HeartSciences Inc Financials

HSCS

FY2026 annual

Revenue $4K -0.7% YoY

Net Income -$9.1M -4.3% YoY

EPS (Diluted) Not reported for FY2026

Free Cash Flow -$7.4M -0.2% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE April

HeartSciences Inc (HSCS) reported $4K in revenue for fiscal year 2026, down 0.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 HSCS FY2026 2026-08-15

HeartSciences operates as a development-stage business where positive gross economics are overwhelmed by a tiny revenue base and heavy fixed investment.

The latest year pairs revenue of $4K with R&D spending of $2.8M and operating cash flow of -$7.4M: product-level gross profit exists, but commercialization scale is nowhere near covering the operating platform. Because financing cash flow contributed $8.0M, the increase in cash from $1.1M in FY2025 to $1.7M in FY2026 reflects external funding largely offsetting internal cash consumption.

Gross margin edged from 56.8% in FY2025 to 59.1% in FY2026, but the improvement did not translate into operating progress. Gross profit was only about $3K, while SG&A plus R&D exceeded $8M, showing that development costs—not production costs—dominate the economics.

The balance-sheet posture deteriorated sharply before the latest year’s incomplete asset data: the current ratio fell from 4.2x in FY2024 to 0.6x in FY2025, indicating short-term obligations exceeded current assets. Debt-to-equity simultaneously rose from 0.3x to 19.6x, making the financing structure far more dependent on liabilities relative to book equity.

Financial Health Signals

Financial health score not available

HeartSciences Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Earnings Quality No Cash Backing

N/A

HeartSciences Inc reported a net loss of $9.1M while operations used $7.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

HeartSciences Inc reported an operating loss of $8.4M against $753K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4K

YoY-0.7%

HeartSciences Inc generated $4K in revenue in fiscal year 2026. This represents a decrease of 0.7% from the prior year.

EBITDA

-$8.4M

YoY-0.8%

HeartSciences Inc's EBITDA was -$8.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.8% from the prior year.

Net Income

-$9.1M

YoY-4.3%

HeartSciences Inc reported -$9.1M in net income in fiscal year 2026. This represents a decrease of 4.3% from the prior year.

EPS (Diluted)

Not reported for fiscal year 2026.

Cash & Balance Sheet

Free Cash Flow

-$7.4M

YoY-0.2%

HeartSciences Inc recorded an outflow of $7.4M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents a decrease of 0.2% from the prior year.

Cash & Debt

$1.7M

YoY+54.5%

HeartSciences Inc held $1.7M in cash as of fiscal year 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.00

HeartSciences Inc paid $0.00 per share in dividends in fiscal year 2026.

Shares Outstanding

HeartSciences Inc had 3M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin

59.1%

YoY+2.3pp

HeartSciences Inc's gross margin was 59.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 2.3 percentage points from the prior year.

Return on Equity

-4044.0%

YoY+228.2pp

HeartSciences Inc's ROE was -4044.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 228.2 percentage points from the prior year.

Operating Margin

Not shown for fiscal year 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for fiscal year 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$2.8M

YoY-35.3%

HeartSciences Inc invested $2.8M in research and development in fiscal year 2026. This represents a decrease of 35.3% from the prior year.

Capital Expenditures

$4K

YoY+12.6%

HeartSciences Inc invested $4K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 12.6% from the prior year.

Share Buybacks

Not reported for fiscal year 2026.

HSCS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HSCS annual income statement

Metric	FY26	FY25	FY24	FY23	FY22
Revenue	$4K-0.7%	$4K-76.6%	$19K+261.2%	$5K-64.2%	$14K
Cost of Revenue	$2K-6.0%	$2K-69.1%	$6K+117.5%	$3K-64.6%	$8K
Gross Profit	$3K+3.3%	$2K-80.3%	$13K+431.8%	$2K-63.7%	$6K
R&D Expenses	$2.8M-35.3%	$4.4M+52.4%	$2.9M+17.0%	$2.5M-18.0%	$3.0M
SG&A Expenses	$5.6M+40.5%	$4.0M+15.4%	$3.4M-5.9%	$3.7M+113.2%	$1.7M
Operating Income	-$8.4M-0.7%	-$8.4M-32.5%	-$6.3M-3.2%	-$6.1M-29.8%	-$4.7M
Interest Expense	$753K+50.5%	$500K+41.3%	$354K+45.6%	$243K-34.6%	$372K
Income Tax	$0	$0	N/A	N/A	N/A
Net Income	-$9.1M-4.3%	-$8.8M-32.7%	-$6.6M-3.9%	-$6.4M-31.6%	-$4.8M
EPS (Diluted)	N/A	-$9.34	-$18.74	-$80.00	-$1.45

