The company has failed to generate meaningful revenue, resulting in consistent quarterly operating losses that hovered around $5 million over the last ten quarters.
HeartBeam, Inc. (BEAT) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 399.47M | 286.78M | 208.33M | 178.51M | 166.58M | 129.5M | 111.49M | 119.02M | 119.92M | 140.62M | 120.45M | 72.99M | 33.92M |
| Revenue Growth % | - | - | - | - | - | - | - | -100% | 39.3% | 37.65% | 16.7% | 7.16% | 28.63% | 16.15% | -6.32% | -0.75% | -14.72% | 16.74% | 65.02% | 115.17% | - |
| Cost of Goods Sold | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148.99M | 114.41M | 78.88M | 71.96M | 73.11M | 50.43M | 45.59M | 49.08M | 47.49M | 48.69M | 39.91M | 25.53M | 12.7M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 37.3% | 39.89% | 37.86% | 40.31% | 43.89% | 38.94% | 40.89% | 41.23% | 39.6% | 34.62% | 33.14% | 34.97% | 37.44% |
| Gross Profit | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250.49M | 172.37M | 129.45M | 106.56M | 93.46M | 79.07M | 65.9M | 69.95M | 72.43M | 91.93M | 80.54M | 47.47M | 21.22M |
| Gross Margin % | - | - | - | - | - | - | - | - | 62.7% | 60.11% | 62.14% | 59.69% | 56.11% | 61.06% | 59.11% | 58.77% | 60.4% | 65.38% | 66.86% | 65.03% | 62.56% |
| Gross Profit Growth % | - | - | - | - | - | - | - | -100% | 45.32% | 33.16% | 21.48% | 14.01% | 18.2% | 19.98% | -5.78% | -3.43% | -21.21% | 14.14% | 69.68% | 123.66% | - |
| Operating Expenses | 20.38M | 21.14M | 19.89M | 15.31M | 13.03M | 2.29M | 788K | 294K | 166.48M | 135.02M | 93.59M | 82.98M | 82M | 70.67M | 63.69M | 80.61M | 87.47M | 99.6M | 65.97M | 47.22M | 25.71M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | 41.68% | 47.08% | 44.92% | 46.48% | 49.23% | 54.57% | 57.12% | 67.73% | 72.94% | 70.83% | 54.77% | 64.7% | 75.79% |
| Selling, General & Admin | 9.05M | 7.69M | 8.84M | 8.52M | 7.35M | 2.03M | 655K | 253K | 155.28M | 123.92M | 85.23M | 75.87M | 74.61M | 63.34M | 59.03M | 62.83M | 63.99M | 73.81M | 63.03M | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 38.87% | 43.21% | 40.91% | 42.5% | 44.79% | 48.91% | 52.94% | 52.79% | 53.36% | 52.49% | 52.33% | - | - |
| Research & Development | 11.33M | 13.45M | 11.05M | 6.8M | 5.68M | 255K | 133K | 41K | 11.21M | 11.1M | 8.36M | 7.11M | 7.4M | 7.34M | 4.66M | 5.7M | 4.9M | 5.81M | 4M | 3.78M | 3.63M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 2.81% | 3.87% | 4.01% | 3.98% | 4.44% | 5.67% | 4.18% | 4.79% | 4.08% | 4.13% | 3.32% | 5.18% | 10.7% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.08M | 18.58M | 19.98M | -1.06M | 43.44M | 22.08M |
| Operating Income | -20.41M | -21.14M | -19.89M | -15.31M | -13.03M | -2.29M | -788K | -294K | 84M | 37.35M | 35.86M | 23.58M | 11.46M | 8.4M | 2.21M | -10.66M | -15.04M | -7.67M | 14.57M | 241.61K | -4.49M |
| Operating Margin % | - | - | - | - | - | - | - | - | 21.03% | 13.02% | 17.21% | 13.21% | 6.88% | 6.48% | 1.98% | -8.96% | -12.54% | -5.45% | 12.1% | 0.33% | -13.23% |
| Operating Income Growth % | - | -6.3% | -29.86% | -17.52% | -470.28% | -189.97% | -168.03% | -100.35% | 124.91% | 4.15% | 52.1% | 105.69% | 36.53% | 279.74% | 120.73% | 29.09% | -96.11% | -152.63% | 5930.77% | 105.38% | - |
| EBITDA | -20.3M | -21.1M | -19.88M | 0 | 0 | -2.26M | 0 | 0 | 124.17M | 65.91M | 50.13M | 36.07M | 24.01M | 20.71M | 11.59M | 1.47M | -2.97M | 3.27M | 23.26M | 4.79M | -1.83M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | 31.08% | 22.98% | 24.06% | 20.2% | 14.42% | 16% | 10.39% | 1.23% | -2.47% | 2.32% | 19.31% | 6.56% | -5.4% |
