Reports

Sea delivered a strong quarter driven by record-breaking performance from Shopee, significant expansion in digital financial services, and sustained momentum in digital entertainment.

• Total revenue reached $5.26B, up from $3.81B last year.
• Net income rose to $414.2M from $79.9M in Q2 2024.

CoreWeave's Q2 2025 revenue surged to $1.21B, tripling year-over-year, fueled by major AI customer wins including a $4B expansion with OpenAI. Despite strong Adjusted EBITDA of $753M, high operating and interest expenses resulted in a $290.5M net loss.

• Revenue reached a record $1.21B, up from $395M in Q2 2024
• Adjusted EBITDA was $753.2M with a 62% margin

Cardinal Health delivered a stable revenue of $60.2B in Q4 2025 and achieved a 13% increase in non-GAAP EPS to $2.08. Segment profits grew double digits across all divisions, driven by volume and acquisition growth. The company also raised FY26 EPS guidance.

• Revenue held steady at $60.2B in Q4 2025, up 21% excluding a prior contract expiration.
• Non-GAAP operating earnings rose 19% to $719M.

Circle posted $658M in revenue and a net loss of $482M in its first quarter as a public company, impacted by significant IPO-related stock compensation and valuation adjustments.

• Total revenue and reserve income reached $658M, up 53% YoY
• Net loss of $482M driven by $591M in non-cash IPO-related charges

Fueled by surging LNG cargo exports, Venture Global posted robust top-line and bottom-line performance in Q2 2025, highlighted by significant income from operations and record Adjusted EBITDA.

• Revenue reached $3.1B, marking a 180% YoY increase.
• Net income attributable to common stockholders totaled $368M.

On delivered another record quarter with net sales increasing by 32.0% year-over-year to CHF 749.2 million, primarily led by strong growth in the Direct-to-Consumer channel. The company also achieved a robust gross profit margin of 61.5% and an adjusted EBITDA margin of 18.2%, reflecting operational excellence and favorable foreign exchange developments. Despite strong revenue and profitability, net income decreased significantly due to foreign exchange losses.

• Net sales increased by 32.0% year-over-year to CHF 749.2 million, and by 38.2% on a constant currency basis.
• Direct-to-Consumer (DTC) net sales grew by 47.2% to CHF 308.3 million, with DTC share reaching a new second-quarter high of 41.1%.

Tencent Music Entertainment Group delivered solid revenue and net income growth in Q2 2025, supported by robust online music subscription expansion, higher ARPPU, and diversified revenue streams, despite a decline in social entertainment services revenue.

• Total revenue rose 17.9% YoY to $1.18B
• Online music services revenue grew 26.4% YoY to $957M

Smithfield delivered solid top-line growth in Q2 2025 with $3.79B in revenue and $188M in net income, supported by resilient performance in Packaged Meats and a turnaround in Hog Production.

• Revenue reached $3.79B, up 11.0% from Q2 2024.
• Net income was $188M, with EPS of $0.48 and adjusted EPS of $0.55.

CAVA Group delivered Q2 2025 revenue of $280.6M, up 20.3% year-over-year, supported by 16 net new restaurant openings and 2.1% same-restaurant sales growth. Net income was $18.4M with EPS of $0.16, while restaurant-level profit margin remained strong at 26.3%. The company ended the quarter with 398 restaurants and $290.2M in cash.

• Revenue rose 20.3% to $280.6M, driven by new openings and menu mix improvements.
• Net income was $18.4M, with EPS of $0.16 and Adjusted EPS also $0.16.

H&R Block reported Q4 2025 revenue of $1,111,011,000 and diluted EPS of $2.21 ($2.27 adjusted). Net income from continuing operations was $300,409,000, with operating income of $371,279,000. Results were driven by higher net average charge and increased company-owned Assisted volume.

• Revenue reached $1.11B, up year over year on higher net average charge.
• Diluted EPS was $2.21; adjusted diluted EPS was $2.27.

MSG Sports' Q4 2025 saw a 10% revenue decline year-over-year due to fewer playoff games and reduced media rights fees. Higher personnel costs and league-related accruals led to an operating loss, partially offset by strong demand for Knicks postseason games.

• Revenue fell to $204.0M, down 10% YoY
• Net loss of $1.78M vs $25.5M profit in Q4 2024

eToro reported Q2 2025 revenue of $2.09 billion, driven by strong crypto activity and diversified income streams. Net income came in at $30.2 million despite IPO-related costs. Adjusted EPS rose year-over-year to $0.56, supported by a 31% jump in adjusted EBITDA.

