What is Heartbeam Inc's earnings per share (EPS)?

Heartbeam Inc (BEAT) reported diluted earnings per share of $-0.62 for fiscal year 2025. This represents a 15.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Heartbeam Inc Financials

BEAT

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Heartbeam Inc (BEAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BEAT FY2025 2026-05-13

HeartBeam’s business model is still cash-funded R&D, with external funding bridging a burn rate that operations do not replenish.

The net loss of $21.0M was close to operating cash burn of $14.0M, so the deficit was mostly real cash spending rather than accounting noise. That matters because year-end cash was only $4.4M even after $16.6M of financing inflow, showing the company currently runs on periodic financing inflows, not on a cash cycle that refills itself.

The expense mix is shifting deeper into development: R&D reached $13.5M while SG&A was $7.7M, which is the profile of a company still building its core offering rather than scaling a repeatable sales engine. That mix suggests the main operating challenge is converting technical progress into a commercial platform, not defending an already mature cost structure.

The balance sheet has less cushion than it once did: cash fell from $16.2M to $4.4M, while liabilities now sit above equity, making financing access a more central operating input than the balance sheet alone. Capital intensity is low because capital spending was only $600K, so most of the cash drain comes from ongoing operating expenses rather than equipment or buildout.

Financial Health Signals

Financial health score pending refresh

We are recalculating Heartbeam Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

1/5

Heartbeam Inc passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 3 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.67x

For every $1 of reported earnings, Heartbeam Inc generates $0.67 in operating cash flow (-$14.0M OCF vs -$21.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$21.1M

Heartbeam Inc's EBITDA was -$21.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Net Income

-$21.0M

Heartbeam Inc reported -$21.0M in net income in fiscal year 2025.

EPS (Diluted)

$-0.62

YoY+15.1%

Heartbeam Inc earned $-0.62 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$14.6M

YoY+0.6%

Heartbeam Inc generated -$14.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.6% from the prior year.

Cash & Debt

$4.4M

YoY+84.3%

5Y CAGR+183.3%

Heartbeam Inc held $4.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

40M

YoY+48.8%

Heartbeam Inc had 40M shares outstanding in fiscal year 2025. This represents an increase of 48.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-807.3%

Heartbeam Inc's ROE was -807.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$13.4M

YoY+21.7%

5Y CAGR+151.8%

Heartbeam Inc invested $13.4M in research and development in fiscal year 2025. This represents an increase of 21.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$600K

YoY+198.5%

Heartbeam Inc invested $600K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 198.5% from the prior year.

BEAT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$13.4M+21.7%	$11.1M+62.6%	$6.8M+19.7%	$5.7M+2126.3%	$255K+91.7%	$133K
SG&A Expenses	$7.7M-13.0%	$8.8M+3.8%	$8.5M+15.8%	$7.4M+262.3%	$2.0M	N/A
Operating Income	-$21.1M	N/A	-$15.3M-17.5%	-$13.0M-470.3%	-$2.3M	N/A
Interest Expense	N/A	N/A	N/A	N/A	$2.2M	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$21.0M	N/A	-$14.6M-12.9%	-$13.0M-192.7%	-$4.4M	N/A
EPS (Diluted)	$-0.62+15.1%	$-0.73-1.4%	$-0.72	$-1.59-54.4%	$-1.03-255.2%	$-0.29

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$2.4M	N/A	$3.3M-1.4%	$3.3M-4.8%	$3.5M	N/A	$2.9M+1.7%	$2.8M
SG&A Expenses	$2.3M	N/A	$2.0M+17.6%	$1.7M-15.0%	$2.0M	N/A	$2.2M-3.1%	$2.2M
Operating Income	-$4.7M	N/A	-$5.3M-5.0%	-$5.0M+8.5%	-$5.5M	N/A	-$5.1M+0.4%	-$5.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$4.7M	N/A	-$5.3M-5.6%	-$5.0M+9.3%	-$5.5M	N/A	-$5.0M-0.5%	-$5.0M
EPS (Diluted)	$-0.12	N/A	$-0.150.0%	$-0.15+16.7%	$-0.18	N/A	$-0.190.0%	$-0.19

