BioPorto (BIOPOR) Q3 2025 earnings summary

Executive summary

• Achieved first US commercial order for ProNephro AKI (NGAL) in August 2025, initiating commercial launch.

• Completed enrollment in the US Cut-Off study for adult use; FDA submission postponed to H1 2027.

• Closed a DKK 43 million funding round via direct share issue/private placement to support operations through 2026.

• Launched updated "Forward" strategy to drive market adoption and expand the addressable market.

Financial highlights

• Q3 2025 revenue reached DKK 10.4 million, a 7% increase year-over-year.

• Total revenue for the first nine months of 2025 was DKK 28.7 million, up 1% year-over-year.

• Adjusted EBITDA for Q3 2025 was DKK (16.8) million, a 14% decrease compared to Q3 2024.

• Cash position at end of Q3 2025 was DKK 27.6 million.

• Gross margin for Q3 2025 was 74%, up from 69% in Q3 2024.

Outlook and guidance

• Strategic plan targets cash flow positivity in the second half of 2027.

• FY 2028 revenue goal set at DKK 150–200 million, with EBITDA margin above 15%.

• 2025 full-year revenue expected at DKK 40–45 million; adjusted EBITDA loss expected at DKK 75–80 million.

• Funding needs to reach cash flow positive status estimated at DKK 60–70 million; recent funding round covers operations through 2026.