Reports

Sea delivered a robust Q1 with $4.84 billion in revenue and a net income of $410.8 million, driven by record e-commerce performance, strong digital financial services growth, and a significant rebound in digital entertainment.

• Revenue rose to $4.84 billion, up from $3.73 billion a year ago.
• Net income reached $410.8 million, reversing a $23 million loss from Q1 2024.

Nu Holdings posted robust Q1 2025 results with $3.2B in revenue and a net income of $557.2M, driven by rising customer numbers and deeper engagement in Brazil, Mexico, and Colombia.

• Customer base grew by 4.3M, reaching 118.6M globally
• Net income surged 74% YoY FXN to $557.2M

JD.com delivered a solid Q1 2025 performance with $41.5B in revenue and $1.5B in net income, supported by strong user growth and supply chain enhancements.

• Revenue reached $41.5B, up from $35.8B last year.
• Net income rose to $1.5B, with a margin of 3.6%.

Petrobras had a robust Q1 2025 with $6.0B in net income and strong cash flow. A 5% increase in oil and gas production and FX gains contributed to a 46% increase in Adjusted EBITDA compared to Q4 2024.

• Net income reached $6.0B, significantly recovering from a Q4 loss.
• Adjusted EBITDA jumped 46% QoQ to $10.45B driven by increased production and improved margins.

Alcon posted stable revenues of $2.5B in Q1 2025, with net income rising to $350M. Adjusted EPS was $0.73, reflecting continued innovation-led performance despite market softness in the US.

• Revenue held steady at $2.5B, with 3% growth on a constant currency basis.
• Net income rose to $350M due to gains from investment revaluations.

CyberArk started 2025 with strong momentum, achieving record recurring revenue and ARR growth, driven by its identity security platform and recent acquisitions. Profitability improved on a non-GAAP basis, and the company demonstrated healthy cash flow.

• Total revenue reached $317,601,000 in Q1 2025.
• Annual Recurring Revenue (ARR) hit $1.215 billion, with $1.028 billion from subscriptions.

On Holding AG reported strong first-quarter 2025 results, with record net sales of CHF 726.6 million, a 43.0% increase year-over-year. Growth was driven by exceptional momentum in both the direct-to-consumer (DTC) and wholesale channels. The company also saw significant expansion in adjusted EBITDA margin and an increase in gross profit margin, exceeding expectations and leading to a raised full-year net sales outlook.

• Net sales reached a record CHF 726.6 million in Q1 2025, growing 43.0% year-over-year.
• Both Direct-to-Consumer (DTC) and wholesale channels demonstrated strong growth, increasing by 45.3% and 41.5% respectively.

Tencent Music posted Q1 2025 revenue of $1.01 billion and net income of $591 million, boosted by music subscriptions and a $327 million gain from investment disposal.

• Revenue reached $1.01 billion, growing 8.7% YoY, led by subscription and advertising growth.
• Net income rose sharply to $591 million, aided by a $327 million gain from a deemed investment disposal.

Exelixis delivered a strong performance in Q1 2025 with total revenue of $555.4M and net income of $159.6M, boosted by rising demand for CABOMETYX. The company raised its full-year 2025 revenue outlook and reported progress on several clinical and pipeline milestones.

• Total revenue grew to $555.4M, led by $513.3M in net product revenue.
• CABOMETYX approval for NET led to immediate market launch and strong initial uptake.

Loar Holdings delivered its 11th consecutive quarter of Adjusted EBITDA growth, posting strong revenue gains, improved margins, and increased profitability in Q1 2025, with all end-markets hitting record sales levels.

• Revenue rose 24.8% YoY to $114.7M, driven by strength in all core markets.
• Adjusted EBITDA reached a record $43.1M with a 37.6% margin.

Legend Biotech saw revenue more than double year-over-year in Q1 2025 due to strong CARVYKTI-related collaboration revenue. However, operating expenses and foreign exchange losses led to a larger net loss. The company remains confident in achieving profitability by 2026.

• Total revenue rose to $195.05M, up from $93.99M in Q1 2024.
• Collaboration revenue from CARVYKTI reached $185.6M.

Landstar System posted weaker Q1 2025 results due to an unexpected $4.8 million pre-tax charge related to supply chain fraud, though truckload volume outpaced Q4 for the first time in 15 years.

• EPS was $0.85, including a $0.10 per share impact from supply chain fraud.
• Revenue totaled $1.153 billion, down from $1.171 billion YoY.

