Executive Summary
Biotricity reported QQ1 2025 revenue of 3.20 million, up 5.99% year-over-year and 0.74% quarter-over-quarter, supported by a gross profit of 2.36 million and a gross margin of 73.8%. Despite the top-line improvement, the company posted a net loss of 3.69 million and an EBITDA loss of 1.78 million. The operating loss was 1.12 million, with operating leverage limited by high fixed SG&A expenses and ongoing R&D outlays. Management commentary is not contained in the provided transcript data; however, the quarterly results underscore a continued burn through operating activities and a fragile liquidity position.
From a balance sheet perspective, Biotricity remains heavily levered with total liabilities of 33.01 million against total assets of 5.42 million, producing a negative stockholders’ equity of -27.59 million. Cash and cash equivalents stood at 0.10 million at period end, and net debt was approximately 22.98 million after accounting for cash and debt levels. The current ratio (0.199) and quick ratio (0.106) indicate material near-term liquidity risk, while a negative working capital position reflects elevated short-term funding needs. The company generated negative operating cash flow of 1.49 million for the quarter, with financing activities providing a net cash inflow of 0.87 million and a net cash outflow of 0.69 million. These dynamics imply a narrow liquidity runway absent additional financing or a meaningful ramp in citable revenue streams.
In terms of market positioning, Biotricity operates in a competitive remote monitoring space (BioFlux ECG device and related software) with potential addressable demand in diagnostics and chronic care management. Relative to peers in the cardio-monitoring ecosystem, BTCY’s valuation metrics show a price-to-sales of ~3.54 and a negative enterprise value, reflecting the burden of deficits and the need for external capital to fund continued product development and commercialization. The upcoming quarter will be pivotal for liquidity planning and any commercialization milestones that could alter the revenue trajectory. Overall investment sentiment remains cautious given the balance sheet stress and ongoing losses, but a favorable funding outcome or acceleration in Bioflux adoption could improve the revenue mix and cash flow profile over time.
Key Performance Indicators
Key Insights
Revenue: 3.201 million; YoY growth 5.99%; QoQ growth 0.74%
Gross Profit: 2.363 million; Gross Margin 73.8% (0.7382)
Operating Income: -1.1168 million; Operating Margin -34.88% (approx)
EBITDA: -1.7796 million; EBITDA Margin -55.58%
Net Income: -3.6945 million; Net Margin -115.39%
EPS (Diluted): -0.26; Weighted Avg Shs Out: 14.17 million
CFO: -1.4942 million; Free Cash Flow: -1.4942 million
Cash at End of Period: 0.101 million
Total Debt: 23.0852 million; Net Debt: 22.9845 million
Total A...
Financial Highlights
Revenue: 3.201 million; YoY growth 5.99%; QoQ growth 0.74%
Gross Profit: 2.363 million; Gross Margin 73.8% (0.7382)
Operating Income: -1.1168 million; Operating Margin -34.88% (approx)
EBITDA: -1.7796 million; EBITDA Margin -55.58%
Net Income: -3.6945 million; Net Margin -115.39%
EPS (Diluted): -0.26; Weighted Avg Shs Out: 14.17 million
CFO: -1.4942 million; Free Cash Flow: -1.4942 million
Cash at End of Period: 0.101 million
Total Debt: 23.0852 million; Net Debt: 22.9845 million
Total Assets: 5.4207 million; Total Liabilities: 33.0142 million; Total Stockholders’ Equity: -27.5935 million
Current Ratio: 0.199; Quick Ratio: 0.106; Cash Ratio: 0.00489
DCOH/DSO/DIO: DSO 42.67 days; DIO 205.34 days; CCC -268.34 days
Note: YoY and QoQ figures are based on the provided incomeMetrics and period-over-period calculations; the company remains cash-flow negative and balance-sheet impaired, with significant leverage.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.20M |
5.99% |
0.74% |
| Gross Profit |
2.36M |
23.29% |
4.00% |
| Operating Income |
-1.12M |
51.37% |
63.31% |
| Net Income |
-3.69M |
-8.25% |
11.67% |
| EPS |
-0.26 |
33.33% |
40.91% |
Key Financial Ratios
operatingProfitMargin
-34.9%
operatingCashFlowPerShare
$-0.11
freeCashFlowPerShare
$-0.11
dividendPayoutRatio
-0.32%
Management Commentary
Note: The earnings transcript data was not provided in the input. Consequently, transcript-based insights, management quotes, and theme analyses could not be extracted. The analysis below integrates the QQ1 2025 financial data and the qualitative implications for investors where relevant:
- Core profitability metrics show progress on gross margin (73.8%) but are overwhelmed by high operating expenses and interest costs, yielding an EBITDA loss of 1.78 million and a net loss of 3.69 million. Investors should watch whether management can translate gross margin strength into meaningful operating leverage next quarter.
- Liquidity risk is the dominant theme: cash ~0.10 million at period end, current liabilities ~20.58 million vs current assets ~4.09 million, resulting in a current ratio of 0.199 and a negative working capital posture. Net debt (~$23.0 million) remains a key constraint on optionality and funding options.
- The revenue growth, while positive YoY (~6%), is modest and may be insufficient to offset fixed cost structure without revenue scale or operating expense discipline. The market will scrutinize any strategic updates on Bioflux adoption, payer reimbursements, and potential partnerships that could broaden the revenue base.
- Given the balance sheet, the primary near-term risk is additional financing to extend the cash runway. Absent a capital raise or debt restructuring, the company may face liquidity pressure in the coming quarters.
- Competitively, BTCY operates in a crowded remote monitoring ecosystem with larger incumbents; any material improvement in unit economics or a shift toward recurring software revenue would be material upside but requires execution on product adoption and sales.
Forward Guidance
No explicit management-issued forward guidance was provided in the data set. Based on the QQ1 2025 results, the plausible forward-looking considerations and investor takeaways are:
- Revenue trajectory: With YoY revenue growth of 5.99% and modest QoQ progress, management would likely need to accelerate Bioflow BioFlux adoption and expand clinical deployments to achieve meaningful top-line expansion.
- Cash runway: With cash at ~$0.1 million and ongoing cash burn from operations (~$1.49 million CFO), the company faces a narrow runway unless additional financing is secured or cost structure is meaningfully reduced. Expect any future communications to emphasize fundraising plans, strategic partnerships, or potential licensing/sublicensing arrangements to monetize technology without proportional cash burn.
- Cost discipline: The quarter shows SG&A around $2.97 million and R&D about $0.51 million. A clarity on cost-reduction initiatives or revenue diversification would be key near-term indicators of path to breakeven.
- Product and clinical milestones: Any announced pilots, payer approvals, or hospital agreements would function as near-term catalysts for revenue resilience and confidence in the growth thesis.
- Key indicators to monitor: (1) cash burn and cash runway; (2) any capital raising or debt restructuring announcements; (3) BioFlux adoption metrics and average selling price; (4) changes in reimbursement policies affecting remote cardiac monitoring; (5) new partnerships or licensing opportunities. Investors should cross-check quarterly commentary for any updated guardrails on liquidity and guidance.