• Revenue reached $2.09B, up from $1.85B in Q2 2024.
• Net income was $30.2M, slightly down due to $15M in IPO-related costs.

Intapp reported Q4 2025 revenue of $135,030,000, a net loss of $528,000, and GAAP EPS of $(0.01). Non-GAAP EPS came in at $0.27. SaaS and support revenue grew 27% year over year, while net cloud revenue retention remained high at 120%.

• Revenue grew 18% YoY to $135.0M, driven by strong SaaS growth.
• GAAP net loss was $528K; Non-GAAP net income was $23.0M.

Rigetti Computing posted Q2 2025 revenue of $1.8M, down from the prior year, with a net loss of $39.7M. The company highlighted the launch of Cepheus-1-36Q, the industry's largest multi-chip quantum computer, achieving a 2× reduction in error rates and 99.5% two-qubit gate fidelity. Operating expenses increased as R&D investments grew, while the company ended the quarter with a strong cash position after a $350M equity raise.

• Revenue for Q2 2025 was $1.8M, with a net loss of $39.7M.
• Launched Cepheus-1-36Q, achieving a 2× reduction in error rates and 99.5% two-qubit gate fidelity.

Everus posted a 31% increase in revenue and a 35% rise in net income for Q2 2025. Both Electrical & Mechanical and Transmission & Distribution segments delivered solid growth, with backlog reaching $3.0 billion. The company raised its full-year revenue and EBITDA guidance.

• Revenue grew 31% YoY to $921.5M, a quarterly record
• Net income rose 35.4% to $52.8M, EPS at $1.03

IHS Holding Limited delivered a strong Q2 2025, generating $32.3 million in net income, improving from a $124.3 million loss in the prior year. Revenue was stable, and operating income remained robust despite slight year-over-year declines. The company raised full-year 2025 guidance, reflecting continued momentum.

• Net income turned positive at $32.3M versus a $124.3M loss in Q2 2024.
• Revenue slightly declined to $433.3M, impacted by FX and Kuwait exit.

Centessa posted a Q2 2025 net loss of $50.3M, driven by increased R&D expenses as multiple orexin receptor 2 (OX2R) agonist trials progressed. Cash and investments remained strong at $404.1M, supporting operations into mid-2027.

• Q2 2025 net loss widened to $50.3M, up from $43.8M in Q2 2024.
• R&D expenses rose to $42.7M as clinical trials for ORX750 and ORX142 advanced.

GRAIL saw Q2 2025 revenue rise 11% year-over-year to $35.5M, driven by strong U.S. Galleri sales. The company narrowed its net loss compared to the prior year, but remained unprofitable due to high operating expenses and impairment charges.

• Total revenue grew 11% YoY to $35.5M
• U.S. Galleri revenue increased 21% YoY to $34.2M

Liquidia's Q2 2025 results reflect a pivotal period marked by the commercial launch of YUTREPIA. Revenue grew significantly year-over-year, although expenses tied to commercialization efforts and litigation led to a larger net loss compared to Q2 2024.

• Total revenue rose to $8.8 million, primarily from the launch of YUTREPIA
• Net loss widened to $41.6 million with EPS of $(0.49)

KinderCare’s Q2 2025 results reflected a slight increase in revenue and significant improvement in profitability. Net income rose due to lower interest expenses, even though enrollments came in softer than expected. The company remains focused on center-level performance and long-term growth.

• Revenue reached $700.1M, up slightly YoY
• Net income rose 35% to $38.6M

The company posted strong Q2 2025 results with $348.3M in revenue and narrowed net loss to $3.9M, supported by growth across Paid Content, Advertising, and IP Adaptations.

• Total revenue reached $348,271,000 driven by growth in all major segments.
• Adjusted EBITDA was $9,662,000, exceeding internal guidance.

Pulse Biosciences posted a GAAP net loss of $19.2M in Q2 2025, with no revenue reported and increased spending in R&D and G&A. The company ended the quarter with over $106M in cash.

• No product revenue reported for the quarter.
• GAAP net loss increased to $19.2M from $11.4M in Q2 2024.

Navigator Gas saw a decline in revenue, net income, and fleet utilization in Q2 2025, primarily impacted by temporary trade restrictions and lower TCE rates. The company responded with strategic fleet adjustments and expects improved utilization in Q3.

• Total operating revenue for Q2 2025 was $129.6 million, down from $146.7 million in Q2 2024.
• Net income attributable to stockholders decreased to $21.5 million from $23.2 million in the prior year quarter.