Silicon Labs posted significant revenue growth in Q1 2025, supported by robust design wins and the ramp of its Series 3 platform. Despite a GAAP net loss, non-GAAP results reflected improved operating leverage, while new SoCs positioned the company for continued leadership in low-power wireless connectivity.

• Revenue reached $177.7M, up from $106.4M a year earlier.
• Non-GAAP EPS improved to -$0.08 from deeper losses previously.

Camtek delivered its highest-ever quarterly revenue in Q1 2025, driven by demand in advanced packaging and AI-related markets. Profitability metrics improved significantly, with gross and operating margins expanding both on a GAAP and non-GAAP basis.

• Revenue reached a record $118.6 million, up 22% year-over-year.
• GAAP gross margin expanded to 51.0%, with non-GAAP gross margin at 52.1%.

Oklo posted a net loss of $9.8M in Q1 2025, with no revenue as it continues in a pre-revenue stage. The company maintained strong liquidity with over $260M in cash and marketable securities. Key milestones were achieved in project development and licensing, positioning Oklo for commercial deployment by 2027/2028.

• Oklo ended Q1 with $260.7M in cash and marketable securities.
• The company recorded a net loss of $9.8M, in line with expectations.

Everus posted a 32.1% year-over-year revenue increase in Q1 2025, driven by robust performance in the electrical and mechanical segment. Net income rose to $36.7 million with steady margins, and a record $3.1 billion backlog reinforces a positive market outlook.

• Revenue rose 32.1% to $826.6 million, fueled by electrical and mechanical segment growth.
• Net income reached $36.7 million, with diluted EPS of $0.72.

International Game Technology posted $583M in revenue and $8M in net income for Q1 2025. Profitability was impacted by FX losses and lower U.S. jackpot activity, but the lottery segment showed resilience with high margins.

• Revenue declined 12% YoY to $583M, driven by lower U.S. multi-state jackpot activity.
• Net income from continuing operations fell to $8M, down from $116M in Q1 2024.

Under Armour reported a Q4 2025 revenue decline of 11% to $1.18B and a net loss of $67M. Adjusted EPS stood at $(0.08) as the company progresses through its brand reset and restructuring program.

• Revenue dropped 11% YoY to $1.18 billion, with all major geographies and segments down except accessories.
• Gross margin improved 170 basis points to 46.7%, driven by lower freight costs and favorable product mix.

WEBTOON delivered Q1 2025 revenue of $325.7M, slightly down year-over-year but up 5.3% on a constant currency basis. While Advertising and IP Adaptations grew, higher G&A and marketing expenses drove a net loss of $22.0M. Adjusted EBITDA came in at $4.1M.

• Revenue reached $325.7M, down 0.3% YoY but up 5.3% on a constant currency basis.
• Net loss was $22.0M compared to $6.2M income last year, impacted by higher G&A and marketing costs.

Danaos Corporation reported a decrease in net income and adjusted net income for the first quarter of 2025 compared to the same period in 2024, primarily due to increased operating expenses, higher net finance expenses, and lower investment gains. Revenue remained relatively stable.

• Net income decreased to $115.1 million in Q1 2025 from $150.5 million in Q1 2024.
• Adjusted net income decreased to $113.4 million in Q1 2025 from $140.0 million in Q1 2024.

KinderCare posted moderate revenue growth and transitioned from a net loss in the prior year to a solid net income. Operational improvements and reduced interest expenses contributed significantly to performance.

• Revenue rose to $668,244,000 from $654,670,000 year-over-year.
• Net income was $21,157,000, up from a $1,751,000 net loss last year.

In Q1 2025, Similarweb achieved $67.1M in revenue, reflecting 14% growth year-over-year. Despite a GAAP net loss of $9.3M, the company generated $4.4M in free cash flow for the sixth straight quarter. Strong customer growth and rising large-account share underscore strategic momentum.

• Revenue grew 14% YoY to $67.1M, driven by customer base expansion.
• GAAP EPS was $(0.11); non-GAAP EPS was $(0.02).

Endeavour Silver reported a net loss of $32.9 million for Q1 2025, a significant increase from the $1.2 million loss in Q1 2024, despite stable revenue of $63.5 million. The company's production of silver and gold ounces decreased, but higher realized prices for both metals helped maintain revenue. Operating cash flow before working capital changes decreased by 18%.

