from $78.5 million at the end of Q3 2025 and $81.9 million at the end of Q1 2025, suggesting liquidity remains available.
Total current assets of $175.3 million comfortably exceeded total current liabilities of $107.4 million, giving the company a positive near-term working capital position.
Operating cash flow improved sharply to a $3.0 million outflow in Q1 2026 from a $6.2 million inflow in Q4 2025, but it was still better than the $2.4 million outflow in Q2 2025 and the $0.8 million outflow in Q1 2025.
Cerus reduced long-term debt to $32.4 million in Q1 2026 from $48.7 million in Q3 2025 and $64.9 million in Q1 2025, showing meaningful deleveraging over the past year.
Revenue in Q1 2026 was $53.7 million, which was an increase from $43.3 million in Q1 2025, indicating the top line has grown on a year-over-year basis.
Gross profit in Q1 2026 was $27.9 million, and gross margin remained fairly healthy at about 52%.
Shares outstanding continue to drift higher, with basic weighted average shares at 194.1 million in Q1 2026 versus 187.1 million in Q1 2025, which can dilute per-share results.
The company’s balance sheet still includes a large accumulated deficit, with retained earnings at roughly negative $1.08 billion, reflecting years of losses.
Cerus posted a $1.6 million net loss in Q1 2026, and it has remained unprofitable across the last several quarters.
Operating income was essentially breakeven in Q1 2026 at a $0.4 million loss, showing that profitability remains very thin after expenses.

Looking at the multi-quarter trend, Cerus has made some progress but has not yet achieved consistent earnings power. Revenue has generally improved versus the prior year in several quarters, but operating expenses remain high enough to keep the business near or below break-even. Q3 2025 briefly showed operating income of $1.2 million, but that improvement did not last, as Q4 2025 and Q1 2026 both returned to operating losses.

Cash flow is a key watch item for investors. Cerus has shown that it can produce positive operating cash flow in some quarters, but the pattern is inconsistent. The company’s ability to keep cash and investments above current liabilities is encouraging, yet recurring losses and debt obligations mean the balance sheet still needs close monitoring.

Bottom line: Cerus has enough liquidity for now and has reduced debt, which are clear positives. But the company is still struggling with profitability, and investors should watch whether revenue growth can eventually outpace operating costs and interest expense.

07/04/26 11:57 PM ETAI Generated. May Contain Errors.

Cerus Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cerus' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cerus' net income appears to be on a downward trend, with a most recent value of -$15.64 million in 2025, falling from -$55.87 million in 2015. The previous period was -$20.96 million in 2024. See where experts think Cerus is headed by visiting Cerus' forecast page.

Cerus' total operating income in 2025 was -$8.68 million, based on the following breakdown:

Total Gross Profit: $112.29 million
Total Operating Expenses: $148.63 million

Over the last 10 years, Cerus' total revenue changed from $34.22 million in 2015 to $233.80 million in 2025, a change of 583.2%.

Cerus' total liabilities were at $156.89 million at the end of 2025, a 8.9% increase from 2024, and a 251.5% increase since 2015.

In the past 10 years, Cerus' cash and equivalents has ranged from $11.65 million in 2023 to $71.02 million in 2015, and is currently $19.96 million as of their latest financial filing in 2025.

Over the last 10 years, Cerus' book value per share changed from 0.98 in 2015 to 0.33 in 2025, a change of -65.7%.

Related Companies

Financial statements for NASDAQ:CERS last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Cerus (CERS) Financials

Financials Breakdown Chart

Key Financial Trends

Cerus Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Cerus (CERS) Financials

Annual Income Statements for Cerus

Quarterly Income Statements for Cerus

Annual Cash Flow Statements for Cerus

Quarterly Cash Flow Statements for Cerus

Annual Balance Sheets for Cerus

Quarterly Balance Sheets for Cerus

Annual Metrics And Ratios for Cerus

Quarterly Metrics And Ratios for Cerus

Financials Breakdown Chart

Key Financial Trends

Cerus Financials - Frequently Asked Questions

When does Cerus' financial year end?

How has Cerus' net income changed over the last 10 years?

What is Cerus' operating income?

How has Cerus' revenue changed over the last 10 years?

How much debt does Cerus have?

How much cash does Cerus have?

How has Cerus' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools