Champions Oncology reported a landmark QQ3 2025 quarter, delivering record quarterly revenue of $17.0 million and a material profitability expansion driven by a high-margin data licensing contribution and continued strength in core services. Data revenue reached $4.5 million, underscoring the early traction of Champions’ deep multiomic data platform and the potential for a scalable data business to augment traditional contract research services. On a GAAP basis, operating income was $4.50 million with EBITDA of $4.92 million, and adjusted EBITDA reached a record $5.20 million after excluding stock-based comp and depreciation. For the nine months, total revenue stood at $45.0 million, up 22% year over year, with a gross margin of 53% and adjusted EBITDA of $8.3 million, signaling improving profitability as the data platform matures and cost efficiencies scale. Management reaffirmed full-year revenue growth guidance of 10-15%, while acknowledging potential short-term volatility in R&D services revenue and the early-stage nature of the data licensing business. The company also outlined strategic optionality around Corellia, its wholly owned drug development subsidiary, which is pursuing external capital while Champions contemplates an equity stake posture post-raise. While the near-term trajectory remains exposed to biotech capex cycles, the combination of a first data licensing transaction, a growing data revenue stream, and a disciplined cost framework supports a constructive long-term growth thesis. Key questions remain around the size and cadence of future data licenses, the pace of data-driven pharma programs, and the capital structuring of the data-focused spin-out efforts. ”