Novavax NVAX Transition Services — Cumulative catch up adjustment

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BDCContract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price

$31.91M+6.3%

PORContract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price

$16M+500%

WMBContract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress

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TDYContract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price

$8.6M+274%

ICFIContract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress

$2.03M+65.3%

CATContract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price

-$124.25M—

Other financials

Income statement

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Revenue$139.5M-79.1%

Gross profit$108.8M-83.3%

Operating income-$15.4M-103%

Net income-$9.5M-102%

EPS (diluted)-$0.06-102%

Balance sheet

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Cash & equivalents$228.4M-13.3%

Total debt$295.1M+404%

Total equity-$144.8M-91.4%

Total assets$1.0B-19.3%

Cash flow

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Operating cash flow-$32.4M+82.5%

CapEx$1.3M-20.4%

Free cash flow-$33.7M+82.0%

Valuation

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Market cap$1.46B+35.6%

Enterprise value$1.53B+76.9%

P/S2.5×+1.6×

Profitability

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Gross margin85%-2.5pp

Operating margin-13.1%-45.9pp

Net margin-14.7%-52.9pp

FCF margin-58.9%-61.4pp

Returns & leverage

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Return on equity-238.6%—

Debt / equity1.5×—

Current ratio2.5×+0.4×

Where this comes from

Reported directly by Novavax in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract.

The official record: Novavax’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Novavax's transition services — cumulative catch up adjustment?: Novavax (NVAX) reported transition services — cumulative catch up adjustment of $6.1M in Q1 2026.
How has Novavax's transition services — cumulative catch up adjustment changed year-over-year?: Novavax's transition services — cumulative catch up adjustment decreased by 35.8% year-over-year, from $9.5M to $6.1M.
What does transition services — cumulative catch up adjustment mean?: This adjustment reflects the impact of changes in transaction price estimates or contract modifications on revenue recognized in prior periods for the transition services segment. It is used to align the cumulative revenue recognized to date with the updated expectations of total consideration. Significant adjustments may indicate volatility in contract performance or changes in underlying commercial assumptions.