BEAT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.8M+78.4%	$3.3M-80.9%	$17.1M+324.1%	$4.0M-71.1%	$14.0M+27347.1%	$51K
Current Assets	$4.7M+69.1%	$2.8M-83.5%	$16.8M+316.6%	$4.0M	N/A	N/A
Cash & Equivalents	$4.4M+84.3%	$2.4M-85.3%	$16.2M+350.4%	$3.6M-72.8%	$13.2M+54866.7%	$24K
Inventory	$103K	$0	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.2M+99.8%	$1.6M+35.8%	$1.2M-28.3%	$1.7M+183.2%	$588K-87.8%	$4.8M
Current Liabilities	$3.2M+99.8%	$1.6M+35.8%	$1.2M	N/A	N/A	$4.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.6M+57.4%	$1.7M-89.6%	$15.9M+571.3%	$2.4M-82.3%	$13.4M+380.3%	-$4.8M
Retained Earnings	-$77.3M-37.3%	-$56.3M-52.8%	-$36.8M-66.0%	-$22.2M-140.5%	-$9.2M-92.3%	-$4.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$3.9M-32.8%	$5.8M+103.2%	$2.9M-51.9%	$6.0M-34.3%	$9.1M+178.0%	$3.3M-50.8%	$6.7M-34.3%	$10.1M
Current Assets	$2.4M-48.0%	$4.7M+120.4%	$2.1M-60.3%	$5.4M-37.7%	$8.6M+210.8%	$2.8M-54.9%	$6.1M-36.7%	$9.7M
Cash & Equivalents	$2.0M-53.4%	$4.4M+136.0%	$1.9M-43.0%	$3.3M-25.8%	$4.4M+84.7%	$2.4M-58.8%	$5.8M-37.0%	$9.2M
Inventory	$133K+29.1%	$103K	N/A	N/A	N/A	$0	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.3M+1.7%	$3.2M+31.2%	$2.5M+37.3%	$1.8M+14.0%	$1.6M-2.7%	$1.6M-12.6%	$1.9M+30.7%	$1.4M
Current Liabilities	$3.3M+1.7%	$3.2M+31.2%	$2.5M+37.3%	$1.8M+14.0%	$1.6M-2.7%	$1.6M-12.6%	$1.9M+30.7%	$1.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$635K-75.6%	$2.6M+541.1%	$406K-90.3%	$4.2M-44.5%	$7.5M+355.2%	$1.7M-65.5%	$4.8M-44.9%	$8.7M
Retained Earnings	-$82.0M-6.1%	-$77.3M-7.4%	-$72.0M-7.9%	-$66.7M-8.1%	-$61.8M-9.7%	-$56.3M-9.6%	-$51.4M-10.7%	-$46.4M

