SenesTech Announces 2025 Financial Results Driven by Strong Growth in E-Commerce

Rhea-AI Summary

SenesTech (NASDAQ: SNES) reported 2025 results with revenue up 20% to $2.2M, driven by strong e-commerce growth and a transition to direct Amazon management. Gross margin improved to 62.5% from 54.1% and adjusted EBITDA loss narrowed to $5.3M. Cash and short-term investments totaled $8.6M, providing runway into approximately Q2 2027. Operational highlights included e-commerce revenue +88% YoY, field validation showing up to a 79% decline in rat activity at one site, regulatory approval in New Zealand, and a CEO transition with an Interim Executive Chair appointed.

Positive

• Revenue +20% to $2.2M in 2025
• E-commerce +88% YoY, driving top-line growth
• Gross margin improved to 62.5% from 54.1%
• Cash and short-term investments of $8.6M, runway to Q2 2027
• Field validation: up to 79% decline in rat activity at one site

Negative

• Net loss of $6.4M in 2025
• One-time legal expense of $631,000 in 2025
• Transition to direct Amazon management caused an estimated $200,000 revenue impact in 2025

News Market Reaction – SNES

-15.04%

13 alerts

-15.04% News Effect

+4.6% Peak Tracked

-22.7% Trough Tracked

-$2M Valuation Impact

$12M Market Cap

1.3x Rel. Volume

On the day this news was published, SNES declined 15.04%, reflecting a significant negative market reaction. Argus tracked a peak move of +4.6% during that session. Argus tracked a trough of -22.7% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $2M from the company's valuation, bringing the market cap to $12M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 Revenue: $2.2 million 2025 Gross Margin: 62.5% 2025 Net Loss: $6.4 million +5 more

8 metrics

2025 Revenue $2.2 million Full year 2025, up 20% vs 2024

2025 Gross Margin 62.5% Full year 2025 vs 54.1% in 2024

2025 Net Loss $6.4 million Full year 2025 vs $6.2 million in 2024

Adjusted Net Loss $5.6 million 2025, excluding $631,000 legal and $135,000 lease expense

Adjusted EBITDA Loss $5.3 million Full year 2025 vs $5.8 million in 2024

Cash & Investments $8.6 million Balance sheet at December 31, 2025; runway into approximately Q2 2027

E-commerce Growth 88% year-over-year E-commerce revenue growth from 2024 to 2025

E-commerce Mix >50% of revenue E-commerce share of annual revenue in 2025

Market Reality Check

Price: $1.92 Vol: Volume 11,822 is light at...

low vol

$1.92 Last Close

Volume Volume 11,822 is light at 0.24x the 20-day average of 49,409, suggesting a modest initial reaction. low

Technical Shares at $2.06 are trading below the 200-day MA of $3.48 and remain 66.99% under the 52-week high of $6.24.

Peers on Argus

Momentum data flags only LOOP in the scanner, moving 0.70% down with no news, wh...

1 Down

Momentum data flags only LOOP in the scanner, moving 0.70% down with no news, while the target was marked as moving down as well. With just one peer in momentum and mixed moves across other chemicals names, the reaction appears stock-specific rather than sector-driven.

Previous Earnings Reports

5 past events · Latest: Nov 10 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Q3 2025 earnings	Positive	-8.2%	Record Q3 2025 revenue, strong Evolve growth, improved margins and losses.
Aug 07	Q2 2025 earnings	Positive	-13.0%	Record Q2 2025 revenue, record gross margin, strong cash position and expansion.
May 08	Q1 2025 earnings	Positive	+8.2%	Q1 2025 revenue growth, record margins, cost reductions and broader distribution.
Mar 12	Q4 2024 earnings	Positive	+4.3%	Q4 2024 revenue up 70%, margin gains, lower opex and better EBITDA.
Nov 12	Q3 2024 earnings	Positive	-7.1%	Record 9M 2024 revenue and margins with reduced expenses and cash burn.

Pattern Detected

Earnings releases have often shown positive operating trends but produced mixed to negative next-day price reactions, with several instances of divergence between improving fundamentals and share performance.

Recent Company History

Across the last five earnings reports from Nov 2024 through Nov 2025, SenesTech repeatedly highlighted record revenue, expanding gross margins (often above 60%), and narrowing losses or record Adjusted EBITDA. Evolve™ steadily grew as a larger share of sales, and cash balances were frequently emphasized as supporting runway toward breakeven. Despite this, three of five earnings events saw negative next‑day price moves, suggesting investor skepticism about the pace toward profitability. Today’s full‑year 2025 results continue the themes of revenue growth, strong margins, and loss improvement.

