Hyperfine (NASDAQ: HYPR) posts 83% Q1 revenue growth but stays unprofitable
Rhea-AI Filing Summary
Hyperfine, Inc. reported strong first quarter 2026 growth while remaining unprofitable. Revenue reached $3.90 million, up 83% from $2.14 million a year earlier, driven by sales of 10 Swoop® systems versus six in the prior-year quarter. Gross profit rose to $1.98 million, and gross margin improved to 51% from 41%.
Operating expenses declined slightly, with research and development down to $3.85 million from $5.04 million. Net loss narrowed to $8.62 million, or $0.09 per share, from $9.42 million, or $0.12 per share. Cash, cash equivalents and restricted cash increased to $41.28 million, supported by a $15.0 million debt financing that extends the expected cash runway into 2028. Management reaffirmed 2026 guidance for revenue of about $20–$22 million and cash burn of $26–$28 million.
Positive
- Revenue growth and margin expansion: Q1 2026 revenue rose 83% year over year to $3.90 million with gross margin improving to 51% from 41%, indicating strengthening demand and better unit economics.
- Extended cash runway: Cash, cash equivalents and restricted cash increased to $41.28 million, aided by $15.0 million of new debt financing, extending the expected cash runway into 2028 while management still targets a 10% reduction in 2026 cash burn at the midpoint.
Negative
- Continued significant losses and cash burn: Despite growth, Hyperfine reported a Q1 2026 net loss of $8.62 million and projects 2026 cash burn of $26–$28 million, highlighting ongoing dependence on external financing.
- Higher leverage and warrant overhang: The company added $13.12 million of long-term debt and reported $1.97 million of warrant liabilities, which may increase financial risk and potential future dilution.
Insights
Hyperfine posted rapid revenue growth and improved margins but still burns cash.
Hyperfine delivered Q1 2026 revenue of $3.90M, up 83% year over year, with 10 Swoop® systems sold versus six. Gross margin expanded to 51%, showing better unit economics as the installed base grows and higher-margin service revenue scales.
Operating discipline is visible: research and development fell to $3.85M from $5.04M, while sales and marketing plus general and administrative were essentially flat. Net loss improved modestly to $8.62M, and cash, cash equivalents and restricted cash reached $41.28M.
Guidance reiterates full-year 2026 revenue of $20–$22M and cash burn of $26–$28M, implying continued high but slightly moderating cash use. A new $15.0M debt financing supports an expected cash runway into 2028, but long-term value still depends on sustained adoption of the Swoop® system and successful clinical and regulatory milestones such as the Contrast PMR study and additional clearances.
8-K Event Classification
Key Figures
Key Terms
CE Marking regulatory
UK Conformity Assessment (UKCA) regulatory
FDA 510(k) submission regulatory
cash burn financial
warrant liabilities financial
at-the-market offering program financial
Earnings Snapshot
Management expects 2026 revenue of approximately $20–$22 million and cash burn of about $26–$28 million, implying 55% revenue growth and a 10% cash burn decline at the respective midpoints versus full-year 2025.
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): |
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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:
Securities registered pursuant to Section 12(b) of the Act:
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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 May 12, 2026, Hyperfine, Inc. issued a press release announcing its results for the first quarter ended March 31, 2026 and providing a business update. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Description |
99.1 |
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Press Release dated May 12, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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The press release may contain hypertext links to information on our website. The information on our website is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HYPERFINE, INC. |
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Date: |
May 12, 2026 |
By: |
/s/ Brett Hale |
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Brett Hale |
Exhibit 99.1
Hyperfine, Inc. Reports First Quarter 2026 Financial Results
GUILFORD, Connecticut, May 12, 2026 (GLOBE NEWSWIRE) – Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared AI-powered portable magnetic resonance (MR) brain imaging system—the Swoop® system—today announced first quarter 2026 financial results and provided a business update.
“Our execution in Q1 was strong. We delivered our second-highest revenue quarter to date with over 80% year-over-year revenue growth, driven by our accelerating commercial engine. We believe the international regulatory clearances we secured, the clinical data we released to the neurology and stroke communities, and the continued momentum in our office and hospital businesses all indicate portable brain MRI is becoming mainstream, and we are leading the charge,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc.