• Net loss for Q1 2025 was $32.9 million, a substantial increase from the $1.2 million loss in Q1 2024.
• Revenue remained stable at $63.5 million, despite a decrease in silver and gold ounces sold, due to higher realized prices.

Intuitive Machines posted $62.5 million in revenue for Q1 2025, achieving positive net income of $975,000 and a gross margin of 11%. The company also generated $13.3 million in free cash flow, and ended the quarter with over $373 million in cash. Operational progress included key milestones for NASA contracts and strategic positioning for future lunar and defense missions.

• Revenue reached $62.5 million in Q1, reflecting 14% growth versus Q4 2024.
• Net income was $975,000, rebounding from a $118 million loss in Q1 2024.

Paysafe reported Q1 2025 revenue of $401M and a net loss of $19.5M. Organic revenue grew 5%, driven by e-commerce volume, while adjusted EBITDA declined due to business disposals and lower interest revenue.

• Revenue was $401M, down 4% YoY; organic revenue grew 5%.
• Adjusted EBITDA dropped to $95.2M, with a 15% decline YoY.

Grail Inc delivered Q1 revenue of $31.8M, driven by Galleri test growth, while reporting a net loss of $106.2M. Adjusted EBITDA improved significantly year-over-year. The company maintains a strong cash position to support operations through 2028.

• Galleri test revenue grew 24% YoY to $29.1M with over 37,000 tests completed.
• Total revenue reached $31.8M, up 19% YoY.

Anavex Life Sciences reported a net loss of $11.2 million for the second quarter of fiscal 2025, compared to a net loss of $10.5 million in the same period last year. The company's cash and cash equivalents stood at $115.8 million as of March 31, 2025.

• Net loss for the second quarter of fiscal 2025 was $11.2 million.
• Basic and diluted net loss per share was $0.13 for the quarter.

Immatics reported a significant increase in net loss for Q1 2025 compared to the same period last year, primarily due to lower revenue from collaboration agreements and unrealized foreign exchange losses. The company continues to advance its clinical pipeline, particularly the SUPRAME Phase 3 trial for IMA203, and maintains a strong cash position.

• Net loss increased significantly to €39.9 million in Q1 2025 from €2.2 million in Q1 2024.
• Revenue decreased to €18.6 million in Q1 2025 from €30.3 million in Q1 2024, mainly due to the termination of the Genmab collaboration.

Altimmune maintained a focused R&D strategy in Q1 2025, reducing expenses and strengthening its balance sheet. The company is poised for significant updates in Q2 with the anticipated Phase 2b MASH data readout and new clinical trials in AUD and ALD set to launch.

• Net loss improved to $19.6M from $24.4M in Q1 2024.
• Cash and short-term investments totaled $150.8M as of March 31, 2025.

ClearPoint Neuro delivered an 11% year-over-year revenue increase in Q1 2025, with record revenue of $8.5 million. Growth was led by significant gains in consumables and single-use navigation and therapy products, offset slightly by lower capital equipment sales.

• Revenue reached a record $8.5 million, up 11% YoY.
• Neurosurgery navigation and therapy revenue rose 70% to $3.3 million.

Semler Scientific faced a challenging Q1 2025, posting a $64.7 million net loss largely due to a $29.8 million DOJ contingent liability and a $41.8 million unrealized loss on bitcoin holdings. Despite lower revenue year-over-year, the company expanded its bitcoin treasury and launched a public-facing bitcoin metrics dashboard.

• Net loss reached $64.7 million, primarily due to DOJ settlement liability and bitcoin fair value losses.
• Revenue dropped 44% year-over-year to $8.8 million.

Eton Pharmaceuticals delivered a standout Q1 2025, driven by 76% growth in product sales and newly added licensing revenue. Despite a net loss on a GAAP basis, the company posted positive non-GAAP earnings and expects continued growth from product launches and development milestones.

• Total revenue rose to $17.3 million, up 117% year-over-year.
• Product sales and royalties reached $14 million, up 76% YoY.

Perion's Q1 2025 results reflected a sharp drop in total revenue and GAAP earnings due to reduced Search advertising revenue, following changes by Microsoft Bing. However, robust performance in Digital Out of Home, Connected TV, and Retail Media segments helped offset the decline. The company raised its full-year outlook and acquired Greenbids to enhance AI ad capabilities.