Historical Comparison

-3.1% avg move · Prior earnings headlines moved SNES an average of -3.15%. Against that backdrop, today’s +4.04% pre‑...

earnings

-3.1%

Average Historical Move earnings

Prior earnings headlines moved SNES an average of -3.15%. Against that backdrop, today’s +4.04% pre‑news price change marks a comparatively stronger setup into this earnings release.

Same‑tag earnings events show a steady build: recurring record revenues, Evolve™ becoming the dominant revenue driver, and gross margins rising into the mid‑60% range as the company works toward breakeven.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-08-15

An effective S-3 shelf allows selling stockholders to resell registered common shares and warrant shares. The company states it will only receive proceeds from any warrant exercises, earmarked for general corporate purposes such as R&D, capital spending, working capital and potential acquisitions, while the filing also highlights dilution risk from outstanding warrants.

Market Pulse Summary

The stock dropped -15.0% in the session following this news. A negative reaction despite revenue ris...

Analysis

The stock dropped -15.0% in the session following this news. A negative reaction despite revenue rising to $2.2M and gross margin improving to 62.5% would fit prior patterns, as past earnings averaged a -3.15% move even on positive fundamentals. Investors may focus on the $6.4M net loss, CEO transition, or overhang from registered resale and warrants under the S-3 shelf. Persistent losses and reliance on growth in e-commerce execution could leave the stock sensitive to changing risk appetite.

Key Terms

Adjusted EBITDA, Adjusted Net Loss, non-GAAP

3 terms

Adjusted EBITDA financial

"Adjusted EBITDA loss improved to $5.3 million in 2025, compared to $5.8 million in 2024..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted Net Loss financial

"Excluding these items, Adjusted Net Loss would have been $5.6 million."

Adjusted net loss is the company’s reported net loss after removing one-time, non-cash, or unusual items that management says obscure underlying results, such as restructuring charges, asset write-downs, or stock-based pay. Investors use it to focus on the business’s core profitability — like smoothing out potholes to judge road quality — but should be cautious because choices about what to exclude can make performance look better than it really is.

non-GAAP financial

"Adjusted EBITDA and Adjusted Net Loss are non-GAAP measures."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

AI-generated analysis. Not financial advice.

SURPRISE, Ariz., March 12, 2026 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES), a leader in birth control solutions for managing rodent populations, today announced financial results for the fourth quarter and the full year ended December 31, 2025.

2025 Highlights

• Revenue increased by 20% to $2.2 million in 2025 as compared to 2024, driven by strong growth in the Company's overall e-commerce channels despite the impact associated with the Company's transition to directly managing Amazon sales of Evolve^® Rat and Evolve Mouse. Excluding this transition-related impact, we estimate revenue would have increased by approximately 30%. As the transition becomes fully integrated, direct Amazon management is expected to meaningfully enhance both revenue and operating margins in the future.
• Gross profit margin was 62.5% in 2025, compared to 54.1% in 2024, driven by the higher margin profile of the Evolve product line and manufacturing improvements.
• Net loss for 2025 was $6.4 million compared to $6.2 million in 2024. 2025 included $631,000 in one-time legal expenses and $135,000 in non-cash operating lease expense. Excluding these items, Adjusted Net Loss would have been $5.6 million.
• Adjusted EBITDA loss improved to $5.3 million in 2025, compared to $5.8 million in 2024, reflecting continued revenue growth and improved gross margins partially offset by higher operating investments.
• The balance sheet was strengthened by capital raises completed in 2025, resulting in cash and short-term investments of $8.6 million at the end of 2025. The Company believes this capital will be sufficient to provide operating runway through approximately the second quarter of 2027.

