HARVARD BIOSCIENCE INC
For the period ended Jun 30, 2026. Filed Aug 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 11, 2026
HBIO$8.36-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0001171843-26-003311
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-11.
0001171843-26-005425
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 74 current paragraphs.
29 unchanged; 19 reworded; 22 added; 2 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 2 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
In June 2026, the Company developed a comprehensive plan for the restructuring of our sales, services and marketing strategy. The Company expects the initiative to deliver approximately $1.0 to $1.2 million in cost savings in 2027, and approximately $0.5 million in annual cost savings for the remainder of fiscal year 2026. The Company expects to incur pre-tax charges related to this restructuring in the range of approximately $0.4 to $0.5 million in the second half of fiscal 2026.
Current report
Sales and marketing expenses increased $0.9 million, or 19.0%, to $5.4 million for the three months ended June 30, 2026, compared with $4.5 million for the three months ended June 30, 2025. This increase was primarily due to increases in personnel costs as a result of normalizing our cost structure, increases in travel costs, and restructuring costs.
Current report
General and administrative expenses increased $0.3 million, or 8.3%, to $4.6 million for the three months ended June 30, 2026, compared with $4.3 million for the three months ended June 30, 2025. The increase was primarily due to increases in personnel costs as a result of normalizing our cost structure and increases to restructuring costs.
Current report
Research and development expenses increased $0.3 million, or 12.1%, to $2.5 million for the three months ended June 30, 2026, compared with $2.2 million for the three months ended June 30, 2025. This increase was primarily due to an increase in personnel costs as a result of normalizing our cost structure.
Current report
Six months ended June 30, 2026, compared to six months ended June 30, 2025
Current report
Revenues
Current report
Revenues increased $1.3 million, or 3.0%, to $43.5 million for the six months ended June 30, 2026, compared to $42.2 million for the six months ended June 30, 2025. The increase in revenues was due to increased sales to CROs and pharmaceutical/biotechnology companies in the Americas, Europe, and Asia Pacific, with the largest growth percentage in China.
Current report
Gross profit
Current report
Gross profit increased $1.2 million, or 4.9%, to $24.9 million for the six months ended June 30, 2026, compared with $23.7 million for the six months ended June 30, 2025, primarily due to the increase in revenues as well as the associated higher absorption of fixed manufacturing costs. Gross margin increased to 57.2% for the six months ended June 30, 2026, compared with 56.2% for the six months ended June 30, 2025. The increase in gross margin was primarily the result of favorable absorption of fixed manufacturing overhead costs and favorable product mix.
Current report
Sales and marketing expenses
Current report
Sales and marketing expenses increased $1.2 million, or 12.9%, to $10.7 million for the six months ended June 30, 2026, compared with $9.5 million for the six months ended June 30, 2025. This increase was primarily due to increased compensation, travel, promotional, and restructuring expenses, partially offset by lower stock-based compensation costs.
Current report
General and administrative expenses
Current report
Research and development expenses
Current report
Research and development expenses increased $0.3 million, or 6.0%, to $4.8 million for the six months ended June 30, 2026, compared with $4.5 million for the six months ended June 30, 2025. This increase was primarily due to an increase in compensation and project related costs.
Current report
Amortization of intangible assets
Current report
Amortization of intangible assets included in operating expenses decreased $0.7 million, or 29.4%, to $1.6 million for the six months ended June 30, 2026, compared with $2.3 million for the six months ended June 30, 2025.
Current report
Other operating expenses
Current report
Interest expense
Current report
Interest expense increased $1.6 million, or 82.1%, to $3.5 million for the six months ended June 30, 2026, compared with $1.9 million for the six months ended June 30, 2025. The increase was primarily due to higher average borrowings and a higher effective interest rate during the period compared to prior year.
Current report
Other expense, net
Current report
Income tax expense (benefit)
Current report
Currency exchange rate fluctuations included as a component of net loss resulted in currency losses (gain) of $(0.1) million and $0.4 million for three months ended June 30, 2026 and 2025, respectively, and $(0.1) million and $0.6 million for both the six months ended June 30, 2026 and 2025, respectively.
Removed paragraphs (2)
Previous report
Sales and marketing expenses increased $0.3 million, or 7.3%, to $5.3 million for the three months ended March 31, 2026, compared with $5.0 million for the three months ended March 31, 2025. This increase was primarily due to additional personnel, and an increase in travel, trade show, and other promotional expenses.
