Biomerica reported Q4 2024 revenue of $1.116 million, a QoQ increase of approximately 9.7% from Q3 2024 ($1.017 million), and a YoY rise of about 0.7% versus Q4 2023. Despite the top-line uptick, the company continues to burn cash with a negative gross margin and sizable operating expenses. Gross profit was $20 thousand on revenue of $1.116 million, yielding a gross margin of about 1.8%. Total operating expenses of $1.548 million produced an EBITDA of approximately $(1.317) million and an operating loss of $(1.528) million. Net income for the quarter was $(1.421) million, or $(0.0845) per share, reflecting ongoing investment in R&D and SG&A as Biomerica pursues its diagnostic and therapeutic product roadmap. The balance sheet shows a relatively healthy liquidity position with cash and equivalents of $4.17 million and total assets of $9.254 million, but accumulated losses remain a material concern with retained earnings deeply negative and negative operating cash flow of $(1.044) million for the quarter. Free cash flow was $(1.068) million, and cash burn is a key consideration for investors given limited quarterly revenue scale. Management commentary on pipeline progress, partnerships, or near-term profitability guidance is not included in the provided data, limiting forward visibility. Overall, BMRA remains a speculative allocation: execution on margin improvement, a clear path to profitability, and meaningful revenue growth are needed to offset the current cash burn and valuation implied by very small revenue bases.