• Total revenue fell 43% YoY to $89.3 million, primarily due to a 76% drop in Search advertising revenue.
• Non-GAAP net income was $5.4 million, while GAAP net loss stood at $8.3 million.

Arteris delivered strong Q1 performance with record $66.8M in ACV + royalties and $2.7M in positive free cash flow, though it posted a net loss of $8.1M.

• Achieved highest-ever ACV plus royalties of $66.8M
• Posted a net loss of $8.1M with operating loss of $7.7M

Hyliion reported a net loss of $17.3 million in Q1 2025, with revenue of $0.5 million from R&D services. The company is focused on the commercialization of its KARNO generator platform, with over 100 units under LOIs and the first Early Adopter unit operational with the U.S. Navy. Cash and investments at quarter-end totaled $198.8 million.

• Publicly unveiled the KARNO Power Module at ACT Expo, generating significant interest.
• Secured prospective commitments for over 100 KARNO Power Modules under non-binding LOIs across diverse sectors.

Absci reported Q1 2025 revenue of $1.2M with a net loss of $26.3M, driven by increased R&D investments. The company began dosing in its ABS-101 clinical trial and strengthened its pipeline momentum.

• Revenue rose to $1.2M, up from $0.9M in Q1 2024
• Net loss widened to $26.3M driven by increased R&D expenses

NeuroPace delivered record Q1 2025 revenue of $22.5 million, supported by growth in its core RNS System line and strong gross margins. Net loss narrowed compared to the prior year, and the company ended the quarter with a robust cash position.

• Achieved record quarterly revenue of $22.5 million, up 24% year-over-year
• Gross margin reached 77.0%, exceeding full-year guidance

Gevo reported a significant increase in total operating revenue in the first quarter of 2025, primarily driven by the acquisition of Gevo North Dakota. The company's net loss per share was $0.09. Gevo is focused on achieving positive Adjusted EBITDA in 2025, supported by the performance of its RNG and newly acquired North Dakota facilities, and the expected monetization of Section 45Z tax credits.

• Total operating revenue increased by $25.1 million in Q1 2025 compared to Q1 2024.
• The increase in revenue was mainly due to the acquisition of Gevo North Dakota, contributing $22.8 million.

HUYA's Q1 2025 results showed stable total net revenues year-over-year at $207.9 million, supported by a 52.1% increase in game-related services and advertising. While live streaming revenue declined, the company returned to profitability, with a net income of $0.1 million and a non-GAAP EPS of $0.01. Investments in AI-powered features and overseas expansion were key strategic highlights.

• Total revenue reached $207.9 million, nearly flat YoY.
• Net income was $0.1 million, with a non-GAAP net income of $3.3 million.

Alico, Inc. reported a significant net loss in Q2 2025 primarily due to accelerated depreciation and impairment charges related to the wind down of citrus operations as part of its strategic transformation. While revenue was largely flat year-over-year, the company highlighted progress on its land development strategy, increased land sale expectations for fiscal year 2025, and a strong liquidity position.

• Reported a net loss of $111.4 million for the second quarter, primarily driven by $119.3 million in accelerated depreciation and impairment charges on citrus assets.
• Revenue for the second quarter was $18.0 million, a slight decrease of 0.7% compared to the prior year period.

Y-mAbs reported a net loss of $5.2 million for the first quarter of 2025, an improvement from the $6.6 million net loss in the same period last year. Total revenues increased 5% year-over-year to $20.9 million, driven by a significant increase in Ex-U.S. DANYELZA revenue, partially offset by a decrease in U.S. DANYELZA revenue.

• Total revenues for Q1 2025 were $20.9 million, a 5% increase compared to Q1 2024.
• Net loss for Q1 2025 was $5.2 million, an improvement from a $6.6 million net loss in Q1 2024.

Kopin Corporation saw a 5% increase in total revenues in Q1 2025 compared to the same period in 2024, primarily driven by a 2% increase in product revenues and a 37% increase in funded research revenues. The company significantly reduced its net loss compared to the prior year quarter, which included a substantial litigation damages reserve.

• Total revenues for Q1 2025 were $10.5 million, a 5% increase year-over-year.
• Net product revenues increased by 2% year-over-year, driven by defense product revenues.

Waldencast's Q1 2025 results showed a 4.1% year-over-year revenue decline, with net loss expanding significantly to $20.7 million. Despite the revenue headwinds, the company maintained strong gross margins and continued investing in marketing to support future growth.

