HeartSciences Inc (HSCSW) Q3 2025 Earnings Report

Revenue and gross profit were not disclosed for QQ3 2025 in the provided data. Key reported figures for QQ3 2025:
- Operating income: -$2,371,472,000
- Net income: -$2,536,292,000
- EBITDA: -$2,371,472,000
- Net income / EPS: -$2,536,292,000; EPS -$2,572.16 per share (weighted average shares: 986,057)
- Research and development expenses: $1,033,118,000
- Selling, general and administrative expenses: $1,338,354,000
- Interest expense: -$179,477,000
- Cash from operating activities: -$1,620,084,000 (note: unit appears as USD thousands in data, implying a negative cash flow of approximately $1.62 million if viewed at face value, though the scale suggests a more substantial cash burn when aligned to other line items)
- Free cash flow: -$1,635,785,000
- Cash at end of period: $2,596,522,000
- Current ratio: 0.978; Quick ratio: 0.796; Cash ratio: 0.727
- Total assets: $5,703,855,000; Total liabilities: $3,917,166,000; Total stockholders’ equity shows data inconsistencies (see below caveat)
Notes on usage and interpretation: Several balance-sheet fields appear misaligned or mislabeled (e.g., retained earnings, stockholders’ equity components, and some line-item magnitudes). Reported debt and cash positions suggest a complex labeling issue in the data source rather than a straightforward financial position. All figures are USD and, where possible, referenced to the provided quarter (QQ3 2025) and four-quarter context.

Transcript data not provided in the supplied input. As a result, no management quotes or theme-based highlights can be extracted from an earnings call. Analysts should reference the official HSCSW QQ3 2025 earnings call transcript for direct management commentary on product execution, regulatory milestones, reimbursement strategy, and capital raising plans.

The investment case for HeartSciences in QQ3 2025 is highly speculative and contingent on forthcoming milestones. The company is in a capital-intensive phase with no disclosed QQ3 revenue and a substantial net loss. The most meaningful upside requires tangible progress toward regulatory clearance, credible payer coverage plans, and early revenue generation for wavECG. Until such milestones are demonstrated, the stock presents significant risk, with a need for additional financing to sustain operations. Investors should monitor management communications for updated guidance, product milestones, and capital-raising actions, which will be critical to assess the durability of the business model and the probability of converting the long-term product potential into tangible shareholder value.