HeartSciences Inc. Warrant (HSCSW) Financials

HSCSW

FY2026 annual

Revenue $4K -0.7% YoY

Net Income -$9.1M -4.3% YoY

Free Cash Flow -$7.4M -0.2% YoY

Operating Cash Flow -$7.4M -0.2% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended Jun 30, 2026 Reported Jul 23, 2026 Currency USD FYE April

Newest figures come from the 10-K for Q1 FY2027, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HSCSW SEC filings page.

HeartSciences Inc. Warrant (HSCSW) 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 HSCSW FY2026 2026-08-30

HeartSciences’ dominant mechanic is persistent operating cash consumption financed externally while revenue remains too small to absorb fixed spending.

From FY2025 to FY2026, revenue slipped to $4.3M while gross margin widened to 59.1%, showing better direct economics without meaningful scale. Operating cash flow stayed near -$7.4M as SG&A rose to $5.6M, indicating overhead—not product margin—absorbed the improvement.

In FY2026, operating cash flow was -$7.4M while financing cash flow supplied $8.0M; the operating gap was being bridged by financing rather than internally generated cash. That dependence varied sharply across periods, with financing cash flow of $10.3M in FY2024 versus $2.7M in FY2025.

FY2025’s current ratio was 0.6, indicating current assets were below current liabilities. Equity was only $205K against $4.0M of liabilities, showing a balance sheet dominated by obligations despite the company’s very low revenue base.

Financial Health Signals

Financial health score not available

HeartSciences Inc. Warrant 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. Warrant 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. Warrant 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

None of these metrics is reported for Q1 2027.

Cash & Balance Sheet

Cash & Debt

$1.7M

YoY-40.7%

QoQ-2.5%

5Y CAGR+207.9%

HeartSciences Inc. Warrant held $1.7M in cash as of Q1 2027; long-term debt is not reported for that period.

Shares Outstanding

YoY+47.3%

QoQ0.0%

HeartSciences Inc. Warrant had 4M shares outstanding in Q1 2027. This represents an increase of 47.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q1 2027.

Dividends Per Share

Not reported for Q1 2027.

Margins & Returns

None of these metrics is reported for Q1 2027.

Capital Allocation

None of these metrics is reported for Q1 2027.

HSCSW 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.

HSCSW quarterly income statement

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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
EBITDA	-$8.4M-0.8%	-$8.3M-32.4%	-$6.3M-3.2%	-$6.1M-30.0%	-$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 (Basic)	-$3.48+62.7%	-$9.34+50.2%	-$18.74+76.6%	-$80.00-5417.2%	-$1.45
EPS (Diluted)	N/A	-$9.34	-$18.74	-$80.00	-$1.45
Diluted Shares (Avg)	N/A	938,257	352,520	79,506	3M

Metric	Q1'2710-K	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Revenue	N/A	N/A	$0	$2K	$2K	N/A	$0-100.0%	N/A
Cost of Revenue	N/A	N/A	$0	$1K	$760	N/A	$0-100.0%	N/A
Gross Profit	N/A	N/A	$0	$1K	$1K	N/A	$0-100.0%	N/A
R&D Expenses	N/A	N/A	$639K-38.2%	$727K-39.4%	$997K-18.6%	N/A	$1.0M+102.8%	$1.2M+58.3%
SG&A Expenses	N/A	N/A	$1.3M-3.6%	$1.3M+71.5%	$878K+3.2%	N/A	$1.3M+30.4%	$786K-3.6%
Operating Income	N/A	N/A	-$1.9M+18.7%	-$2.1M-4.5%	-$1.9M+9.7%	N/A	-$2.4M-55.5%	-$2.0M-26.4%
EBITDA	N/A	N/A	-$1.9M+18.7%	-$2.1M-4.7%	-$1.9M+9.5%	N/A	-$2.4M-55.5%	-$2.0M-26.3%
Interest Expense	N/A	N/A	$62K-65.7%	$280K+137.7%	$184K+715.4%	N/A	$179K+51.5%	$118K-34.1%
Net Income	N/A	N/A	-$2.0M+21.7%	-$2.4M-12.9%	-$2.1M-0.2%	N/A	-$2.5M-54.3%	-$2.1M-19.1%
EPS (Basic)	N/A	-$0.87+53.7%	-$0.63+75.5%	-$0.85+62.6%	-$1.58+40.2%	-$1.88-1809.1%	-$2.57+14.6%	-$2.27+85.7%
EPS (Diluted)	N/A	N/A	N/A	-$0.85	-$1.58	-$1.88	-$2.57	-$2.27
Diluted Shares (Avg)	N/A	N/A	N/A	3M	1M	N/A	986,057	917,445

