Elutia Inc. Financials
Elutia Inc. (ELUT) reported $12.1M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
A balance-sheet reset improved liquidity, but operating economics weakened as cash losses widened despite an accounting profit.
The earnings-quality break is stark: FY2025 net income was$53.4M while operating cash flow was-$44.8M . That gap coincided with$78.6M of investing cash inflow, so the accounting result appears tied to non-operating activity rather than cash-generating operations.
Revenue fell
The balance sheet moved from negative equity of
Financial Health Signals
Scored against emerging 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 Elutia 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.
Not available for Elutia Inc., and counted as zero in the overall score.
Elutia Inc. scores -3.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($39.0M) relative to total liabilities ($34.7M). 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.
Elutia Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Elutia Inc. used $0.84 of operating cash (-$44.8M OCF vs $53.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Elutia Inc. generated $12.3M in revenue in fiscal year 2025. This represents a decrease of 15.0% from the prior year.
Elutia Inc.'s EBITDA was -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.5% from the prior year.
Elutia Inc. reported $53.4M in net income in fiscal year 2025. This represents an increase of 198.9% from the prior year.
Cash & Balance Sheet
Elutia Inc. recorded an outflow of $46.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 100.3% from the prior year.
Elutia Inc. held $36.4M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Elutia Inc.'s gross margin was 53.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.2 percentage points from the prior year.
Elutia Inc.'s ROE was 192.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Elutia Inc. invested $4.2M in research and development in fiscal year 2025. This represents an increase of 38.9% from the prior year.
Elutia Inc. invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 186.9% from the prior year.
Not reported for fiscal year 2025.
ELUT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4M-22.1% | $3.1M-4.8% | $3.3M-1.5% | $3.3M+21.0% | $2.7M-6.9% | $3.0M | N/A | $3.7M |
| Cost of Revenue | $980K-25.3% | $1.3M-3.8% | $1.4M-7.2% | $1.5M+13.6% | $1.3M-17.5% | $1.6M | N/A | $1.9M |
| Gross Profit | $1.4M-19.7% | $1.8M-5.6% | $1.9M+3.0% | $1.9M+27.5% | $1.5M+5.1% | $1.4M | N/A | $1.8M |
| R&D Expenses | $2.5M+28.1% | $2.0M+62.4% | $1.2M+11.7% | $1.1M+10.0% | $989K+13.5% | $871K | N/A | $702K |
| SG&A Expenses | $3.5M-15.6% | $4.1M-4.6% | $4.3M+21.9% | $3.5M-0.9% | $3.6M-4.5% | $3.7M | N/A | $4.3M |
| Operating Income | -$8.0M-25.3% | -$6.3M+3.2% | -$6.6M-26.0% | -$5.2M+37.7% | -$8.4M-23.4% | -$6.8M | N/A | -$9.2M |
| Interest Expense | N/A | N/A | N/A | $265K-48.8% | $518K-52.3% | $1.1M | N/A | $131K |
| Income Tax | $8K-88.6% | $70K+736.4% | -$11K-237.5% | $8K0.0% | $8K0.0% | $8K | N/A | $8K |
| Net Income | -$7.6M-2.4% | -$7.5M-110.6% | $70.8M+1930.2% | -$3.9M+59.8% | -$9.6M-144.3% | -$3.9M | N/A | $1.3M |
| EPS (Diluted) | -$0.170.0% | -$0.17-111.1% | $1.53 | -$0.19 | -$0.26 | -$0.210.0% | -$0.21+36.4% | -$0.33 |
ELUT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $43.6M-20.9% | $55.2M-11.5% | $62.4M+112.0% | $29.4M-13.1% | $33.8M-13.9% | $39.3M+8.8% | $36.1M-25.4% | $48.4M |
| Current Assets | $37.2M-23.4% | $48.6M-12.9% | $55.8M+203.7% | $18.4M-17.5% | $22.3M-25.8% | $30.0M+14.7% | $26.2M-29.9% | $37.3M |
| Cash & Equivalents | $19.9M-30.2% | $28.5M-21.6% | $36.4M+670.0% | $4.7M-44.5% | $8.5M-51.0% | $17.4M+31.1% | $13.2M-48.6% | $25.7M |
| Inventory | $2.6M-0.3% | $2.7M+1.5% | $2.6M+30.1% | $2.0M-61.6% | $5.2M+22.3% | $4.3M+122.0% | $1.9M-46.8% | $3.6M |
| Accounts Receivable | $1.4M-30.5% | $2.1M+19.3% | $1.7M-51.2% | $3.6M+12.8% | $3.1M+10.1% | $2.9M+25.7% | $2.3M-22.3% | $2.9M |
| Total Liabilities | $27.9M-14.6% | $32.7M-5.8% | $34.7M-52.7% | $73.3M-3.1% | $75.7M-0.1% | $75.8M-8.0% | $82.4M-7.1% | $88.6M |
| Current Liabilities | $21.0M-11.3% | $23.7M-5.6% | $25.1M-39.2% | $41.3M+8.9% | $37.9M+3.0% | $36.9M-2.5% | $37.8M-4.7% | $39.7M |
| Long-Term Debt | N/A | N/A | N/A | $21.1M-1.2% | $21.4M-1.8% | $21.8M-3.7% | $22.6M-0.2% | $22.6M |
| Total Equity | $15.7M-30.1% | $22.5M-18.6% | $27.7M+163.0% | -$43.9M-5.0% | -$41.8M-14.8% | -$36.5M+21.2% | -$46.3M-15.0% | -$40.2M |
| Retained Earnings | -$191.3M-4.2% | -$183.7M-4.2% | -$176.2M+28.7% | -$247.0M-1.6% | -$243.1M-4.1% | -$233.5M-1.7% | -$229.6M-4.1% | -$220.5M |
Not reported in any period shown, so not listed: Goodwill.