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	N/A	N/A	$0-100.0%	$2K+27.3%	$2K	N/A	$0	N/A
Cost of Revenue	N/A	N/A	$0-100.0%	$1K+32.6%	$760	N/A	$0	N/A
Gross Profit	N/A	N/A	$0-100.0%	$1K+23.8%	$1K	N/A	$0	N/A
R&D Expenses	N/A	N/A	$639K-12.2%	$727K-27.1%	$997K	N/A	$1.0M-13.8%	$1.2M
SG&A Expenses	N/A	N/A	$1.3M-4.3%	$1.3M+53.5%	$878K	N/A	$1.3M+70.3%	$786K
Operating Income	N/A	N/A	-$1.9M+7.0%	-$2.1M-10.6%	-$1.9M	N/A	-$2.4M-19.5%	-$2.0M
Interest Expense	N/A	N/A	$62K-78.0%	$280K+52.2%	$184K	N/A	$179K+52.6%	$118K
Net Income	N/A	N/A	-$2.0M+15.6%	-$2.4M-14.4%	-$2.1M	N/A	-$2.5M-21.8%	-$2.1M
EPS (Diluted)	N/A	N/A	N/A	-$0.85	-$1.58	N/A	-$2.57-13.2%	-$2.27

HSCS Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HSCS annual balance sheet

Metric	FY26	FY25	FY24	FY23	FY22
Total Assets	N/A	$4.2M-55.6%	$9.5M+189.1%	$3.3M+57.3%	$2.1M
Current Assets	N/A	$2.2M-70.5%	$7.4M+172.7%	$2.7M+39.7%	$1.9M
Cash & Equivalents	$1.7M+54.5%	$1.1M-81.1%	$5.8M+249.8%	$1.7M+80.8%	$918K
Inventory	$656K+0.8%	$650K+3.4%	$629K-7.0%	$676K+0.3%	$674K
Accounts Receivable	N/A	$4K	N/A	N/A	$2K
Total Liabilities	N/A	$4.0M+83.8%	$2.2M-28.5%	$3.1M-62.5%	$8.1M
Current Liabilities	N/A	$3.7M+111.4%	$1.8M-4.4%	$1.8M-47.2%	$3.5M
Total Equity	$226K+10.2%	$205K-97.2%	$7.3M+3073.7%	$231K+103.8%	-$6.1M
Retained Earnings	-$85.3M-12.0%	-$76.1M-13.0%	-$67.4M-10.9%	-$60.8M-11.7%	-$54.4M

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$5.3M	N/A	$4.2M-29.6%	$6.0M-6.9%	$6.4M+52.4%	$4.2M-26.0%	$5.7M-26.7%	$7.8M
Current Assets	$2.6M	N/A	$2.2M-42.8%	$3.8M-14.1%	$4.4M+103.4%	$2.2M-40.2%	$3.6M-36.2%	$5.7M
Cash & Equivalents	$1.7M-2.5%	$1.7M+54.8%	$1.1M-43.7%	$2.0M-30.1%	$2.8M+153.8%	$1.1M-57.6%	$2.6M-35.9%	$4.1M
Inventory	$656K0.0%	$656K+0.8%	$650K-1.1%	$657K+1.2%	$650K-0.1%	$650K-0.3%	$652K-0.1%	$653K
Accounts Receivable	$0	N/A	$4K	N/A	N/A	$4K	N/A	N/A
Total Liabilities	$5.0M	N/A	$4.0M+121.5%	$1.8M-45.0%	$3.3M-18.0%	$4.0M+2.6%	$3.9M+4.2%	$3.8M
Current Liabilities	$4.9M	N/A	$3.7M+136.4%	$1.6M-48.0%	$3.0M-18.6%	$3.7M+3.7%	$3.6M+8.1%	$3.3M
Total Equity	$226K0.0%	$226K+10.2%	$205K-95.1%	$4.2M+33.2%	$3.1M+1431.0%	$205K-88.5%	$1.8M-55.5%	$4.0M
Retained Earnings	-$85.3M0.0%	-$85.3M-12.0%	-$76.1M+5.5%	-$80.5M-3.0%	-$78.2M-2.7%	-$76.1M-2.8%	-$74.0M-3.5%	-$71.5M

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

HSCS Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HSCS annual cash flow statement

Metric	FY26	FY25	FY24	FY23	FY22
Operating Cash Flow	-$7.4M-0.2%	-$7.4M-22.1%	-$6.1M-5.1%	-$5.8M-58.4%	-$3.6M
Capital Expenditures	$4K+12.6%	$3K-95.1%	$64K+252.1%	$18K+847.6%	$2K
Free Cash Flow	-$7.4M-0.2%	-$7.4M-20.9%	-$6.1M-5.9%	-$5.8M-58.9%	-$3.6M
Investing Cash Flow	-$44K-47.3%	-$30K+75.9%	-$125K-584.2%	-$18K-847.6%	-$2K
Financing Cash Flow	$8.0M+193.7%	$2.7M-73.6%	$10.3M+58.3%	$6.5M+70.1%	$3.8M