Pharvaris delivered Q2 2025 results with increased investment in R&D as multiple Phase 3 trials advanced. Despite a growing net loss, the company remains well-funded, especially after a public offering completed in July, which extended its cash runway into 1H 2027.

• R&D expenses rose to €29.6 million from €23.1 million in Q2 2024.
• Net loss widened to €45.5 million, with EPS at €0.83.

In Q3 2025, Anavex Life Sciences posted a net loss of $13.2 million, reflecting increased general and administrative spending while research and development costs declined. The company maintains a strong cash position with over $101 million in reserves and expects its current cash to support operations for more than three years.

• Net loss widened to $13.2 million from $12.2 million in Q3 2024
• General and administrative expenses increased to $4.5 million

In Q2 2025, Okeanis Eco Tankers Corp posted revenues of $93.95M and net income of $26.89M, reflecting a decline from Q2 2024 primarily due to lower fleetwide TCE rates. Operating income fell to $36.93M, while cash and cash equivalents stood at $65.3M. Adjusted EBITDA came in at $47.28M.

• Revenue dropped 16% YoY to $93.95M due to lower TCE rates.
• Net income fell to $26.89M, down from $39.57M in Q2 2024.

Paysafe reported Q2 2025 revenue of $428.2M, with organic revenue up 5%. Adjusted EBITDA reached $105M with a margin of 24.5%. Enterprise growth remained strong, but SMB volumes were challenged. The company reaffirmed its full-year guidance.

• Revenue reached $428.2M, down 3% YoY but up 5% organically.
• Adjusted EBITDA came in at $105M, representing a 24.5% margin.

Taysha Gene Therapies reported a Q2 2025 net loss of $26.9M, driven by increased R&D and legal expenses tied to the REVEAL trial and regulatory preparations. Revenue was $2.0M, while cash reserves rose to $312.8M after a $230M follow-on offering.

• Net loss was $26.9M or $0.09 per share, flat versus Q2 2024 despite higher expenses.
• R&D expenses rose to $20.1M due to manufacturing and trial-related costs.

In Q2 2025, Stoke Therapeutics achieved significant revenue growth from collaboration agreements, reducing its net loss compared to the prior year. Increased R&D and G&A expenses reflect advancing clinical programs, including the Phase 3 EMPEROR study for zorevunersen. The company ended the quarter with a strong cash position, projecting runway into mid-2028.

• Revenue rose to $13.8M from $4.8M in Q2 2024, driven by license and collaboration agreements.
• Net loss narrowed to $23.5M from $25.7M in the prior-year quarter.

Vinci Compass delivered strong financial results in Q2 2025, driven by higher fund management and advisory fees, leading to a significant rise in net income and EPS. The company's diversified revenue streams and increased global presence contributed to robust top-line growth.

• Net income for Q2 2025 rose to R$66.8 million, more than double the prior year.
• EPS for the quarter came in at R$1.06, up from R$0.54 in Q2 2024.

Similarweb delivered 17% year-over-year revenue growth in Q2 2025, supported by demand for Gen AI and LLM-related data. The company returned to positive non-GAAP operating profit and free cash flow, although GAAP net loss widened.

• Revenue reached $71.0 million, up from $60.6 million in Q2 2024
• Non-GAAP net income was $1.1 million, marking a return to profitability

Altimmune announced its Q2 2025 financial results, reporting a net loss of $22.1 million and a net loss per share of $0.27. The company's cash, cash equivalents, and short-term investments increased to $183.1 million. Key highlights include positive 24-week data from the IMPACT Phase 2b trial for pemvidutide in MASH, with significant MASH resolution and weight loss, and the initiation of two new Phase 2 trials for pemvidutide in Alcohol Use Disorder and Alcohol-Associated Liver Disease.

• Pemvidutide's IMPACT Phase 2b trial showed statistically significant MASH resolution in up to 59.1% of patients and up to 6.2% weight loss at 24 weeks.
• New data from the IMPACT trial demonstrated potentially class-leading improvements in corrected T1 (cT1), an important marker of liver inflammation and fibrosis.

In Q2 2025, Autolus reported $20.9 million in product revenue from AUCATZYL’s U.S. launch and secured market coverage for over 90% of medical lives. Although R&D expenses declined, SG&A costs rose due to commercial scale-up. The company remains well-capitalized with $454.3 million in cash and marketable securities.

