SIGA Technologies reported its third‑quarter 2025 results on November 6, 2025, with total revenue falling to $2.6 million from $10.0 million in the same quarter a year earlier. Product sales dropped sharply to $0.9 million from $8.9 million, while operating income turned into a $10.2 million loss and net income became a $6.4 million loss, translating to a diluted loss of $0.09 per share versus a $0.02 income per share in Q3 2024.
Over the nine months ending September 30, 2025, SIGA’s product sales grew to $85.8 million from $53.5 million, and total revenue rose to $90.8 million from $57.3 million. Operating income increased to $33.2 million from $12.9 million, and net income reached $28.7 million from $13.45 million, giving a diluted earnings per share of $0.40 versus $0.19 a year earlier. Cash on hand was $172 million and the company remained debt‑free.
CEO Diem Nguyen said the quarter reflected “continued progress across several key initiatives aligned with our mission to support governments in building and maintaining robust preparedness plans.” He highlighted the importance of strategic stockpiling and the safety profile of TPOXX for mass distribution in emergency situations.
CFO Daniel Luckshire explained that the quarterly loss was largely due to the timing of large government contracts. He noted that product sales for the nine‑month period were approximately $86 million and that pre‑tax operating income for the quarter was a $10 million loss, while the nine‑month operating income was $33 million. He also confirmed the company’s cash balance of $172 million and its debt‑free status.
The sharp quarterly decline is driven by the lumpy nature of U.S. government deliveries and a pause in new contracts, while the European Medicines Agency’s request for additional data on TPOXX’s efficacy in mpox adds regulatory uncertainty. Despite these headwinds, the company’s year‑to‑date growth and strong cash position provide a buffer for continued investment in the pipeline and international expansion.
Management did not provide new guidance figures, but the commentary signals a cautious outlook for the remainder of the year. The focus remains on cost control, securing new government contracts, and expanding TPOXX’s indications, including post‑exposure prophylaxis and pediatric formulations.
Investors reacted negatively to the quarterly dip, citing the sharp revenue decline and net loss, but the robust nine‑month performance and strategic priorities suggest continued resilience in the long term.
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