CeriBell (CBLL) Q4 2025 earnings summary

Executive summary

• Achieved 34% year-over-year revenue growth in Q4 2025 and 36% for the full year, reaching $89.1 million in annual revenue.

• Ended 2025 with 647 active accounts, adding 118 net new accounts, and achieved significant regulatory milestones including multiple FDA clearances and a Breakthrough Device Designation.

• Expanded total addressable market from $2 billion to $3.5 billion through new product clearances and market initiatives.

• Net loss for Q4 2025 was $13.5 million ($0.36/share), and for FY 2025 was $53.4 million ($1.46/share), with increased operating expenses due to commercial expansion and public company costs.

• Positioned for further growth in 2026 with expanded sales infrastructure and new product launches.

Financial highlights

• Q4 2025 revenue: $24.8 million, up 34% year-over-year; full year 2025 revenue: $89.1 million, up 36%.

• Q4 product revenue: $18.8 million (+33% YoY); subscription revenue: $6.0 million (+37% YoY).

• Full year product revenue: $67.3 million (+34% YoY); subscription revenue: $21.7 million (+41% YoY).

• Gross margin: 87% in Q4, 88% for the year; expected to remain in the mid-80% range in 2026.

• Cash, equivalents, and marketable securities: $159.3 million at year-end.

Outlook and guidance

• 2026 revenue guidance: $111–$115 million, representing 25–29% annual growth.

• Full commercial launch of pediatric and neonatal products expected in Q2 2026; meaningful revenue contribution anticipated in 2027.

• Continued focus on expanding account base and driving deeper utilization within existing accounts.

• Committed to achieving cash flow breakeven with current cash on hand.