Elutia Inc. Financials
This page shows Elutia Inc. (ELUT) financial statements, including the 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).
Elutia’s FY2025 balance-sheet reset came from non-operating cash inflows, while the core business still burned cash on modest sales.
Between FY2024 and FY2025, liquidity improved sharply: cash rose to$36.4M from$13.2M , and working capital moved from tight to comfortable. Cash conversion deteriorated anyway, because operating cash outflow widened to-$44.8M even as the operating loss improved to-$26.9M ; that mismatch says the cleaner balance sheet was created by a large non-core cash inflow, not by the underlying business funding itself.
Sales kept shrinking, yet gross-margin expansion reached
Capital intensity is not the main problem: FY2025 capital spending was just
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.
Elutia Inc. scores -3.86, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($42.6M) 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. generates $-0.84 in operating cash flow (-$44.8M OCF vs $53.4M 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
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.
Elutia Inc. earned $0.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 146.8% from the prior year.
Cash & Balance Sheet
Elutia Inc. generated -$46.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 100.3% from the prior year.
Elutia Inc. held $36.4M in cash against $0 in long-term debt as of 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 operating margin was -218.9% in fiscal year 2025, reflecting core business profitability. This is down 6.6 percentage points from the prior year.
Elutia Inc.'s net profit margin was 434.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 807.1 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.
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.
ELUT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1M | N/A | $3.3M-46.9% | $6.3M+112.2% | $3.0M | N/A | $3.7M-41.8% | $6.3M |
| Cost of Revenue | $1.3M | N/A | $1.5M-54.1% | $3.2M+104.3% | $1.6M | N/A | $1.9M-46.4% | $3.5M |
| Gross Profit | $1.8M | N/A | $1.9M-39.4% | $3.1M+121.3% | $1.4M | N/A | $1.8M-36.0% | $2.8M |
| R&D Expenses | $2.0M | N/A | $1.1M-25.3% | $1.5M+67.2% | $871K | N/A | $702K-29.9% | $1.0M |
| SG&A Expenses | $4.1M | N/A | $3.5M-4.8% | $3.7M-0.7% | $3.7M | N/A | $4.3M-7.4% | $4.7M |
| Operating Income | -$6.3M | N/A | -$5.2M+47.3% | -$9.9M-45.7% | -$6.8M | N/A | -$9.2M-7.8% | -$8.5M |
| Interest Expense | N/A | N/A | $265K-48.8% | $518K-52.3% | $1.1M | N/A | $131K-89.7% | $1.3M |
| Income Tax | $70K | N/A | $8K0.0% | $8K0.0% | $8K | N/A | $8K+172.7% | -$11K |
| Net Income | -$7.5M | N/A | -$3.9M+59.8% | -$9.6M-144.3% | -$3.9M | N/A | $1.3M+104.6% | -$28.2M |
| EPS (Diluted) | $-0.17 | N/A | $-0.19+26.9% | $-0.26-23.8% | $-0.21 | N/A | $-0.33+70.8% | $-1.13 |
ELUT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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+15.5% | $41.9M |
| Current Assets | $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+23.0% | $30.4M |
| Cash & Equivalents | $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+41.5% | $18.2M |
| Inventory | $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+16.6% | $3.1M |
| Accounts Receivable | $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-16.7% | $3.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $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-16.6% | $106.2M |
| Current Liabilities | $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-0.3% | $39.8M |
| Long-Term Debt | N/A | N/A | $21.1M-1.2% | $21.4M-1.8% | $21.8M-3.7% | $22.6M-0.2% | $22.6M+20.0% | $18.9M |
| Total Equity | $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+37.5% | -$64.3M |
| Retained Earnings | -$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+0.6% | -$221.8M |
ELUT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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+20.9% | -$4.3M |
| Capital Expenditures | $459K-46.3% | $854K+35.6% | $630K+452.6% | $114K-59.0% | $278K+195.7% | $94K-82.8% | $547K+27450.0% | -$2K |
| Free Cash Flow | -$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+8.3% | -$4.3M |
| Investing Cash Flow | -$34K-100.0% | $79.6M+12731.9% | -$630K-452.6% | -$114K+59.0% | -$278K-195.7% | -$94K+82.8% | -$547K-400.5% | $182K |
| Financing Cash Flow | $3K+100.0% | -$23.1M-8731.3% | -$262K+49.2% | -$516K-103.9% | $13.3M+8893.4% | -$151K-101.3% | $11.5M+17.8% | $9.8M |
| 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 |
ELUT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.9% | N/A | 55.8%+6.9pp | 48.8%+2.0pp | 46.8% | N/A | 48.9%+4.4pp | 44.5% |
| Operating Margin | -203.8% | N/A | -156.7%+0.9pp | -157.7%+72.0pp | -229.7% | N/A | -250.6%-115.3pp | -135.3% |
| Net Margin | -239.8% | N/A | -116.4%+37.0pp | -153.4%-20.2pp | -133.3% | N/A | 35.1%+483.1pp | -447.9% |
| Return on Equity | -33.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -13.5% | N/A | -13.2%+15.2pp | -28.4%-18.4pp | -10.0% | N/A | 2.7%+69.9pp | -67.3% |
| Current Ratio | 2.05-0.2 | 2.22+1.8 | 0.44-0.1 | 0.59-0.2 | 0.81+0.1 | 0.69-0.2 | 0.94+0.2 | 0.76 |
| Debt-to-Equity | 1.45+0.2 | 1.25+1.7 | -0.48+0.0 | -0.51+0.1 | -0.60-0.1 | -0.49+0.1 | -0.56-0.3 | -0.29 |
| FCF Margin | -266.2% | N/A | -105.8%+27.4pp | -133.2%+177.2pp | -310.4% | N/A | -108.5%-39.6pp | -68.9% |
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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% 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, with a net profit margin of 434.2%.
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 operating margin?
Elutia Inc. (ELUT) had an operating margin of -218.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Elutia Inc.'s net profit margin?
Elutia Inc. (ELUT) had a net profit margin of 434.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
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) generated -$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) generated -$44.8M in operating cash flow during fiscal year 2025, representing cash generated from 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.
What is Elutia Inc.'s cash runway?
Based on fiscal year 2025 data, Elutia Inc. (ELUT) had $36.4M in cash against an annual operating cash burn of $44.8M. This gives an estimated cash runway of approximately 10 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 Elutia Inc.'s Altman Z-Score?
Elutia Inc. (ELUT) has an Altman Z-Score of -3.86, 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?
Elutia Inc. (ELUT) has an earnings quality ratio of -0.84x, 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 Elutia Inc.?
Elutia Inc. (ELUT) scores 31 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.