• Generated $20.9 million in AUCATZYL net revenue for Q2 2025
• Activated 46 treatment centers in the U.S. by August 12, 2025

Theravance posted solid Q2 2025 results, achieving profitability due to a $7.5M milestone payment for YUPELRI’s China approval and continued revenue growth from its U.S. partnership with Viatris. The sale of its TRELEGY royalty interest also boosted results with a $75.1M gain.

• Total revenue reached $26.2M, including $7.5M from YUPELRI's China milestone.
• Theravance posted GAAP net income of $54.8M versus a net loss of $16.5M in Q2 2024.

Mineralys Therapeutics reported a net loss of $43.3 million for the second quarter of 2025, an increase from $41.0 million in the same period last year. The company's cash, cash equivalents, and investments significantly increased to $324.9 million, providing funding into 2027. Research and development expenses slightly decreased, while general and administrative expenses rose.

• Net loss for Q2 2025 was $43.3 million, compared to $41.0 million in Q2 2024.
• Cash, cash equivalents, and investments increased to $324.9 million as of June 30, 2025, up from $198.2 million at December 31, 2024.

Anterix delivered strong financial results in Q1 FY2026, reporting net income of $25.2 million primarily due to a $33.9 million gain from license exchanges. Despite modest spectrum revenue, disciplined cost control and operational focus contributed to positive earnings.

• Reported $25.2M net income, reversing a $15.5M loss from Q1 FY2025.
• Revenue from spectrum sales reached $1.42M in the quarter.

York Water generated $19.2 million in revenue and $5.1 million in net income during Q2 2025. The quarter benefited from customer base growth and DSIC revenue, though earnings per share remained flat due to increased expenses and interest costs.

• Q2 2025 revenue rose to $19.2 million, up $449,000 YoY.
• Net income for the quarter was $5.1 million, a $59,000 increase YoY.

Mereo Biopharma posted a Q2 2025 net loss of $14.6 million, primarily due to foreign currency loss and increased R&D expenses linked to its osteogenesis imperfecta program. G&A expenses declined from the prior year due to ADR reimbursements and lower professional fees. With $56.1 million in cash, the company expects to fund operations into 2027 as it progresses late-stage trials.

• Net loss was $14.6 million, compared to $12.3 million in Q2 2024
• R&D expenses rose to $5.4 million, driven by the setrusumab program

Zevra reported Q2 2025 revenue of $25.9M, supported by $21.5M in MIPLYFFA sales and $2.6M in reimbursements for arimoclomol from France’s EAP. Net income surged to $74.7M due to a $148.3M gain from PRV sale, offset partially by a $58.7M impairment charge.

• Total revenue reached $25.9M, including $21.5M from MIPLYFFA and $2.6M from French EAP reimbursements.
• Net income was $74.7M, driven by a $148.3M gain from PRV sale.

Bitfarms achieved a substantial 87% year-over-year revenue increase to $78 million in Q2 2025, driven by its strategic pivot towards High-Performance Computing (HPC) and AI infrastructure. The company reported a net loss of $29 million and an operating loss of $40 million, impacted by a non-cash impairment charge related to its Argentina operations. Despite the losses, Bitfarms demonstrated strong liquidity with $85 million in cash and $145 million in unencumbered Bitcoin, alongside progress in its share buyback program and U.S. expansion.

• Revenue surged by 87% year-over-year to $78 million in Q2 2025, indicating strong top-line growth.
• The company reported a net loss of $29 million and an operating loss of $40 million, primarily due to a $15 million non-cash impairment charge in Argentina.

Erasca posted a net loss of $33.9 million for Q2 2025, marking an improvement from the prior year. Operating expenses declined significantly, driven by lower R&D and G&A costs. The company ended the quarter with a strong balance sheet, supporting its ongoing clinical pipeline.

• Net loss was $33,876,000 for Q2 2025, improved from $63,201,000 in Q2 2024
• EPS was $(0.12) per share for the quarter

Lifeway Foods delivered record Q2 net sales of $53.9M, expanded gross margin to 28.6%, and posted GAAP diluted EPS of $0.28 with net income of $4.25M. Management also highlighted strong momentum into Q3 to date.

• Record Q2 net sales reached $53.9M.
• Gross margin improved to 28.6% year over year.

Absci's Q2 2025 results showed ongoing execution across internal and partnered pipelines. Despite a drop in revenue and a higher net loss, the company strengthened its balance sheet, extending runway into 2028.

