Executive Summary

Q4 2023 revenue from continuing operations was $4.8M, up 570% sequentially versus Q3 2023, reflecting acceleration in CDMO process development activity as San Antonio operations scaled . Management cited >$20M in cumulative contract bookings and expects significant growth in 2024, with a target to reach cash flow positive by early 2025 .
FY 2023 mix: $6.6M contract revenue, $0.3M NIH grant, $0.1M royalty (continuing ops); SG&A rose to $26.2M on commercialization buildout; net loss was ~$45.2M; year-end cash was ~$2.4M. The 10‑K included a going concern explanatory paragraph due to recurring losses and limited cash flows .
Prior quarter baselines: Q3 2023 process development revenue was $0.6M (continuing ops) as Scorpius ramped; Q2 2023 process development revenue was $0.7M . The sequential Q4 spike completes a sharp inflection off these low bases .
No Q4 2023 earnings call transcript was found in the document set, and S&P Global consensus estimates were unavailable via our feed for NHWK/SCPX; therefore, beat/miss versus the Street cannot be determined. This is common around micro-cap rebrand/ticker changes (NHWK → Scorpius Holdings; SCPX) . S&P Global estimates retrieval was unavailable due to missing CIQ mapping.

What Went Well and What Went Wrong

What Went Well

Material revenue inflection: “$4.8 million of revenue from continuing operations” in Q4 2023, +570% vs Q3, as CDMO process development activity scaled .
Commercial traction: “More than $20 million of contract bookings” to date, with strong interest in microbial and mammalian capabilities and a “promising pipeline of new opportunities” .
Operating leverage path: Management expects “significant growth in 2024” and to be “cash flow positive by early 2025,” citing a scalable model and minimal incremental capex needs at the 60k+ sq. ft. San Antonio campus .

What Went Wrong

Balance sheet risk and going concern: Year-end cash was ~$2.4M, and the audit opinion included a going concern explanatory paragraph due to recurring losses and limited operating cash flows .
Expense burden still elevated: FY 2023 SG&A was $26.2M (vs. $20.1M FY22) as sales/marketing, labor, and professional fees stepped up to support CDMO go-to-market, compressing profitability despite revenue growth .
Customer concentration and sustainability: Management disclosed a substantial portion of FY 2023 contract revenue was from one customer from which they “no longer anticipate deriving significant revenue,” introducing near-term revenue mix risk during the ramp .

Financial Results

Quarterly revenue trend (continuing operations)

Metric	Q2 2023	Q3 2023	Q4 2023
Revenue ($USD Millions)	$0.7	$0.6 (process development revenue)	$4.8

Notes: Q4 2023 revenue rose 570% sequentially vs Q3, per company disclosure .

FY 2023 vs FY 2022 (continuing operations)

Metric	FY 2022	FY 2023
Contract Revenue ($USD Millions)	$0.1	$6.6
Grant Revenue ($USD Millions)	$0.3 (CPRIT)	$0.3 (NIH)
Royalty Revenue ($USD Millions)	—	$0.1
Cost of Revenues ($USD Millions)	$0.1	$2.7
SG&A ($USD Millions)	$20.1	$26.2
Net Loss Attributable to Scorpius ($USD Millions)	~$43.4	~$45.2
Diluted EPS (Basic & Diluted)	($1.70)	($1.74)
Year-End Cash, Cash Equivalents & ST Investments ($USD Millions)	—	~$2.4

Additional context: Discontinued operations (Elusys Therapeutics) were divested in December 2023; figures above reflect continuing operations .

KPIs and balance sheet context

KPI	Q4 2023 / FY 2023	Subsequent
Contract Bookings (cumulative)	>$20M (to date)	Revenue backlog $10.8M as of Mar 31, 2024
Cash & ST Investments	~$2.4M at 12/31/23	~$1.7M at 3/31/24; +$6.0M gross equity offering on May 16, 2024
Operating Expense Direction	SG&A elevated with commercialization ramp	Preliminary Q1 2024 indicates 34% OpEx reduction YoY

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash flow breakeven timing	Company-level	Not disclosed	“Cash flow positive by early 2025”	Introduced
Revenue outlook	2024	Not disclosed	“Significant growth in 2024” (qualitative)	Introduced
Capex needs	Multi-year	Not disclosed	“Minimal additional capex requirements” to grow on existing campus	Introduced
Revenue (prelim.)	Q1 2024	Not disclosed	$4.0–$5.0M expected (prelim., unaudited)	Introduced

No numeric revenue/EPS/margin guidance ranges for FY 2024/2025 were provided. The company’s forward-looking commentary emphasized growth trajectory, operating leverage, and cash flow timing .

Earnings Call Themes & Trends

No Q4 2023 earnings call transcript was found in the filing set for NHWK/SCPX.

