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FEMASYS INC Financials

FEMY
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows FEMASYS INC (FEMY) 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).

Rhea AI FEMY FY2025

External financing rather than product sales is still carrying Femasys through a development-stage cost structure.

FY2025 looked healthier on liquidity than FY2024, with cash rising to $9.3M from $3.5M. But that repair was financed rather than earned: operations used $18.7M while financing brought in $25.1M, so higher sales still have not removed the need for outside capital.

Gross margin stayed near 62.0% in FY2025 even though revenue was only $2.3M, which suggests the central problem is not weak unit economics on sold product but an oversized spending base. With R&D at $7.6M and SG&A at $6.6M, the business is still dominated by research and overhead rather than revenue-producing scale.

Working capital became more inventory-heavy: inventory reached $5.7M in FY2025, more than twice sales, while receivables stayed below $1M. That pattern implies cash is being committed to building product availability rather than being tied up in slow customer collections.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 48 / 100
Financial Health Score 48/100
Scored as: Emerging companies peer group

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 FEMASYS 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.

Cash Runway
28
Dilution
19
R&D Intensity
71
Revenue Progress
85
Burn Trend
23
Balance Sheet
64
Altman Z-Score Distress
-11.33

FEMASYS INC scores -11.33, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($11.6M) relative to total liabilities ($14.9M). 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.

Piotroski F-Score Partial
2/8

FEMASYS INC passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
1.00x

For every $1 of reported earnings, FEMASYS INC generates $1.00 in operating cash flow (-$18.7M OCF vs -$18.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-9.3x

FEMASYS INC earns $-9.3 in operating income for every $1 of interest expense (-$17.6M vs $1.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.3M
YoY+40.8%
5Y CAGR+17.2%

FEMASYS INC generated $2.3M in revenue in fiscal year 2025. This represents an increase of 40.8% from the prior year.

EBITDA
-$17.2M
YoY+1.4%

FEMASYS INC's EBITDA was -$17.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.4% from the prior year.

Net Income
-$18.6M
YoY+1.0%

FEMASYS INC reported -$18.6M in net income in fiscal year 2025. This represents an increase of 1.0% from the prior year.

EPS (Diluted)
$-0.47
YoY+44.7%

FEMASYS INC earned $-0.47 per diluted share (EPS) in fiscal year 2025. This represents an increase of 44.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$19.2M
YoY+4.9%

FEMASYS INC generated -$19.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.9% from the prior year.

Cash & Debt
$9.3M
YoY+168.5%
5Y CAGR+22.8%

FEMASYS INC held $9.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
60M
YoY+155.2%

FEMASYS INC had 60M shares outstanding in fiscal year 2025. This represents an increase of 155.2% from the prior year.

Margins & Returns

Gross Margin
62.0%
YoY-4.6pp
5Y CAGR-8.5pp

FEMASYS INC's gross margin was 62.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.6 percentage points from the prior year.

Operating Margin
-767.0%
YoY+324.8pp
5Y CAGR-99.0pp

FEMASYS INC's operating margin was -767.0% in fiscal year 2025, reflecting core business profitability. This is up 324.8 percentage points from the prior year.

Net Margin
-812.3%
YoY+342.8pp
5Y CAGR-146.0pp

FEMASYS INC's net profit margin was -812.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 342.8 percentage points from the prior year.

Return on Equity
-317.4%
YoY+499.2pp

FEMASYS INC's ROE was -317.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 499.2 percentage points from the prior year.

Capital Allocation

R&D Spending
$7.6M
YoY-7.8%
5Y CAGR+12.9%

FEMASYS INC invested $7.6M in research and development in fiscal year 2025. This represents a decrease of 7.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$525K
YoY-31.1%
5Y CAGR+128.9%

FEMASYS INC invested $525K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.1% from the prior year.

