Earnings Releases·Nov 4, 2026, 7:13 AM ET

Lifecore Biomedical — Third Quarter 2026 Earnings Summary

Q3 2026 revenue declined 18.6% to $25.3 million and nine-month revenue fell 21.8% to $82.7 million; net loss widened significantly to $40.1 million ($1.08/share) in Q3 and $61.2 million ($1.70/share) for the nine months, driven by a $31.3 million non-cash loss on debt derivative fair value changes.
Despite revenue contraction, Q3 Adjusted EBITDA rose 29% to $4.0 million due to a 28.9% reduction in operating expenses, while nine-month Adjusted EBITDA dropped 35% to $13.6 million; liquidity stood at $38.0 million with total liabilities increasing to $250.6 million.
Management secured two new technology transfer projects in Q3 and three new development-phase programs in early Q4, including a Phase 2 product with a top-20 global pharmaceutical company, with expected revenue contributions beginning in 2027.
The company referenced a proposed merger agreement dated September 27, 2026, involving Lifecore Inc. and Hazel Merger Sub, Inc., noting associated risks regarding transaction completion and potential impacts on personnel and customer relationships.