Clearbridge Health reported a meaningful YoY revenue increase in QQ4 2025, underpinned by stronger demand for imaging and diagnostic services, with revenue of SGD 5.014 million and a gross margin of 51.9%. However, the quarter was marked by a steep erosion of profitability as operating income registered a loss of SGD 1.26 million and net income declined to SGD -11.498 million, primarily driven by non-operating costs totaling SGD -10.124 million and a substantial negative EBITDA of SGD -10.58 million. The company generated negative free cash flow of SGD -1.369 million and reported negative net cash from operations of SGD -1.344 million, despite a modest reduction in total debt and a small positive net cash provided by financing activities. The balance sheet shows a conservative liquidity position with SGD 0.99 million of cash, current assets of SGD 5.45 million and current liabilities of SGD 3.61 million, yielding a current ratio around 1.5x and a quick ratio near 1.4x. Retained earnings sit deeply negative at SGD -102.032 million, highlighting a cumulative loss profile that will require operating leverage or capital strategy to improve profitability going forward. Management commentary (where available) and the absence of formal forward guidance suggest a cautious near-term trajectory, with profitability contingent on stabilizing core operations and rationalizing non-operating costs. Investors should monitor cost discipline, the trajectory of revenue growth, and the company’s ability to convert top-line gains into sustained profits and positive free cash flow.