Cardio Diagnostics Holdings Inc Financials
This page shows Cardio Diagnostics Holdings Inc (CDIOW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
CDIOW is still funded more by capital raises than by customers, with operating burn far larger than revenue.
In FY2025, free cash flow nearly matched the net loss at-$5.9M versus-$6.5M . With capex only$187K after$576K in FY2023, the burn is mainly ongoing operating spend rather than asset building; that makes reported losses a fairly direct guide to cash needs.
The expense mix still looks pre-commercial: FY2025 revenue was just
The balance sheet is lightly levered, with debt to equity down to 0.1x from 0.5x over two years despite continued losses. But FY2025 financing inflow of
Financial Health Signals
We are recalculating Cardio Diagnostics Holdings 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.
Cardio Diagnostics Holdings Inc passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Cardio Diagnostics Holdings Inc generates $0.88 in operating cash flow (-$5.7M OCF vs -$6.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cardio Diagnostics Holdings Inc earns $-438.1 in operating income for every $1 of interest expense (-$6.5M vs $15K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cardio Diagnostics Holdings Inc generated $15K in revenue in fiscal year 2025. This represents a decrease of 57.5% from the prior year.
Cardio Diagnostics Holdings Inc's EBITDA was -$6.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.1% from the prior year.
Cardio Diagnostics Holdings Inc reported -$6.5M in net income in fiscal year 2025. This represents an increase of 22.5% from the prior year.
Cardio Diagnostics Holdings Inc earned $-3.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 60.3% from the prior year.
Cash & Balance Sheet
Cardio Diagnostics Holdings Inc generated -$5.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.6% from the prior year.
Cardio Diagnostics Holdings Inc held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Cardio Diagnostics Holdings Inc had 2M shares outstanding in fiscal year 2025. This represents an increase of 19.2% from the prior year.
Margins & Returns
Cardio Diagnostics Holdings Inc's operating margin was -43737.5% in fiscal year 2025, reflecting core business profitability. This is down 19759.6 percentage points from the prior year.
Cardio Diagnostics Holdings Inc's net profit margin was -43832.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 19804.3 percentage points from the prior year.
Cardio Diagnostics Holdings Inc's ROE was -93.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.5 percentage points from the prior year.
Capital Allocation
Cardio Diagnostics Holdings Inc invested $641K in research and development in fiscal year 2025. This represents an increase of 181.3% from the prior year.
Cardio Diagnostics Holdings Inc invested $187K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.8% from the prior year.
CDIOW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3K-24.6% | $4K+24.5% | $3K-61.8% | $7K+695.2% | $940-79.2% | $5K-31.4% | $7K-16.4% | $8K |
| 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 | $130K-23.8% | $170K-9.9% | $189K+15.9% | $163K+37.3% | $119K-41.9% | $205K+3799.4% | $5K-27.9% | $7K |
| SG&A Expenses | $1.5M+319.9% | $347K-79.8% | $1.7M+1.7% | $1.7M+31.9% | $1.3M+1300.5% | $91K-93.6% | $1.4M+9.7% | $1.3M |
