Executive Summary

Q2 2025 delivered a step-up quarter: total revenues $81.1M and product sales $79.1M, driven by U.S. Strategic National Stockpile (SNS) deliveries ($53M oral TPOXX, $26M IV TPOXX); net income was $35.5M ($0.49 diluted EPS) versus $1.8M ($0.03) in Q2 2024 and a $(0.01) loss in Q1 2025 .
U.S. government support intensified: BARDA 19C development funding increased by $27M in Q2 (+$14M manufacturing support in April, +$13M pediatric in June); management highlighted continued engagement on a new long-term procurement framework post-19C .
Cash remained strong at $182.5M with no debt; SIGA paid a $0.60 special dividend on May 15, 2025, underscoring capital return capacity .
International/regulatory watch item: EMA’s CHMP initiated a referral procedure reviewing TPOXX’s benefit-risk in Europe based on recent mpox trials; SIGA plans science-based responses while emphasizing safety data and smallpox focus .
Street estimates context: S&P Global consensus for Q2 2025 revenue and EPS was unavailable; results are shown vs prior quarter and prior year; future models may adjust for lumpy U.S. orders and added BARDA funding (S&P Global consensus unavailable for Q2 2025).

What Went Well and What Went Wrong

What Went Well

U.S. SNS deliveries drove a revenue surge: Q2 product sales of $79.1M (oral $53M; IV $26M) and total revenues of $81.1M; operating income of $45.7M and diluted EPS of $0.49 .
Additional BARDA funding: $27M added in Q2 2025 ($14M for manufacturing activities in April; $13M for pediatric program in June), reinforcing U.S. commitment to TPOXX supply chain resiliency and pediatric development .
Balance sheet strength and capital returns: cash and equivalents at $182.5M and a $0.60 special dividend paid May 15, 2025; no debt noted on the call .

Quote (CEO): “We recorded approximately $53 million of oral TPOXX sales and $26 million of IV TPOXX sales… We believe the scale and scope of this activity highlight the breadth and strength of our business model and the value of TPOXX to treat smallpox.”

What Went Wrong

Europe regulatory overhang: CHMP opened a referral procedure to reassess benefit-risk based on mpox trial data; SIGA must address detailed questions and provide comprehensive responses, potentially affecting European momentum near-term .
Revenue lumpiness persists: management reiterated international orders will remain lumpy, underscoring variability outside the U.S. SNS base .
Limited near-term visibility: No formal revenue or EPS guidance; deliveries of a $26M IV order are targeted for 2026, reinforcing longer-dated revenue timing .

Financial Results

Headline comparisons (YoY and QoQ)

Metric	Q2 2024	Q1 2025	Q2 2025
Product sales ($M)	$20.7	$5.8	$79.1
Total revenues ($M)	$21.8	$7.0	$81.1
Operating income ($M)	$1.1	$(2.3)	$45.7
Net income ($M)	$1.8	$(0.4)	$35.5
Diluted EPS ($)	$0.03	$(0.01)	$0.49
Cost of sales ($M)	$12.3	$0.16	$25.6
SG&A ($M)	$5.5	$5.68	$5.49
R&D expense ($M)	$2.89	$3.46	$4.40
Operating margin % (calc)	5.0% (1.08/21.81)	-32.0% (-2.26/7.04)	56.3% (45.68/81.12)

Notes: Operating margin % shown is calculated from cited operating income and total revenues; all inputs are sourced from the company’s 8‑K press releases and attached financials .

Product Mix (Q2 2025)

Product	Q2 2025 Revenue ($M)
Oral TPOXX (SNS)	$53
IV TPOXX (SNS)	$26
Total Product Sales	$79

KPIs and Balance Sheet Highlights

KPI	Q2 2025	Source
Cash & Equivalents	$182.5M
Accounts Receivable	$6.49M
Inventory	$35.62M
Deferred IV TPOXX Revenue	$10.24M
Weighted Avg Diluted Shares	71.75M
Remaining USG Orders (6/30)	$26M IV targeted for 2026
Special Dividend	$0.60/share paid 5/15/25

Results vs. Wall Street Estimates

Metric	Actual Q2 2025	Consensus Q2 2025	Surprise
Revenue ($M)	$81.1	N/A*	N/A
Diluted EPS ($)	$0.49	N/A*	N/A

*Consensus from S&P Global was unavailable for Q2 2025; values retrieved from S&P Global.

Guidance Changes

Metric/Topic	Period	Previous Guidance (Q1 2025)	Current Guidance (Q2 2025)	Change
Delivery of year-end 2024 USG orders (~$70M)	2025	Expected full delivery by end of Q3 2025	Orders fulfilled via Q2 deliveries ($53M oral, $26M IV)	Achieved earlier than quarter-end
New IV TPOXX order ($26M)	2026	Targeted for 2026 delivery	Targeted for 2026 delivery	Maintained
PEP sNDA submission timing	2026	Target H1 2026	Target 2026	Maintained (less specific)
Pediatric IND (powder for oral suspension)	H2 2025	IND in H2 2025	On track for H2 2025 IND; trial thereafter	Maintained
BARDA 19C Development Funding	2025+	+$14M for manufacturing added in April	+$27M total in Q2 (adds +$13M for pediatric in June)	Raised

