ICCC IMMUCELL CORP /DE/

Overview and Growth

In fiscal 2025, IMMUCELL CORP /DE/ recorded $27.64M of revenue, net loss of $1.04M, and an operating cash inflow of $2.48M. Revenue of $27.64M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 4.3% from $26.49M in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of -$0.12, adding a shareholder-level measure to the absolute income figures considered below. The revenue-to-assets relationship was 0.65x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $11.45M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 41.4% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $1.65M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 6.0%, showing the portion of revenue preserved after the full set of operating costs. The company ended the period with a net loss of $1.04M, extending the operating result through all remaining items. The net loss equaled 3.8% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $1.03M, bridging the operating result to the final net loss. Pretax margin was -3.7%, reflecting a pre-tax loss equal to 3.7% of revenue. The company recognized $11.57K of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 3.8%. The net loss equaled 2.4% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

At period end, the $42.53M asset base was financed through $15.48M of liabilities and $27.06M of equity. Current assets were $16.94M against $3.98M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 4.26x, leaving a positive buffer for near-term obligations. The company held $3.81M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 95.7%, excluding receivables and other current assets. Total debt was $9.10M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.34x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 21.4%, showing how much of the asset base was matched by borrowing. Liabilities represented 36.4% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 9.0%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 5.7% from $45.10M in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 1.7% from $27.52M in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

The company reported $2.48M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital spending was $1.25M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 50.5% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $1.22M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 4.4%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 2.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.