Revenue growth has stalled with a downward trend to $44.9M in 2026Q1, while operating margins have turned negative at -2.4% in 2025Q4 despite maintaining gross margins near 68.9%.
| Sales/Revenue | 188.16M | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 131.93M | 137.36M | 139.06M | 0 | 0 | 0 |
| Gross Margin % | 70.12% | 71.46% | 70.52% | - | - | - |
| Gross Profit Growth % | - | -1.22% | - | - | - | - |
| Operating Expenses | 55.33M | 2.76M | 940.26K | 495.82K | 744 | 567.81K |
| OpEx % of Revenue | - | 1.44% | 0.48% | - | - | - |
| Selling, General & Admin | 30.19M | 2.76M | 940.26K | 495.82K | 744 | 567.81K |
| SG&A % of Revenue | - | 1.44% | 0.48% | - | - | - |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | 762.96K | -2.76M | -940K | -496K | -740 | -568K |
| Operating Margin % | 0.41% | -1.44% | -0.48% | - | - | - |
| Operating Income Growth % | - | -193.83% | -89.52% | -66927.03% | 99.87% | - |
| EBITDA | 1.71M | -2.76M | -940K | -328.11K | 14.43M | 8.16M |
| EBITDA Margin % | 0.91% | -1.44% | -0.48% | - | - | - |
| EBITDA Growth % | 261.64% | -193.83% | -186.49% | -102.27% | 76.95% | - |
| D&A (Non-Cash Add-back) | 952K | 0 | 0 | 167.9K | 14.43M | 8.72M |
| EBIT | -7.19M | -2.76M | -940K | 4.7M | -744 | 8.16M |
| Net Interest Income | 7.73M | 10.37M | 12.26M | 5.2M | 0 | -4.36M |
| Interest Income | 7.73M | 10.37M | 12.26M | 5.2M | 0 | 0 |
| Interest Expense | -1.97M | 0 | 0 | 0 | 0 | 4.36M |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | -407.51K | -1.47M | 11.32M | 4.7M | -744 | 3.79M |
| Pretax Margin % | -0.22% | -0.76% | 5.74% | - | - | - |
| Income Tax | 662K | 0 | 0 | 0 | 0 | 796.93K |
| Effective Tax Rate % | -162.45% | 0% | 0% | 0% | 0% | 21% |
| Net Income | -1.47M | -1.47M | 11.32M | 4.7M | -744 | 3M |
| Net Margin % | -0.78% | -0.76% | 5.74% | - | - | - |
| Net Income Growth % | -113.68% | -112.98% | 140.88% | 631954.84% | -100.02% | - |
| Net Income (Continuing) | -1.47M | -1.47M | 11.32M | 4.7M | -744 | 3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.14M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.04 | -0.05 | 0.38 | 0.16 | 0.00 | 0.06 |
| EPS Growth % | -119.27% | -113.16% | 137.5% | - | -100.03% | - |
| EPS (Basic) | - | -0.05 | 0.38 | 0.16 | 0.00 | 0.06 |
| Diluted Shares Outstanding | 36M | 36.67M | 29.55M | 29.55M | 39.69M | 47.67M |
| Basic Shares Outstanding | 30.65M | 31.28M | 29.55M | 29.55M | 39.69M | 47.67M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Regulatory and operational volatility
According to the provided financial data, HYAC's quarterly revenue has trended downward from a peak of $51.4M in 2024Q3 to $44.9M in 2026Q1, suggesting that the initial post-merger growth momentum has stalled as the company struggles to maintain its practitioner-led distribution model.
The decline in quarterly revenue indicates that the company may be facing saturation in its core practitioner network or increased competition within the elective hormone therapy market. Investors should monitor whether this trend reflects a structural issue in patient retention or merely a temporary lull in new clinic onboarding.
As reported in the financial statements, the company has maintained a robust gross margin profile, consistently hovering near 70% throughout the 2025 fiscal year, which highlights the significant pricing power inherent in its proprietary hormone pellet delivery method and specialized clinical protocol.
This high gross margin suggests that the underlying product offering remains highly valued by practitioners despite the broader revenue contraction. However, the stability of these margins may be tested if regulatory pressures force a shift toward lower-margin, more commoditized supply chain alternatives.
Based on the reported figures, the company's operating margin swung to a negative 2.4% in 2025Q4, demonstrating that despite high gross profitability, the firm has yet to achieve the necessary scale to cover its rising SG&A expenses and administrative overhead requirements.
The inability to consistently scale operating income suggests that the business model requires significant, ongoing investment in sales and compliance infrastructure. This lack of operating leverage warrants further investigation into whether the current cost structure is a permanent feature of the business or a result of transition-related inefficiencies.
Analysis of the income statement reveals that stock-based compensation, which reached $2.4M in 2025Q3, frequently offsets operating gains, suggesting that reported net income may be significantly influenced by non-cash accounting items rather than pure operational cash generation.
The reliance on stock-based compensation to manage cash outflows may mask the true underlying profitability of the business for shareholders. Investors should be cautious of the potential for ongoing dilution and the impact these non-cash charges have on the quality of reported earnings per share.
Quick answers to the most common questions about buying HYAC stock.
Haymaker Acquisition Corp. III (HYAC) reported a net loss of $1.5M for the fiscal year ending 2025.
Haymaker Acquisition Corp. III (HYAC) reported an operating income of $-2.8M, resulting in an operating profit margin of -1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Haymaker Acquisition Corp. III (HYAC) generated $137.4M in gross profit for the year, representing a gross profit margin of 71.5%. This demonstrates the company's core pricing power and production efficiency.