HeartSciences Inc Financials

HSCSW

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

This page shows HeartSciences Inc (HSCSW) financial statements, including the 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 HSCSW FY2025 2026-07-23

HeartSciences is still an externally funded development-stage business, with cash burn driven by operating spend rather than capital investment.

Cash coverage of annual burn weakened from 0.7x in FY2024 to 0.4x in FY2025, so each financing round is supporting a shorter operating window. That matters because free cash flow was -$7.42M while capex was only $3K, which means the shortfall comes from everyday operations rather than from building a heavy asset base.

In FY2025, R&D spending of $4.39M slightly exceeded SG&A of $3.97M, showing the company is still organized around development and corporate infrastructure more than scaled selling. With revenue at only $4K, the economics are still set by spending pace, not by customer demand absorbing fixed costs.

The balance sheet remains relatively asset-light, with total assets of $6.44M and only $3K of capital expenditures in FY2025. A positive gross margin of 56.8% therefore does not yet signal operating leverage; it sits on too little volume to offset millions of recurring expense.

Financial Health Signals

Financial health score pending refresh

We are recalculating HeartSciences Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/8

HeartSciences Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.81x

For every $1 of reported earnings, HeartSciences Inc generates $0.81 in operating cash flow (-$7.4M OCF vs -$9.1M 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

-11.2x

HeartSciences Inc earns $-11.2 in operating income for every $1 of interest expense (-$8.4M vs $753K). 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

$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)

N/A

Cash & Balance Sheet

Free Cash Flow

-$7.4M

YoY-0.2%

HeartSciences Inc generated -$7.4M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 0.2% from the prior year.

Cash & Debt

$1.7M

YoY-40.7%

HeartSciences Inc held $1.7M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

$0.00

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

Shares Outstanding

YoY+101.6%

HeartSciences Inc had 4M shares outstanding in fiscal year 2026. This represents an increase of 101.6% from the prior year.

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.

Operating Margin

-194787.4%

YoY-2774.3pp

HeartSciences Inc's operating margin was -194787.4% in fiscal year 2026, reflecting core business profitability. This is down 2774.3 percentage points from the prior year.

Net Margin

-211666.5%

YoY-10166.9pp

HeartSciences Inc's net profit margin was -211666.5% in fiscal year 2026, showing the share of revenue converted to profit. This is down 10166.9 percentage points from the prior year.

Return on Equity

-4044.0%

YoY-3764.9pp

HeartSciences Inc's ROE was -4044.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 3764.9 percentage points from the prior year.

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.

Share Buybacks

N/A

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.

HSCSW 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+50.2%	$-18.74+76.6%	$-80.00-5417.2%	$-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
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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+46.2%	$-1.58	N/A	$-2.57-13.2%	$-2.27

HSCSW Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22
Total Assets	$5.3M-18.2%	$6.4M-21.4%	$8.2M+215.3%	$2.6M-53.3%	$5.6M
Current Assets	$2.6M-41.5%	$4.4M-27.3%	$6.1M+199.4%	$2.0M-62.7%	$5.4M
Cash & Equivalents	$1.7M-40.7%	$2.8M-35.7%	$4.3M+653.9%	$576K-86.5%	$4.3M
Inventory	$656K+0.9%	$650K+1.0%	$643K-4.9%	$676K-0.2%	$678K
Accounts Receivable	$0	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.0M+52.8%	$3.3M+46.0%	$2.3M-27.6%	$3.1M+16.3%	$2.7M
Current Liabilities	$4.9M+61.3%	$3.0M+123.0%	$1.4M-28.8%	$1.9M+23.1%	$1.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$226K-92.8%	$3.1M-47.1%	$5.9M+1241.8%	-$520K-118.0%	$2.9M
Retained Earnings	-$85.3M-9.1%	-$78.2M-12.6%	-$69.4M-11.7%	-$62.1M-11.0%	-$56.0M

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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

HSCSW 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
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

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
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

HSCSW 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%-2774.3pp	-192013.1%-158111.1pp	-33902.0%+84796.3pp	-118698.3%-85932.7pp	-32765.6%
Net Margin	-211666.5%-10166.9pp	-201499.5%-165987.6pp	-35511.9%+87872.4pp	-123384.3%-89791.7pp	-33592.6%
Return on Equity	-4044.0%-3764.9pp	-279.1%-167.7pp	-111.3%	N/A	-167.2%
Return on Assets	-173.7%-37.5pp	-136.2%-55.5pp	-80.6%+164.0pp	-244.6%-157.9pp	-86.7%
Current Ratio	0.53-0.9	1.47-3.0	4.49+3.4	1.07-2.5	3.53
Debt-to-Equity	22.28+21.2	1.05+0.7	0.38	N/A	0.93
FCF Margin	-172036.6%-1550.4pp	-170486.2%-137504.3pp	-32981.9%+79481.8pp	-112463.8%-87096.3pp	-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%+12924.6pp	-98637.8%	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	-97179.4%+10978.2pp	-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	0.59-1.8	2.42+1.0	1.47+0.9	0.59-0.4	1.02-0.7	1.72
Debt-to-Equity	22.28	N/A	19.58+19.1	0.43-0.6	1.05-18.5	19.58+17.4	2.19+1.3	0.94
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.53), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is HeartSciences Inc's annual revenue?

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

Is HeartSciences Inc profitable?

No, HeartSciences Inc (HSCSW) reported a net income of -$9.1M in fiscal year 2026, with a net profit margin of -211666.5%.

What is HeartSciences Inc's EBITDA?

HeartSciences Inc (HSCSW) 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 (HSCSW) 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 operating margin?

HeartSciences Inc (HSCSW) had an operating margin of -194787.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is HeartSciences Inc's net profit margin?

HeartSciences Inc (HSCSW) had a net profit margin of -211666.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

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

HeartSciences Inc (HSCSW) 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 (HSCSW) generated -$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 (HSCSW) generated -$7.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are HeartSciences Inc's total assets?

HeartSciences Inc (HSCSW) had $5.3M in total assets as of fiscal year 2026, including both current and long-term assets.

What are HeartSciences Inc's capital expenditures?

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

How many shares does HeartSciences Inc have outstanding?

HeartSciences Inc (HSCSW) had 4M shares outstanding as of fiscal year 2026.

What is HeartSciences Inc's current ratio?

HeartSciences Inc (HSCSW) had a current ratio of 0.53 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.

What is HeartSciences Inc's debt-to-equity ratio?

HeartSciences Inc (HSCSW) had a debt-to-equity ratio of 22.28 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is HeartSciences Inc's return on assets (ROA)?

HeartSciences Inc (HSCSW) had a return on assets of -173.7% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is HeartSciences Inc's cash runway?

Based on fiscal year 2026 data, HeartSciences Inc (HSCSW) 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.

What is HeartSciences Inc's Piotroski F-Score?

HeartSciences Inc (HSCSW) has a Piotroski F-Score of 3 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.

Are HeartSciences Inc's earnings high quality?

HeartSciences Inc (HSCSW) has an earnings quality ratio of 0.81x, 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.

Can HeartSciences Inc cover its interest payments?

HeartSciences Inc (HSCSW) has an interest coverage ratio of -11.2x, 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.