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	N/A	-$1.7M-14.6%	-$1.5M+37.3%	-$2.3M-19.5%	-$2.0M-22.8%	-$1.6M+1.8%	-$1.6M+25.8%	-$2.2M
Capital Expenditures	N/A	$0-100.0%	-$9K	N/A	N/A	$0	$0	N/A
Free Cash Flow	N/A	-$1.7M-13.9%	-$1.5M	N/A	N/A	-$1.6M+1.8%	-$1.6M	N/A
Investing Cash Flow	N/A	$0+100.0%	-$28K-76.7%	-$16K-1837.3%	-$814+89.6%	-$8K+50.2%	-$16K-168.8%	-$6K
Financing Cash Flow	N/A	-$64K-102.2%	$2.9M+94.6%	$1.5M-58.6%	$3.6M+3547.3%	$100K-44.5%	$180K-90.5%	$1.9M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

HSCS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

HSCS annual financial ratios

Metric	FY26	FY25	FY24	FY23	FY22
Gross Margin	59.1%+2.3pp	56.8%-10.5pp	67.3%+21.6pp	45.7%+0.6pp	45.1%
Operating Margin	-194787.4%	-192013.1%	-33902.0%	-118698.3%	-32765.6%
Net Margin	-211666.5%	-201499.5%	-35511.9%	-123384.3%	-33592.6%
Return on Equity	-4044.0%+228.2pp	-4272.2%-4181.9pp	-90.3%+2665.8pp	-2756.1%	N/A
Return on Assets	N/A	-207.6%-138.1pp	-69.5%+123.8pp	-193.3%+37.8pp	-231.1%
Current Ratio	N/A	0.59-3.6x	4.20+2.7x	1.47+0.9x	0.56
Debt-to-Equity	N/A	19.58+19.3x	0.30-13.0x	13.26	N/A
FCF Margin	-172036.6%	-170486.2%	-32981.9%	-112463.8%	-25367.5%

Metric	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Gross Margin	N/A	N/A	N/A	58.3%-1.7pp	60.0%	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-85713.2%	-98637.8%	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	-97179.4%	-108157.6%	N/A	N/A	N/A
Return on Equity	N/A	N/A	-967.6%-911.4pp	-56.2%+9.2pp	-65.4%	N/A	-141.9%-90.1pp	-51.9%
Return on Assets	N/A	N/A	-47.0%-7.8pp	-39.2%-7.3pp	-31.9%	N/A	-44.5%-17.7pp	-26.8%
Current Ratio	0.53	N/A	0.59-1.8x	2.42+1.0x	1.47+0.9x	0.59-0.4x	1.02-0.7x	1.72
Debt-to-Equity	22.28	N/A	19.58+19.1x	0.43-0.6x	1.05-18.5x	19.58+17.4x	2.19+1.3x	0.94

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 HeartSciences Inc Ranks

Frequently Asked Questions

What is HeartSciences Inc's annual revenue?

HeartSciences Inc (HSCS) reported $4K in total revenue for fiscal year 2026. This represents a -0.7% 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 HeartSciences Inc's revenue growing?

HeartSciences Inc (HSCS) revenue declined by 0.7% year-over-year, from $4K to $4K in fiscal year 2026.

Is HeartSciences Inc profitable?

No, HeartSciences Inc (HSCS) reported a net income of -$9.1M in fiscal year 2026.

What is HeartSciences Inc's EBITDA?

HeartSciences Inc (HSCS) had EBITDA of -$8.4M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is HeartSciences Inc's gross margin?

HeartSciences Inc (HSCS) had a gross margin of 59.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is HeartSciences Inc's return on equity (ROE)?

HeartSciences Inc (HSCS) has a return on equity of -4044.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is HeartSciences Inc's free cash flow?

HeartSciences Inc (HSCS) recorded an outflow of $7.4M in free cash flow during fiscal year 2026. This represents a -0.2% 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 HeartSciences Inc's operating cash flow?

HeartSciences Inc (HSCS) recorded an outflow of $7.4M in operating cash flow during fiscal year 2026, representing cash used by core business activities.

What are HeartSciences Inc's capital expenditures?

HeartSciences Inc (HSCS) invested $4K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does HeartSciences Inc spend on research and development?

HeartSciences Inc (HSCS) invested $2.8M in research and development during fiscal year 2026.

How many shares does HeartSciences Inc have outstanding?

HeartSciences Inc (HSCS) had 3M shares outstanding as of fiscal year 2026.

What is HeartSciences Inc's cash runway?

Based on fiscal year 2026 data, HeartSciences Inc (HSCS) had $1.7M in cash against an annual operating cash burn of $7.4M. This gives an estimated cash runway of approximately 3 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.

Are HeartSciences Inc's earnings high quality?

HeartSciences Inc (HSCS) reported a net loss of $9.1M while operations used $7.4M of cash. With neither figure positive, 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.

Can HeartSciences Inc cover its interest payments?

HeartSciences Inc (HSCS) reported an operating loss of $8.4M against $753K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.