Biotricity (BTCY) Q3 2025 earnings summary

Executive summary

• Q3 FY25 revenue grew 21.7% year-over-year to $3.6 million, driven by recurring technology fees and new customer sales, with positive free cash flow for the second consecutive quarter and a 56.7% reduction in net loss to $1.32 million.

• Achieved near EBITDA break-even, with adjusted EBITDA improving 90% to -$110,555, and expanded AI-driven remote cardiac care solutions, now used by hundreds of centers across 35 states.

• Expanded Cardiac AI Cloud capabilities, published research on predicting post-operative complications, and plans to file for FDA approval of the AI clinical model by mid-next year.

• Formed strategic alliances with top GPOs and specialist organizations, expanding reach beyond cardiology and launching pilots in new verticals.

• Management notes substantial doubt about the company's ability to continue as a going concern due to recurring losses and a working capital deficit of $16.3 million as of December 31, 2024.

Financial highlights

• Revenue for Q3 FY25 increased 21.7% year-over-year to $3.6 million, with gross margin improving to 76.4% from 72.9% in the prior year quarter.

• Gross profit rose 27.5% to $2.8 million, and recurring technology fees comprised 94% of total revenue.

• Operating expenses decreased 15% year-over-year to $2.9 million, with SG&A down 20.5% and R&D up 22%.

• Net loss attributable to common stockholders decreased 56.7% year-over-year to $1.32 million ($0.054 per share).

• Cash used in operating activities for the nine months was $1.98 million, a substantial reduction from $5.53 million in the prior year.

Outlook and guidance

• Management anticipates continued revenue growth and margin improvement, supported by expansion of the sales force, new product launches, and further commercialization of Biocore and Biocare products.

• Expect further margin improvements upon FDA clearance of Cardiac AI Cloud and ongoing cost control initiatives.

• The company expects to require additional debt or equity capital to fund operations and product development over the next twelve months.