• Q1 2025 revenue fell 4.1% year-over-year to $65.4 million
• Net loss increased to $20.7 million, largely due to depreciation and financial charges

Evolution Petroleum posted a revenue decline of 2% year-over-year to $22.6 million in Q3 2025, with a net loss of $2.2 million. Revenue was impacted by planned maintenance and weather-related downtime, but strong gas pricing helped support adjusted EBITDA of $7.4 million.

• Q3 2025 revenue was $22.6 million, down 2% from prior year
• Net loss for the quarter was $2.2 million or $(0.07) per share

SoundThinking reported a strong start to 2025 with a 12% year-over-year increase in revenues, reaching $28.3 million, driven by the renewal of two delayed contracts with the New York City Police Department. The company also saw an improvement in Adjusted EBITDA.

• Revenues increased 12% year-over-year to $28.3 million.
• Gross profit increased 11% to $16.6 million.

a.k.a. Brands started fiscal 2025 strong with revenue of $128.7 million, a 10.1% increase from Q1 2024, driven by growth in U.S. and Australia/New Zealand markets. Despite higher gross margin and adjusted EBITDA improvements, the company reported a net loss of $8.4 million.

• Revenue grew 10.1% year-over-year to $128.7 million, led by U.S. sales up 14.2%
• Net loss narrowed slightly to $8.4 million from $8.9 million in Q1 2024

Seer achieved $4.2 million in revenue during Q1 2025, reflecting 37% year-over-year growth. Improved gross profit of $2.1 million and a stable cash position of $285 million highlighted the quarter, though net losses persisted at $19.9 million.

• Revenue grew 37% YoY to $4.2 million in Q1 2025
• Gross margin improved to 49% with gross profit of $2.1 million

M-Tron delivered $12.7 million in revenue for Q1 2025, fueled by robust defense product shipments and new product introductions. Despite tariff impacts and higher operating expenses, net income rose to $1.6 million, and backlog surged to $55.5 million.

• Revenue rose 13.8% YoY to $12.7 million, driven by defense shipments
• Net income increased to $1.6 million, or $0.56 per diluted share

QuickLogic experienced a significant drop in revenue and swung to a net loss in Q1 2025, attributed primarily to timing delays in large eFPGA IP contracts. Despite the decline, the company strengthened its market position by delivering Intel 18A eFPGA Hard IP and expanding design wins.

• Revenue declined to $4.3M, primarily due to timing of eFPGA IP contract awards.
• Net loss widened to $2.2M, reversing a profit in Q1 2024.

Lineage Cell Therapeutics posted a reduced net loss in Q1 2025 as operating expenses slightly declined and other income rose due to changes in warrant liabilities. The company continued progressing its clinical programs including OpRegen and OPC1.

• Revenue for Q1 2025 was $1.5 million, driven mainly by collaboration revenue.
• Net loss narrowed to $4.1 million from $6.5 million a year earlier.

Fate Therapeutics reported total revenue of $1.6 million and a net loss of $41.3 million for the first quarter of 2025. The company ended the quarter with $272.7 million in cash, cash equivalents, and investments, providing a projected operating runway through the first half of 2027. Key business updates included positive developments for their FT819 program, including RMAT designation from the FDA and expansion of the Phase 1 study.

• Total revenue for Q1 2025 was $1.6 million, derived from preclinical development activities for a collaboration candidate with Ono Pharmaceutical.
• Net loss for Q1 2025 was $41.3 million.

Revenue rose sharply in Q1 2025, driven primarily by handheld product growth and recurring revenue. Despite increased costs and a higher net loss from continuing operations, the company remains confident in its full-year outlook.

• Revenue increased 59% year-over-year to $11.8 million.
• Handheld product and service revenue grew 86% from the prior year.

Vaxart significantly grew its revenue in Q1 2025 due to BARDA funding, despite higher R&D expenses for ongoing vaccine programs. The company reduced its net loss compared to the prior year and maintains a cash runway into 2026.

• Revenue surged to $20.9 million in Q1 2025, primarily from BARDA-related government contracts.
• Net loss decreased to $15.6 million compared to $24.4 million in Q1 2024.

Acumen Pharmaceuticals reported a net loss of $28.8 million for the first quarter of 2025, an increase from the prior year, primarily driven by higher research and development expenses related to their Phase 2 clinical trial. The company ended the quarter with $197.9 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into early 2027.

