Revenue Volatility And Recent DeclineLarge year‑over‑year revenue swings and margin compression reduce predictability of earnings and free cash flow, complicating investment planning and operational scaling. This lumpy revenue profile can persist given procurement timing, making multi‑quarter forecasting and capital allocation harder.
Dependence On Government ProcurementHeavy reliance on government orders concentrates demand risk: timing, budget cycles, and policy shifts can delay or reduce purchases. That structural dependence drives lumpiness in revenue, exposes SIGA to political/process delays, and limits diversification of recurring commercial demand.
Regulatory Uncertainty (EMA Questions)Active regulatory questions from the EMA create multiquarter uncertainty for international demand and potential label expansions. Delays or adverse findings could constrain ex‑U.S. procurements, slow approvals for new indications, and reduce the pace at which SIGA can convert global engagement into sustained revenues.