Caris Life Sciences (CAI) Q2 2025 earnings summary

Executive summary

• Achieved 81% year-over-year revenue growth in Q2 2025, reaching $181.4 million, driven by strong performance in molecular profiling and pharma R&D services.

• Clinical case volume grew 22% year-over-year to 50,032, with Caris Assure therapy selection cases up 56%.

• Achieved positive adjusted EBITDA of $16.7 million and positive free cash flow of $5.9 million in Q2 2025.

• Completed a successful IPO in June 2025, raising over $519 million, and ended the quarter with $724.9 million in cash and marketable securities.

• Net loss was $71.8 million, including significant one-time IPO-related expenses and deemed dividends.

Financial highlights

• Total Q2 2025 revenue: $181.4 million, up 81% year-over-year; molecular profiling services revenue: $162.9 million, up 86%; pharma R&D services: $18.5 million, up 49%.

• Gross margin improved to 62.7% from 37.5% in Q2 2024.

• Adjusted EBITDA: $16.7 million; free cash flow: $5.9 million.

• Cash, cash equivalents, and marketable securities totaled $724.9 million as of June 30, 2025.

• Net loss per share was $7.97, impacted by a $384.4 million one-time deemed dividend and $61.0 million in preferred stock adjustments.

Outlook and guidance

• FY 2025 revenue expected between $675 million and $685 million, representing 64%-66% growth over 2024.

• Clinical therapy selection volume projected to grow 19%-21% for the year.

• Gross margin target for 2025 is 60%, up from 43.4% in 2024.

• Continued positive adjusted EBITDA and free cash flow expected for the remainder of 2025.

• Sufficient liquidity is expected for at least the next 12 months, with ongoing evaluation of capital needs.