Ceribell (NASDAQ: CBLL) posts 36% 2025 revenue growth but wider net loss

Rhea-AI Filing Summary

Ceribell, Inc. reported strong growth for the fourth quarter and full year 2025 while remaining loss-making. Fourth quarter revenue rose 34% to $24.8 million, with product revenue up 33% and subscription revenue up 37%. Gross margin was a high 87%, but operating expenses increased 24% to $36.2 million, leading to a net loss of $13.5 million, or $0.36 per share.

For full year 2025, revenue grew 36% to $89.1 million, driven by both product and subscription sales. Gross profit reached $78.3 million with an improved gross margin of 88%, but operating expenses rose 42% to $136.7 million, resulting in a net loss of $53.4 million, or $1.46 per share. Ceribell ended the year with $159.3 million in cash, cash equivalents, and marketable securities and 647 active accounts.

The company highlighted multiple regulatory milestones, including two FDA 510(k) clearances and an FDA Breakthrough Device Designation, and guided 2026 revenue to $111–115 million, implying about 25–29% growth over 2025.

Positive

• Strong top-line growth with premium margins: 2025 revenue grew 36% to $89.1 million, with Q4 revenue up 34% and gross margin improving to 88%, indicating attractive underlying economics.
• Growing recurring revenue and customer base: Subscription revenue rose 41% year over year to $21.7 million, and active accounts reached 647 by year-end, supporting a more predictable revenue mix.
• Meaningful regulatory and market expansion milestones: Multiple FDA 510(k) clearances and an FDA Breakthrough Device Designation underpin management’s estimate of over $1.5 billion in incremental market opportunity.
• Healthy liquidity to fund growth: Cash, cash equivalents, and marketable securities totaled $159.3 million at December 31, 2025, providing a substantial cushion to support ongoing investments.

Negative

• Rising operating losses despite growth: Operating expenses increased 42% to $136.7 million in 2025, driving the net loss wider to $53.4 million, which may delay the path to profitability if spending is not leveraged over time.

Insights

Medical technology equity analyst

Rapid revenue growth and strong margins offset by rising operating losses.

Ceribell is scaling quickly, with Q4 2025 revenue up 34% to $24.8 million and full-year revenue up 36% to $89.1 million. High gross margins of 87–88% show attractive unit economics supported by recurring subscription revenue reaching $21.7 million for 2025.

However, operating expenses grew faster than revenue, rising 42% in 2025 to $136.7 million, driven by commercial expansion, added headcount, legal costs, and public company expenses. This pushed the annual net loss to $53.4 million, compared with $40.5 million in 2024.

Regulatory achievements—two FDA 510(k) clearances and an FDA Breakthrough Device Designation—support management’s view of over $1.5 billion in incremental market opportunity. The 2026 revenue outlook of $111–115 million implies about 25–29% growth, so future updates on revenue trajectory and expense discipline in 2026 filings will be important for assessing progress toward profitability.

0001861107false00018611072026-02-242026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

CeriBell, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-42364		47-1785452
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification Number)
360 N. Pastoria Avenue Sunnyvale, California				94085
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (800) 436-0826

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		CBLL		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 24, 2026, CeriBell, Inc. issued a press release announcing its financial results for the fiscal quarter ended December 31, 2025. A copy of the press release, dated February 24, 2026, is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The foregoing information in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01	Financial Statements and Exhibits.
Exhibit No.		Description
99.1		Press Release of CeriBell, Inc., dated February 24, 2026.
104		Cover Page Interactive Data File, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				CERIBELL, INC.
Date: February 24, 2026				By:		/s/ Scott Blumberg
						Scott Blumberg
						Chief Financial Officer

Ceribell Reports Fourth Quarter and Full Year 2025 Financial Results

Sunnyvale, Calif. – February 24, 2026 – CeriBell, Inc. (Nasdaq: CBLL) (“Ceribell”), a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 & Recent Highlights

•Reported total revenue of $24.8 million in the fourth quarter of 2025, a 34% increase compared to the same period in 2024

