Harrow Health (HROWL) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HROWL SEC filings page.
Harrow Health (HROWL) reported $268.7M in revenue over the twelve months to Mar 31, 2026, up 26.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
The business is scaling into operating profit, but heavy leverage and interest expense still keep reported earnings negative.
FY2025 operating cash flow reached$43.9M even as net income remained a loss of$5.1M . With interest expense at$24.2M , the gap shows why cash generation and reported earnings tell materially different stories here.
Scale is improving operating efficiency: revenue reached
Cash conversion strengthened: free cash flow was
Financial Health Signals
We do not publish a peer-relative financial health score for Harrow Health, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Harrow Health passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Harrow Health reported a net loss of $5.1M while generating $43.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Harrow Health earns $1.26 in operating income for every $1 of interest expense ($30.5M vs $24.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Harrow Health generated $44.2M in revenue in Q1 2026. This represents a decrease of 7.6% from the same quarter a year earlier. Against the prior quarter it is down 50.4%.
Harrow Health's EBITDA was -$21.6M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 232.1%.
Harrow Health reported a net loss of $27.6M in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 516.6%.
Harrow Health earned -$0.74 per diluted share (EPS) in Q1 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Harrow Health recorded an outflow of $9.2M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 147.1% from the same quarter a year earlier. Against the prior quarter it is down 213.8%.
Harrow Health held $94.6M in cash against $300.0M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Harrow Health's gross margin was 61.2% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 6.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 18.1 percentage points.
Harrow Health's operating margin was -50.0% in Q1 2026, reflecting core business profitability. This is down 26.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 67.5 percentage points.
Harrow Health's net profit margin was -62.4% in Q1 2026, showing the share of revenue converted to profit. This is down 25.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 69.9 percentage points.
Harrow Health's quarterly ROE was -96.2% in Q1 2026: one quarter's net income over shareholder equity, not annualized. This is down 64.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 108.8 percentage points.
Capital Allocation
Harrow Health invested $5.9M in research and development in Q1 2026. This represents an increase of 94.8% from the same quarter a year earlier. Against the prior quarter it is down 49.7%.
Harrow Health invested $194K in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 14.1% from the same quarter a year earlier. Against the prior quarter it is down 43.1%.
Not reported for Q1 2026.
HROWL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.2M-7.6% | $89.1M+33.3% | $71.6M+45.4% | $63.7M+30.2% | $47.8M+38.3% | $66.8M+83.8% | $49.3M+43.8% | $48.9M+46.2% |
| Cost of Revenue | $17.2M+10.5% | $18.5M+30.7% | $17.7M+47.4% | $16.2M+29.4% | $15.5M+47.1% | $14.1M+25.1% | $12.0M+19.4% | $12.5M+25.4% |
| Gross Profit | $27.0M-16.3% | $70.6M+34.0% | $53.9M+44.8% | $47.5M+30.5% | $32.3M+34.4% | $52.7M+110.3% | $37.2M+53.9% | $36.4M+55.1% |
| R&D Expenses | $5.9M+94.8% | $11.7M+146.5% | $3.3M+46.2% | $2.9M-6.1% | $3.0M+40.8% | $4.8M+42.5% | $2.3M+60.0% | $3.1M+163.0% |
