SeaStar Medical Holding Corp Financials
SeaStar Medical Holding Corp (ICU) reported $1.7M in revenue over the twelve months to Jun 30, 2026. 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).
SeaStar is still financed by capital raises, with early commercialization far too small to support its cost base.
FY2025's real inflection was a balance-sheet reset: financing inflows of$23.8M turned FY2024's equity deficit of-$2.2M into positive equity. That recapitalization, rather than operating cash generation, moved the current ratio from 0.6x to 3.6x even though the business still consumed more cash than its annual loss.
The operating model still looks development-stage: FY2025 revenue of
Cash use still ran ahead of accounting loss, with operating cash flow at
Financial Health Signals
Scored against operating 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 SeaStar Medical Holding Corp'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.
SeaStar Medical Holding Corp's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 3/100.
Not available for SeaStar Medical Holding Corp, and counted as zero in the overall score.
SeaStar Medical Holding Corp carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.63, SeaStar Medical Holding Corp holds $3.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Not available for SeaStar Medical Holding Corp, and counted as zero in the overall score.
SeaStar Medical Holding Corp posts a -116.7% return on equity (ROE), meaning it loses $117 for every $100 of shareholders' equity. This results in a returns score of 3/100.
SeaStar Medical Holding Corp scores -14.71, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($13.7M) relative to total liabilities ($3.7M). 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.
SeaStar Medical Holding Corp passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
SeaStar Medical Holding Corp reported a net loss of $12.2M while operations used $13.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
SeaStar Medical Holding Corp reported an operating loss of $12.2M against $31K 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
Earnings & Revenue
SeaStar Medical Holding Corp generated $1.2M in revenue in fiscal year 2025. This represents an increase of 814.1% from the prior year.
SeaStar Medical Holding Corp reported -$12.2M in net income in fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
SeaStar Medical Holding Corp held $12.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
SeaStar Medical Holding Corp's gross margin was 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.3 percentage points from the prior year.
SeaStar Medical Holding Corp's ROE was -116.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
SeaStar Medical Holding Corp invested $7.5M in research and development in fiscal year 2025. This represents a decrease of 17.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ICU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $615K+24.2% | $495K+17.9% | $420K+129.5% | $183K-45.9% | $338K+15.4% | $293K | N/A | $68K |
| Cost of Revenue | $54K+17.4% | $46K+283.3% | $12K-14.3% | $14K-48.1% | $27K | $0 | N/A | $0 |
| Gross Profit | $561K+24.9% | $449K+10.0% | $408K+141.4% | $169K-45.7% | $311K+6.1% | $293K | N/A | $68K |
| R&D Expenses | $2.5M+7.5% | $2.3M+6.5% | $2.2M+18.9% | $1.9M+78.4% | $1.0M-57.3% | $2.4M | N/A | $2.3M |
| SG&A Expenses | $1.8M+7.3% | $1.7M+39.3% | $1.2M-35.4% | $1.9M+84.3% | $1.0M-38.8% | $1.7M | N/A | $2.2M |
| Operating Income | -$3.8M-5.2% | -$3.6M-19.4% | -$3.0M+15.7% | -$3.6M-103.8% | -$1.8M+54.1% | -$3.8M | N/A | -$4.5M |
| Interest Expense | $8K+33.3% | $6K-45.5% | $11K | $0-100.0% | $9K-18.2% | $11K | N/A | $272K |
| Income Tax | $0-100.0% | $3K | $0 | $0 | $0-100.0% | $3K | N/A | $0 |
| Net Income | -$3.7M-5.9% | -$3.5M-21.2% | -$2.9M+16.4% | -$3.5M-73.4% | -$2.0M+46.9% | -$3.8M | N/A | -$4.5M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | -$0.18 | -$0.44+17.0% | -$0.53 | -$1.10 |
ICU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.6M-23.2% | $11.3M-20.4% | $14.2M-8.8% | $15.5M+85.3% | $8.4M-41.0% | $14.2M+204.9% | $4.7M+1.6% | $4.6M |
| Current Assets | $8.2M-23.6% | $10.8M-20.7% | $13.6M-8.7% | $14.9M+94.5% | $7.6M+12.7% | $6.8M+80.1% | $3.8M+4.1% | $3.6M |
| Cash & Equivalents | $7.0M-25.6% | $9.3M-22.0% | $12.0M-13.0% | $13.8M+118.4% | $6.3M+19.0% | $5.3M+191.1% | $1.8M-12.6% | $2.1M |
| Inventory | $77K+35.1% | $57K-13.6% | $66K-20.5% | $83K+7.8% | $77K+75.0% | $44K | $0 | $0 |
| Accounts Receivable | $208K+16.2% | $179K-24.5% | $237K+7.2% | $221K+1.8% | $217K+97.3% | $110K-1.8% | $112K+64.7% | $68K |
| Total Liabilities | $4.4M+10.3% | $3.9M+5.5% | $3.7M-8.0% | $4.1M-19.4% | $5.0M-63.0% | $13.6M+99.3% | $6.8M+49.1% | $4.6M |
| Current Liabilities | $4.4M+10.3% | $3.9M+5.5% | $3.7M-8.0% | $4.1M-19.4% | $5.0M-28.3% | $7.0M+2.8% | $6.8M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Total Equity | $4.3M-41.3% | $7.3M-29.8% | $10.4M-9.1% | $11.5M+243.1% | $3.3M+491.3% | $565K+125.9% | -$2.2M-106284.0% | -$2K |
| Retained Earnings | -$159.0M-2.4% | -$155.2M-2.3% | -$151.7M-2.0% | -$148.8M-2.4% | -$145.3M-1.4% | -$143.3M-2.7% | -$139.6M-3.3% | -$135.1M |
Not reported in any period shown, so not listed: Goodwill.
