ADMAHIGH SIGNALFINANCIAL10-K

ADMA shows strong revenue growth (+44%) and operating income expansion (+38%) but concerning 58% decline in operating cash flow despite improved profitability.

The dramatic divergence between growing profits and declining cash generation suggests potential working capital issues or earnings quality concerns that warrant immediate investor attention. The company appears to be in a growth phase with increased R&D spending and capital investments, but the cash flow deterioration could indicate collection problems or unsustainable profit recognition.

Comparing 2026-02-25 vs 2025-03-18View on EDGAR →
FINANCIAL ANALYSIS

ADMA demonstrated robust top-line growth with revenue increasing 44% to $42.2M and operating income rising 38% to $191.4M, supported by strong gross profit expansion of 33%. However, the most concerning development is the 58% collapse in operating cash flow from $118.7M to $50.4M despite improved profitability, while accounts receivable surged 217% to $158.4M. The company is investing heavily in growth with R&D expenses up 163% and capex increasing 174%, but the dramatic cash flow decline relative to reported earnings raises questions about earnings quality and working capital management that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
+216.9%
$50.0M→$158.4M

Receivables surged 216.9% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Capital Expenditure
Cash Flow
+174.4%
$8.2M→$22.6M

Capital expenditure jumped 174.4% — major investment cycle underway; assess returns on deployment.

R&D Expense
P&L
+162.7%
$1.8M→$4.8M

R&D investment increased 162.7% — signals commitment to future product development, though near-term margin impact.

Operating Cash Flow
Cash Flow
-57.5%
$118.7M→$50.4M

Operating cash flow fell 57.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+43.9%
$29.3M→$42.2M

Strong top-line growth of 43.9% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+40.8%
$331.4M→$466.5M

Current assets grew 40.8% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+37.7%
$139.0M→$191.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Stockholders Equity
Balance Sheet
+36.8%
$349.0M→$477.3M

Equity base grew 36.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+33.3%
$219.6M→$292.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Interest Expense
P&L
+29.8%
$19.3M→$25.0M

Interest costs rose 29.8% — monitor debt levels and coverage ratio in rising rate environment.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-03-18
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of February 20, 2026, there were 238,159,176 shares of the issuer s common stock outstanding.
In addition to the foregoing, you should also consider carefully the statements under the section entitled Risk Factors and other sections of this Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in the forward-looking statements.
based end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
We anticipate submitting a pre-Investigational New Drug (IND) package to the FDA in fiscal year 2026, which could enable us to progress development of SG-001 directly into a registrational clinical trial.
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REMOVED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of March 10, 2025, there were 237,615,100 shares of the issuer s common stock outstanding.
Overview We are an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
Based on current production yields, our completed and ongoing supply chain enhancements and capacity expansion initiatives, we believe this facility has the potential to produce sufficient quantities of our immune globulin ( IG ) products representing projected annual revenues greater than $490 million in 2025 and $605 million in 2026.
These revenue targets translate to potential fiscal year 2025 and 2026 Adjusted Net Income exceeding $175 million and $235 million, respectively, and Adjusted EBITDA exceeding $225 million and $305 million, respectively.
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