Biotricity reported a Q2 2025 revenue level of $3.27 million, up 13% year over year, with gross profit of $2.46 million and a gross margin of 75.3%, indicating favorable product mix and operating leverage from its recurring technology fee revenue base. Despite margin expansion and efficiency gains, the quarter delivered a net loss of $1.56 million and negative EBITDA of $0.47 million, underscoring ongoing fixed-cost absorption during a period of revenue growth. Management framed the quarter as transformative, highlighting advances in Cardiac AI Cloud capabilities, a Nature-published study on postoperative complications, and a shift toward a flat-fee subscription model and larger, longer-cycle deals through major GPOs. The company also announced its largest inventory order to date, signaling confidence in near-term profitability and scalable growth. The commentary points to multiple near-term catalysts, including FDA/AI model filings by mid-2025, expansion into Canada, and new partnerships in neurology and pulmonology, all aimed at broadening the addressable market beyond cardiology. However, the business remains small in absolute scale with liquidity and solvency risks reflected in a highly levered balance sheet, negative equity, and negative operating cash flow. Investors should weigh the potential for meaningful top-line expansion and higher-margin recurring revenue against the cash burn and balance-sheet risks amid a still-narrow revenue base.