Revenue contracted by 42.2% in 2025Q4, while gross margins experienced extreme volatility, swinging from 76.1% in 2025Q2 to a negative 9.9% in 2026Q1.
| Sales/Revenue | 1.85M | 1.91M | 2.7M | 2.73M | 3.2M | 5.83M | 5.46M |
| Revenue Growth % | -25.74% | -29.23% | -1.16% | -14.56% | -45.1% | 6.83% | - |
| Cost of Goods Sold | 1.33M | 2.23M | 1.44M | 1.86M | 2.9M | 3.93M | 2.1M |
| COGS % of Revenue | - | 116.57% | 53.16% | 67.94% | 90.68% | 67.32% | 38.47% |
| Gross Profit | 523K | -317K | 1.27M | 876.8K | 298.38K | 1.91M | 3.36M |
| Gross Margin % | 28.26% | -16.57% | 46.84% | 32.06% | 9.32% | 32.68% | 61.53% |
| Gross Profit Growth % | - | -125.04% | 44.39% | 193.85% | -84.34% | -43.27% | - |
| Operating Expenses | 96.64M | 93.58M | 79.64M | 49.02M | 31.41M | 18.77M | 16.62M |
| OpEx % of Revenue | - | 4891.64% | 2946.28% | 1792.32% | 981.43% | 321.85% | 304.52% |
| Selling, General & Admin | 15.75M | 24.46M | 0 | 17.05M | 15.21M | 9.14M | 2.63M |
| SG&A % of Revenue | - | 1278.46% | - | 623.28% | 475.31% | 156.68% | 48.27% |
| Research & Development | 70.12M | 69.12M | 51.45M | 31.02M | 17.59M | 9.99M | 3.57M |
| R&D % of Revenue | - | 3613.17% | 1903.48% | 1134.32% | 549.57% | 171.42% | 65.47% |
| Other Operating Expenses | 2M | 0 | 28.19M | 949.48K | -1.39M | -364.5K | 10.41M |
| Operating Income | -96.12M | -93.89M | -78.37M | -48.14M | -31.11M | -16.86M | -13.26M |
| Operating Margin % | -5192.92% | -4908.21% | -2899.45% | -1760.26% | -972.11% | -289.18% | -242.99% |
| Operating Income Growth % | - | -19.81% | -62.8% | -54.72% | -84.54% | -27.14% | - |
| EBITDA | -94.43M | -92.23M | -76.86M | -46.98M | -30.34M | -16.22M | -12.68M |
| EBITDA Margin % | -5101.78% | -4821.38% | -2843.69% | -1717.93% | -947.92% | -278.2% | -232.4% |
| EBITDA Growth % | -15.09% | -19.99% | -63.6% | -54.85% | -87.05% | -27.88% | - |
| D&A (Non-Cash Add-back) | 1.69M | 1.66M | 1.51M | 1.16M | 774.08K | 640.09K | 577.52K |
| EBIT | -96.05M | -93.89M | -78.37M | -46.7M | -29.92M | -16.14M | -14.63M |
| Net Interest Income | -74K | 636K | -82K | 360.97K | -438.33K | -965.64K | -300.64K |
| Interest Income | 0 | 709K | 0 | 428.06K | 210.38K | 68.55K | 0 |
| Interest Expense | 74K | 73K | 82K | 67.09K | 648.71K | 1.03M | 300.64K |
| Other Income/Expense | 1.42M | -331K | 2.4M | 1.38M | 550.48K | -310.48K | 1.48M |
| Pretax Income | -94.7M | -94.22M | -75.97M | -46.76M | -30.56M | -17.17M | -11.78M |
| Pretax Margin % | -5116.15% | -4925.51% | -2810.47% | -1709.93% | -954.91% | -294.5% | -215.78% |
| Income Tax | 492K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.52% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -95.3M | -94.14M | -76.29M | -46.02M | -30.56M | -17.17M | -11.78M |
| Net Margin % | -5148.78% | -4921.28% | -2822.46% | -1682.81% | -954.91% | -294.5% | -215.78% |
| Net Income Growth % | -16.5% | -23.4% | -65.77% | -50.58% | -78% | -45.8% | - |
| Net Income (Continuing) | -95.19M | -94.22M | -75.97M | -46.76M | -30.56M | -17.17M | -11.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -34K | -160K | -79K | -402.83K | 0 | 0 | 0 |
| EPS (Diluted) | -4.04 | -4.00 | -3.77 | -1.28 | -0.85 | -0.48 | -0.33 |
| EPS Growth % | -38.89% | -6.1% | -194.53% | -50.59% | -77.08% | -45.45% | - |
| EPS (Basic) | - | -4.00 | -3.77 | -1.28 | -0.85 | -0.48 | -0.33 |
| Diluted Shares Outstanding | 23.58M | 23.58M | 20.25M | 35.94M | 35.94M | 35.94M | 35.94M |
| Basic Shares Outstanding | 23.58M | 23.58M | 20.25M | 35.94M | 35.94M | 35.94M | 35.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Imminent capital dilution risk