FEMY Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $425K-47.8% $813K+11.5% $729K+78.2% $409K+19.9% $341K-41.3% $582K+4.8% $555K+150.5% $221K
Cost of Revenue $159K-47.7% $303K+3.2% $294K+85.8% $158K+34.9% $117K-39.1% $192K+0.8% $191K+161.0% $73K
Gross Profit $266K-47.8% $510K+17.2% $436K+73.5% $251K+12.1% $224K-42.4% $389K+6.9% $364K+145.4% $148K
R&D Expenses $1.3M-27.8% $1.8M+31.2% $1.4M-2.3% $1.4M-52.4% $3.0M+37.0% $2.2M-5.9% $2.3M+16.6% $2.0M
SG&A Expenses $1.8M-2.5% $1.8M+23.7% $1.5M-8.6% $1.6M-6.1% $1.7M+2.5% $1.7M+9.8% $1.5M-5.0% $1.6M
Operating Income -$4.2M+8.6% -$4.6M-26.5% -$3.7M+5.1% -$3.9M+29.5% -$5.5M-15.6% -$4.7M+7.7% -$5.1M-14.2% -$4.5M
Interest Expense $177K-56.7% $408K-23.3% $532K+8.3% $492K+7.0% $459K+4.3% $440K+6.6% $413K+6.4% $388K
Income Tax $0-100.0% $5K $0 $0+100.0% -$4K-141.1% $10K+780.3% $1K+166.2% -$2K
Net Income $846K+121.4% -$4.0M+5.8% -$4.2M+8.5% -$4.6M+22.2% -$5.9M-15.1% -$5.1M+5.3% -$5.4M-15.5% -$4.7M
EPS (Diluted) $0.00 N/A $-0.10+37.5% $-0.16+30.4% $-0.23 N/A $-0.24-14.3% $-0.21

FEMY Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $16.5M-20.4% $20.7M+27.2% $16.3M+18.2% $13.8M+3.8% $13.3M+6.7% $12.4M-20.1% $15.6M-23.1% $20.3M
Current Assets $12.3M-25.0% $16.5M+34.4% $12.2M+25.6% $9.8M+6.8% $9.1M+13.8% $8.0M-29.0% $11.3M-29.1% $15.9M
Cash & Equivalents $5.4M-41.9% $9.3M+102.8% $4.6M+42.0% $3.2M-15.8% $3.8M+10.7% $3.5M-54.6% $7.6M-43.7% $13.5M
Inventory $6.1M+6.4% $5.7M-0.8% $5.8M+10.5% $5.2M+35.5% $3.9M+26.8% $3.0M+57.2% $1.9M+47.3% $1.3M
Accounts Receivable $172K-72.1% $617K+7.8% $572K+124.8% $255K+9.0% $234K-52.2% $488K+29.1% $378K+308.8% $93K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $9.2M-38.0% $14.9M+26.6% $11.7M-4.4% $12.3M+8.8% $11.3M+11.2% $10.1M+5.5% $9.6M+6.5% $9.0M
Current Liabilities $3.2M-13.2% $3.6M-65.5% $10.5M-3.8% $11.0M+11.4% $9.8M+14.7% $8.6M+199.3% $2.9M+16.4% $2.5M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $7.3M+24.2% $5.9M+28.8% $4.6M+202.3% $1.5M-24.5% $2.0M-13.4% $2.3M-61.4% $6.0M-46.9% $11.3M
Retained Earnings -$145.0M+0.6% -$145.8M-2.8% -$141.9M-3.0% -$137.7M-3.4% -$133.1M-4.6% -$127.2M-4.2% -$122.1M-4.6% -$116.7M

FEMY Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$4.1M+1.0% -$4.2M+22.3% -$5.4M-23.8% -$4.4M+8.7% -$4.8M+6.1% -$5.1M+7.3% -$5.5M-26.5% -$4.3M
Capital Expenditures $79K-43.4% $140K-28.0% $194K+106.2% $94K-2.5% $97K-9.5% $107K-73.8% $408K+123.6% $182K
Free Cash Flow -$4.2M+2.4% -$4.3M+22.5% -$5.6M-25.5% -$4.4M+8.5% -$4.9M+6.2% -$5.2M+11.9% -$5.9M-30.5% -$4.5M
Investing Cash Flow -$79K+59.8% -$197K+18.0% -$240K-147.3% -$97K-0.4% -$97K+12.7% -$111K+74.9% -$440K-112.6% -$207K
Financing Cash Flow $342K-96.2% $9.1M+30.1% $7.0M+81.4% $3.8M-26.4% $5.2M+409.9% $1.0M $0-100.0% $224K
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 $162K+437.5% $30K $0-100.0% $7K