| EBITDA Growth % | 0.68% | -6.13% | - | - | 100% | - | - | -100% | 88.39% | 31.47% | 39% | 50.19% | 15.93% | 78.74% | 689.44% | 149.48% | -190.76% | -85.95% | 385.62% | 361.5% | - |
| D&A (Non-Cash Add-back) | 106K | 40K | 7K | 15.31M | 13.03M | 0 | 788K | 294K | 40.17M | 28.56M | 14.27M | 12.49M | 12.55M | 12.32M | 9.38M | 12.13M | 12.07M | 10.94M | 8.69M | 4.55M | 2.66M |
| EBIT | -20.35M | -21.02M | -19.45M | -14.64M | -12.96M | -2.26M | -788K | -294K | 50.93M | -5.5M | 0 | 0 | 0 | 0 | -12.81M | 0 | -19.59M | -20.46M | 10.86M | 0 | 0 |
| Net Interest Income | 110K | 122K | 446K | 675K | 0 | -2.16M | -280K | -242K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 110K | 122K | 446K | 675K | 66K | 2.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 66K | 2.17M | 280K | 242K | 9.43M | 4.9M | 0 | 0 | 0 | 0 | 299K | 0 | 3K | 12K | 170K | 0 | 0 |
| Other Income/Expense | 112K | 124K | 439K | 675K | 69K | -2.14M | -280K | -242K | -42.5M | -47.75M | -20.09M | -15.68M | -23.57M | -15.5M | -15.32M | -50.51M | -4.56M | -12.8M | -3.88M | 0 | 0 |
| Pretax Income | -20.3M | -21.02M | -19.45M | -14.64M | -12.96M | -4.43M | -1.07M | -536K | 41.5M | -10.4M | 15.77M | 7.9M | -12.11M | -7.1M | -13.11M | -61.18M | -19.6M | -20.47M | 10.69M | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | 10.39% | -3.63% | 7.57% | 4.42% | -7.27% | -5.49% | -11.76% | -51.4% | -16.34% | -14.56% | 8.87% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -370K | 6.75M | -37.67M | 468K | -2.31M | 215K | -905K | 244K | 262K | 5K | 1.48M | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.89% | -64.9% | -238.85% | 5.93% | 19.11% | -3.03% | 6.9% | -0.4% | -1.34% | -0.02% | 13.88% | - | - |
| Net Income | -20.3M | -21.02M | -19.45M | -14.64M | -12.96M | -4.43M | -1.07M | -536K | 42.82M | -15.96M | 53.44M | 7.43M | -9.79M | -7.32M | -12.2M | -61.42M | -19.86M | -20.48M | 9.21M | -358K | -7.64M |
| Net Margin % | - | - | - | - | - | - | - | - | 10.72% | -5.56% | 25.65% | 4.16% | -5.88% | -5.65% | -10.94% | -51.61% | -16.56% | -14.56% | 7.64% | -0.49% | -22.54% |
| Net Income Growth % | 0.24% | -8.06% | -32.85% | -12.94% | -192.73% | -314.61% | -99.25% | -101.25% | 368.36% | -129.86% | 619.4% | 175.85% | -33.8% | 40.02% | 80.13% | -209.27% | 3.01% | -322.44% | 2671.23% | 95.32% | - |
| Net Income (Continuing) | -20.3M | -21.02M | -19.45M | -14.64M | -12.96M | -4.43M | -1.07M | -536K | 42.82M | -15.96M | 53.44M | 7.43M | -9.79M | -7.32M | -12.2M | -61.42M | -19.86M | -20.48M | 9.21M | -358K | -7.64M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.62 | -0.73 | -0.72 | -1.59 | -0.56 | -0.14 | -0.10 | 1.20 | -0.53 | 1.75 | 0.26 | -0.37 | -0.29 | -0.49 | -2.51 | -0.82 | -0.86 | 0.41 | -0.02 | -0.51 |
| EPS Growth % | 25.71% | 15.07% | -1.39% | 54.72% | -183.93% | -300% | -46.9% | -107.94% | 326.42% | -130.29% | 573.08% | 170.27% | -27.59% | 40.82% | 80.48% | -206.1% | 4.65% | -309.76% | 1815.48% | 95.31% | - |
| EPS (Basic) | - | -0.62 | -0.73 | -0.72 | -1.59 | -0.56 | -0.14 | -0.10 | 1.20 | -0.53 | 1.91 | 0.27 | -0.37 | -0.29 | -0.49 | -2.51 | -0.82 | -0.86 | 0.50 | -0.02 | -0.53 |
| Diluted Shares Outstanding | 52.77M | 33.71M | 26.65M | 20.33M | 8.17M | 7.81M | 8.17M | 8.17M | 35.78M | 30.39M | 30.49M | 29.09M | 26.45M | 25.54M | 24.93M | 24.43M | 24.11M | 23.77M | 22.66M | 14.97M | 14.97M |