As reported in recent financial statements, Anteris Technologies experienced a 42.2% year-over-year revenue decline in 2025Q4, reflecting a strategic shift away from legacy tissue products toward the uncommercialized DurAVR system, which currently provides no meaningful top-line contribution to offset the company's significant operational burn.
The consistent decline in quarterly revenue suggests that the company is effectively sunsetting its legacy business to focus resources on the DurAVR pivotal trial. Investors should note that without a commercialized product, revenue volatility is likely to persist as the firm remains entirely dependent on clinical milestones rather than market-driven demand.
Based on the provided income statement data, gross margins have fluctuated wildly, swinging from a positive 76.1% in 2025Q2 to a negative 9.9% in 2026Q1, highlighting the lack of a stable, scalable manufacturing process for the company's current product portfolio.
This extreme margin variance suggests that production costs are not yet optimized and are likely heavily influenced by low-volume, non-recurring manufacturing runs. The recent collapse into negative territory implies that the cost of goods sold is currently outpacing the limited revenue generated, a trend that warrants close monitoring as the company approaches potential commercialization.
According to the company's income statement, R&D expenses have steadily climbed to $17.5M in 2026Q1, representing the primary driver of the firm's operating losses and underscoring the high capital intensity required to advance the DurAVR system through the necessary regulatory and clinical trial pathways.
The concentration of spending in R&D is consistent with a clinical-stage medical device firm, yet the lack of corresponding revenue growth suggests that these investments have yet to yield a commercial return. Management's expense discipline appears secondary to the absolute necessity of funding clinical trials, leaving little room for operational efficiency improvements in the near term.
Data from the latest quarterly filings indicates that with operating losses consistently exceeding $20M per quarter, the company's current cash position appears insufficient to sustain operations for an extended period, suggesting that further dilutive equity financing is likely required to reach critical regulatory milestones.
Short-sellers would likely focus on the widening gap between the company's cash burn and its ability to generate organic revenue. The reliance on external capital to fund R&D creates a binary risk profile where any delay in clinical trial progress could lead to a liquidity crisis or significant shareholder dilution.
Quick answers to the most common questions about buying AVR stock.
For fiscal year 2025, Anteris Technologies Global Corp. (AVR) reported total revenue of $1.9M. This represents a 64.9% decline compared to $5.5M in 2020.
Anteris Technologies Global Corp. (AVR) reported a net loss of $94.1M for the fiscal year ending 2025.
Anteris Technologies Global Corp. (AVR) reported an operating income of $-93.9M, resulting in an operating profit margin of -4908.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Anteris Technologies Global Corp. (AVR) generated $-0.3M in gross profit for the year, representing a gross profit margin of -16.6%. This demonstrates the company's core pricing power and production efficiency.