Revenue growth of 29.3% in 2026Q1 highlights successful market adoption, yet this is offset by an operating margin of -78.3% as SG&A expenses continue to outpace gross profit.
| Sales/Revenue | 95.07M | 89.06M | 65.44M | 45.23M | 25.92M |
| Revenue Growth % | 33.75% | 36.09% | 44.71% | 74.47% | - |
| Cost of Goods Sold | 11.68M | 10.79M | 8.69M | 7.06M | 4.43M |
| COGS % of Revenue | - | 12.11% | 13.28% | 15.62% | 17.09% |
| Gross Profit | 83.39M | 78.27M | 56.75M | 38.16M | 21.49M |
| Gross Margin % | 87.72% | 87.89% | 86.72% | 84.38% | 82.91% |
| Gross Profit Growth % | - | 37.93% | 48.7% | 77.57% | - |
| Operating Expenses | 148.33M | 136.68M | 96.46M | 68.2M | 57.51M |
| OpEx % of Revenue | - | 153.46% | 147.39% | 150.81% | 221.87% |
| Selling, General & Admin | 127.27M | 117.53M | 82.9M | 59.21M | 50.27M |
| SG&A % of Revenue | - | 131.97% | 126.67% | 130.92% | 193.93% |
| Research & Development | 21.06M | 19.14M | 13.56M | 8.99M | 7.24M |
| R&D % of Revenue | - | 21.49% | 20.72% | 19.89% | 27.94% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -64.94M | -58.4M | -39.71M | -30.04M | -36.02M |
| Operating Margin % | -68.31% | -65.57% | -60.68% | -66.43% | -138.96% |
| Operating Income Growth % | - | -47.08% | -32.18% | 16.6% | - |
| EBITDA | -62.69M | -51.52M | -38.57M | -29.19M | -35.52M |
| EBITDA Margin % | -65.95% | -57.85% | -58.93% | -64.55% | -137.04% |
| EBITDA Growth % | -41.64% | -33.59% | -32.11% | 17.82% | - |
| D&A (Non-Cash Add-back) | 715K | 0 | 1.14M | 847K | 497K |
| EBIT | -59.96M | -51.52M | -38.46M | -27.36M | -35.56M |
| Net Interest Income | -985K | -1.89M | -1.99M | -2.1M | -1.6M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 985K | 1.89M | 1.99M | 2.1M | 1.6M |
| Other Income/Expense | 4.57M | 4.99M | -746K | 588K | -1.14M |
| Pretax Income | -60.37M | -53.41M | -40.45M | -29.45M | -37.16M |
| Pretax Margin % | -63.51% | -59.97% | -61.82% | -65.13% | -143.36% |
| Income Tax | 0 | 0 | 0 | 11K | 2K |
| Effective Tax Rate % | 0% | 0% | 0% | -0.04% | -0.01% |
| Net Income | -60.37M | -53.41M | -40.45M | -29.46M | -37.16M |
| Net Margin % | -63.51% | -59.97% | -61.82% | -65.15% | -143.37% |
| Net Income Growth % | -35.66% | -32.03% | -37.3% | 20.72% | - |
| Net Income (Continuing) | -60.37M | -53.41M | -40.45M | -29.46M | -37.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.60 | -1.46 | -3.39 | -1.26 | -1.59 |
| EPS Growth % | 38.72% | 56.93% | -169.05% | 20.75% | - |
| EPS (Basic) | - | -1.46 | -3.39 | -1.26 | -1.59 |
| Diluted Shares Outstanding | 37.66M | 36.54M | 11.95M | 23.32M | 23.32M |
| Basic Shares Outstanding | 37.66M | 36.54M | 11.95M | 23.32M | 23.32M |
| Dividend Payout Ratio | - | - | - | - | - |
High Cash Burn Rate
According to the latest quarterly filings, CBLL achieved a 29.3% year-over-year revenue growth in 2026Q1, signaling that the company is successfully penetrating the acute care market despite broader macroeconomic headwinds that often constrain hospital capital expenditure budgets for new diagnostic technology deployments across the United States.
The consistent double-digit growth suggests that the company's razor-razorblade model is gaining traction within hospital ICUs and emergency departments. Investors should monitor whether this trajectory remains durable as the company moves beyond early adopters and faces the challenge of displacing entrenched, traditional EEG diagnostic workflows.
As reported in financial statements, the company maintains a robust gross margin profile of 87.3% as of 2026Q1, which appears to be structurally underpinned by the high-margin, recurring nature of its disposable headband consumables and the zero-marginal-cost delivery of its proprietary AI-driven diagnostic software alerts.
This high margin profile provides a significant buffer against potential input cost volatility in specialized polymers or conductive gels. However, the sustainability of these margins warrants further investigation, as any shift in product mix toward lower-margin hardware or increased competitive pricing pressure could compress these levels.
Based on the provided income statement data, CBLL's operating margin of -78.3% in 2026Q1 indicates that the company has yet to achieve meaningful operating leverage, as SG&A expenses continue to scale in tandem with or faster than the company's gross profit growth during this aggressive commercial expansion phase.
The heavy investment in a specialized clinical sales force appears to be the primary driver of this disconnect between revenue growth and profitability. It remains unclear when the company will reach an inflection point where customer acquisition costs stabilize relative to the lifetime value of the installed hospital base.
Analysis of the company's cost structure reveals that SG&A remains the dominant expense line item, reaching $37.7M in 2026Q1, which reflects a deliberate management strategy to prioritize market share acquisition and protocol change within hospital neurology departments over near-term bottom-line profitability or expense discipline.
This high fixed-cost base suggests that the company is currently in a 'growth-at-all-costs' mode, which may be necessary to establish a moat against traditional EEG providers. Investors should monitor whether management can demonstrate improved expense efficiency as the installed base of recorders matures and requires less intensive sales support.
Based on reported figures, the combination of a -74.5% net margin and a cash position of $40.4M suggests that the company faces a potential liquidity constraint within the next 12 to 18 months if the current burn rate is not significantly moderated through improved operational efficiency.
Short-sellers may focus on the risk that the company's high gross margins are vulnerable to future reimbursement changes or competitive bundling strategies. Furthermore, the reliance on continuous capital infusion to fund operations may lead to shareholder dilution if the company cannot reach an operating break-even point soon.
Quick answers to the most common questions about buying CBLL stock.
For fiscal year 2025, CeriBell, Inc. (CBLL) reported total revenue of $89.1M. This represents a 243.6% increase compared to $25.9M in 2022.
CeriBell, Inc. (CBLL) reported a net loss of $53.4M for the fiscal year ending 2025.
CeriBell, Inc. (CBLL) reported an operating income of $-58.4M, resulting in an operating profit margin of -65.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CeriBell, Inc. (CBLL) generated $78.3M in gross profit for the year, representing a gross profit margin of 87.9%. This demonstrates the company's core pricing power and production efficiency.