Biomerica reported Q2 2025 revenue of $1.636 million, up 4.4% year-over-year but down 9.46% quarter-over-quarter. The company continued to operate below profitability, with EBITDA of -$0.993 million and net income of -$0.95 million, translating to an EPS of -$0.0555. Despite the negative income trajectory on a current-quarter basis, Biomerica shows structural strengthening in liquidity: cash and cash equivalents totaled $2.372 million, and total debt remained modest at $0.626 million, producing a negative net debt position of -$1.746 million. The gross margin stood at 26.7% (gross profit $0.437 million on revenue $1.636 million), indicating a meaningful improvement in product gross profitability relative to the company’s operating expense burden, which remains elevated due to SG&A and R&D spend. On a two-quarter basis, revenue declined QoQ but remains resilient given the small base, while YoY growth reflects a modest rebound in activity versus the prior year. The quarter highlights Biomerica’s ongoing emphasis on pipeline development (notably InFoods IBS therapy and Helicobacter pylori diagnostic initiatives) as the primary driver of longer-term value, even as near-term profitability remains constrained by high fixed costs and a continued need for revenue scale. Investors should monitor pipeline progression, monetization milestones, and any shifts in SG&A efficiency which will be critical to translating top-line gains into sustained earnings power.