Not reported in any period shown, so not listed: Income Tax.

HSCSW Balance Sheet

HSCSW quarterly balance sheet

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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
Short-Term Investments	$0	$0	$0	$0	$0
Inventory	$656K+0.8%	$650K+3.4%	$629K-7.0%	$676K+0.3%	$674K
Accounts Receivable	N/A	$4K	N/A	N/A	$2K
Long-Term Investments	$0	$0	$0	$0	$0
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
Non-Current Liabilities	N/A	$315K-27.5%	$434K-64.5%	$1.2M-73.8%	$4.7M
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	Q1'2710-K	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Total Assets	$5.3M-18.2%	N/A	$4.2M-26.0%	$6.0M-22.9%	$6.4M-21.4%	$4.2M-55.6%	$5.7M-47.2%	$7.8M+228.4%
Current Assets	$2.6M-41.5%	N/A	$2.2M-40.2%	$3.8M-33.3%	$4.4M-27.3%	$2.2M-70.5%	$3.6M-58.2%	$5.7M+213.9%
Cash & Equivalents	$1.7M-40.7%	$1.7M+54.5%	$1.1M-57.7%	$2.0M-51.8%	$2.8M-35.7%	$1.1M-81.1%	$2.6M-63.3%	$4.1M+3946.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$656K+0.9%	$656K+0.8%	$650K-0.3%	$657K+0.7%	$650K+1.0%	$650K+3.4%	$652K-2.7%	$653K-3.2%
Accounts Receivable	$0	N/A	$4K	N/A	N/A	$4K	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$5.0M+52.8%	N/A	$4.0M+2.6%	$1.8M-51.8%	$3.3M+46.0%	$4.0M+83.8%	$3.9M+80.8%	$3.8M-6.4%
Current Liabilities	$4.9M+61.3%	N/A	$3.7M+3.7%	$1.6M-52.6%	$3.0M+123.0%	$3.7M+111.4%	$3.6M+109.3%	$3.3M-6.5%
Non-Current Liabilities	$176K-37.7%	N/A	$315K-9.1%	$247K-46.0%	$282K-68.9%	$315K-27.5%	$346K-25.0%	$458K-6.0%
Total Equity	$226K-92.8%	$226K+10.2%	$205K-88.5%	$4.2M+4.1%	$3.1M-47.1%	$205K-97.2%	$1.8M-79.3%	$4.0M+343.5%
Retained Earnings	-$85.3M-9.1%	-$85.3M-12.0%	-$76.1M-2.8%	-$80.5M-12.6%	-$78.2M-12.6%	-$76.1M-13.0%	-$74.0M-13.0%	-$71.5M-11.9%