| SG&A Expenses | $43.2M+6.7% | $43.3M+24.5% | $35.9M+6.6% | $33.2M+4.5% | $40.5M+40.6% | $34.8M+32.7% | $33.6M+60.0% | $31.8M+59.4% |
| Operating Income | -$22.1Mn/m | $15.6M+20.9% | $14.7M+1016.4% | $11.4M+645.7% | -$11.2Mn/m | $12.9Mn/m | $1.3M-24.3% | $1.5M-34.9% |
| EBITDA | -$21.6Mn/m | $16.4M+19.8% | $15.1M+801.5% | $11.8M+542.1% | -$10.8Mn/m | $13.7Mn/m | $1.7M-63.8% | $1.8M-66.2% |
| Interest Expense | $5.5M-16.1% | $5.2M-18.7% | $6.0M+9.3% | $6.4M+17.1% | $6.5M+20.9% | $6.4M+24.4% | $5.5M-3.9% | $5.5M-4.1% |
| Income Tax | $25K | N/A | N/A | N/A | N/A | -$514Kn/m | $20K-98.7% | $655Kn/m |
| Net Income | -$27.6Mn/m | $6.6M-2.2% | $1.0Mn/m | $5.0Mn/m | -$17.8Mn/m | $6.8Mn/m | -$4.2Mn/m | -$6.5Mn/m |
| EPS (Basic) | -$0.74n/m | N/A | $0.03n/m | $0.14n/m | -$0.50n/m | N/A | -$0.12n/m | -$0.18n/m |
| EPS (Diluted) | -$0.74n/m | N/A | $0.03n/m | $0.13n/m | -$0.50n/m | N/A | -$0.12n/m | -$0.18n/m |
| Diluted Shares (Avg) | 37M+3.9% | N/A | 39M+8.9% | 39M+9.1% | 36M+1.0% | N/A | 36M+4.2% | 36M+16.9% |
HROWL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $419.5M+15.2% | $399.5M+2.7% | $363.1M+3.3% | $345.0M+12.5% | $364.2M+23.2% | $389.0M+24.6% | $351.5M+22.9% | $306.6M+36.9% |
| Current Assets | $226.4M+33.5% | $211.8M+11.7% | $177.6M+20.8% | $154.9M+11.1% | $169.5M+35.1% | $189.7M+36.0% | $147.1M+33.4% | $139.4M+131.2% |
| Cash & Equivalents | $94.6M+41.8% | $72.9M+54.4% | $74.3M+2.3% | $53.0M-25.4% | $66.7M-2.6% | $47.2M-36.2% | $72.6M+10.7% | $71.0M+211.9% |
| Inventory | $16.5M+53.9% | $13.5M+26.4% | $12.8M+26.4% | $11.6M+22.6% | $10.7M-0.9% | $10.7M-1.5% | $10.2M+13.8% | $9.4M+10.2% |
| Accounts Receivable | $101.3M+31.4% | $110.9M-4.7% | $77.6M+44.4% | $78.8M+51.6% | $77.1M+166.1% | $116.4M+220.9% | $53.7M+191.0% | $52.0M+184.7% |
| Goodwill | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% |
| Total Liabilities | $391.2M+27.0% | $347.4M+8.7% | $316.4M+7.7% | $295.7M+19.0% | $308.1M+30.9% | $319.7M+32.2% | $293.9M+39.5% | $248.5M+23.0% |
| Current Liabilities | $91.4M-51.1% | $96.3M+5.4% | $65.4M-31.2% | $248.9M+364.8% | $187.0M+347.8% | $91.3M+85.1% | $95.0M+399.3% | $53.6M+132.7% |
| Non-Current Liabilities | $299.8M+147.6% | $251.1M+10.0% | $251.0M+26.2% | $46.9M-76.0% | $121.1M-37.5% | $228.3M+18.7% | $198.9M+3.8% | $194.9M+8.9% |
| Long-Term Debt | $300.0M+16.8% | $250.0M-4.8% | N/A | $250.6M+6.1% | $256.9M+5.5% | $262.7M+6.5% | $230.7M | $236.3M |
| Total Equity | $28.7M-49.1% | $52.4M-24.7% | $47.0M-18.9% | $49.7M-15.2% | $56.5M-6.8% | $69.7M-1.6% | $58.0M-23.5% | $58.5M+161.2% |
| Retained Earnings | -$184.1Mn/m | -$156.5Mn/m | -$163.2Mn/m | -$164.2Mn/m | -$169.2Mn/m | -$151.4Mn/m | -$158.2Mn/m | -$153.9Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
HROWL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.0M-145.7% | $8.4Mn/m | $16.6M+462.1% | -$803Kn/m | $19.7Mn/m | -$17.8M-304.5% | $3.0Mn/m | -$2.7M-160.1% |
| Depreciation & Amortization | $455K-2.2% | $777K+1.4% | $326K-7.1% | $347K+15.3% | $465K+7.6% | $766Kn/m | $351K-87.8% | $301K-90.2% |
| Stock-Based Compensation | $3.8M-15.8% | N/A | $3.3M-25.4% | $875K-79.5% | $4.6M+9.3% | N/A | $4.4M-2.0% | $4.3M-21.1% |
| Capital Expenditures | $194K+14.1% | $341K-38.6% | $210K-65.2% | $166K-51.7% | $170K+84.8% | $555K+186.1% | $604K+16.2% | $344K+37.6% |
| Free Cash Flow | -$9.2M-147.1% | $8.1Mn/m | $16.4M+597.8% | -$969Kn/m | $19.5Mn/m | -$18.3M-315.6% | $2.3Mn/m | -$3.1M-171.6% |
| Investing Cash Flow | -$18.2Mn/m | -$4.7Mn/m | -$225Kn/m | -$293K-105.7% | -$212Kn/m | -$37.6Mn/m | -$597Kn/m | $5.1Mn/m |
| Financing Cash Flow | $48.9M+212560.9% | -$5.0M-116.8% | $5.0Mn/m | -$12.7M-17452.1% | $23Kn/m | $30.0Mn/m | -$721K-101.1% | $73K-61.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
