Medical Properties Trust (0JZZ.L) reported QQ3 2025 results with revenue of $237.5 million but an anomalously reported gross profit of -$379.5 million, yielding a negative EBITDA of -$245.2 million and a net loss of -$16.5 million on an EPS of -$0.0282. The quarter exhibits a severe mismatch between revenue and gross profitability, suggesting large one-time charges, impairments, or other non-cash adjustments that are not fully reconciled in the presented inputs. The core operating metrics show substantial leverage pressure, as interest expense of ~$245.5 million eclipses topline revenue and drives a negative EBITDAR and operating income. YoY revenue growth of +5.18% contrasts with a steep deterioration in profitability metrics (YoY gross profit and EBITDA both deeply negative) and a flat-to-broadly negative net income trajectory (net income of -$16.5 million, or -6.93% of revenue). QoQ, revenue slipped by about -1.18%, while profitability deteriorated further on a quarterly basis, consistent with elevated financing costs and potential portfolio or impairment-related charges in 3Q25. These dynamics imply that, in the near term, cash flow generation and coverage of fixed charges are key uncertainties. Investors should monitor management’s commentary on balance-sheet remediation, refinancing options, and portfolio optimization to restore earnings visibility.