Cerus Financials
This page shows Cerus (CERS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
Revenue growth is finally outpacing cash burn, but working-capital demands still absorb much of the operating improvement.
From FY2023 to FY2025, operating loss improved from-$30.1M to-$8.7M and net loss more than halved, yet free cash flow slipped from$8.5M in FY2024 to$1.1M in FY2025 because inventory climbed to$56.1M . That combination says the income statement is healing faster than cash conversion: growth is being funded by stock on shelves and receivables, not only by better underlying economics.
FY2025 looks much closer to operating breakeven than the bottom line alone suggests. Operating margin improved to
The company still runs with a thin cash cushion relative to near-term obligations: cash was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cerus'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.
Cerus has an operating margin of -3.7%, meaning the company retains $-4 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from -7.1% the prior year.
Cerus's revenue surged 16.1% year-over-year to $233.8M, reflecting rapid business expansion. This strong growth earns a score of 69/100.
Cerus has elevated debt relative to equity (D/E of 2.44), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.
Cerus's current ratio of 1.73 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.
While Cerus generated $4.8M in operating cash flow, capex of $3.7M consumed most of it, leaving $1.1M in free cash flow. This results in a low score of 21/100, reflecting heavy capital investment rather than weak cash generation.
Cerus's ROE of -24.3% shows moderate profitability relative to equity, earning a score of 30/100. This is up from -37.3% the prior year.
Cerus scores -3.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($631.2M) relative to total liabilities ($156.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cerus passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Cerus generates $-0.31 in operating cash flow ($4.8M OCF vs -$15.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Cerus earns $-1.0 in operating income for every $1 of interest expense (-$8.7M vs $8.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cerus generated $233.8M in revenue in fiscal year 2025. This represents an increase of 16.1% from the prior year.
Cerus's EBITDA was -$7.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 41.4% from the prior year.
Cerus reported -$15.6M in net income in fiscal year 2025. This represents an increase of 25.3% from the prior year.
Cerus earned $-0.08 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.3% from the prior year.
Cash & Balance Sheet
Cerus generated $1.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 87.0% from the prior year.
Cerus held $20.0M in cash against $0 in long-term debt as of fiscal year 2025.
Cerus had 192M shares outstanding in fiscal year 2025. This represents an increase of 3.4% from the prior year.
Margins & Returns
Cerus's operating margin was -3.7% in fiscal year 2025, reflecting core business profitability. This is up 3.4 percentage points from the prior year.
Cerus's net profit margin was -6.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.7 percentage points from the prior year.
Cerus's ROE was -24.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 12.9 percentage points from the prior year.
Capital Allocation
Cerus invested $67.7M in research and development in fiscal year 2025. This represents an increase of 15.0% from the prior year.
Cerus invested $3.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 31.4% from the prior year.
CERS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $53.7M | N/A | N/A | N/A | $43.2M | 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 | $14.5M | N/A | $15.8M-16.3% | $18.9M+13.8% | $16.6M | N/A | $14.0M-6.4% | $15.0M |
| SG&A Expenses | $19.9M | N/A | $18.6M-12.1% | $21.2M+4.4% | $20.3M | N/A | $17.8M-6.3% | $19.0M |
| Operating Income | -$354K | N/A | $1.2M+136.1% | -$3.4M+41.5% | -$5.9M | N/A | -$961K+74.9% | -$3.8M |
| Interest Expense | $1.9M | N/A | $2.1M-1.4% | $2.1M+1.9% | $2.1M | N/A | $2.3M-3.0% | $2.3M |
| Income Tax | $91K | N/A | $85K+11.8% | $76K+2.7% | $74K | N/A | $76K+235.7% | -$56K |
| Net Income | -$1.6M | N/A | -$19K+99.7% | -$5.7M+26.0% | -$7.7M | N/A | -$2.9M+49.2% | -$5.8M |
| EPS (Diluted) | $-0.01 | N/A | $0.00+100.0% | $-0.03+25.0% | $-0.04 | N/A | $-0.02+33.3% | $-0.03 |
CERS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $222.9M+0.5% | $221.9M+3.1% | $215.2M+1.0% | $213.1M+3.0% | $206.8M+2.9% | $200.9M+6.0% | $189.5M+2.2% | $185.5M |
| Current Assets | $175.3M+0.5% | $174.4M+4.3% | $167.1M-0.8% | $168.5M+4.3% | $161.5M+6.2% | $152.0M+8.1% | $140.6M+4.1% | $135.0M |
| Cash & Equivalents | $27.9M+39.5% | $20.0M+27.4% | $15.7M-2.0% | $16.0M-17.9% | $19.5M-3.9% | $20.3M-6.1% | $21.6M+74.0% | $12.4M |