• Net loss for Q1 2025 was $28.8 million, compared to $14.9 million in Q1 2024, primarily due to increased R&D expenses.
• Research and Development expenses significantly increased to $25.3 million in Q1 2025 from $12.4 million in the prior year.

Inovio reported a smaller net loss in Q1 2025 due to reduced R&D and G&A expenses. Revenue from collaborative arrangements reappeared after a zero-revenue quarter in Q1 2024. The company continues to prepare for BLA submission for INO-3107 and advances its DMAb technology.

• Net loss decreased to $19.7 million in Q1 2025 from $30.5 million in Q1 2024.
• Operating expenses declined to $25.1 million, reflecting cost optimization efforts.

Urban One experienced a 12% revenue decline and a net loss in Q1 2025. Despite a significant drop in Adjusted EBITDA and segment income, the company reaffirmed its full-year guidance amid cost control and debt reduction efforts.

• Net revenue was $92.2 million, down 11.7% year-over-year.
• Adjusted EBITDA dropped 42% to $12.9 million.

Regis Corporation achieved year-over-year revenue growth and positive net income in Q3 2025, supported by strategic salon acquisitions and efficiency gains. Despite a slight dip in same-store sales, key profitability metrics improved significantly.

• Revenue grew 16% YoY to $57.0 million due to Alline acquisition.
• Adjusted EBITDA rose 33% to $7.1 million.

CarParts.com faced a challenging Q1 2025 with net sales declining to $147.4 million and a net loss widening to $15.3 million. The company cited higher marketing spend and increased outbound freight costs as primary contributors to the lower profitability.

• Revenue declined 11% year-over-year due to soft consumer demand and weather impacts.
• Gross margin compressed to 32.1%, down from 32.4% last year, due to increased freight costs.

Intensity Therapeutics reported a lower net loss in Q1 2025 compared to the same period last year, primarily due to reduced research and development and general and administrative expenses. The company paused new site activations and patient enrollments for the INVINCIBLE-3 study due to funding constraints, prioritizing funding for the INVINCIBLE-4 study.

• Net loss for Q1 2025 was $3.3 million, an improvement from the $4.6 million loss in Q1 2024.
• Research and development expenses decreased to $2.2 million in Q1 2025 from $2.8 million in Q1 2024.

GEN Restaurant Group began 2025 with strong top-line growth, driven by new restaurant openings, including a dual-concept store in Austin. However, the company posted a net loss due to higher costs associated with expansion and development.

• Revenue increased 13% year-over-year to $57.3 million.
• Net loss attributable to GEN Restaurant Group was $0.3 million, largely due to pre-opening and development costs.

Minerva Neurosciences reported a net loss of $3.8 million for the first quarter of 2025, a significant improvement compared to the $8.6 million net loss in the same period last year. The decrease in net loss was primarily driven by lower research and development expenses and the absence of non-cash interest expense related to the sale of future royalties. The company continues to engage with the FDA regarding the Complete Response Letter for roluperidone.

• Net loss for Q1 2025 was $3.8 million, down from $8.6 million in Q1 2024.
• Research and development expense decreased to $1.4 million in Q1 2025 from $4.2 million in Q1 2024.

Energous Wireless Power Solutions experienced significant revenue growth in Q1 2025, with a 436% increase year-over-year, primarily driven by increased adoption of their PowerBridge transmitter systems. The company also improved gross profit and reduced operating expenses and net loss compared to the prior year.

• Revenue for Q1 2025 was $0.3 million, a 436% increase compared to Q1 2024.
• Gross profit for Q1 2025 was approximately $0.1 million, a significant improvement from a gross loss in Q1 2024.

TherapeuticsMD reported a net loss of $636 thousand for Q1 2025, a slight improvement compared to the previous year. License revenue increased by 25.8%, primarily driven by changes in sales of licensed products. Total operating expenses decreased due to increased efficiencies as a royalty-based business. The company is also evaluating strategic alternatives.

• Net loss from continuing operations was $(636) thousand, an improvement from $(809) thousand in Q1 2024.
• License revenue increased by 25.8% to $393 thousand.

Nuwellis reported a 3% increase in revenue and significant improvement in operating loss for Q1 2025. Strategic cost reductions and increased reimbursement positioning supported continued momentum in both pediatric and outpatient segments.

• Revenue increased 3% year-over-year to $1.9 million.
• Gross margin declined to 56.0% due to unfavorable manufacturing variances.