•Delivered total revenue of $89.1 million for the full year of 2025, a 36% increase over the prior year

•Ended the year with 647 total active accounts

•Achieved gross margin of 87% in the fourth quarter of 2025 and 88% for the full year of 2025

•Received FDA 510(k) clearance for first-of-its-kind continuous monitoring solution for delirium

•Received FDA 510(k) clearance for use of Clarity algorithm for neonates, becoming the first and only FDA-cleared seizure detection algorithm for pre-term neonates through adults

•Received FDA Breakthrough Device Designation for first-in-class large vessel occlusion (LVO) stroke detection and monitoring solution

“2025 was a milestone year for Ceribell,” said co-founder and CEO Jane Chao, Ph.D. “We accelerated adoption across new and existing accounts, broadened the age range of our seizure detection algorithm to include pediatric and neonatal populations, and achieved critical regulatory milestones, unlocking incremental market opportunities that we believe exceed $1.5 billion. As we enter the new year, we believe these accomplishments position us well to drive continued growth and advance our long-term vision of making EEG a new vital sign.”

Fourth Quarter 2025 Financial Results

Total revenue in the fourth quarter of 2025 was $24.8 million, a 34% increase from $18.5 million in the fourth quarter of 2024. The increase was primarily driven by expansion into new accounts and continued growth in adoption within the company’s active account base. Product revenue for the fourth quarter of 2025 was $18.8 million, representing an increase of 33% from $14.1 million in the fourth quarter of 2024. Subscription revenue for the fourth quarter of 2025 was $6.0 million, representing an increase of 37% from $4.4 million in the fourth quarter of 2024.

Gross profit in the fourth quarter of 2025 was $21.6 million, compared to $16.2 million for the fourth quarter of 2024. Gross margin for the fourth quarter of 2025 was 87%, compared to 88% for the same period in 2024.

Operating expenses in the fourth quarter of 2025 were $36.2 million, compared to $29.1 million for the fourth quarter of 2024, representing an increase of 24%. The increase in operating expenses was primarily attributable to investments in the company’s commercial organization, increased headcount to support the growth of the business, legal expenses, and expenses related to operating as a public company.

Net loss in the fourth quarter of 2025 was $13.5 million, or $0.36 net loss per share, compared to a net loss of $12.6 million, or $0.40 net loss per share, for the same period in 2024.

Full Year 2025 Financial Results

Total revenue in the full year of 2025 was $89.1 million, a 36% increase from $65.4 million in the full year of 2024. The increase was primarily driven by expansion into new accounts and continued growth in adoption within the company’s active account base. Product revenue for the full year of 2025 was $67.3 million, representing an increase of 34% from

$50.1 million in the full year of 2024. Subscription revenue for the full year of 2025 was $21.7 million, representing an increase of 41% from $15.4 million in the full year of 2024.

Gross profit in the full year of 2025 was $78.3 million, compared to $56.8 million for the full year of 2024. Gross margin for the full year of 2025 was 88% compared to 87% for the same period in 2024.

Operating expenses in the full year of 2025 were $136.7 million, compared to $96.5 million for the full year of 2024, representing an increase of 42%. The increase in operating expenses was primarily attributable to investments in the company’s commercial organization, increased headcount to support the growth of the business, legal expenses, and expenses related to operating as a public company.

Net loss in the full year of 2025 was $53.4 million, or $1.46 net loss per share, compared to a net loss of $40.5 million, or $3.39 net loss per share, for the same period in 2024.

Cash, cash equivalents, and marketable securities totaled $159.3 million as of December 31, 2025.

2026 Financial Outlook

Ceribell expects revenue for the full year 2026 to be in the range of $111 million to $115 million, representing growth of approximately 25% to 29% over the company’s prior year revenue.

Webcast and Conference Call Details

Ceribell will host a conference call today, February 24, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its fourth quarter and full year 2025 financial results. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 9394689. A live and archived webcast of the event will be available on the “Investor Relations” section of the Ceribell website at https://investors.ceribell.com/.