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

HSCSW Cash Flow Statement

HSCSW quarterly cash flow statement

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K
Operating Cash Flow	-$7.4M-0.2%	-$7.4M-22.1%	-$6.1M-5.1%	-$5.8M-58.4%	-$3.6M
Depreciation & Amortization	$28K-26.1%	$38K+34.8%	$28K+3.6%	$27K+1.3%	$27K
Stock-Based Compensation	$1.3M+425.2%	$250K-38.3%	$405K+63.1%	$248K+263.0%	$68K
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	Q1'2710-K	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Operating Cash Flow	N/A	-$1.7M-5.4%	-$1.5M+9.7%	-$2.3M-6.9%	-$2.0M+3.2%	-$1.6M-0.9%	-$1.6M+22.9%	-$2.2M-121.0%
Depreciation & Amortization	N/A	$7K-10.0%	$7K+15.1%	$7K-42.6%	$7K-40.1%	$8K-18.3%	$6K+61.6%	$12K+60.0%
Stock-Based Compensation	N/A	N/A	N/A	N/A	$175K+220.0%	N/A	N/A	N/A
Capital Expenditures	N/A	$0	-$9K	N/A	N/A	$0-100.0%	$0-100.0%	N/A
Free Cash Flow	N/A	-$1.7M-5.4%	-$1.5M+9.1%	N/A	N/A	-$1.6M+2.1%	-$1.6M+23.2%	N/A
Investing Cash Flow	N/A	$0+100.0%	-$28K-77.5%	-$16K-169.9%	-$814+2.3%	-$8K+88.7%	-$16K+68.1%	-$6K-199.3%
Financing Cash Flow	N/A	-$64K-163.7%	$2.9M+1529.6%	$1.5M-20.7%	$3.6M+561.3%	$100K-73.5%	$180K-98.0%	$1.9M+269.5%

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

HSCSW 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.

HSCSW quarterly financial ratios

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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
Asset Turnover	N/A	0.000.0x	0.000.0x	0.000.0x	0.01
FCF Margin	-172036.6%	-170486.2%	-32981.9%	-112463.8%	-25367.5%

Metric	Q1'2710-K	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q
Gross Margin	N/A	N/A	N/A	58.3%	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%-825.6pp	-56.2%-4.4pp	-65.4%-30.8pp	N/A	-141.9%-122.9pp	-51.9%
Return on Assets	N/A	N/A	-47.0%-2.5pp	-39.2%-12.4pp	-31.9%-6.9pp	N/A	-44.5%-29.3pp	-26.8%+47.0pp
Current Ratio	0.53-0.9x	N/A	0.59-0.4x	2.42+0.7x	1.47-3.0x	0.59-3.6x	1.02-4.1x	1.72+1.2x
Debt-to-Equity	22.28+21.2x	N/A	19.58+17.4x	0.43-0.5x	1.05+0.7x	19.58+19.3x	2.19+1.9x	0.94
Asset Turnover	N/A	N/A	0.000.0x	0.00	0.00	N/A	0.000.0x	N/A

Not reported in any period shown, so not listed: FCF Margin.

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
HeartSciences Inc. Warrant HSCSW	FY2026	$4K	-$9.1M	N/A	N/A	—
Spectral AI, Inc. Warrants MDAIW	FY2025	$19.6M	-$7.6M	-38.5%	N/A	37/100
Ainos, Inc. Warrants AIMDW	FY2025	$124K	-$14.8M	N/A	N/A	—
Bone Biologics Corp Warrants BBLGW	FY2025	N/A	-$3.1M	N/A	N/A	—
Inspira Technologies Oxy B.H.N. Ltd. Warrant IINNW	FY2025	$289K	-$13.2M	N/A	N/A	—

Where HeartSciences Inc. Warrant Ranks

Frequently Asked Questions

What is HeartSciences Inc. Warrant's annual revenue?

HeartSciences Inc. Warrant (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. Warrant's revenue growing?

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

Is HeartSciences Inc. Warrant profitable?

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

What is HeartSciences Inc. Warrant's EBITDA?

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

What is HeartSciences Inc. Warrant's gross margin?

HeartSciences Inc. Warrant (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. Warrant's return on equity (ROE)?

HeartSciences Inc. Warrant (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. Warrant's free cash flow?

HeartSciences Inc. Warrant (HSCSW) 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. Warrant's operating cash flow?

HeartSciences Inc. Warrant (HSCSW) 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. Warrant's capital expenditures?

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

How much does HeartSciences Inc. Warrant spend on research and development?

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

How many shares does HeartSciences Inc. Warrant have outstanding?

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

How does HeartSciences Inc. Warrant's liquidity compare with its operating cash outflow?

At the end of fiscal year 2026, HeartSciences Inc. Warrant (HSCSW) held $1.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $7.4M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Are HeartSciences Inc. Warrant's earnings high quality?

HeartSciences Inc. Warrant (HSCSW) 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. Warrant cover its interest payments?

HeartSciences Inc. Warrant (HSCSW) 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.