| Operating Income | -$1.8M-22.0% | -$1.5M+14.5% | -$1.7M-2.0% | -$1.7M-3.0% | -$1.6M-7.5% | -$1.5M-7.6% | -$1.4M-9.9% | -$1.3M |
| Interest Expense | $3K+50.0% | $2K-26.7% | $3K-33.3% | $5K0.0% | $5K+50.0% | $3K-19.4% | $4K-33.3% | $6K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.8M-22.0% | -$1.5M+14.5% | -$1.7M-1.9% | -$1.7M-2.9% | -$1.6M-7.6% | -$1.5M-7.6% | -$1.4M-9.7% | -$1.3M |
| EPS (Diluted) | $-0.63 | N/A | $-0.98-1.0% | $-0.970.0% | $-0.97 | N/A | $-1.73-1.2% | $-1.71 |
CDIOW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.6M+23.1% | $7.8M-11.6% | $8.8M-15.5% | $10.4M-15.4% | $12.3M+15.7% | $10.6M+136.9% | $4.5M+12.1% | $4.0M |
| Current Assets | $7.7M+30.8% | $5.9M-14.5% | $6.9M-20.4% | $8.7M-17.4% | $10.5M+19.8% | $8.8M+234.6% | $2.6M+22.8% | $2.1M |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $4K-47.4% | $8K-27.6% | $11K-13.2% | $13K+35.3% | $10K-48.7% | $19K+32.0% | $14K+87.5% | $8K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $656K-17.3% | $793K+24.4% | $637K-5.1% | $672K-25.8% | $905K-14.4% | $1.1M+33.0% | $795K-13.8% | $923K |
| Current Liabilities | $491K-18.7% | $605K+51.8% | $398K+7.8% | $370K-31.6% | $541K-14.4% | $632K+104.6% | $309K-17.9% | $376K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $8.9M+27.7% | $7.0M-14.5% | $8.2M-16.2% | $9.7M-14.5% | $11.4M+19.0% | $9.6M+159.3% | $3.7M+19.9% | $3.1M |
| Retained Earnings | -$31.0M-6.1% | -$29.3M-5.3% | -$27.8M-6.6% | -$26.1M-6.9% | -$24.4M-7.2% | -$22.8M-7.2% | -$21.2M-7.1% | -$19.8M |
CDIOW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.6M-14.7% | -$1.4M+2.3% | -$1.4M+11.3% | -$1.6M-12.2% | -$1.4M-0.6% | -$1.4M-20.3% | -$1.2M+4.4% | -$1.2M |
| Capital Expenditures | $2K | $0-100.0% | $163K+771.0% | $19K+223.1% | $6K+59.1% | $4K-84.3% | $23K-86.2% | $168K |
| Free Cash Flow | -$1.6M-14.8% | -$1.4M+12.5% | -$1.6M+2.1% | -$1.6M-13.1% | -$1.4M-0.7% | -$1.4M-18.2% | -$1.2M+14.3% | -$1.4M |
| Investing Cash Flow | -$64K+18.7% | -$78K+69.6% | -$258K-621.8% | -$36K+24.7% | -$47K+13.2% | -$55K+30.5% | -$79K+60.9% | -$201K |
| Financing Cash Flow | $3.6M+1736.4% | $196K+389.6% | $40K+134.7% | -$115K-103.5% | $3.3M-54.6% | $7.3M+282.1% | $1.9M+64.7% | $1.2M |
| 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 |
CDIOW 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 | -66598.4%-25438.9pp | -41159.6%+18791.3pp | -59950.9%-37493.3pp | -22457.5%+151006.3pp | -173463.8%-139855.6pp | -33608.2%-12195.3pp | -21412.9%-5117.3pp | -16295.5% |
| Net Margin | -66722.3%-25502.4pp | -41219.9%+18833.9pp | -60053.8%-37536.1pp | -22517.7%+151425.3pp | -173943.0%-140270.4pp | -33672.6%-12205.0pp | -21467.6%-5101.7pp | -16365.9% |
| Return on Equity | -20.1%+0.9pp | -21.0%+0.0pp | -21.0%-3.7pp | -17.3%-2.9pp | -14.4%+1.5pp | -15.9%+22.4pp | -38.3%+3.6pp | -41.9% |
| Return on Assets | -18.7%+0.2pp | -18.9%+0.6pp | -19.5%-3.3pp | -16.2%-2.9pp | -13.3%+1.0pp | -14.3%+17.2pp | -31.5%+0.7pp | -32.2% |
| Current Ratio | 15.76+6.0 | 9.79-7.6 | 17.39-6.2 | 23.55+4.1 | 19.49+5.6 | 13.92+5.4 | 8.51+2.8 | 5.69 |
| Debt-to-Equity | 0.07-0.0 | 0.11+0.0 | 0.080.0 | 0.07-0.0 | 0.08-0.0 | 0.11-0.1 | 0.22-0.1 | 0.30 |
| FCF Margin | -58357.2%-20049.2pp | -38308.0%+16201.7pp | -54509.7%-33236.6pp | -21273.1%+128289.5pp | -149562.6%-118624.3pp | -30938.2%-12995.9pp | -17942.3%-429.0pp | -17513.3% |
Frequently Asked Questions
What is Cardio Diagnostics Holdings Inc's annual revenue?
