Elite Pharmaceuticals Inc (ELTP) reported QQ3 2025 revenue of $14.36 million, down 7.6% year-over-year and 23.9% quarter-over-quarter. While gross margin remained robust at 42.6%, operating income was a modest $1.10 million, yielding an operating margin of 7.6%. The quarter featured a substantial drag from non-operating items, with total other income/expenses net at $(11.75) million and an overall net loss of $(10.89) million, or a net margin of −75.8%. EBITDA remained deeply negative at $(10.08) million, underscoring a structural run-rate cash burn despite a positive operating contribution. Cash flow from operations was negative at $(1.06) million for the quarter, contributing to a lower free cash flow of $(1.06) million and a year-end cash balance of $8.29 million.