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
USG procurement/RFP	FY24 press: $133M product sales; entering 2025 with ~$70M outstanding orders . Q1: $53M oral + $9M IV delivered in April; discussing new long-term agreement; $26M IV order for 2026 -.	Q2: $79M product sales (SNS); fulfilled ~$70M orders; +$27M dev funding; ongoing engagement for a comprehensive long-term agreement .	Strengthening US relationship; visibility improved near term but lumpy cadence remains.
International & EMA/CHMP	Q1: expanding global access; Japan approval noted; international sales expected to be lumpy .	CHMP referral reviewing mpox data; SIGA preparing science-based response while emphasizing safety and smallpox focus .	New regulatory overhang in Europe.
Pipeline – PEP	Q1: CDC analyses expected in Q4 2025; sNDA targeted H1 2026; FDA engaged .	Target remains 2026 sNDA; continued CDC/FDA engagement .	Timing maintained; execution ongoing.
Pediatric formulation	Q1: IND in H2 2025; clinical material manufactured; BARDA support .	+$13M funding added (June); IND on track H2 2025; single-dose crossover outlined .	Funding increased; program de-risked and progressing.
Capital allocation	Q1: $0.60 special dividend declared .	Dividend paid; cash $182.5M; no debt (per call) .	Shareholder-friendly; balance sheet robust.
Supply chain/tariffs	Q1: Tariffs had no impact; U.S.-based supply chain a strength .	No change reported in Q2; U.S. manufacturing seen as strategic .	Stable.

Management Commentary

“In the second quarter, we recorded approximately $53 million of oral TPOXX sales and $26 million of IV TPOXX sales in connection with deliveries to the Strategic National Stockpile.” – Diem Nguyen, CEO .
“The government committed to an additional $13 million of development funding to further support the pediatric program… [and] $14 million… to support manufacturing activities.” – Diem Nguyen, CEO .
“Pretax operating income for the quarter… is approximately $46 million… Net income… approximately $35 million… fully diluted income per share… $0.49 per share. The company… had a cash balance of approximately $182 million and no debt.” – Daniel Luckshire, CFO .
“Our priority right now is to provide thorough science based responses to the [CHMP]… It remains the only antiviral approved in the EU for smallpox treatment, and it stands out for its strong safety profile.” – Diem Nguyen, CEO .

Q&A Highlights

Pediatric program deployment and trial design: Management plans to fund activities up to regulatory filing; next study will be a single-dose crossover evaluating a refined pediatric formulation and food effect to mirror adult exposure levels .
International outlook under CHMP referral: While the CHMP is reviewing mpox efficacy questions, management underscored the broader smallpox data package and safety profile; they continue to build international relationships and expect lumpiness in orders .
U.S. RFP timing and process: No specific timeline given; 2018 process took ~6 months from RFP to agreement as context; management is prepared for a range of processes (open competition or sole source) .
Early-stage mAb program: SIGA remains enthusiastic about fully human monoclonal antibodies for orthopoxviruses; working on development and manufacturing pathways; potential as monotherapy or in combination with TPOXX .

Estimates Context

S&P Global consensus for Q2 2025 revenue and EPS was unavailable; as a result, beat/miss analysis relative to consensus is not provided for this quarter (values retrieved from S&P Global; consensus unavailable for Q2 2025).
Given the order-driven nature of SIGA’s revenue, Street models may need to incorporate: (i) fulfilled ~$70M of year-end USG orders in Q2; (ii) $26M IV order targeted for 2026; and (iii) incremental $27M BARDA development funding, which flows through R&D revenue not product sales .

Key Takeaways for Investors

U.S. SNS shipments powered a high-quality revenue and earnings quarter; operating margin exceeded 50% on mix and scale .
U.S. government engagement remains a core driver: $27M added dev funding and discussions toward a new long-term framework suggest durable demand for both oral and IV formulations .
Near-term catalysts are operational (further deliveries, potential international orders) rather than guidance-based; revenue cadence will remain lumpy quarter-to-quarter .
Regulatory risk watch: CHMP referral introduces an EU overhang tied to mpox clinical data; management emphasizes strong smallpox safety/efficacy foundations and plans robust responses .
Pipeline execution steady: PEP sNDA remains on a 2026 timetable; pediatric IND on track for H2 2025, supported by new BARDA funding .
Capital return and liquidity are notable supports: $182.5M cash and $0.60 dividend paid bolster downside protection and strategic flexibility .
Trading lens: The narrative hinges on biodefense procurement visibility and EU regulatory developments; stock likely reacts to signs of U.S. RFP progress, international order wins, and clarity on the CHMP outcome .

Supporting Documents and Data Citations

Q2 2025 8-K and attached press release/financials: revenues, product mix, operating results, balance sheet .
Q2 2025 earnings call transcript: management commentary on SNS deliveries, BARDA funding, CHMP referral, pipeline timing, and Q&A -.
Q1 2025 8-K press release and transcript: prior-quarter financials and guidance context -.
Q4 2024 8-K press release: prior-year baseline and order backlog entering 2025 .

Values from S&P Global: Consensus for Q2 2025 revenue and EPS was unavailable for SIGA (values retrieved from S&P Global).

SIGA TECHNOLOGIES INC (SIGA)·Q2 2025 Earnings Summary