Moderna, Inc. Earnings Summary — Q1 2026

• Revenue grew 260% year-over-year to $389M, beating the low base set in Q1 2025.
• The net loss widened significantly to $1.34B as R&D and cost of revenue outpaced top-line recovery.
• Operating expenses remain extremely high at $822M, largely driven by a $649M investment in the mRNA pipeline.
• Cost of revenue spiked to $955M in the quarter, exceeding total revenue and contributing to a gross loss.
• The balance sheet remains a core strength with zero long-term debt, despite rapid capital consumption.
• Success of the investment thesis depends heavily on the commercial ramp-up of non-COVID vaccines like mRESVIA.
• Shares outstanding have increased by 2.33% year-over-year, continuing a trend of mild dilution.

Management is focused on launching multiple mRNA products by 2030 and is currently in a transition phase from pandemic windfall to a diversified commercial portfolio. Cost-cutting remains a secondary focus to R&D execution.

Deteriorating

While revenue showed a nominal YoY bounce, the increasing depth of quarterly losses and massive cost of revenue indicates a challenging path to reaching operational break-even.

The company faces a multi-year period of negative cash flow as it attempts to scale its RSV, Flu, and Oncology programs to replace lost COVID-19 franchise revenue.