Previous report
Research and development expenses were $2.3 million for both the three months ended March 31, 2026 and the three months ended March 31, 2025. An increase in project and travel costs in the three months ended March 31, 2026 was offset by reduced compensation costs.
Reworded paragraphs (19)
Previous wording
This Quarterly Report on Form 10-Q contains statements that are not statements of historical fact and are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the“Exchange Act”). The forward-looking statements are principally, but not exclusively, contained in“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.”These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about management’s confidence or expectations, and our plans, objectives, expectations, and intentions that are not historical facts. In some cases, you can identify forward-looking statements by terms such as“may,” “will,” “should,” “could,” “would,” “seek,” “expects,” “plans,” “aim,” “anticipates,” “believes,” “estimates,” “is likely,” “projects,” “forecasts,” “predicts,” “intends,” “think,” “potential,” “objectives,” “optimistic,” “strategy,” “goals,” “sees,” “new,” “guidance,” “future,” “continue,” “drive,” “growth,” “long-term,” “projects,” “develop,” “possible,” “emerging,” “opportunity,” “pursue”and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in detail in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC. You should carefully review all of these factors, as well as other risks described in our public filings, and you should be aware that there may be other factors, including factors of which we are not currently aware, that could cause these differences. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this report. We may not update these forward-looking statements, even though our situation may change in the future, unless we have obligations under the federal securities laws to update and disclose material developments related to previously disclosed information. Harvard Bioscience, Inc. is referred to herein as“we,” “our,” “us,”and“the Company.”
Current wording
This Quarterly Report on Form 10-Q contains statements that are not statements of historical fact and are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the“Exchange Act”). The forward-looking statements are principally, but not exclusively, contained in“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.”These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, statements about management’s confidence or expectations, and our plans, objectives, expectations, and intentions that are not historical facts. In some cases, you can identify forward-looking statements by terms such as“may,” “will,” “should,” “could,” “would,” “seek,” “expects,” “plans,” “aim,” “anticipates,” “believes,” “estimates,” “is likely,” “projects,” “forecasts,” “predicts,” “intends,” “think,” “potential,” “objectives,” “optimistic,” “strategy,” “goals,” “sees,” “new,” “guidance,” “future,” “continue,” “drive,” “growth,” “long-term,” “develop,” “possible,” “emerging,” “opportunity,” “pursue”and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in detail in our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and our other filings with the SEC. You should carefully review all of these factors, as well as other risks described in our public filings, and you should be aware that there may be other factors, including factors of which we are not currently aware, that could cause these differences. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this report. We may not update these forward-looking statements, even though our situation may change in the future, unless we have obligations under the federal securities laws to update and disclose material developments related to previously disclosed information. Harvard Bioscience, Inc. is referred to herein as“we,” “our,” “us,”and“the Company.”
Previous wording
Our business is affected by global and regional economic trends and uncertainties. Our revenue has been and may continue to be affected by our customers forgoing or delaying purchases of our products and services as a result of ongoing uncertainty with respect to the level and timing of funding from the U.S. National Institutes of Health (the “NIH”) or similar government sources. Our business has also been affected by the imposition of increased tariffs on shipments of products between the United States and other countries, and in particular between the United States and China. Our revenue has been and may continue to be affected by greater restrictions and economic disincentives on international trade, including these tariffs. Products and services that we obtain from overseas sources have been and may continue to be affected by these tariffs, resulting in increased costs to our business.
Current wording
Our business is affected by global and regional economic trends and uncertainties. Our revenue has been and may continue to be negatively affected by our customers forgoing or delaying purchases of our products and services as a result of ongoing uncertainty with respect to the level and timing of funding from the U.S. National Institutes of Health (the “NIH”) or similar government sources. Our business has also been negatively affected by the imposition of increased tariffs on shipments of products between the United States and other countries, and in particular between the United States and China. Our revenue has been and may continue to be negatively affected by greater restrictions and economic disincentives on international trade, including these tariffs. Products and services that we obtain from overseas sources have been and may continue to be affected by these tariffs, resulting in increased costs to our business.
Previous wording
If these trends are prolonged or are more severe than anticipated, our business, results of operations, and cash flow may be materially impacted.
Current wording
If these trends described above are prolonged or are more severe than anticipated, our business, results of operations, and cash flow may be materially and adversely impacted.
Previous wording
In January 2026, the Company developed a comprehensive plan, referred to as Project Viking, for the strategic consolidation of its manufacturing operations to improve efficiency and support long-term growth.