Operational and Strategic Highlights

• E-commerce Growth: E-commerce revenue increased 88% year-over-year from 2024 to 2025, driven by strong growth on Amazon and the Company's direct-to-consumer website, notwithstanding the loss of an estimated $200,000 in 2025 revenue as a result of the Company's transition to directly managing Amazon sales. If the Company had recognized an additional $200,000 in E-Commerce revenue for this transition, E-Commerce revenue growth would have been 130%.
• Amazon Direct Management: SenesTech has begun directly managing Amazon sales of Evolve Rat and Evolve Mouse, transitioning from third-party management to strengthen product presentation and customer communications, leverage performance data to optimize marketing, and retain a greater portion of e-commerce economics. While the transition created an approximately $200,000 fourth quarter revenue impact, management expects direct control to drive higher revenue and stronger margins once fully integrated.
• Field Validation: Multi-month Evolve deployments in two urban study areas delivered measurable reductions in rodent activity within five months, including a 79% decline in rat activity at one site and more than a 50% decline at a second site.
• International Expansion: Evolve secured regulatory approval in New Zealand (with the initial stocking order shipped to exclusive partner Evicom) and expanded international footprint in Belize by adding the Belize Raptor Center as an official distributor.
• CEO Transition: SenesTech's Board has initiated a formal search for a new CEO following Joel Fruendt's retirement, and appointed Dr. Jamie Bechtel to the newly created role of Interim Executive Chair to support leadership continuity and strategic execution during the transition period.

Commentary

"2025 marked meaningful progress, with continued field validation, revenue growth, improved margins, and a stronger balance sheet," said Joel Fruendt, President and CEO of SenesTech. "We believe field validation of efficacy becomes a powerful catalyst for expanded acceptance in the market, as reflected in the strong growth of our e-commerce channel, which is now more than 50% of our annual revenue. We are leaning further into the direct-to-consumer and e-commerce opportunities, strengthening our control of the customer experience, improving performance management, and enhancing our ability to capture more value as adoption expands."

"With a CEO transition plan underway, the Board remains focused on continuity, alignment, and disciplined execution as we support management in scaling the business," said Dr. Jamie Bechtel, Interim Executive Chair of SenesTech. "With a growing body of validation and a sharpened go-to-market approach, we are focused on executing with discipline, expanding adoption, and building long-term stockholder value."

Use of Non-GAAP Financial Measure

Adjusted EBITDA and Adjusted Net Loss are non-GAAP measures. However, these measures are not intended to be a substitute for those financial measures reported in accordance with GAAP. These have been included because management believes that, when considered together with the GAAP figures, they provide meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. We use these non-GAAP financial measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. These adjustments may be calculated by us differently than other companies that disclose measures with the same or similar term. See our attached financials for a reconciliation of the non-GAAP measures to the nearest GAAP measure.

Conference Call Details

Date and Time: Thursday, March 12, 2026, at 5:00 pm ET

Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Investor Relations section of the Company's website at https://app.webinar.net/g3BpDpdDZ14 or https://senestech.investorroom.com/. 

Replay: A webcast replay will be available in the Investor Relations section of the Company's website at https://senestech.investorroom.com/ for 90 days.

About SenesTech

SenesTech is committed to creating healthier environments by managing animal pest populations through birth control. The company's groundbreaking products, including Evolve rodent birth control, integrate seamlessly into pest management programs, significantly enhancing their effectiveness while reducing reliance on traditional poisons. SenesTech's mission is to create cleaner cities, more efficient businesses, and healthier communities with products that are effective and sustainable.

For more information visit https://senestech.com/. 

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, among others, statements regarding the effectiveness and benefits of our products; the potential of direct management of Amazon sales of Evolve products to meaningfully enhance both revenue and operating margins; the Company's expected operating runway; the potential of field validation of efficacy to expand acceptance in the market; the Company's plans to lean further into direct-to-consumer and e-commerce opportunities and potential benefits thereof; CEO transition matters; and the impact of Adjusted EBITDA and Adjusted Net Loss metrics.

Forward-looking statements may describe future expectations, plans, results, or strategies and are often, but not always, made through the use of words such as "believe," "may," "future," "plan," "will," "should," "expect," "anticipate," "eventually," "project," "estimate," "continuing," "intend" and similar words or phrases. You are cautioned that such statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the successful commercialization of our products; market acceptance of our products; our financial performance, including our ability to fund operations; regulatory approval and regulation of our products; challenges transitioning to direct management of Amazon sales of Evolve products or the results of such direct management not being as expected; having to use cash at times and in ways other than as planned; and other factors and risks identified from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

CONTACT:  

Investor Relations: Robert Blum, Lytham Partners, LLC, 602-889-9700, senestech@lythampartners.com