Forward-Looking Statements

Except where otherwise noted, the information contained in this earnings release and the related attachments is as of February 24, 2026. We assume no obligation to update any forward-looking statements contained in this earnings release and the related attachments as a result of new information or future events or developments. This earnings release and the related attachments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; and expectations for our products. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions, and we cannot ensure that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as “will,” “may,” “could,” “likely,” “ongoing,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “assume,” “target,” “forecast,” “guidance,” “goal,” “objective,” “aim,” “seek,” “potential,” “hope” and other words and terms of similar meaning. Ceribell’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: risks related to our limited operating history and history of net losses; our ability to successfully achieve substantial market acceptance and adoption of our products; competitive pressures; our ability to adapt our manufacturing and production capacities to evolving patterns of demand, governmental actions and customer trends; the manufacturing of a substantial number of our product components and their assembly in China and Vietnam; product defects or complaints and related liability; the complexity, timing, expense, and outcomes of clinical studies, legal matters and regulatory compliance; our ability to obtain and maintain adequate coverage and reimbursement levels for our products; our ability to comply with changing laws and regulatory requirements and resulting costs; our dependence on a limited number of suppliers; and other risks and uncertainties, including those described under the heading “Risk Factors” in our Registration Statement on Form S-1, Annual Report on Form 10-K, and other reports filed with the U.S. Securities and Exchange Commission (“SEC”). These

filings, when made, are available on the Investor Relations section of our website at https://investors.ceribell.com/ and on the SEC’s website at https://sec.gov/.

About CeriBell, Inc.

Ceribell is a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. Ceribell has developed the Ceribell System, a novel, point-of-care electroencephalography (“EEG”) platform specifically designed to address the unmet needs of patients in the acute-care setting. By combining proprietary, highly portable, and rapidly deployable hardware with sophisticated artificial intelligence (“AI”)-powered algorithms, the Ceribell System enables rapid diagnosis and continuous monitoring of patients with neurological conditions. The Ceribell System is FDA-cleared for use in detecting seizure and delirium in intensive care units and emergency rooms across the U.S. Ceribell is headquartered in Sunnyvale, California. For more information, please visit www.ceribell.com or follow the company on LinkedIn.

Investor Contacts

Brian Johnston or Laine Morgan

Gilmartin Group

Investors@ceribell.com

Media Contact

Brian Price

Press@ceribell.com

Ceribell, Inc.

Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

		Three months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
Revenue
Product revenue		$	18,784			$	14,147			$	67,335			$	50,079
Subscription revenue			6,000				4,387				21,728				15,365
Total revenue			24,784				18,534				89,063				65,444
Cost of revenue
Product cost of goods sold			2,956				2,136				10,128				8,209
Subscription cost of revenue			185				160				661				485
Total cost of revenue			3,141				2,296				10,789				8,694
Gross profit			21,643				16,238				78,274				56,750
Operating expenses
Research and development			5,062				3,913				19,143				13,562
Sales and marketing			19,058				15,243				73,082				49,055
General and administrative			12,119				9,966				44,451				33,842
Total operating expenses			36,239				29,122				136,676				96,459
Loss from operations			(14,596	)			(12,884	)			(58,402	)			(39,709	)
Interest expense			(462	)			(499	)			(1,890	)			(1,992	)
Change in fair value of warrant liability			—				(1,079	)			—				(1,496	)
Other income, net			1,531				1,886				6,880				2,742
Loss, before provision for income taxes			(13,527	)			(12,576	)			(53,412	)			(40,455	)
Provision for income tax expense			—				—				—				—
Net loss		$	(13,527	)		$	(12,576	)		$	(53,412	)		$	(40,455	)
Net loss per share attributable to common stockholders:
Basic and diluted			(0.36	)			(0.40	)			(1.46	)			(3.39	)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted			37,218,830				31,205,891				36,542,048				11,949,973

Ceribell, Inc.

