Champions Oncology revenue rises 8.8% as services margin improves; GAAP loss remains

Champions Oncology reported fiscal first-quarter revenue of $15.2 million, up 8.8% from a year earlier, as its Non-GAAP oncology services margin rose to 51% from 43%. Non-GAAP Adjusted EBITDA increased to $671,000 from $59,000, while the company remained loss-making under GAAP, with a $426,000 net loss (Form 8-K AccNo 0001628280-26-061383).

The results cover the three months ended July 31, 2026, and were released September 10. Champions, a Nasdaq-listed translational oncology research organization, disclosed the unaudited figures in Exhibit 99.1 to its Form 8-K, accession number 0001628280-26-061383.

The quarter paired higher revenue with lower costs of delivering oncology services. That improvement helped absorb increased spending elsewhere, particularly on the commercial organization. The distinction matters: stronger service economics and positive Non-GAAP Adjusted EBITDA have yet to translate into GAAP net income.

Revenue and margin

Cost of oncology revenue fell $461,000, or 5.8%, to approximately $7.5 million. With revenue rising at the same time, the company's reported Non-GAAP oncology services margin improved by eight percentage points.

Total costs and operating expenses nevertheless increased 7.7% to $15.6 million. Sales and marketing expense rose 66.6% to $3.1 million as Champions invested in its commercial organization. Research and development expense increased 12.6% to $2.3 million, primarily because of share-based compensation related to Corellia, its wholly owned target-discovery subsidiary. General and administrative expense rose 4.0% to $2.7 million.

Non-GAAP vs GAAP

The GAAP operating loss narrowed to $409,000 from $527,000. The current-quarter net loss included $766,000 in stock-based compensation and $314,000 in depreciation and amortization.

Champions defines Non-GAAP Adjusted EBITDA as net loss excluding stock-based compensation, depreciation and amortization, other income or expense, taxes, and a loss on disposal of laboratory equipment. Those exclusions help explain why the $671,000 Non-GAAP result sits alongside a GAAP net loss. Non-GAAP adjusted basic EPS was $0.05, compared with $0.01 a year earlier.

Cash and what is still open

Cash and cash equivalents declined to $4.358 million at July 31 from $4.872 million at April 30. The company used approximately $492,000 in operating cash during the quarter and said it ended the period with no debt.

The release said full Form 10-Q details would be available on or before September 14. Those additional details remain outside this release-based account; the disclosed quarter does not establish a fiscal 2027 outlook.