Heartbeam Inc Financials
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).
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
The balance sheet has less cushion than it once did: cash fell from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Heartbeam Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Heartbeam Inc carries a low D/E ratio of 1.24, meaning only $1.24 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
Heartbeam Inc's current ratio of 1.45 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (135% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Heartbeam Inc generates a -807.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Heartbeam Inc passes 1 of 9 financial strength tests. 1 of 3 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
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
Earnings & Revenue
Heartbeam Inc's EBITDA was -$21.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Heartbeam Inc reported -$21.0M in net income in fiscal year 2025.
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
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.
Heartbeam Inc held $4.4M in cash against $0 in long-term debt as of fiscal year 2025.
Heartbeam Inc had 40M shares outstanding in fiscal year 2025. This represents an increase of 48.8% from the prior year.
Margins & Returns
Heartbeam Inc's ROE was -807.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Heartbeam Inc invested $13.4M in research and development in fiscal year 2025. This represents an increase of 21.7% from the prior year.
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 | 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 | 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 | 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 | 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.
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 9, indicating weak financial health. 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.
How financially healthy is Heartbeam Inc?
Heartbeam Inc (BEAT) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.