Current wording
In January 2026, the Company developed a comprehensive plan, referred to as Project Viking, for the strategic consolidation of certain of its manufacturing operations to improve efficiency and support long-term growth.
Previous wording
Revenues decreased $1.0 million, or 4.7%, to $20.8 million for the three months ended March 31, 2025, compared to $21.8 million for the three months ended March 31, 2025. The decrease in revenues was primarily due to lower sales from academic research institutions in the Americas and distributors in Asia Pacific.
Current wording
Revenues increased $2.2 million, or 11.1%, to $22.7 million for the three months ended June 30, 2026, compared to $20.5 million for the three months ended June 30, 2025. The increase in revenues was primarily due to increased sales to CROs in the Americas and distributors in Asia Pacific.
Previous wording
Gross profit was $12.2 million for both the three months ended March 31, 2026 and the three months ended March 31, 2025, primarily due to cost reductions in previous year plus favorable product mix. Gross margin was 59.0% for the three months ended March 31, 2026, compared to 56.0% for the three months ending March 31, 2025. The increase in gross margin was primarily the result of favorable product mix.
Current wording
Gross profit increased $1.1 million, or 9.5%, to $12.6 million for the three months ended June 30, 2026, compared with $11.5 million for the three months ended June 30, 2025, primarily due to the revenue increase described above. Gross margin was 55.6% for the three months ended June 30, 2026, compared to 56.4% for the three months ending June 30, 2025. The decrease in gross margin was primarily the result of unfavorable product mix.
Previous wording
Other operating expenses for the three months ended March 31, 2026 were $0.2 million, compared with $0.3 million for the three months ended March 31, 2025. During the three months ended March 31, 2026, other operating expenses included $0.2 million of restructuring costs in connection with Project Viking. During the three months ended March 31, 2025, other operating expenses included a fee of $0.2 million in connection with the receipt of employee retention credits under the CARES Act and $0.1 million of restructuring costs in connection with headcount reductions in North America and Europe.
Current wording
Other operating expenses for the three months ended June 30, 2026 were $0.3 million, compared with $0.2 million for the three months ended June 30, 2025. During the three months ended June 30, 2026, other operating expenses included $0.3 million of restructuring costs in connection with Project Viking. During the three months ended June 30, 2025, other operating expenses included an agent fee of $0.2 million in connection with the receipt of employee retention credits under the CARES Act.
Previous wording
Interest expense increased $0.8 million, or 85.2%, to $1.7 million for the three months ended March 31, 2026, compared with $0.9 million for the three months ended March 31, 2025. The increase was primarily due to the higher interest rate and amortization of deferred financing costs related to the 2025 Loan Agreement discussed above.
Current wording
Interest expense increased $0.8 million, or 79.1%, to $1.8 million for the three months ended June 30, 2026, compared with $1.0 million for the three months ended June 30, 2025. The increase was primarily due to the higher interest rate and amortization of deferred financing costs related to the 2025 Loan Agreement discussed in greater detail in Note 7 (Debt) in the notes to the unaudited condensed consolidated financial statements included herein.
Previous wording
The income tax expense (benefit) was $0.1 million and $(0.5) million for the three months ended March 31, 2026 and 2025, respectively. The effective tax rates for the three months ended March 31, 2026 and 2025 were (3.6%) and 0.9%, respectively. The higher effective tax rate during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily due to the tax effect of nondeductible stock compensation and the release of reserves related to uncertain tax positions. The Company’s effective tax rate for the three months ended March 31, 2026, was different than the U.S. statutory rate primarily due to changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets.
Current wording
The income tax expense was $0.01 million and $0.03 million for the three months ended June 30, 2026 and 2025, respectively. The effective tax rates for the three months ended June 30, 2026 and 2025 were (0.4)% and 1.2%, respectively. The decrease in the effective tax rate during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was primarily due to the tax effects of stock compensation and changes in accruals and reserves related to prior year tax positions. The Company’s effective tax rate for the three months ended June 30, 2026, was different than the U.S. statutory rate primarily due to changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets and a benefit recorded for reserves related to uncertain tax positions.
Previous wording
General and administrative expenses decreased $0.5 million, or 9.3%, to $4.7 million for the three months ended March 31, 2026, compared with $5.2 million for the three months ended March 31, 2025. The decrease was primarily due to reduced compensation costs and professional fees.
Current wording
General and administrative expenses decreased $0.1 million, or 1.4%, to $9.3 million for the six months ended June 30, 2026, compared with $9.4 million for the six months ended June 30, 2025. The decrease was primarily due to lower professional fees, partially offset by restructuring costs.