| Basic Shares Outstanding | 52.77M | 33.71M | 26.65M | 20.33M | 8.17M | 7.81M | 8.17M | 8.17M | 35.78M | 30.39M | 27.92M | 27.12M | 26.45M | 25.54M | 24.93M | 24.43M | 24.11M | 23.77M | 18.35M | 14.43M | 14.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BEAT stock.
For fiscal year 2025, HeartBeam, Inc. (BEAT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $33.9M in 2006.
HeartBeam, Inc. (BEAT) reported a net loss of $21.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Binary Regulatory Approval Risk
Metrics are mathematically derived from official filings.
Persistent R&D Driven Expense Profile
As indicated by the company's recent financial statements, HeartBeam maintains a consistent R&D expenditure pattern, with quarterly costs averaging approximately $2.9 million over the last ten quarters, reflecting the capital-intensive nature of its ongoing regulatory and clinical development efforts prior to achieving any meaningful commercial revenue.
The company's cost structure is almost entirely dominated by R&D and SG&A, which together consistently exceed $4 million per quarter. This heavy reliance on non-revenue-generating activities suggests that the firm remains in a high-risk developmental phase where expense discipline is secondary to meeting critical regulatory milestones.
Stock-Based Compensation Obscures Operational Reality
According to historical income statement data, HeartBeam consistently records significant stock-based compensation expenses, reaching $1.4 million in 2025Q4, which complicates the assessment of true operational burn rates and suggests that equity-linked incentives remain a primary tool for managing cash outflows during this pre-revenue stage.
The presence of recurring stock-based compensation in the absence of revenue indicates that the company is utilizing equity to preserve its limited cash reserves. Investors should monitor whether this reliance on non-cash compensation persists once the company attempts to transition toward a commercialized, revenue-generating model.
Operating Leverage Remains Entirely Absent
Based on reported figures, HeartBeam's operating income has remained consistently negative, with quarterly losses hovering around $5 million, demonstrating that the company has yet to achieve the scale necessary to leverage its fixed cost base against any meaningful top-line growth or operational efficiency gains.
The lack of revenue generation means that operating leverage is currently non-existent, as every dollar spent on R&D and SG&A flows directly to the bottom line as a loss. Until the company secures FDA clearance and begins commercial deployment, the operating margin will likely remain deeply negative.
Capital Runway Risks Demand Scrutiny
As highlighted by the most recent quarterly data, the company's cash position of $4.38 million against a quarterly operating loss of $4.7 million in 2026Q1 suggests a precarious financial runway that may necessitate dilutive financing or strategic intervention in the very near term to sustain operations.
The current burn rate relative to the reported cash balance implies that the company is approaching a critical liquidity inflection point. This financial pressure may force management to prioritize short-term capital raises over long-term strategic objectives, potentially impacting the quality of the commercial launch.