BEAT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.0M+3.3%	-$14.5M-19.7%	-$12.1M-21.6%	-$9.9M-208.0%	-$3.2M	N/A
Capital Expenditures	$600K+198.5%	$201K-21.5%	$256K	$0	N/A	N/A
Free Cash Flow	-$14.6M+0.6%	-$14.7M-18.8%	-$12.3M-24.1%	-$9.9M	N/A	N/A
Investing Cash Flow	-$600K-198.5%	-$201K+21.5%	-$256K	$0	N/A	N/A
Financing Cash Flow	$16.6M+1815.8%	$866K-96.5%	$25.0M+7041.1%	$350K-97.9%	$16.4M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.6M-24.2%	-$2.9M+8.0%	-$3.2M+8.3%	-$3.4M+23.1%	-$4.5M-7.8%	-$4.2M-25.6%	-$3.3M+6.9%	-$3.5M
Capital Expenditures	$246K-40.9%	$416K+407.3%	$82K-19.6%	$102K	$0	$0-100.0%	$103K+930.0%	$10K
Free Cash Flow	-$3.9M-16.1%	-$3.3M-2.5%	-$3.2M+8.6%	-$3.5M+20.8%	-$4.5M-7.8%	-$4.2M-21.8%	-$3.4M+4.2%	-$3.6M
Investing Cash Flow	-$246K+40.9%	-$416K-124.3%	$1.7M-7.8%	$1.9M+149.5%	-$3.8M	$0+100.0%	-$103K-930.0%	-$10K
Financing Cash Flow	$1.5M-74.1%	$5.8M+12891.1%	$45K-90.0%	$450K-95.6%	$10.3M+1246.9%	$761K+3523.8%	$21K-75.0%	$84K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BEAT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-807.3%	N/A	-91.9%+454.1pp	-546.0%-513.0pp	-33.0%	N/A
Return on Assets	-359.7%	N/A	-85.5%+235.5pp	-320.9%-289.3pp	-31.6%	N/A
Current Ratio	1.45-0.3	1.71-12.4	14.09	N/A	N/A	N/A
Debt-to-Equity	1.24+0.3	0.98+0.9	0.07-0.6	0.70+0.7	0.04+1.1	-1.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-740.2%	N/A	-1294.3%-1175.4pp	-118.9%-46.1pp	-72.8%	N/A	-103.7%-46.8pp	-56.9%
Return on Assets	-119.6%	N/A	-182.7%-99.6pp	-83.2%-22.9pp	-60.2%	N/A	-74.8%-25.9pp	-48.9%
Current Ratio	0.74-0.7	1.45+0.6	0.86-2.1	2.98-2.5	5.46+3.7	1.71-1.6	3.31-3.5	6.83
Debt-to-Equity	5.19+3.9	1.24-4.8	6.08+5.7	0.43+0.2	0.21-0.8	0.98+0.6	0.39+0.2	0.16
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Heartbeam Inc profitable?

No, Heartbeam Inc (BEAT) reported a net income of -$21.0M in fiscal year 2025.

What is Heartbeam Inc's EBITDA?

Heartbeam Inc (BEAT) had EBITDA of -$21.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Heartbeam Inc's return on equity (ROE)?

Heartbeam Inc (BEAT) has a return on equity of -807.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Heartbeam Inc's free cash flow?

Heartbeam Inc (BEAT) generated -$14.6M in free cash flow during fiscal year 2025. This represents a 0.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Heartbeam Inc's operating cash flow?

Heartbeam Inc (BEAT) generated -$14.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Heartbeam Inc's total assets?

Heartbeam Inc (BEAT) had $5.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Heartbeam Inc's capital expenditures?

Heartbeam Inc (BEAT) invested $600K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Heartbeam Inc spend on research and development?

Heartbeam Inc (BEAT) invested $13.4M in research and development during fiscal year 2025.

How many shares does Heartbeam Inc have outstanding?

Heartbeam Inc (BEAT) had 40M shares outstanding as of fiscal year 2025.

What is Heartbeam Inc's current ratio?

Heartbeam Inc (BEAT) had a current ratio of 1.45 as of fiscal year 2025, which is considered adequate.

What is Heartbeam Inc's debt-to-equity ratio?

Heartbeam Inc (BEAT) had a debt-to-equity ratio of 1.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Heartbeam Inc's return on assets (ROA)?

Heartbeam Inc (BEAT) had a return on assets of -359.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Heartbeam Inc's cash runway?

Based on fiscal year 2025 data, Heartbeam Inc (BEAT) had $4.4M in cash against an annual operating cash burn of $14.0M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Heartbeam Inc's Piotroski F-Score?

Heartbeam Inc (BEAT) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Heartbeam Inc's earnings high quality?

Heartbeam Inc (BEAT) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.