ImmuCell Corporation (ICCC) reported its fourth-quarter results on December 31, 2025, revealing a product sales increase to $27.6 million for the year, a 4.3% rise from $26.5 million in 2024. The company’s net loss narrowed to $1 million (12 cents per share) from a loss of $2.2 million (26 cents per share) the previous year, with gross margins expanding to 41.4% from 30% in 2024.
Quarterly product sales decreased by 1.6% to $7.6 million, with domestic sales up 8.7% at approximately $7 million while international sales fell to $600,000. Total operating expenses rose slightly to $9.8 million, due mainly to increased administrative costs. ImmuCell’s cash and cash equivalents remained stable at $3.8 million, with net working capital increasing to $13 million.
Looking forward, ImmuCell is focusing on its First Defense franchise and aims to increase annual production capacity to 5-6 million units through strategic improvements. The U.S. market for calf health products reached approximately $93 million in 2025, indicating a significant growth opportunity despite operational challenges.