Balance Sheets

(in thousands, except share and per share data)

(unaudited)

		December 31,				December 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents		$	40,476			$	194,370
Marketable securities			118,785				—
Accounts receivable, net			15,053				10,878
Inventory			7,288				6,937
Contract costs, current			2,210				1,837
Prepaid expenses and other current assets			2,906				3,250
Total current assets			186,718				217,272
Property and equipment, net			2,030				2,313
Operating lease right-of-use assets			2,296				2,132
Contract costs, long-term			1,847				1,507
Other non-current assets			2,912				2,188
Total assets		$	195,803			$	225,412
Liabilities, redeemable convertible preferred stock and stockholders’ deficit
Current liabilities
Accounts payable		$	2,838			$	1,143
Accrued liabilities			14,328				10,052
Contract liabilities, current			101			97
Operating lease liability, current			1,105				1,088
Other current liabilities			818			609
Total current liabilities			19,190				12,989
Long-term liabilities
Notes payable, long-term			19,811				19,558
Contract liabilities, long-term			—			30
Other liabilities, long-term			106			356
Operating lease liability, long-term			1,360				1,314
Total long-term liabilities			21,277				21,258
Total liabilities		$	40,467			$	34,247
Commitments and contingencies
Stockholders’ deficit
Preferred stock, $0.001 par value;
Authorized shares: 10,000,000 and none shares as of December 31, 2025 and December 31, 2024, respectively
Issued and outstanding shares: none as of December 31, 2025 and December 31, 2024, respectively			—				—
Common stock, $0.001 par value;
Authorized shares: 500,000,000 as of December 31, 2025 and December 31, 2024, respectively
Issued and outstanding shares: 37,485,124 and 35,850,606 as of December 31, 2025 and December 31, 2024, respectively			38				36
Additional paid-in capital			375,495				358,073
Accumulated other comprehensive income			159				—
Accumulated deficit			(220,356	)			(166,944	)
Total stockholders’ deficit			155,336				191,165
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit		$	195,803			$	225,412

FAQ

How did CeriBell Inc. (CBLL) perform financially in Q4 2025?

CeriBell delivered strong Q4 2025 growth, with revenue rising 34% to $24.8 million. Product revenue grew to $18.8 million and subscription revenue to $6.0 million, while maintaining an 87% gross margin, though the company still reported a net loss.

What were CeriBell Inc. (CBLL) full year 2025 results?

For 2025, CeriBell generated $89.1 million in revenue, up 36% from 2024. Gross profit reached $78.3 million with an 88% gross margin, but higher operating expenses of $136.7 million led to a net loss of $53.4 million.

What revenue guidance did CeriBell Inc. (CBLL) provide for 2026?

CeriBell expects 2026 revenue between $111 million and $115 million. This outlook represents approximately 25% to 29% growth over 2025 revenue of $89.1 million, reflecting management’s confidence in continued adoption of its neurological monitoring technologies.

How strong are CeriBell Inc. (CBLL) gross margins and what drives them?

CeriBell reported robust gross margins of 87% in Q4 2025 and 88% for full year 2025. These margins are supported by its high-value medical technology platform, with growing contributions from subscription revenue of $21.7 million in 2025.

Is CeriBell Inc. (CBLL) profitable, and what was its 2025 net loss?

CeriBell is not yet profitable, posting a 2025 net loss of $53.4 million. This compares with a $40.5 million net loss in 2024, as operating expenses increased to $136.7 million to fund commercial expansion and public company requirements.

What FDA regulatory milestones did CeriBell Inc. (CBLL) achieve in 2025?

In 2025, CeriBell received FDA 510(k) clearance for a delirium monitoring solution and for neonatal use of its Clarity algorithm, plus an FDA Breakthrough Device Designation for LVO stroke detection, supporting an estimated $1.5 billion incremental market opportunity.

What is CeriBell Inc. (CBLL) cash position as of December 31, 2025?

As of December 31, 2025, CeriBell held $159.3 million in cash, cash equivalents, and marketable securities. This liquidity provides substantial resources to continue investing in research, commercialization, and regulatory initiatives while the company remains loss-making.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 327.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 25.7 KB