Cardio Diagnostics Holdings Inc (CDIOW) reported $15K in total revenue for fiscal year 2025. This represents a -57.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cardio Diagnostics Holdings Inc's revenue growing?
Cardio Diagnostics Holdings Inc (CDIOW) revenue declined by 57.5% year-over-year, from $35K to $15K in fiscal year 2025.
Is Cardio Diagnostics Holdings Inc profitable?
No, Cardio Diagnostics Holdings Inc (CDIOW) reported a net income of -$6.5M in fiscal year 2025, with a net profit margin of -43832.5%.
What is Cardio Diagnostics Holdings Inc's EBITDA?
Cardio Diagnostics Holdings Inc (CDIOW) had EBITDA of -$6.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cardio Diagnostics Holdings Inc's operating margin?
Cardio Diagnostics Holdings Inc (CDIOW) had an operating margin of -43737.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cardio Diagnostics Holdings Inc's net profit margin?
Cardio Diagnostics Holdings Inc (CDIOW) had a net profit margin of -43832.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cardio Diagnostics Holdings Inc's return on equity (ROE)?
Cardio Diagnostics Holdings Inc (CDIOW) has a return on equity of -93.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cardio Diagnostics Holdings Inc's free cash flow?
Cardio Diagnostics Holdings Inc (CDIOW) generated -$5.9M in free cash flow during fiscal year 2025. This represents a -13.6% 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 Cardio Diagnostics Holdings Inc's operating cash flow?
Cardio Diagnostics Holdings Inc (CDIOW) generated -$5.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cardio Diagnostics Holdings Inc's total assets?
Cardio Diagnostics Holdings Inc (CDIOW) had $7.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cardio Diagnostics Holdings Inc's capital expenditures?
Cardio Diagnostics Holdings Inc (CDIOW) invested $187K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cardio Diagnostics Holdings Inc spend on research and development?
Cardio Diagnostics Holdings Inc (CDIOW) invested $641K in research and development during fiscal year 2025.
What is Cardio Diagnostics Holdings Inc's current ratio?
Cardio Diagnostics Holdings Inc (CDIOW) had a current ratio of 9.79 as of fiscal year 2025, which is generally considered healthy.
What is Cardio Diagnostics Holdings Inc's debt-to-equity ratio?
Cardio Diagnostics Holdings Inc (CDIOW) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cardio Diagnostics Holdings Inc's return on assets (ROA)?
Cardio Diagnostics Holdings Inc (CDIOW) had a return on assets of -83.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cardio Diagnostics Holdings Inc's cash runway?
Based on fiscal year 2025 data, Cardio Diagnostics Holdings Inc (CDIOW) had $0 in cash against an annual operating cash burn of $5.7M. This gives an estimated cash runway of approximately 0 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 Cardio Diagnostics Holdings Inc's Piotroski F-Score?
Cardio Diagnostics Holdings Inc (CDIOW) has a Piotroski F-Score of 1 out of 7 computable signals; 2 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 Cardio Diagnostics Holdings Inc's earnings high quality?
Cardio Diagnostics Holdings Inc (CDIOW) has an earnings quality ratio of 0.88x, 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.
Can Cardio Diagnostics Holdings Inc cover its interest payments?
Cardio Diagnostics Holdings Inc (CDIOW) has an interest coverage ratio of -438.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.