HROWL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.2%-6.4pp | 79.3%+0.4pp | 75.3%-0.3pp | 74.5%+0.2pp | 67.5%-1.9pp | 78.8%+9.9pp | 75.6%+5.0pp | 74.4%+4.3pp |
| Operating Margin | -50.0%-26.5pp | 17.5%-1.8pp | 20.6%+17.9pp | 17.9%+14.8pp | -23.5%-3.5pp | 19.3%+32.7pp | 2.7%-2.4pp | 3.1%-3.9pp |
| Net Margin | -62.4%-25.3pp | 7.4%-2.7pp | 1.4%+10.0pp | 7.8%+21.1pp | -37.2%+2.1pp | 10.1%+35.3pp | -8.6%+4.2pp | -13.2%-0.6pp |
| Return on Equity | -96.2%-64.7pp | 12.6%+2.9pp | 2.2%+9.4pp | 10.1%+21.1pp | -31.5%-9.1pp | 9.7%+22.7pp | -7.3%-1.5pp | -11.1%+7.8pp |
| Return on Assets | -6.6%-1.7pp | 1.7%-0.1pp | 0.3%+1.5pp | 1.5%+3.6pp | -4.9%-0.3pp | 1.7%+4.7pp | -1.2%+0.3pp | -2.1%-0.2pp |
| Current Ratio | 2.48+1.6x | 2.20+0.1x | 2.72+1.2x | 0.62-2.0x | 0.91-2.1x | 2.08-0.8x | 1.55-4.2x | 2.600.0x |
| Debt-to-Equity | 10.45+5.9x | 4.77+1.0x | N/A | 5.05+1.0x | 4.55+0.5x | 3.77+0.3x | 3.98 | 4.04 |
| Liabilities-to-Equity | 13.63+8.2x | 6.62+2.0x | 6.73+1.7x | 5.96+1.7x | 5.46+1.6x | 4.59+1.2x | 5.07+2.3x | 4.24-4.8x |
| Asset Turnover | 0.110.0x | 0.22+0.1x | 0.20+0.1x | 0.180.0x | 0.130.0x | 0.17+0.1x | 0.140.0x | 0.160.0x |
| FCF Margin | -20.8%-61.5pp | 9.1%+36.5pp | 22.9%+18.1pp | -1.5%+4.8pp | 40.8%+54.4pp | -27.4%-50.8pp | 4.8%+9.8pp | -6.3%-19.2pp |
Where Harrow Health Ranks
Frequently Asked Questions
Harrow Health (HROWL) reported $272.3M in total revenue for fiscal year 2025. This represents a 36.4% 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.
Harrow Health (HROWL) revenue grew by 36.4% year-over-year, from $199.6M to $272.3M in fiscal year 2025.
No, Harrow Health (HROWL) reported a net loss of $15.0M over the trailing 12 months to March 31, 2026. In fiscal year 2025 it reported a net loss of $5.1M, with a net profit margin of -1.9%.
Harrow Health (HROWL) had EBITDA of $32.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Harrow Health (HROWL) had $72.9M in cash and equivalents against $250.0M in long-term debt.
Harrow Health (HROWL) had a gross margin of 75.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Harrow Health (HROWL) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Harrow Health (HROWL) had a net profit margin of -1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Harrow Health (HROWL) has a return on equity of -9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Harrow Health (HROWL) generated $43.0M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Harrow Health (HROWL) generated $43.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Harrow Health (HROWL) had $399.5M in total assets as of fiscal year 2025, including both current and long-term assets.
Harrow Health (HROWL) invested $887K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Harrow Health (HROWL) invested $20.9M in research and development during fiscal year 2025.
Harrow Health (HROWL) had a current ratio of 2.20 as of fiscal year 2025, which is generally considered healthy.
Harrow Health (HROWL) had a debt-to-equity ratio of 4.77 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Harrow Health (HROWL) had a liabilities-to-equity ratio of 6.62 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Harrow Health (HROWL) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Harrow Health (HROWL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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.
Harrow Health (HROWL) reported a net loss of $5.1M while generating $43.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Harrow Health (HROWL) has an interest coverage ratio of 1.26x, 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.