• Q2 revenue declined to $0.6M from $1.3M YoY
• Net loss widened to $30.6M driven by higher R&D spending

NeuroPace achieved its highest-ever quarterly revenue in Q2 2025, reaching $23.5M. Gross profit improved significantly with margin expanding to 77.1%. Despite higher operating expenses, net loss narrowed slightly. The company also increased full-year guidance for revenue and gross margin.

• Record quarterly revenue of $23.5M, up 22% YoY.
• Gross margin rose to 77.1%, up from 73.4% in Q2 2024.

Astria Therapeutics posted a net loss of $33.1 million in Q2 2025 as operating expenses rose, primarily from clinical trials and stock-based compensation. Despite no revenue, the company ended the quarter with $259.2 million in cash and investments, supported by an upfront payment from its partnership with Kaken.

• Net loss grew to $33.1 million in Q2 2025 compared to $24.2 million in Q2 2024.
• Cash and short-term investments stood at $259.2 million at quarter-end.

ClearPoint Neuro delivered its highest-ever quarterly revenue in Q2 2025, supported by strong demand in neurosurgery and biologics. Despite a net loss, the company’s strategic expansion and strengthened cash position reflect confidence in future growth.

• Achieved record revenue of $9.2 million, up 17% YoY
• Neurosurgery navigation and therapy revenue grew 33%

In Q2 2025, Nano-X reported $3.04 million in revenue, a modest increase driven by growth in its teleradiology segment. However, the company reported a net loss of $14.7 million and a gross loss margin of 37.2%, as it continues investing in commercialization efforts for its imaging systems and AI platforms. Cash reserves decreased to $58.3 million, and the company reaffirmed its focus on product deployment and expanding imaging services.

• Revenue reached $3.04 million, with growth led by teleradiology services
• GAAP gross loss margin was 37.2%, driven by operating costs and rollout expenses

HUYA Inc. delivered a quarter of resumed top-line growth driven by game-related services and advertising, though profitability remained pressured, resulting in a net loss.

• Total revenue grew to $218.8M in Q2 2025, driven by expansion in game services and advertising.
• Net loss was $0.8M compared to net income of $4.1M a year ago.

Kopin posted Q2 2025 revenue of $8.5 million, down from $12.3 million in the prior year, driven by lower defense-related product shipments. The company highlighted a strategic investment from Theon Sensors and anticipated improved demand in coming quarters. Net loss narrowed to $5.2 million despite reduced volume and under-absorbed overhead costs.

• Q2 2025 revenue declined to $8.5 million from $12.3 million in Q2 2024
• Net loss narrowed to $5.2 million from $5.9 million year-over-year

Cadiz generated $4.13 million in revenue in Q2 2025 while continuing to invest in its infrastructure projects. Despite the revenue, the company recorded a net loss of $10.6 million, with operating expenses related to compensation, development, and professional services driving the results.

• Revenue reached $4.13 million for the quarter.
• Net loss totaled $10.6 million, or -$0.28 per share.

Alico reported a steep year-over-year revenue decline and a significant net loss for Q3 2025, reflecting the wind-down of citrus operations, hurricane impacts, and large non-cash charges. Crop insurance recoveries and asset sales boosted liquidity as the company advances its land diversification strategy.

• Revenue fell 38% year-over-year to $8.39 million due to lower citrus production and hurricane damage.
• Net loss widened to $18.3 million, driven by $40.7 million in accelerated depreciation from citrus asset retirement.

Hyliion generated $1.5 million in revenue from research and development services during Q2 2025 but posted a $13.4 million net loss due to higher R&D costs. The company ended the quarter with $185 million in cash and investments, with commercial deployment of the KARNO system targeted for 2026.

• Generated $1.5 million in Q2 revenue from research and development services for the U.S. Navy.
• Net loss widened to $13.4 million due to increased R&D investment in the KARNO Power Module.

Lineage Cell Therapeutics recorded $2.8 million in revenue, up from $1.4 million in the prior-year quarter, primarily from collaborations. However, the company incurred a $30.5 million net loss due to a $14.8 million impairment on an intangible asset and a $12.7 million fair value adjustment on warrant liabilities.

• Q2 revenue rose to $2.8 million, mainly from deferred collaboration revenue with Roche.
• R&D expenses increased slightly to $3.1 million, reflecting preclinical program activities.

SoundThinking, Inc. (ShotSpotter) posted $25.89 million in revenue during Q2 2025, a 4% year-over-year decline attributed to the City of Chicago contract non-renewal. The company reported a net loss of $3.12 million and an Adjusted EBITDA of $3.36 million, while expanding to four new cities and one university.

