Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data EBR Systems, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2024
FY2025
Revenue
1.62
Cost of revenue
1.13
Gross profit
0.49
Research and development
27.1
27.1
23.9
General and administrative
7.4
11.3
22.6
Operating expenses
34.5
38.3
46.6
Operating income
-34.5
-38.3
-46.1
Interest expense
4.48
6.03
5.64
Interest income
3.28
3.18
2.71
Other non-operating income
-0.49
-2.48
-2.67
Pre-tax income
-35
-40.8
-48.8
Income tax
0
0
0
Net income
-35
-40.8
-48.8
EBITDA
-33.8
-37.7
-45.7
EPS, basic
-0.12
-0.13
-0.12
EPS, diluted
-0.12
-0.13
-0.12
Shares, basic (weighted)
289
325
417
Shares, diluted (weighted)
289
325
417
Balance sheet
FY2024
FY2024
FY2025
Cash and equivalents
14.6
6.92
5.79
Short-term investments
57.7
53.7
47.4
Inventory
0
1.39
13.8
Other current assets
0.38
0.28
1.32
Total current assets
74.4
64.5
73.1
Property, plant and equipment
1.09
0.8
5.48
Lease right-of-use assets
1.72
0.93
12.6
Long-term investments
1.13
5.3
1.01
Other non-current assets
0.59
0.61
0.55
Total assets
78.9
73.6
97.2
Accounts payable
1.86
3.25
7.05
Accrued liabilities
2.32
3.12
4.05
Total current liabilities
6.45
8.33
14
Long-term debt
39.6
40.3
40.9
Lease liabilities
1.67
0.58
16.5
Other non-current liabilities
0.08
0.04
0.18
Total liabilities
47.8
49.2
71.6
Total debt
41.8
41.8
Paid-in capital
343
377
427
Retained earnings
-313
-353
-402
Other comprehensive income
0.96
0.87
0.95
Shareholders' equity
31.1
24.4
25.6
Total equity
31.1
24.4
25.6
Total liabilities and equity
78.9
73.6
97.2
Shares outstanding
307
371
45
Cash flow statement
FY2024
FY2024
FY2025
Net income
-35
-40.8
-48.8
Depreciation and amortization
0.75
0.59
0.4
Stock-based compensation
1.31
1.74
3.05
Change in inventory
-2.84
-12.8
Change in payables
-0.09
1.35
2.24
Cash from operations
-32.7
-41.2
-53.2
Capital expenditures
-0.35
-0.27
-3.68
Purchases of investments
-77.5
-65.5
-54.7
Sales and maturities of investments
67.4
65.8
57.6
Cash from investing
-8.64
1.11
7.84
Stock issued
21.6
34
48.8
Cash from financing
40.5
32.5
46.8
Exchange rate effect
-0.01
-0.03
0.01
Net change in cash
-0.88
-7.66
1.48
Free cash flow
-33.1
-41.5
-56.9
Interest paid
3.88
5.41
5.04
Income taxes paid
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.23 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
14.5%
Gross profit / revenue.
Operating margin
-895.8%
Operating income / revenue.
EBITDA margin
-886.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-942.6%
Pre-tax income / revenue.
Net margin
-942.6%
Net income / revenue.
FCF margin
-1,155.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,018.0%
Cash from operations / revenue.
Return on equity (ROE)
-88.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-43.8%
Net income / average total assets.
Return on invested capital (ROIC)
-88.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
397.2%
Research and development expense / revenue.
Stock-based pay / revenue
57.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
137.7%
Capital expenditures / revenue.
D&A / revenue
9.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
5.1%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
32.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
28.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.12x
Current assets / current liabilities.
Quick ratio
1.65x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.65x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.61x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
30.1%
Total debt / total assets.
Liabilities / assets
50.3%
Total liabilities / total assets.
Net debt
-$44.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.13
Revenue / diluted weighted shares.
FCF per share
-$1.51
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.33
Cash from operations / diluted weighted shares.
Book value per share
$0.91
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
2.63x
Market cap / revenue.
P/B
0.25x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.25x
Market cap / tangible book value, when positive.
FCF yield
-439.0%
Free cash flow / market cap.
Earnings yield
-358.2%
Net income / market cap (the inverse of P/E).
What was EBR Systems, Inc.'s revenue in fiscal 2025?
EBR Systems, Inc. reported revenue of $1.6M for fiscal 2025.
Was EBR Systems, Inc. profitable in fiscal 2025?
No. It reported a net loss of $48.8M.
How much free cash flow did EBR Systems, Inc. generate in fiscal 2025?
Cash from operations of $53.2M minus capital expenditures of $3.7M left free cash flow of -$56.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.