Topic	Previous Mentions (Q2 2023)	Previous Mentions (Q3 2023)	Current Period (Q4 2023)	Trend
CDMO scale-up & operations	Scorpius facility investment and operations progressing; $0.7M process development revenue	Customer feedback “extremely positive”; evaluating strategic options for Scorpius	$4.8M Q4 revenue; bookings >$20M; positioned for significant growth	Improving momentum
R&D de-prioritization	R&D spend +21% YoY; oncology assets de-prioritized	R&D expenses decreased 3.7% YoY; discontinued programs drove declines	Divestiture of non-core assets; focus on CDMO; FY SG&A reflects commercial build-out	Pivoted to CDMO
Cost discipline	Cost of revenues recognized as site became operational	SG&A up with commercialization; some cost savings ahead	Minimal future capex needs; path to operating leverage; early 2025 cash flow positive target	Improving leverage outlook
Balance sheet/liquidity	$18.6M cash at 6/30/23	$9.5M at 9/30/23 (incl. $3.3M held for sale)	$2.4M at 12/31/23; going concern paragraph; subsequent equity raise in May 2024	Tight → improved post-raise
Customer concentration	—	—	Substantial portion of 2023 contract revenue from one customer; not expected to recur	Risk introduced

Management Commentary

“$4.8 million of revenue from continuing operations…a 570% increase from the third quarter of 2023…more than $20 million of contract bookings…positions us well for significant growth in 2024 and beyond.” — Jeff Wolf, CEO .
“We expect Scorpius’ growth to accelerate in 2024 and remain optimistic about becoming cash flow positive by early 2025…our 60,000+ sq. ft. campus provides…sufficient capacity to grow…with minimal additional capex requirements.” — Jeff Wolf .
“We are very pleased with the progress of our Scorpius San Antonio facility…feedback from our customers has been extremely positive.” — Jeff Wolf (Q3 2023 update) .

Q&A Highlights

No Q4 2023 earnings call transcript was located in the document corpus for NHWK/SCPX; therefore, there are no Q&A themes to summarize. We searched the company document set and found no “earnings-call-transcript” entries for the relevant period [ListDocuments: earnings-call-transcript=0 for 2024-04–2024-06].

Estimates Context

Wall Street consensus estimates: We attempted to retrieve S&P Global consensus for Q4 2023, but data was unavailable via our feed due to missing CIQ mapping for NHWK/SCPX. As a result, we cannot quantify beats/misses versus consensus at this time.
Implication: In the absence of consensus, investors should focus on the magnitude of sequential revenue acceleration (+570% QoQ) and sustainability indicators (bookings, pipeline breadth, concentration risk) to assess the durability of the Q4 step-up .

Key Takeaways for Investors

Q4 2023 demonstrated a meaningful inflection in continuing operations revenue ($4.8M), validating commercialization of the CDMO platform post-buildout .
Bookings and pipeline support near-term visibility (> $20M cumulative bookings), but management disclosed 2023 revenue concentration in one customer not expected to recur—watch diversification and conversion of bookings to revenue .
The path to operating leverage is central to the thesis: “minimal” incremental capex, focus on utilization, and a stated target to be cash flow positive by early 2025 .
Liquidity was tight exiting FY 2023 ($2.4M cash) with a going concern paragraph; the May 2024 ~$6.0M gross equity raise partially alleviates near-term funding risk—monitor working capital and backlog conversion .
Estimate benchmarking unavailable; near-term trading likely keys off incremental contract wins, backlog growth, and quarterly revenue cadence versus the $4–5M Q1 2024 preliminary range .
Risk skew: execution risk on scaling multiple client programs, revenue concentration normalization, and the need to manage OpEx while growing top line .
Potential positive catalysts: new multi-program wins, backlog expansion, evidence of higher utilization in San Antonio, and progress toward cash flow breakeven .

Appendix: Additional Context and Prior Quarter Details

Q3 2023: Process development revenue $0.6M (continuing ops); R&D down 3.7% YoY to $5.2M; SG&A $6.1M; cash ~$9.5M (incl. $3.3M in current assets held for sale) .
Q2 2023: Process development revenue $0.7M; SG&A $7.4M; cash ~$18.6M at 6/30/23 .
FY 2023: Continuing ops revenue mix $6.6M contract/$0.3M NIH grant/$0.1M royalty; SG&A $26.2M; net loss ~$45.2M; cash ~$2.4M; going concern paragraph noted in the 10‑K audit opinion .

Naming/ticker note: Filings reflect the transition from NightHawk Biosciences (NHWK) to Scorpius Holdings (trading symbol SCPX in 2024 filings) .

Scorpius Holdings, Inc. (NHWK)·Q4 2023 Earnings Summary