• Q2 revenue fell to $25.89 million, down from $26.96 million in Q2 2024 due to contract loss.
• Net loss widened to $3.12 million compared to $0.75 million in the prior-year period.

Editas Medicine delivered improved financial results in Q2 2025 with reduced R&D and G&A expenses, offsetting a moderate revenue gain from collaborations.

• Net loss narrowed to $53.2 million from $67.6 million year-over-year.
• Revenue from collaborations rose to $3.6 million, up from $0.5 million.

Journey Medical posted $15 million in revenue during Q2 2025, driven in part by Emrosi's initial commercial performance. Gross margin improved to 67% and adjusted EBITDA loss narrowed to $0.5 million. However, the company recorded a net loss of $3.8 million for the quarter.

• Q2 2025 revenue reached $15 million, up slightly from $14.9 million YoY.
• Emrosi contributed $2.8 million in net sales in its first full quarter on the market.

Rekor Systems delivered revenue of $12.36 million in Q2 2025, nearly flat year-over-year. Gross profit margin declined to 49.5% due to a shift in revenue mix, while net loss improved slightly. The company emphasized strategic deployments and expanding government contracts to drive long-term growth.

• Q2 revenue was $12.36 million, down 1% YoY due to project timing and weather-related delays.
• Gross profit was $6.11 million with a gross margin of 49.5%.

Luminar posted Q2 2025 revenue of $15.6M, down 5% from Q2 2024, with a GAAP net loss of $30.5M ($0.62/share) and a non-GAAP net loss of $73.1M ($1.49/share). The company ended the quarter with $107.6M in cash and marketable securities and announced progress toward Halo production and cost reduction initiatives.

• Revenue was $15.6M, down 5% YoY and 17% QoQ, in line with guidance.
• GAAP net loss was $30.5M, or $0.62 per share; non-GAAP net loss was $73.1M, or $1.49 per share.

In Q2 2025, Lyell Immunopharma posted a net loss of $42.7 million, a reduction from the prior year, reflecting disciplined cost management. The company continued clinical advancement of LYL314, initiated a pivotal trial, and secured new funding to extend its runway through mid-2027.

• Net loss narrowed to $42.7 million in Q2 2025 from $45.8 million in Q2 2024.
• Non-GAAP net loss was $37.8 million, reflecting reduced stock-based compensation and expenses.

Korro Bio reported a Q2 2025 net loss of $25.8M on $1.46M in collaboration revenue, driven by higher R&D and G&A expenses. Cash and marketable securities ended at $119.6M, expected to support operations into 2027.

• Net loss for Q2 2025 widened to $25.8M from $21.8M a year ago.
• Collaboration revenue was $1.46M, up from $0 last year.

M-Tron Industries saw revenue growth in Q2 2025 driven by strong defense program shipments. Although gross margin declined, the company maintained profitability and significantly increased its backlog, signaling continued momentum into the second half of the year.

• Revenue grew 12.5% YoY to $13.3 million
• Gross margin declined to 43.6% from 46.6% due to product mix and tariffs

Bitcoin Depot posted Q2 2025 revenue of $172.1 million, up 6% YoY, driven by expanded kiosk deployment and higher transaction sizes. Net income surged 183% to $12.3 million, while adjusted EBITDA increased 46% to $18.5 million. The company ended the quarter with nearly $60 million in cash and crypto holdings, signaling financial strength and readiness for further expansion.

• Revenue increased to $172.1 million, up 6% YoY
• Net income surged 183% YoY to $12.3 million

QuickLogic's Q2 2025 revenue fell 10% YoY to $3.7M, driven by a drop in new and mature product sales. Gross margins declined significantly both GAAP and non-GAAP, contributing to a larger net loss. The company highlighted increased design activity and progress on next-gen IP tools as positives.

• Revenue decreased 10% YoY to $3.7M in Q2 2025
• GAAP gross margin declined to 25.9% from 54.7% YoY

Veru Inc. reported a significant decrease in net loss and operating loss for the fiscal third quarter of 2025 compared to the same period last year, driven by reduced research and development and selling, general, and administrative expenses. The company also announced positive clinical trial results for enobosarm, its lead drug candidate for chronic weight loss management.

• Net loss from continuing operations decreased to $7.3 million, or $0.50 per share, in Q3 2025, down from $10.3 million, or $0.71 per share, in Q3 2024.
• Operating loss from continuing operations decreased to $7.5 million in Q3 2025 from $10.5 million in Q3 2024.

