Kuros Biosciences (KURN) H2 2025 earnings summary

Executive summary

• Achieved first-time profitability in 2025 with net profit of $2.6 million, driven by 72% revenue growth to $146.1 million and $19.6 million adjusted EBITDA.

• Expanded commercial reach, launched new products including the MIS delivery system, and advanced clinical and regulatory programs, entering a phase of sustainable growth.

• Secured multiple health system approvals in the U.S., MDR approval in the E.U., and entered new markets such as Brazil, Saudi Arabia, and Lebanon.

• Continued investment in clinical evidence, infrastructure, and U.S. facility expansion, supporting operational scale and future growth.

Financial highlights

• Revenue grew 72% year-over-year to $146.1 million in 2025, with direct Magnetos sales up 71% to $143.9 million.

• Adjusted EBITDA reached $19.6 million (13.4% margin), up from $10.1 million (11.9%) in 2024.

• Net profit of $2.6 million, reversing a net loss of $4.8 million in 2024.

• Ended 2025 with $19.8 million in cash and no debt; funds available for operations totaled $60.0 million.

• Gross margin remained strong at around 90%, with tariffs impacting by about 1%.

Outlook and guidance

• 2026 guidance: at least 35% revenue growth year-over-year and around 14% adjusted EBITDA margin.

• Midterm (2028) guidance: $300–330 million in revenue and >20% adjusted EBITDA margin.

• U.S. facility expected to be operational in H2 2026, supporting further growth and margin expansion.