FEMY Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 62.7%-0.1pp 62.7%+3.0pp 59.7%-1.6pp 61.4%-4.3pp 65.6%-1.3pp 66.9%+1.3pp 65.6%-1.4pp 67.0%
Operating Margin -994.0%-425.7pp -568.3%-67.4pp -500.9%+440.2pp -941.1%+659.0pp -1600.1%-788.1pp -812.0%+110.4pp -922.4%+1101.3pp -2023.7%
Net Margin 199.1%+684.8pp -485.7%+89.4pp -575.1%+545.4pp -1120.5%+607.4pp -1727.9%-846.9pp -881.0%+93.7pp -974.7%+1140.4pp -2115.1%
Return on Equity 11.6%+78.9pp -67.3%+24.8pp -92.1%+212.1pp -304.2%-8.9pp -295.3%-73.0pp -222.3%-131.7pp -90.6%-49.0pp -41.6%
Return on Assets 5.1%+24.2pp -19.1%+6.7pp -25.8%+7.5pp -33.3%+11.1pp -44.4%-3.2pp -41.2%-6.5pp -34.7%-11.6pp -23.1%
Current Ratio 3.91-0.6 4.53+3.4 1.16+0.3 0.89-0.0 0.930.0 0.93-3.0 3.94-2.5 6.47
Debt-to-Equity 1.26-1.3 2.53-0.0 2.58-5.6 8.14+2.5 5.65+1.2 4.40+2.8 1.61+0.8 0.80
FCF Margin -993.8%-462.1pp -531.7%+233.5pp -765.3%+321.3pp -1086.6%+338.1pp -1424.6%-533.7pp -890.9%+169.2pp -1060.1%+975.7pp -2035.8%

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Frequently Asked Questions

FEMASYS INC (FEMY) reported $2.3M in total revenue for fiscal year 2025. This represents a 40.8% 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.

FEMASYS INC (FEMY) revenue grew by 40.8% year-over-year, from $1.6M to $2.3M in fiscal year 2025.

No, FEMASYS INC (FEMY) reported a net income of -$18.6M in fiscal year 2025, with a net profit margin of -812.3%.

FEMASYS INC (FEMY) reported diluted earnings per share of $-0.47 for fiscal year 2025. This represents a 44.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

FEMASYS INC (FEMY) had EBITDA of -$17.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

FEMASYS INC (FEMY) had a gross margin of 62.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

FEMASYS INC (FEMY) had an operating margin of -767.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

FEMASYS INC (FEMY) had a net profit margin of -812.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

FEMASYS INC (FEMY) has a return on equity of -317.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

FEMASYS INC (FEMY) generated -$19.2M in free cash flow during fiscal year 2025. This represents a 4.9% 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.

FEMASYS INC (FEMY) generated -$18.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

FEMASYS INC (FEMY) had $20.7M in total assets as of fiscal year 2025, including both current and long-term assets.

FEMASYS INC (FEMY) invested $525K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

FEMASYS INC (FEMY) invested $7.6M in research and development during fiscal year 2025.

FEMASYS INC (FEMY) had 60M shares outstanding as of fiscal year 2025.

FEMASYS INC (FEMY) had a current ratio of 4.53 as of fiscal year 2025, which is generally considered healthy.

FEMASYS INC (FEMY) had a debt-to-equity ratio of 2.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

FEMASYS INC (FEMY) had a return on assets of -89.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, FEMASYS INC (FEMY) had $9.3M in cash against an annual operating cash burn of $18.7M. This gives an estimated cash runway of approximately 6 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.

FEMASYS INC (FEMY) has an Altman Z-Score of -11.33, 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.

FEMASYS INC (FEMY) has a Piotroski F-Score of 2 out of 8 computable signals; 1 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.

FEMASYS INC (FEMY) has an earnings quality ratio of 1.00x, 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.

FEMASYS INC (FEMY) has an interest coverage ratio of -9.3x, 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.

FEMASYS INC (FEMY) scores 48 out of 100 on our Financial Health Score, indicating moderate 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.

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