Elite Pharmaceuticals reported a strong QQ1 2025 performance driven by the continued ramp of the Elite label and a robust pipeline. Revenue reached $18.80 million, up 109% year over year, with gross profit of $8.47 million (gross margin ~45.1%) and operating income of $3.86 million (operating margin ~20.6%). Net income was modest at $0.62 million, and EBITDA stood at $1.66 million with an EBITDA margin of ~8.8%. The company generated positive operating cash flow of $3.14 million and free cash flow of $1.47 million, marking a clear shift from the prior-year launch period when the Elite label incurred cash burn. Management attributes the top-line strength to the Elite label’s market position and a growing pipeline, including the approval of Methotrexate and the addition of three approved ANDAs (oxy/APAP, hydro/APAP, methadone). In addition, Elite expanded capacity with a 34,000 sq ft facility and advanced its regulatory roadmap (PDUFA in November; DEA timing; FDA inspections), positioning the company for multiple launches over the next several quarters. On the flip side, revenue concentration (two customers comprising about 75% of revenue) and regulatory/ IP risk in a highly controlled substance heavy portfolio remain key watch points. Overall, the trajectory remains positive, with a strong foundation to support accelerated growth, potential M&A activity, and a possible NASDAQ transition if execution continues.