Revenue generation remains effectively non-existent, with the company reporting a nominal $4,350 in TTM revenue while sustaining heavy R&D expenditures.
| Sales/Revenue | 8.67K | 4.35K | 18.6K | 5.15K | 14.37K | 25.6K | 64.18K |
| Revenue Growth % | - | -76.61% | 261.17% | -64.17% | -43.86% | -60.11% | - |
| Cost of Goods Sold | 100.58K | 129.84K | 101.21K | 29.71K | 34.46K | 44.28K | 110.29K |
| COGS % of Revenue | - | 2984.74% | 544.16% | 576.91% | 239.73% | 172.93% | 171.83% |
| Gross Profit | -91.91K | -125.48K | -82.61K | -24.56K | -20.08K | -18.67K | -46.1K |
| Gross Margin % | -1060.25% | -2884.71% | -444.16% | -476.91% | -139.73% | -72.93% | -71.83% |
| Gross Profit Growth % | - | -51.89% | -236.36% | -22.3% | -7.56% | 59.5% | - |
| Operating Expenses | 7.7M | 8.23M | 6.22M | 6.09M | 4.69M | 2.55M | 3.77M |
| OpEx % of Revenue | - | 189128.39% | 33457.83% | 118221.42% | 32625.87% | 9957.26% | 5877.16% |
| Selling, General & Admin | 1.29B | 3.84M | 3.34M | 3.63M | 1.69M | 841.01K | 1.73M |
| SG&A % of Revenue | - | 88298.39% | 17981.73% | 70437.57% | 11742.74% | 3284.68% | 2698.35% |
| Research & Development | 641.23M | 4.39M | 2.88M | 2.46M | 3M | 1.71M | 2.04M |
| R&D % of Revenue | - | 100830% | 15476.1% | 47783.84% | 20883.13% | 6672.58% | 3178.81% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.8M | -8.35M | -6.31M | -6.11M | -4.71M | -2.57M | -3.82M |
| Operating Margin % | -89939.57% | -192013.13% | -33901.99% | -118698.33% | -32765.6% | -10030.18% | -5948.99% |
| Operating Income Growth % | - | -32.46% | -3.15% | -29.8% | -83.38% | 32.74% | - |
| EBITDA | -7.67M | -8.22M | -6.21M | -6.09M | -4.68M | -2.53M | -3.75M |
| EBITDA Margin % | -88456.02% | -189071.61% | -33390.52% | -118175.71% | -32580.76% | -9898.91% | -5849.55% |
| EBITDA Growth % | 5.78% | -32.43% | -2.05% | -29.97% | -84.76% | 32.49% | - |
| D&A (Non-Cash Add-back) | 128.61K | 127.96K | 95.13K | 26.91K | 26.57K | 33.61K | 63.83K |
| EBIT | -7.78M | -8.26M | -6.25M | -6.11M | -4.46M | -2.32M | -3.81M |
| Net Interest Income | -695.36K | -500.45K | -354.08K | -243.17K | -371.62K | -132.45K | -2.81K |
| Interest Income | 10.22K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 705.58K | 500.45K | 354.08K | 243.17K | 371.62K | 132.45K | 2.81K |
| Other Income/Expense | -688.44K | -412.66K | -299.44K | -241.33K | -118.86K | 115.96K | 7.07K |
| Pretax Income | -8.49M | -8.77M | -6.61M | -6.35M | -4.83M | -2.45M | -3.81M |
| Pretax Margin % | -97880.97% | -201499.52% | -35511.87% | -123384.27% | -33592.57% | -9577.29% | -5937.99% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -8.49M | -8.77M | -6.61M | -6.35M | -4.83M | -2.45M | -3.81M |
| Net Margin % | -97880.96% | -201499.52% | -35511.87% | -123384.27% | -33592.57% | -9577.29% | -5937.99% |
| Net Income Growth % | 0.37% | -32.7% | -3.95% | -31.61% | -96.9% | 35.66% | - |
| Net Income (Continuing) | -8.49M | -8.77M | -6.61M | -6.35M | -4.83M | -2.45M | -3.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.68 | -9.34 | -18.74 | -6173.88 | -137.94 | -77.89 | -115.69 |
| EPS Growth % | 51.62% | 50.16% | 99.7% | -4375.77% | -77.1% | 32.67% | - |
| EPS (Basic) | - | -9.34 | -18.74 | -6173.88 | -137.94 | -77.89 | -115.69 |
| Diluted Shares Outstanding | 3.16M | 938.26K | 352.52K | 79.5K | 33.19K | 33.14K | 33.14K |
| Basic Shares Outstanding | 3.16M | 938.26K | 352.52K | 79.5K | 33.19K | 33.14K | 33.14K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Pre-commercial liquidity exhaustion
As reported in recent financial filings, HeartSciences Inc. generated a nominal $4,350 in TTM revenue, reflecting a business that has yet to achieve meaningful commercial scale or consistent market penetration, with quarterly revenue figures frequently appearing as zero or near-zero across the observed ten-quarter historical period.
The lack of consistent revenue suggests that the company remains in a pre-commercial pilot phase rather than an active growth stage. Investors should monitor whether the transition to a SaaS-based model can eventually generate the recurring volume necessary to validate the company's core diagnostic technology.
Based on the provided income statement data, the company's cost structure is heavily skewed toward research and development, which consistently consumes the majority of operating capital as the firm attempts to validate its AI-driven cardiac biomarkers against established clinical standards like echocardiography.
The high fixed-cost burden relative to near-zero revenue indicates that the company is currently functioning as an R&D project rather than an operating business. This expense discipline appears focused on regulatory milestones, which may be necessary for long-term viability but currently prevents any path to operational self-sufficiency.
According to recent SEC filings, the company has recorded significant stock-based compensation, reaching $550.5M in 2026Q3, which complicates the assessment of true operational cash burn and suggests that equity-based incentives are being utilized to preserve limited cash reserves during this developmental phase.
The reliance on equity-based compensation may mask the true economic cost of talent acquisition and retention in a highly competitive AI-medtech landscape. Analysts should interpret these figures with caution, as they represent a non-cash expense that nonetheless results in substantial dilution for existing shareholders.
As indicated by the financial data, the company faces a severe liquidity risk with a cash balance of approximately $1.1M against persistent quarterly operating losses, suggesting that the current business model may be unsustainable without immediate and significant external capital infusions or a major commercial breakthrough.
The extreme margin contraction and lack of revenue growth raise questions regarding the company's ability to compete with larger, better-capitalized incumbents in the cardiac diagnostic space. Investors should consider the possibility that the current technology may face significant clinical inertia, limiting its adoption even if regulatory hurdles are cleared.
Quick answers to the most common questions about buying HSCS stock.
For fiscal year 2025, HeartSciences Inc. (HSCS) reported total revenue of $0.0M. This represents a 93.2% decline compared to $0.1M in 2020.
HeartSciences Inc. (HSCS) reported a net loss of $8.8M for the fiscal year ending 2025.
HeartSciences Inc. (HSCS) reported an operating income of $-8.4M, resulting in an operating profit margin of -192013.1%. This margin reflects the operational efficiency of the business before interest and taxes.
HeartSciences Inc. (HSCS) generated $-0.1M in gross profit for the year, representing a gross profit margin of -2884.7%. This demonstrates the company's core pricing power and production efficiency.