Previous wording
During the three months ended March 31, 2025, we identified a triggering event for goodwill impairment, including the sustained decrease in our stock price, our recent operating results, liquidity risk and the current macroeconomic conditions impacting the life sciences industry, requiring an interim impairment test. We recorded a non-cash goodwill impairment charge of $48.0 million in connection with the interim impairment test in the three months ended March 31, 2025.
Current wording
We recorded a non-cash goodwill impairment charge of $48.0 million for the six months ended June 30, 2025, following an analysis triggered by the sustained decrease in our stock price, our recent operating results, liquidity risk and the then-current macroeconomic conditions impacting the life sciences industry.
Previous wording
Other expense, net for the three months ended March 31, 2026, was $0.4 million and included costs of $0.4 million in connection with the Company’s reverse stock split. Other expenses, net for the three months ended March 31, 2025, were $0.2 million, which was primarily related to a $0.2 million loss on foreign currency.
Current wording
Other expense, net for the six months ended June 30, 2026, was $0.5 million which was primarily related to costs of $0.4 million in connection with the Company’s reverse stock split. Other expenses, net for the six months ended June 30, 2025, were $0.6 million, which was primarily related to loss on foreign currency.
Previous wording
Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our shelf registration statement that provides for the issuance of common stock, preferred stock, warrants and units up to an amount equal to $100 million (the “2024 Shelf Registration Statement”). Our expected cash outlays relate primarily to cash payments due under our Loan and Security Agreement (the “2025 Loan Agreement”), entered into with certain financial institutions party thereto as lenders and BroadOak Income Fund, L.P., as the administrative agent and collateral agent on December 17, 2025, as well as salaries, inventory, capital expenditures, and other operating costs. We held cash and cash equivalents of $7.1 million and $8.6 million as of March 31, 2026 and December 31, 2025, respectively. Borrowings outstanding were $40 million as of March 31, 2026 and December 31, 2025, respectively.
Current wording
Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our shelf registration statement that provides for the issuance of common stock, preferred stock, warrants and units up to an amount equal to $100 million (the “2024 Shelf Registration Statement”). Our expected cash outlays relate primarily to cash payments due under our Loan and Security Agreement (the “2025 Loan Agreement”), entered into with certain financial institutions party thereto as lenders and BroadOak Income Fund, L.P., as the administrative agent and collateral agent on December 17, 2025, as well as salaries, inventory, capital expenditures, and other operating costs. We held cash and cash equivalents of $6.5 million and $8.6 million as of June 30, 2026 and December 31, 2025, respectively. Borrowings outstanding were $40 million as of June 30, 2026 and December 31, 2025, respectively.
Previous wording
On December 17, 2025, the Company entered into the 2025 Loan Agreement and completed a comprehensive refinancing of the Credit Facility, resulting in a new maturity date and improved likelihood of covenant compliance. For additional details on the 2025 Loan Agreement and refinancing, see the discussion in Note 7 to the Condensed Consolidated Financial Statements (Unaudited) included in Part I, Item 1 of this report. Management has evaluated the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements and concluded that (1) the conditions and events that initially raised substantial doubt have been alleviated and (2) substantial doubt does not exist as of the issuance date. These financial statements are therefore prepared on a going-concern basis.
Current wording
On December 17, 2025, the Company entered into the 2025 Loan Agreement and completed a comprehensive refinancing of the Credit Facility, resulting in a new maturity date and improved likelihood of covenant compliance. For additional details on the 2025 Loan Agreement and refinancing, see the discussion in Note 7 to the Condensed Consolidated Financial Statements (Unaudited) included in Part I, Item 1 of this report.
Previous wording
Under the 2025 Loan Agreement, the Company is required to maintain certain financial covenants that are based on financial measures not presented in accordance with U.S. generally accepted accounting principles. The Company was in compliance with these covenants, including the minimum liquidity requirement of $3.0 million at all times and the minimum adjusted EBITDA requirement, measured on a trailing 12-month basis, of at least $6.0 million for the fiscal quarters ending March 31, 2026 and December 31, 2025.
Current wording
Under the 2025 Loan Agreement, the Company is required to maintain certain financial covenants that are based on financial measures not presented in accordance with U.S. generally accepted accounting principles. The Company was in compliance with these covenants, including the minimum liquidity requirement of $3.0 million at all times and the minimum adjusted EBITDA requirement, measured on a trailing 12-month basis, of at least $6.0 million, as of the end of each of the fiscal quarters ended June 30, 2026 and December 31, 2025.
