HeartSciences Inc (HSCSW) Q2 2025 Earnings Report

HeartSciences reported a net loss of $2.0829 million for Q2 2025, with operating income of -$1.985 million and an EBITDA placeholder of -$1.985 billion (data quality concerns noted regarding the depreciation and amortization figure). R&D spend was $1.198965 million and SG&A was $786,068, contributing to total operating expenses of $1.985033 million. Earnings per share stood at -$2.27, representing a significant YoY and QoQ swing primarily driven by the lack of recognized revenue in the quarter and the scale of non-cash and financing items captured in the report. Year-over-year, operating income declined by 26.44% and net income declined by 19.13%, while EPS rose 85.79% due to base effects in a period with limited profitability. Free cash flow was markedly negative at approximately -$4.203 billion, driven by negative operating cash flow of about -$4.200 billion. Financing activities contributed a sizable inflow of roughly $2.452 billion, leaving net cash changes near flat to modestly negative and ending cash around $4.052 million (data inconsistencies noted). Overall, the quarter underscores a precarious near-term liquidity profile and a substantial dependency on external financing to sustain operations, with meaningful execution risk around product revenue ramp and market adoption of the core MyoVista wavECG diagnostic offering.