Phreesia delivered solid top-line growth in Q2 2025, with revenue of USD 102.1 million, representing a year-over-year increase of 18.97%. Gross margin remained robust at approximately 60.5%, highlighting the inherent profitability of the core SaaS and payments platform. However, the company continues to incur meaningful operating losses, with operating income of -USD 17.22 million and net income of -USD 18.01 million, driven by elevated research and development and selling, general, and administrative expenses. Net cash generation was positive: operating cash flow USD 11.06 million and free cash flow USD 3.66 million, supporting a strong liquidity position as of quarter-end. Phreesia closed the period with USD 81.8 million in cash and equivalents and a net cash position of about USD 65.3 million, underscored by a favorable current ratio (~1.77) and a solid balance sheet structure (total assets USD 362.2 million; total stockholders’ equity USD 251.3 million). The business model shows continued momentum in revenue growth and platform adoption, but near-term profitability hinges on achieving operating leverage and margin expansion while maintaining disciplined expense management.