Heartbeam, Inc. (BEAT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BEAT SEC filings page.
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 remains a development-stage business without reported revenue, funding heavy development spending largely through financing rather than operating cash.
From FY2023 to FY2025, the operating loss widened from$15.3M to$21.1M while R&D nearly doubled to$13.5M ; operating cash outflow moved less dramatically, suggesting the expanding loss primarily reflects increased development investment rather than a separate cash-cost surge. The close relationship between the 2025 net loss and operating cash flow also indicates accounting losses are translating into cash use with little working-capital distortion visible.
The balance sheet became less cushioned: the current ratio fell from 14.1x in FY2023 to 1.4x in FY2025, while debt-to-equity rose to 1.2x. That combination means short-term obligations now consume much more of the asset base, even though total liabilities remain below total assets.
2025 free cash flow of
Financial Health Signals
Heartbeam, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
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).
Heartbeam, Inc. reported a net loss of $21.0M while operations used $14.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Heartbeam, Inc.'s EBITDA was -$5.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.1% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.
Heartbeam, Inc. reported -$5.0M in net income in Q2 2026. This represents a decrease of 1.3% from the same quarter a year earlier. Against the prior quarter it is down 7.2%.
Heartbeam, Inc. earned -$0.10 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 16.7%.
Not reported for Q2 2026.
Cash & Balance Sheet
Heartbeam, Inc. recorded an outflow of $3.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 1.2% from the same quarter a year earlier. Against the prior quarter it is up 6.9%.
Heartbeam, Inc. held $8.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Heartbeam, Inc.'s ROE was -61.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 57.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 678.5 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Heartbeam, Inc. invested $2.3M in research and development in Q2 2026. This represents a decrease of 30.0% from the same quarter a year earlier. Against the prior quarter it is down 1.8%.
Heartbeam, Inc. invested $249K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 144.1% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.
Not reported for Q2 2026.
BEAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $2.3M-30.0% | $2.4M-32.1% | N/A | $3.3M+13.3% | $3.3M+16.9% | $3.5M+43.8% | N/A | $2.9M+78.3% |
| SG&A Expenses | $2.8M+61.5% | $2.3M+16.6% | N/A | $2.0M-7.5% | $1.7M-23.8% | $2.0M-14.6% | N/A | $2.2M+2.9% |
| Operating Income | -$5.1M-1.1% | -$4.7M+14.3% | N/A | -$5.3M-4.4% | -$5.0M+1.0% | -$5.5M-15.1% | N/A | -$5.1M-35.6% |
| EBITDA | -$5.0M-0.1% | -$4.7M+14.6% | N/A | -$5.3M-4.2% | -$5.0M+1.2% | -$5.5M-14.9% | N/A | -$5.1M |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$5.0M-1.3% | -$4.7M+14.3% | N/A | -$5.3M-5.5% | -$5.0M-0.4% | -$5.5M-19.1% | N/A | -$5.0M-43.5% |
| EPS (Basic) | -$0.10+33.3% | -$0.12+33.3% | -$0.14+22.2% | -$0.15+21.1% | -$0.15+21.1% | -$0.18-5.9% | -$0.18-38.5% | -$0.19-46.2% |
| EPS (Diluted) | -$0.10 | -$0.12+33.3% | -$0.14+22.2% | -$0.15+21.1% | -$0.15+21.1% | -$0.18-5.9% | -$0.18-38.5% | -$0.19-46.2% |
| Diluted Shares (Avg) | 53M | 41M+33.6% | N/A | 34M+28.6% | 34M+27.4% | 30M+14.6% | N/A | 27M+1.1% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.
BEAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.6M+77.8% | $3.9M-56.9% | $5.8M+78.4% | $2.9M-56.8% | $6.0M-40.9% | $9.1M-33.2% | $3.3M-80.9% | $6.7M-66.1% |
| Current Assets | $9.0M+67.8% | $2.4M-71.7% | $4.7M+69.1% | $2.1M-65.4% | $5.4M-44.7% | $8.6M-35.0% | $2.8M-83.5% | $6.1M-68.5% |
| Cash & Equivalents | $8.7M+167.9% | $2.0M-53.6% | $4.4M+84.3% | $1.9M-67.8% | $3.3M-64.4% | $4.4M-65.3% | $2.4M-85.3% | $5.8M-69.9% |
| Short-Term Investments | $0-100.0% | $0-100.0% | $0 | $0 | $1.8M | $3.8M | $0 | $0 |
| Inventory | $110K | $133K | $103K | N/A | N/A | N/A | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.5M+36.7% | $3.3M+108.7% | $3.2M+99.8% | $2.5M+33.1% | $1.8M+26.7% | $1.6M+43.8% | $1.6M+35.8% | $1.9M+82.1% |
| Current Liabilities | $2.5M+36.7% | $3.3M+108.7% | $3.2M+99.8% | $2.5M+33.1% | $1.8M+26.7% | $1.6M | $1.6M+35.8% | $1.9M |
| Non-Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $8.2M+95.5% | $635K-91.6% | $2.6M+57.4% | $406K-91.5% | $4.2M-52.0% | $7.5M-40.0% | $1.7M-89.6% | $4.8M-74.2% |
| Retained Earnings | -$87.0M-30.4% | -$82.0M-32.8% | -$77.3M-37.3% | -$72.0M-40.1% | -$66.7M-43.9% | -$61.8M-49.1% | -$56.3M-52.8% | -$51.4M-55.9% |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill, Long-Term Debt.
BEAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.3M+3.0% | -$3.6M+19.4% | -$2.9M+30.0% | -$3.2M+4.4% | -$3.4M+3.0% | -$4.5M-29.3% | -$4.2M-45.3% | -$3.3M-57.6% |
| Depreciation & Amortization | $57K+612.5% | $24K+242.9% | $17K+142.9% | $8K | $8K | $7K | $7K | $0 |
| Stock-Based Compensation | $1.7B+44.5% | $1.2M+9.7% | N/A | $1.4B+36.1% | $1.2B+113073.1% | $1.1M-8.1% | N/A | $1.1B+113578.1% |
| Capital Expenditures | $249K+144.1% | $246K | $416K | $82K-20.4% | $102K+920.0% | $0-100.0% | $0-100.0% | $103K-28.5% |
| Free Cash Flow | -$3.6M-1.2% | -$3.9M+13.9% | -$3.3M+20.0% | -$3.2M+4.9% | -$3.5M+0.4% | -$4.5M-26.1% | -$4.2M-39.8% | -$3.4M-52.1% |
| Investing Cash Flow | -$249K-113.4% | -$246K+93.5% | -$416K | $1.7M+1765.0% | $1.9M+18710.0% | -$3.8M-4172.7% | $0+100.0% | -$103K-102.7% |
| Financing Cash Flow | $10.3M+2183.3% | $1.5M-85.2% | $5.8M+668.2% | $45K+114.3% | $450K+435.7% | $10.3M | $761K | $21K-81.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BEAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -61.6%+57.3pp | -740.2%-667.3pp | N/A | -1294.3%-1190.6pp | -118.9%-62.0pp | -72.8%-36.1pp | N/A | -103.7%-85.1pp |
| Return on Assets | -47.4%+35.8pp | -119.6%-59.4pp | N/A | -182.7%-107.9pp | -83.2%-34.2pp | -60.2%-26.4pp | N/A | -74.8%-57.1pp |
| Current Ratio | 3.66+0.7x | 0.74-4.7x | 1.45-0.3x | 0.86-2.4x | 2.98-3.9x | 5.46 | 1.71-12.4x | 3.31 |
| Debt-to-Equity | 0.30-0.1x | 5.19+5.0x | 1.24+0.3x | 6.08+5.7x | 0.43+0.3x | 0.21+0.1x | 0.98+0.9x | 0.39+0.3x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Heartbeam, Inc. BEAT | FY2025 | N/A | -$21.0M | N/A | $24.3M | — |
| OneMedNet Corp ONMD | FY2025 | $1.4M | -$2.8M | N/A | $27.4M | 17/100 |
| Zhongchao Inc. ZCMD | FY2025 | $11.4M | -$6.3M | -55.5% | $6.1M | 33/100 |
| Mangoceuticals, Inc. MGRX | FY2025 | $456K | -$20.6M | N/A | $7.3M | — |
| Healthcare Triangle, Inc. HCTI | FY2025 | $13.9M | -$9.5M | -68.2% | $5.6M | 30/100 |
Where Heartbeam, Inc. Ranks
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) recorded an outflow of $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) recorded an outflow of $14.0M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
Heartbeam, Inc. (BEAT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $24.3M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Heartbeam, Inc.'s price-to-sales ratio?
Heartbeam, Inc. (BEAT) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $24.3M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Heartbeam, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Heartbeam, Inc. (BEAT) held $4.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.0M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
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) reported a net loss of $21.0M while operations used $14.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.