Milestone Pharmaceuticals recorded no revenue in Q2 2025 as it prepares for the potential approval and launch of CARDAMYST. Operating expenses rose due to increased commercial investment, resulting in a net loss of $13 million. The company ended the quarter with $42.5 million in cash and recently raised an additional $48.7 million through an equity offering to support the upcoming commercialization push.

• No revenue was recorded in Q2 2025 as product launch is pending
• Net loss widened to $13 million, compared to $9.4 million in Q2 2024

PublicSquare posted a net revenue increase and significant reduction in operating expenses in Q2 2025. The company reported a narrower net loss and outlined a bold strategic repositioning focused on accelerating Fintech growth and monetizing non-core segments.

• Revenue rose to $7.1M in Q2 2025, up from $6.0M YoY
• EPS improved to $(0.18) from $(0.36) YoY

ProKidney narrowed its net loss in Q2 2025 and strengthened its regulatory position with the FDA for rilparencel, supported by strong topline data and a robust cash balance.

• Net loss attributable to Class A stockholders was $16.55 million, down from $12.5 million YoY due to changes in noncontrolling interest.
• Cash and marketable securities totaled $294.7 million, supporting operations into mid-2027.

TScan Therapeutics saw revenue increase to $3.1 million in Q2 2025, driven by activity under its Amgen collaboration. However, higher R&D and G&A expenses contributed to a net loss of $37.0 million.

• Revenue rose to $3.1 million, up from $0.5 million in Q2 2024, due to collaboration with Amgen.
• Net loss increased to $37.0 million compared to $31.7 million in the prior year quarter.

Gogoro reported a revenue of $65.8 million for Q2 2025, an 18.7% decrease year-over-year, primarily due to a significant drop in hardware sales. Despite top-line challenges, the company improved its non-IFRS gross margin to 17.0% and increased Adjusted EBITDA to $12.5 million, driven by cost-saving initiatives and network efficiency.

• Total revenue for Q2 2025 was $65.8 million, down 18.7% year-over-year, largely impacted by a 39.1% decrease in sales of hardware and others.
• Battery swapping service revenue increased by 8.5% year-over-year to $37.6 million, supported by a growing subscriber base of 648,000.

Acumen Pharmaceuticals experienced a significant increase in net loss and loss from operations in Q2 2025, primarily driven by higher research and development expenses related to manufacturing and clinical trial activities for ALTITUDE-AD. Despite the financial losses, the company maintained a strong cash position, expected to fund operations into early 2027, and made progress in its clinical programs, including the ALTITUDE-AD Phase 2 study and a new Enhanced Brain Delivery (EBDTM) program.

• Net loss for Q2 2025 was $41.0 million, a substantial increase from $20.5 million in Q2 2024.
• Research and Development (R&D) expenses significantly increased to $37.1 million in Q2 2025 from $19.5 million in Q2 2024, mainly due to manufacturing and CRO costs for the ALTITUDE-AD clinical trial.

Inovio reduced its net loss to $23.5M in Q2 2025 as R&D and G&A expenses declined. While revenue remained at zero, the company continued to focus on progressing INO-3107 towards regulatory submission and bolstered its cash position with a $22.5M capital raise in July.

• Net loss decreased to $23.5M from $32.2M YoY
• EPS improved to ($0.61) from ($1.19) YoY

GCT Semiconductor saw revenue decline 19% YoY to $1.18M in Q2 2025, with gross margin falling to 32.0%. Operating expenses remained flat, but higher interest costs and currency losses led to a net loss of $13.5M. The company delivered initial 5G chipsets and prepares for mass production in 2H25.

• Revenue declined 19% YoY to $1.18M
• Gross margin dropped to 32.0% from 62.7% YoY

Verrica posted $12.7M in revenue for Q2 2025, up sharply from the prior year, and reported net income of $0.2M. Revenue was driven by continued growth of YCANTH and an $8M milestone from Torii. The company is advancing VP-315 into Phase 3 and expects a regulatory decision on YCANTH in Japan by year-end.

• Total revenue reached $12.7M, including $4.5M from YCANTH and $8M milestone from Torii
• Net income was $0.2M compared to a $17.2M loss in Q2 2024

In Q2 2025, Annovis Bio lowered its operating expenses and narrowed its net loss compared to the previous year. The company continued to invest in its pivotal Phase 3 trial for Alzheimer's and expanded its IP portfolio. A stronger balance sheet supported its operational momentum, backed by improved cash reserves.