| Inventory | $61.1M+9.0% | $56.1M+5.6% | $53.1M-2.5% | $54.5M+13.2% | $48.2M+26.2% | $38.1M+4.4% | $36.5M+0.7% | $36.3M |
| Accounts Receivable | $29.3M-3.5% | $30.4M+2.0% | $29.8M-5.2% | $31.4M+19.2% | $26.3M-11.5% | $29.8M+22.2% | $24.4M+2.6% | $23.7M |
| Goodwill | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M0.0% | $1.3M |
| Total Liabilities | $154.6M-1.4% | $156.9M+2.6% | $153.0M-2.5% | $156.9M+4.2% | $150.5M+4.5% | $144.0M+6.5% | $135.3M0.0% | $135.2M |
| Current Liabilities | $107.4M+6.5% | $100.8M+14.0% | $88.4M+4.8% | $84.4M+21.0% | $69.7M+9.6% | $63.6M+17.0% | $54.3M+0.9% | $53.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $67.6M+5.2% | $64.2M+4.5% | $61.5M+10.9% | $55.4M-0.1% | $55.5M-1.2% | $56.1M+5.0% | $53.5M+8.0% | $49.5M |
| Retained Earnings | -$1.1B-0.2% | -$1.1B-0.2% | -$1.1B0.0% | -$1.1B-0.5% | -$1.1B-0.7% | -$1.1B-0.2% | -$1.1B-0.3% | -$1.1B |
CERS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M-149.2% | $6.2M+221.7% | $1.9M+178.8% | -$2.4M-189.8% | -$844K-117.1% | $4.9M+21.1% | $4.1M+915.0% | $401K |
| Capital Expenditures | $233K-82.2% | $1.3M-28.7% | $1.8M+284.3% | $477K+325.9% | $112K-88.5% | $976K+35.4% | $721K+1658.5% | $41K |
| Free Cash Flow | -$3.3M-167.1% | $4.9M+5105.3% | $94K+103.2% | -$2.9M-205.8% | -$956K-124.2% | $4.0M+18.0% | $3.3M+830.3% | $360K |
| Investing Cash Flow | $9.9M+815.5% | -$1.4M+45.1% | -$2.5M-130.4% | -$1.1M+8.4% | -$1.2M+83.7% | -$7.3M-251.3% | $4.8M+167.8% | -$7.1M |
| Financing Cash Flow | $1.2M+215.6% | -$1.0M-422.2% | $320K+348.1% | -$129K-112.0% | $1.1M+43.6% | $746K+1143.3% | $60K+104.3% | -$1.4M |
| 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 |
CERS 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 | -0.7% | N/A | N/A | N/A | -13.5% | N/A | N/A | N/A |
| Net Margin | -3.1% | N/A | N/A | N/A | -17.8% | N/A | N/A | N/A |
| Return on Equity | -2.4% | N/A | -0.0%+10.3pp | -10.3%+3.6pp | -13.9% | N/A | -5.5%+6.2pp | -11.7% |
| Return on Assets | -0.7% | N/A | -0.0%+2.7pp | -2.7%+1.0pp | -3.7% | N/A | -1.6%+1.6pp | -3.1% |
| Current Ratio | 1.63-0.1 | 1.73-0.2 | 1.89-0.1 | 2.00-0.3 | 2.32-0.1 | 2.39-0.2 | 2.59+0.1 | 2.51 |
| Debt-to-Equity | 2.29-0.2 | 2.44-0.0 | 2.49-0.3 | 2.83+0.1 | 2.71+0.1 | 2.57+0.0 | 2.53-0.2 | 2.73 |
| FCF Margin | -6.1% | N/A | N/A | N/A | -2.2% | N/A | N/A | N/A |
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Frequently Asked Questions
What is Cerus's annual revenue?
Cerus (CERS) reported $233.8M in total revenue for fiscal year 2025. This represents a 16.1% 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 Cerus's revenue growing?
Cerus (CERS) revenue grew by 16.1% year-over-year, from $201.3M to $233.8M in fiscal year 2025.
Is Cerus profitable?
No, Cerus (CERS) reported a net income of -$15.6M in fiscal year 2025, with a net profit margin of -6.7%.
What is Cerus's EBITDA?
Cerus (CERS) had EBITDA of -$7.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cerus's operating margin?
Cerus (CERS) had an operating margin of -3.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cerus's net profit margin?
Cerus (CERS) had a net profit margin of -6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cerus's return on equity (ROE)?
Cerus (CERS) has a return on equity of -24.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cerus's free cash flow?
Cerus (CERS) generated $1.1M in free cash flow during fiscal year 2025. This represents a -87.0% 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 Cerus's operating cash flow?
Cerus (CERS) generated $4.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cerus's total assets?
Cerus (CERS) had $221.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cerus's capital expenditures?
Cerus (CERS) invested $3.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cerus spend on research and development?
Cerus (CERS) invested $67.7M in research and development during fiscal year 2025.
What is Cerus's current ratio?
Cerus (CERS) had a current ratio of 1.73 as of fiscal year 2025, which is generally considered healthy.
What is Cerus's debt-to-equity ratio?
Cerus (CERS) had a debt-to-equity ratio of 2.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cerus's return on assets (ROA)?
Cerus (CERS) had a return on assets of -7.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cerus's Altman Z-Score?
Cerus (CERS) has an Altman Z-Score of -3.09, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cerus's Piotroski F-Score?
Cerus (CERS) has a Piotroski F-Score of 4 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 Cerus's earnings high quality?
Cerus (CERS) has an earnings quality ratio of -0.31x, considered mixed quality. 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 Cerus cover its interest payments?
Cerus (CERS) has an interest coverage ratio of -1.0x, 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.
How financially healthy is Cerus?
Cerus (CERS) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.