Company: Tom Chesterman, Chief Financial Officer, SenesTech, Inc., 928-779-4143

SENESTECH, INC. BALANCE SHEETS (In thousands, except share and per share data) (Unaudited)
	As of December 31,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$         7,575		$         1,307
Short-term investments	994		—
Accounts receivable, net	201		335
Inventory	994		794
Prepaid expenses and other current assets	297		377
Total current assets	10,061		2,813
Right to use assets, operating leases	2,336		—
Property and equipment, net	410		407
Other noncurrent assets	36		58
Total assets	$       12,843		$         3,278
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$           183		$           215
Accrued expenses	383		278
Current portion of operating lease liability	139		—
Current portion of notes payable	61		56
Deferred revenue	32		12
Total current liabilities	798		561
Operating lease liability, less current portion	2,332		-
Notes payable, less current portion	145		206
Total liabilities	3,275		767
Stockholders' equity:
Common stock	5		1
Additional paid-in capital	152,043		138,607
Accumulated deficit	(142,480)		(136,097)
Total stockholders' equity	9,568		2,511
Total liabilities and stockholders' equity	$       12,843		$         3,278

 

SENESTECH, INC. STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited)
	Three Months Ended December 31,				Years Ended December 31,
	2025		2024		2025		2024
Revenues, net	$           421		$           501		$         2,221		$         1,857
Cost of sales	188		196		833		853
Gross profit	233		305		1,388		1,004
Operating expenses:
Research and development	453		424		1,698		1,712
Selling, general and administrative	1,661		1,138		6,195		5,541
Total operating expenses	2,114		1,562		7,893		7,253
Loss from operations	(1,881)		(1,257)		(6,505)		(6,249)
Other income (expense):
Interest income	82		8		144		56
Interest expense	(5)		(7)		(22)		(22)
Miscellaneous income	—		1		—		31
Other income, net	77		2		122		65
Net loss	$        (1,804)		$        (1,255)		$        (6,383)		$        (6,184)
Weighted average shares outstanding — basic and diluted	5,223,015		1,029,592		3,275,983		697,974
Loss per share — basic and diluted	$         (0.35)		$         (1.22)		$         (1.95)		$         (8.86)

 

SenesTech Inc. Itemized Reconciliation Between Net Loss and Adjusted EBITDA (non-GAAP) (In thousands) (Unaudited)
	Three Months Ended December 31,				Years Ended December 31,
	2025		2024		2025		2024
Net loss (as reported, GAAP)	$        (1,804)		$        (1,255)		$        (6,383)		$        (6,184)
Non-GAAP adjustments:
Interest income, net	(77)		(1)		(122)		(34)
Stock-based compensation expense	36		80		264		326
Depreciation expense	32		41		135		156
Non-cash operating lease expense (benefit)	48		(5)		135		(8)
One-time legal costs	275		—		631		—
Severance costs	-		-		27		13
Gain on sale of assets	-		-		—		(28)
Total non-GAAP adjustments	314		115		1,070		425
Adjusted EBITDA loss (non-GAAP)	$        (1,490)		$        (1,140)		$        (5,313)		$        (5,759)

 

SenesTech Inc. Reconciliation of Net Loss and Adjusted Net Loss (non-GAAP) (In thousands) (Unaudited)
	Years Ended December 31,				Percent Change
	2025		2024
Net loss (as reported, GAAP)	$        (6,383)		$        (6,184)		3 %
Non-GAAP adjustments:
One-time legal costs	631		—
Non-cash operating lease expense (benefit)	135		(8)
Adjusted net loss (non-GAAP)	$        (5,617)		$        (6,192)		(9) %

 

 

 

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SOURCE SenesTech, Inc.

FAQ

What were SenesTech's full-year 2025 revenue and margin results (SNES)?

SenesTech reported $2.2 million revenue for 2025 and a gross margin of 62.5%. According to the company, revenue grew 20% year-over-year, driven mainly by e-commerce expansion and Evolve product mix improvements.

How much did SNES e-commerce sales grow in 2025 and what impacted that figure?

E-commerce revenue rose 88% year-over-year in 2025, despite an estimated $200,000 drag from transitioning Amazon management. According to the company, direct Amazon control should boost revenue and margins once fully integrated.

What is SenesTech's cash position and expected runway after 2025 (SNES)?

SenesTech ended 2025 with $8.6 million in cash and short-term investments, providing runway into approximately Q2 2027. According to the company, capital raises completed in 2025 strengthened the balance sheet.

Did SenesTech report any operational validation or field results for Evolve in 2025?

Yes—multi-month Evolve deployments produced measurable reductions, including a 79% decline in rat activity at one urban site within five months. According to the company, these results support broader adoption efforts.

What one-time costs and adjustments affected SenesTech's 2025 net loss (SNES)?

2025 net loss included a $631,000 one-time legal expense and $135,000 non-cash operating lease expense. According to the company, excluding these items, Adjusted Net Loss would have been $5.6 million.