• Net loss narrowed to $6.22 million from $5.02 million in Q2 2024.
• R&D expenses decreased to $5.16 million, down from $5.79 million YoY.

Adverum posted a Q2 2025 net loss of $49.2M driven by a sharp increase in R&D expenses related to its ARTEMIS Phase 3 trial. Cash reserves fell to $44.4M, with a $10M private placement announced to extend runway into Q4 2025.

• Q2 net loss widened to $49.2M from $30.5M in Q2 2024.
• R&D expenses more than doubled year-over-year to $37.1M.

CarParts.com saw 5% revenue growth in Q2 2025, but margin pressure and higher operating expenses led to a deeper net loss. The company continues exploring strategic alternatives and projects $10M in annualized cost savings from operational realignments.

• Revenue increased 5% YoY to $151.9M
• Gross margin declined to 32.8%, down 70 bps YoY

IZEA posted $9.13M in revenue for Q2 2025, matching prior-year levels. However, through reduced costs and a focus on profitable operations, the company delivered $1.2M in net income and $1.3M in adjusted EBITDA. Cash and investments totaled $50.6M, and the company repurchased shares under its buyback program.

• Revenue was $9.13M, flat YoY but up 11% excluding Hoozu
• Net income reached $1.2M, a turnaround from $2.2M loss last year

In Q2 2025, Reneo Pharmaceuticals experienced an increase in operating expenses due to advancing clinical trials and higher personnel costs. Despite the growing investment in R&D, the company maintains a strong cash position of $83.4 million to support operations into Q4 2026. The net loss widened to $15.4 million, or $1.14 per share.

• Net loss rose to $15.4 million in Q2 2025 compared to $14.1 million in Q2 2024.
• R&D expenses increased to $12.6 million, driven by clinical trial and manufacturing costs.

Acasti Pharma (Grace Therapeutics) posted a Q1 2026 net loss of $3.4M as it submitted an NDA for GTx-104, its IV nimodipine formulation for aSAH. Cash balance was $20M, with a cash runway expected through at least the next 12 months and potentially into Q2 2027 with warrant exercises.

• Q1 2026 net loss was $3.4M, or $0.21 per share, compared to $2.6M in Q1 2025.
• NDA for GTx-104 was submitted to FDA, supported by positive Phase 3 STRIVE-ON trial results.

ALX Oncology reported a reduced GAAP net loss of $25.9 million for Q2 2025, down from $39.4 million in the prior year, primarily due to lower R&D expenses. The company also extended its cash runway into Q1 2027 and made significant progress in its evorpacept and ALX2004 clinical programs.

• GAAP net loss for Q2 2025 was $25.9 million, a significant improvement from $39.4 million in Q2 2024.
• Research and Development (R&D) expenses decreased by $16.6 million to $18.0 million in Q2 2025, driven by reduced clinical and development costs, stock-based compensation, and personnel costs.

Hydrofarm's Q2 2025 revenue dropped to $39.2 million due to industry headwinds and reduced demand for durable products. The company narrowed its net loss and delivered $1.4 million in free cash flow. Strategic cost-cutting and restructuring efforts continued to improve operational efficiency as Hydrofarm reaffirmed its full-year guidance.

• Net sales fell to $39.2 million from $54.8 million YoY
• Gross margin declined to 7.1% from 19.8% due to lower sales and restructuring

BioXcel Therapeutics posted Q2 2025 revenue of $120,000 from IGALMI, down from $1.1 million YoY, reflecting minimal commercial activity. Net loss widened to $19.2 million, mainly due to increased R&D for the SERENITY at-home Phase 3 trial and higher interest expense. However, SG&A expenses declined due to reprioritization efforts. The company ended the quarter with $18.6 million in cash.

• IGALMI revenue dropped to $120,000 from $1.1 million YoY
• Net loss increased to $19.2 million due to R&D and interest costs

LogicMark, Inc. demonstrated strong performance in Q2 2025 with a 22% increase in revenue to $2.9 million and a 24% improvement in gross profit to $1.9 million. The company also significantly improved its liquidity, reporting $13.0 million in cash and investments with no long-term debt.

• Revenue increased by 22% to $2.9 million in Q2 2025 compared to the same period last year, driven by higher sales of Freedom Alert Mini units and upgraded Guardian Alert 911 Plus.
• Gross profit rose by 24% to $1.9 million, with gross margin improving to 67.5% due to a shift towards higher-margin products.