SIGA TECHNOLOGIES INC Revenue Disclosure
11. Segment and Geographic Information
The Company operates in single operating and reportable segment, which includes all activities related to the sale of the Company’s Oral and IV TPOXX® as well as research and development services. The Company derives revenue primarily from sales to the U.S. Government as well as international governments (including government affiliated entities) and manages the business activities on a consolidated basis. The segment derives revenues from customers through the delivery of product and fulfillment of research and development services.
The CODM assesses performance for the segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. Consolidated net income is also a measure that is considered in monitoring budget versus actual results.
The CODM does not review assets in evaluating the results of the segment, and therefore, such information is not presented.
The following table provides the operating result of the Company's segment:
| For the years ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Revenue | ||||||||||||
| Product sales and supportive services | $ | 88,048,145 | $ | 133,330,181 | $ | 130,668,209 | ||||||
| Research and development | 6,526,757 | 5,389,169 | 9,249,011 | |||||||||
| Total revenues | 94,574,902 | 138,719,350 | 139,917,220 | |||||||||
| Less: | ||||||||||||
| Cost of sales and supportive services | 29,703,893 | 31,289,229 | 17,825,090 | |||||||||
| Employee expenses | 16,996,975 | 16,887,020 | 13,058,095 | |||||||||
| R&D vendor expenses | 9,062,714 | 2,684,593 | 7,320,157 | |||||||||
| Professional fee expenses | 3,128,215 | 3,837,929 | 4,820,843 | |||||||||
| International promotion fees | - | 3,098,402 | 3,938,867 | |||||||||
| Other segment items (1) | 12,031,171 | 10,969,376 | 9,350,641 | |||||||||
| Interest income | (6,730,086 | ) | (6,117,589 | ) | (4,173,146 | ) | ||||||
| Income tax expense | 7,102,877 | 16,856,174 | 19,707,847 | |||||||||
| Net income | $ | 23,279,143 | $ | 59,214,216 | $ | 68,068,826 | ||||||
(1) Other segment items include insurance, business development costs, regulatory and consultant expenses, as well as various general corporate costs.
Revenues by geographic region were as follows:
| For the year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| United States | $ | 88,753,655 | $ | 115,743,994 | $ | 118,650,253 | ||||||
| International | ||||||||||||
| Asia-Pacific | — | 13,857,043 | 966,633 | |||||||||
| Canada | 5,821,247 | 737,677 | — | |||||||||
| Europe, Middle East and Africa (EMEA) | — | 8,380,636 | 20,300,334 | |||||||||
| Total International | 5,821,247 | 22,975,356 | 21,266,967 | |||||||||
| Total revenues | $ | 94,574,902 | $ | 138,719,350 | $ | 139,917,220 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 10, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 12, 2024 | |
| 2022 | Mar 2, 2023 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.