HeartSciences Inc (HSCS) Q3 2025 Earnings Report

HeartSciences reported a materially negative quarter for QQ3 2025, marking a period of intensive investment in product development and platform infrastructure with no meaningful revenue contribution in the period. The income statement shows a net loss of approximately $2.536 billion and an operating loss of about $2.371 billion, driven primarily by outsized R&D and selling, general and administrative (SG&A) expenses. On the cost side, R&D expenses totaled roughly $1.033 billion and SG&A expenses approximately $1.338 billion, reflecting a capital-heavy push to advance AI-enabled ECG capabilities (AIECG) and related cloud-hosted analytics (MyoVista Insights). Net interest expense was about $179 million, contributing to the deep quarterly loss. Cash burn from operations approximated $1.62 million, while financing activity provided a modest inflow of roughly $1.80 million, yielding a net cash decrease of about $1.46 million for the period and ending cash of about $2.60 million. The balance sheet presents total assets around $5.70 million against liabilities near $3.92 million, with equity reported in the relatively small-to-moderate range by the dataset, though several balance-sheet figures appear internally inconsistent (e.g., net debt vs. cash balance). The revenue line is not reported in the quarter, limiting near-term visibility into top-line progression. The earnings trajectory underscores a company in a pre-commercial, R&D-intensive phase where longer-horizon value hinges on successful monetization of AI-driven ECG diagnostics, regulatory validation, and commercial partnerships.

Looking ahead, the key questions for investors relate to the pace and durability of HSCS’s go-to-market strategy for its AI-enhanced ECG solutions, potential licensing or service-based monetization for MyoVista Insights, and the company’s ability to secure timely financing to fund its development and commercialization roadmap. Absent visible topline traction, the stock remains highly speculative, with the outcome contingent on clinical validation, payer adoption, and capital-market access.