ICU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M-8.4% | -$2.8M+32.6% | -$4.1M-6.5% | -$3.8M-27.8% | -$3.0M-13.3% | -$2.7M+43.4% | -$4.7M+6.2% | -$5.0M |
| Financing Cash Flow | $605K+369.0% | $129K-94.4% | $2.3M-79.6% | $11.3M+181.7% | $4.0M-34.5% | $6.1M+38.4% | $4.4M-25.0% | $5.9M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
ICU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.2%+0.5pp | 90.7%-6.4pp | 97.1%+4.8pp | 92.3%+0.3pp | 92.0%-8.0pp | 100.0% | N/A | 100.0% |
| Operating Margin | -616.4% | -727.9% | -718.6% | -1955.7% | -519.5% | -1304.4% | N/A | -6552.9% |
| Net Margin | -606.5% | -711.3% | -691.4% | -1897.3% | -592.3% | -1287.4% | N/A | -6585.3% |
| Return on Equity | -86.8%-38.7pp | -48.1%-20.2pp | -27.9%+2.4pp | -30.3%+29.6pp | -59.9%+607.7pp | -667.6% | N/A | N/A |
| Return on Assets | -43.1%-11.9pp | -31.3%-10.7pp | -20.5%+1.8pp | -22.4%+1.5pp | -23.9%+2.7pp | -26.6% | N/A | -97.7% |
| Current Ratio | 1.89-0.8x | 2.73-0.9x | 3.630.0x | 3.66+2.1x | 1.52+0.6x | 0.96+0.4x | 0.55 | N/A |
| Debt-to-Equity | 1.01+0.5x | 0.54+0.2x | 0.360.0x | 0.35-1.2x | 1.51-22.6x | 24.13 | N/A | 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
Where SeaStar Medical Holding Corp Ranks
Frequently Asked Questions
What is SeaStar Medical Holding Corp's annual revenue?
SeaStar Medical Holding Corp (ICU) reported $1.2M in total revenue for fiscal year 2025. This represents a 814.1% 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 SeaStar Medical Holding Corp's revenue growing?
SeaStar Medical Holding Corp (ICU) revenue grew by 814.1% year-over-year, from $135K to $1.2M in fiscal year 2025.
Is SeaStar Medical Holding Corp profitable?
No, SeaStar Medical Holding Corp (ICU) reported a net income of -$12.2M in fiscal year 2025.
What is SeaStar Medical Holding Corp's gross margin?
SeaStar Medical Holding Corp (ICU) had a gross margin of 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SeaStar Medical Holding Corp's return on equity (ROE)?
SeaStar Medical Holding Corp (ICU) has a return on equity of -116.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SeaStar Medical Holding Corp's operating cash flow?
SeaStar Medical Holding Corp (ICU) recorded an outflow of $13.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are SeaStar Medical Holding Corp's total assets?
SeaStar Medical Holding Corp (ICU) had $14.2M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does SeaStar Medical Holding Corp spend on research and development?
SeaStar Medical Holding Corp (ICU) invested $7.5M in research and development during fiscal year 2025.
What is SeaStar Medical Holding Corp's current ratio?
SeaStar Medical Holding Corp (ICU) had a current ratio of 3.63 as of fiscal year 2025, which is generally considered healthy.
What is SeaStar Medical Holding Corp's debt-to-equity ratio?
SeaStar Medical Holding Corp (ICU) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SeaStar Medical Holding Corp's return on assets (ROA)?
SeaStar Medical Holding Corp (ICU) had a return on assets of -85.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does SeaStar Medical Holding Corp's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, SeaStar Medical Holding Corp (ICU) held $12.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.6M over that year. Dividing the one by the other, the reported balance equals about 11 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.
What is SeaStar Medical Holding Corp's Altman Z-Score?
SeaStar Medical Holding Corp (ICU) has an Altman Z-Score of -14.71, 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.
What is SeaStar Medical Holding Corp's Piotroski F-Score?
SeaStar Medical Holding Corp (ICU) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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 SeaStar Medical Holding Corp's earnings high quality?
SeaStar Medical Holding Corp (ICU) reported a net loss of $12.2M while operations used $13.6M 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 SeaStar Medical Holding Corp cover its interest payments?
SeaStar Medical Holding Corp (ICU) reported an operating loss of $12.2M against $31K 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.
How financially healthy is SeaStar Medical Holding Corp?
SeaStar Medical Holding Corp (ICU) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.