Previous wording
Cash (used in) provided by operations was $(0.7) million and $3.0 million for the three months ended March 31, 2026 and 2025, respectively. Cash flow from operations for the three months ended March 31, 2026 was negatively impacted by cash outflows from inventories of $1.5 million, compared with a favorable impact to cash flows of $0.7 million for the three months ended March 31, 2025. Cash flow from operations was also negatively impacted by $0.4 million of prepaid inventory and insurance.
Current wording
Cash (used in) provided by operations was $(0.3) million and $5.7 million for the six months ended June 30, 2026 and 2025, respectively. Net loss after adding back non-cash items, was $(2.1) million for the six months ended June 30, 2026, compared to $(0.6) million for the six months ended June 30, 2025. Cash flow from operations for the six months ended June 30, 2026 was negatively impacted by cash outflows from inventories of $1.7 million, compared with a favorable impact to cash flows of $1.6 million for the six months ended June 30, 2025. Cash flow from operations for the six months ended June 30, 2026 was also negatively impacted by $0.4 million of prepaid inventory and insurance. The change in accounts receivable for the six months ended June 30, 2026 had a favorable impact of $1.5 million compared to a favorable impact of $3.2 million for the six months ended June 30, 2025.
Previous wording
Cash used in investing activities was $0.6 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively. Cash used in investing for the three months ended March 31, 2026 consisted of $0.6 million of capital expenditures for manufacturing and capitalized software development. Cash used in investing activities for the three months ended March 31, 2025 primarily consisted of capital expenditures in manufacturing and capitalized software development of $0.7 million.
Current wording
Cash used in investing activities was $1.5 million and $0.9 million for the six months ended June 30, 2026 and 2025, respectively. Cash used in investing activities for the six months ended June 30, 2026 consisted of $1.1 million of capital expenditures and $0.4 million of capitalized software development. Cash used in investing activities for the six months ended June 30, 2025 consisted of $0.6 million of capital expenditures and $0.3 million of capitalized software development.
Previous wording
Cash used in financing activities was $0.0 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, we paid $0.1 million in debt issuance costs as part of the 2025 Loan Agreement and we received $0.1 million in cash proceeds from the exercise of warrants.
Current wording
Cash used in financing activities was $0.05 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, we paid $0.1 million in debt issuance costs as part of the 2025 Loan Agreement and we received $0.1 million in cash proceeds from the exercise of warrants.
Previous wording
During the three months ended March 31, 2026, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.6 million and an unfavorable effect on expenses of $0.1 million. The (loss) gain associated with the translation of our foreign equity into U.S. dollars included as a component of other comprehensive loss was $(0.6) million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively. Currency exchange rate fluctuations included as a component of net loss resulted in a gain of $0.1 million for the three months ended March 31, 2026. Currency exchange rate fluctuations included as a component of net loss resulted in losses of $0.2 million for the three months ended March 31, 2025.
Current wording
During the three months ended June 30, 2026, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.1 million and an unfavorable effect on expenses of $0.1 million. During the six months ended June 30, 2026, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.8 million and an unfavorable effect on expenses of $0.1 million.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Other expense, net for the three months ended June 30, 2026, was $0.1 million which was primarily related to loss on foreign currency. Other expenses, net for the three months ended June 30, 2025, were $0.4 million, which was primarily related to loss on foreign currency.
Current report — wording carried from elsewhere
Other operating expenses for the six months ended June 30, 2026 were $0.6 million, compared with $0.5 million for the six months ended June 30, 2025. During the six months ended June 30, 2026, other operating expenses included $0.6 million of restructuring costs in connection with Project Viking. During the six months ended June 30, 2025, other operating expenses included a fee of $0.4 million in connection with the receipt of employee retention credits under the CARES Act and restructuring costs of $0.1 million.
Current report — wording carried from elsewhere
The income tax expense (benefit) was $0.1 million and $(0.4) million for the six months ended June 30, 2026 and 2025, respectively. The effective tax rates for the six months ended June 30, 2026 and 2025 were (2.1)% and 0.8%, respectively. The lower effective tax rate during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily due to the tax effect of goodwill impairment.
Current report — wording carried from elsewhere
The (loss) gain associated with the translation of our foreign equity into U.S. dollars included as a component of other comprehensive loss was $(0.1) million and $2.6 million for the three months ended June 30, 2026 and 2025, respectively and $(0.7) million and $3.9 million for the six months ended June 30, 2026 and 2025, respectively.