Moderna, Inc. stock research
FY2023 Q3
Moderna (MRNA) Gross Margin — Quarter Ended Sep 30, 2023
Revenue increased compared to the prior quarter, yet gross profit remained negative and cost of revenue exceeded revenue, resulting in a negative gross margin. Versus the same quarter one year earlier, revenue was lower and gross profit turned from positive to negative, while cost of revenue rose, leading to a weakened gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue increased compared to the prior quarter, yet gross profit remained negative and cost of revenue exceeded revenue, resulting in a negative gross margin. Versus the same quarter one year earlier, revenue was lower and gross profit turned from positive to negative, while cost of revenue rose, leading to a weakened gross margin.
- The most observable driver is the relationship between cost of revenue and revenue: cost of revenue was higher than revenue in the current quarter, which directly produced a negative gross margin. This pattern was absent in the year-ago quarter when cost of revenue was lower than revenue.
- Compared to the immediately preceding quarter, gross margin improved from a more negative level to a less negative level, while revenue was higher and gross profit remained negative. Compared to the same quarter one year earlier, gross margin weakened sharply from positive to negative, with revenue lower and gross profit declining from positive to negative.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-22.4%
Gross profit
-$410.0M
Revenue
$1.8B
Cost of revenue
$2.2B
Quarter-over-quarter change
+90.1 pts
Year-over-year change
-89.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $1.9B | $1.1B | $792.0M | 57.5% |
| Jun 30, 2023 | $344.0M | -$387.0M | $731.0M | -112.5% |
| Sep 30, 2023 | $1.8B | -$410.0M | $2.2B | -22.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
+90.1 pts
Year-over-year change
Sep 30, 2022
-89.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the relationship between cost of revenue and revenue: cost of revenue was higher than revenue in the current quarter, which directly produced a negative gross margin. This pattern was absent in the year-ago quarter when cost of revenue was lower than revenue.
Compared to the immediately preceding quarter, gross margin improved from a more negative level to a less negative level, while revenue was higher and gross profit remained negative. Compared to the same quarter one year earlier, gross margin weakened sharply from positive to negative, with revenue lower and gross profit declining from positive to negative.
Monitor whether cost of revenue continues to exceed revenue in future quarters, as this directly determines the sign of gross margin.