Executive Summary
PetVivo Holdings Inc (PETVW) reported Q3 2025 results reflecting a modest top-line uptick relative to Q2 2025 but ongoing profitability and liquidity challenges. Revenue for the quarter was $0.583 million with a gross profit of $0.522 million, delivering a robust gross margin of 89.46% that signals favorable product mix or licensing revenue contribution. However, the company posted a substantial operating loss of $1.758 million and net income of $-1.758 million, with EPS of $-0.085. The quarter’s sequential improvement in revenue contrasts with a year-over-year decline of 2.11%, underscoring a fragile revenue base and limited scale to-date.
Liquidity and balance-sheet metrics remain a meaningful overhang. Cash at period-end was just $28.9 thousand, and the company carries total debt of $2.37 million against total assets of $3.11 million, yielding a very tight liquidity position and a negative stockholders’ equity of approximately $0.695 million. Operating cash flow was negative at $0.961 million for the period, while financing activities provided $0.888 million (driven by stock issuance and other financing). The balance sheet shows pronounced working-capital distortions (current ratio ~0.42; days sales outstanding ~76; days inventory outstanding ~517; days payables outstanding ~1,505) contributing to a negative cash-conversion cycle. These dynamics imply a continued reliance on external financing to fund ongoing operations.
Despite the near-term cash and profitability pressures, PetVivo maintains a pipeline of potential growth catalysts via its Kush product and a broader technology pipeline (17 therapeutic devices in development). The lack of an explicit quarterly or annual forward guidance in the available materials heightens the importance of tracking licensing deals, regulatory milestones, and partner-driven commercialization opportunities. Given the current operating losses, liquidity constraints, and negative book value, the investment case remains highly speculative and contingent on successful funding, commercial adoption of Kush, and progress across the broader device pipeline.
Key Performance Indicators
QoQ: 190.61% | YoY:-2.11%
QoQ: 190.61% | YoY:26.41%
Key Insights
Revenue (Q3 2025): $583,313; YoY: -2.11%; QoQ: +190.61%.
Gross Profit (Q3 2025): $521,816; Gross Margin: 89.46%; YoY Gross Profit: +26.41%; QoQ: +190.61%.
Operating Income (Q3 2025): -$1,758,405; Operating Margin: -3.01%; YoY: +17.59% (loss narrowing); QoQ: +19.08% (improvement vs prior quarter).
Net Income (Q3 2025): -$1,757,038; Net Margin: -3.01%; YoY: -0.41%; QoQ: +19.23%.
EPS (GAAP, diluted): -$0.0852; QoQ: +22.55%; YoY: +29.00%.
EBITDA: -$1,700,586; EBITDA Margin: -2.92x; EBITDA trend refl...
Financial Highlights
Revenue (Q3 2025): $583,313; YoY: -2.11%; QoQ: +190.61%.
Gross Profit (Q3 2025): $521,816; Gross Margin: 89.46%; YoY Gross Profit: +26.41%; QoQ: +190.61%.
Operating Income (Q3 2025): -$1,758,405; Operating Margin: -3.01%; YoY: +17.59% (loss narrowing); QoQ: +19.08% (improvement vs prior quarter).
Net Income (Q3 2025): -$1,757,038; Net Margin: -3.01%; YoY: -0.41%; QoQ: +19.23%.
EPS (GAAP, diluted): -$0.0852; QoQ: +22.55%; YoY: +29.00%.
EBITDA: -$1,700,586; EBITDA Margin: -2.92x; EBITDA trend reflects ongoing operating inefficiencies relative to revenue growth.
Liquidity/Capitalization: Cash at end of period $28,891; Total debt $2,368,386; Net debt $2,339,495; Current ratio 0.418; Quick ratio 0.297; Cash burn from operations: -$961,216; Free cash flow: -$984,848.
Shareholder equity: Total stockholders’ equity negative at -$694,781; Retained earnings deeply negative at -$88,778,918; Common stock issued during period: $112,500; Net financing activities: +$887,500.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
583.31K |
-2.11% |
190.61% |
| Gross Profit |
521.82K |
26.41% |
190.61% |
| Operating Income |
-1.76M |
17.59% |
19.08% |
| Net Income |
-1.76M |
-0.41% |
19.23% |
| EPS |
-0.09 |
29.00% |
22.55% |
Key Financial Ratios
operatingProfitMargin
-301%
operatingCashFlowPerShare
$-0.05
freeCashFlowPerShare
$-0.05
Management Commentary
No earnings call transcript provided for QQ3 2025 in the available data. As a result, the highlights section could not be populated with management commentary or thematic quotes from the call. This section will be updated should the transcript be supplied.
Forward Guidance
No explicit forward guidance was disclosed in the released materials. Given the current burn rate, negative equity, and modest quarterly top-line growth, near-term cash runway appears contingent on external financing and licensing milestones. In our view, the key catalysts to watch include: (1) execution of Kush-related licensing or commercialization agreements, (2) progress on the 17-device pipeline and any regulatory clearances or partner deals, and (3) ability to secure additional financing on favorable terms. Investors should monitor quarterly cash burn, milestone-based revenue recognition, royalty streams from Kush or other licensed products, and any changes in working capital management that could extend the cash runway.