ELUT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.5M-8.0% | -$7.8M+68.4% | -$24.8M-759.5% | -$2.9M+64.9% | -$8.2M+7.4% | -$8.9M+27.5% | -$12.3M-257.7% | -$3.4M |
| Capital Expenditures | $91K-80.2% | $459K-46.3% | $854K+35.6% | $630K+452.6% | $114K-59.0% | $278K+195.7% | $94K-82.8% | $547K |
| Free Cash Flow | -$8.6M-3.2% | -$8.3M+67.7% | -$25.7M-629.8% | -$3.5M+57.8% | -$8.3M+8.9% | -$9.2M+25.8% | -$12.4M-210.8% | -$4.0M |
| Investing Cash Flow | -$91K-167.6% | -$34K-100.0% | $79.6M+12731.9% | -$630K-452.6% | -$114K+59.0% | -$278K-195.7% | -$94K+82.8% | -$547K |
| Financing Cash Flow | -$40K-1433.3% | $3K+100.0% | -$23.1M-8731.3% | -$262K+49.2% | -$516K-103.9% | $13.3M+8893.4% | -$151K-101.3% | $11.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ELUT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.6%+1.7pp | 57.9%-0.4pp | 58.3%+2.5pp | 55.8%+2.9pp | 52.9%+6.1pp | 46.8% | N/A | 48.9% |
| Operating Margin | -327.9% | -203.8% | -200.5% | -156.7% | -304.5% | -229.7% | N/A | -250.6% |
| Net Margin | -315.0% | -239.8% | 2163.5% | -116.4% | -349.8% | -133.3% | N/A | 35.1% |
| Return on Equity | -48.6%-15.4pp | -33.2%-289.0pp | 255.8% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -17.5%-4.0pp | -13.5%-127.1pp | 113.5%+126.7pp | -13.2%+15.2pp | -28.4%-18.4pp | -10.0% | N/A | 2.7% |
| Current Ratio | 1.77-0.3x | 2.05-0.2x | 2.22+1.8x | 0.44-0.1x | 0.59-0.2x | 0.81+0.1x | 0.69-0.2x | 0.94 |
| Debt-to-Equity | 1.77+0.3x | 1.45+0.2x | 1.25 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -352.4% | -266.2% | -784.5% | -105.8% | -303.7% | -310.4% | N/A | -108.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Elutia Inc. Ranks
Frequently Asked Questions
What is Elutia Inc.'s annual revenue?
Elutia Inc. (ELUT) reported $12.3M in total revenue for fiscal year 2025. This represents a -15.0% 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 Elutia Inc.'s revenue growing?
Elutia Inc. (ELUT) revenue declined by 15.0% year-over-year, from $14.5M to $12.3M in fiscal year 2025.
Is Elutia Inc. profitable?
Yes, Elutia Inc. (ELUT) reported a net income of $53.4M in fiscal year 2025.
What is Elutia Inc.'s EBITDA?
Elutia Inc. (ELUT) had EBITDA of -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Elutia Inc.'s gross margin?
Elutia Inc. (ELUT) had a gross margin of 53.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Elutia Inc.'s return on equity (ROE)?
Elutia Inc. (ELUT) has a return on equity of 192.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Elutia Inc.'s free cash flow?
Elutia Inc. (ELUT) recorded an outflow of $46.7M in free cash flow during fiscal year 2025. This represents a -100.3% 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 Elutia Inc.'s operating cash flow?
Elutia Inc. (ELUT) recorded an outflow of $44.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Elutia Inc.'s total assets?
Elutia Inc. (ELUT) had $62.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Elutia Inc.'s capital expenditures?
Elutia Inc. (ELUT) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Elutia Inc. spend on research and development?
Elutia Inc. (ELUT) invested $4.2M in research and development during fiscal year 2025.
What is Elutia Inc.'s current ratio?
Elutia Inc. (ELUT) had a current ratio of 2.22 as of fiscal year 2025, which is generally considered healthy.
What is Elutia Inc.'s debt-to-equity ratio?
Elutia Inc. (ELUT) had a debt-to-equity ratio of 1.25 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Elutia Inc.'s return on assets (ROA)?
Elutia Inc. (ELUT) had a return on assets of 85.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Elutia Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Elutia Inc. (ELUT) held $36.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $44.8M over that year. Dividing the one by the other, the reported balance equals about 10 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 Elutia Inc.'s Altman Z-Score?
Elutia Inc. (ELUT) has an Altman Z-Score of -3.92, 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 Elutia Inc.'s Piotroski F-Score?
Elutia Inc. (ELUT) 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 Elutia Inc.'s earnings high quality?
For every $1 of reported earnings, Elutia Inc. (ELUT) used $0.84 of operating cash (-$44.8M OCF vs $53.4M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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 Elutia Inc.?
Elutia Inc. (ELUT) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.