Recent Achievements and Business Highlights
First Quarter 2026 Financial Results
2026 Financial Guidance
1Cash burn is calculated as change in cash and cash equivalents less net financing proceeds.
Conference Call
Hyperfine, Inc. will host a conference call at 1:30 p.m. PT/ 4:30 p.m. ET on Tuesday, May 12, 2026 to discuss its first quarter 2026 financial results and provide a business update. Those interested in listening should register online by visiting https://investors.hyperfine.io/ and clicking on News & Events. Participants are encouraged to register more than 15 minutes before the start of the call. A live and archived audio webcast will be available through the Investors page of Hyperfine, Inc.’s corporate website at https://investors.hyperfine.io/.
About Hyperfine, Inc. and the Swoop® Portable MR Imaging® Systems
Hyperfine, Inc. (Nasdaq: HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop® system—the first U.S. Food and Drug Administration (FDA)-cleared, portable, ultra-low-field, magnetic resonance brain imaging system capable of providing imaging at multiple points of professional care. The mission of Hyperfine, Inc. is to revolutionize patient care globally through transformational, accessible, clinically relevant diagnostic imaging. Founded by Dr. Jonathan Rothberg in a technology-based incubator called 4Catalyzer, Hyperfine, Inc. scientists, engineers, and physicists developed the Swoop® system out of a passion for redefining brain imaging methodology and how clinicians can apply accessible diagnostic imaging to patient care. For more information, visit hyperfine.io.
The Swoop® Portable MR Imaging® systems are FDA cleared for brain imaging of patients of all ages. They are portable, ultra-low-field magnetic resonance imaging devices for producing images that display the internal structure of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. The Swoop® system also has CE Mark in the European Union and UKCA Mark in the United Kingdom. The Swoop® system is commercially available in a select number of international markets.
Hyperfine, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of Hyperfine, Inc. (the “Company”) may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations about the Company’s financial and operating results, including, the Company’s expected revenue and cash burn for the full year 2026, the Company's cash runway, the Company’s goals and commercial plans, including the Company’s commercial rollout of the Company’s Optive AITM software and next generation Swoop® system, the acceleration of the adoption of the Swoop® system across multiple sites of care in the hospital, neurology office and international markets, the benefits of the Company’s products and services, progress on improvements and advancements in the Company’s products and services, and the Company’s future performance, including its financial performance, and its ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the success, cost and timing of the Company’s product development and commercialization activities, including the degree that the Swoop® system is accepted and used by healthcare professionals; the Company’s ability to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the ability of the Company to obtain and maintain regulatory clearance or approval for its products, and any related restrictions and limitations of any cleared or approved product; the ability of the Company to identify, in-license or acquire additional technology; the ability of the Company to maintain its existing or future license, manufacturing, supply and distribution agreements and to obtain adequate supply of its products; existing and potential future National Institutes of Health funding pressures; existing and potential future effects from U.S. export controls and tariffs; the ability of the Company to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using the Company’s products and services; the Company’s ability to successfully complete and generate positive data from the PRIME study, ACTION PMR study, Contrast PMR study, CARE PMR study and NEURO PMR study; the Company’s ability to generate clinical evidence of the benefits of the Company’s products and services and to progress on product advancements and improvements; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including those under “Risk Factors” therein. The Company cautions readers that the foregoing list of factors is not exclusive and that readers should not place undue reliance upon any forward-looking statements which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Investor Contact
Webb Campbell
Gilmartin Group LLC
webb@gilmartinir.com
HYPERFINE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)
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March 31, |
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December 31, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
40,778 |
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$ |
35,085 |
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Restricted cash |
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500 |
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957 |
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Accounts receivable, less allowance of $534 and $1,372 as of March 31, 2026 and December 31, 2025, respectively |
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3,791 |
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5,254 |
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Unbilled receivables |
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2,006 |
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1,268 |
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Inventories |
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6,327 |
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7,090 |
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Prepaid expenses and other current assets |
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2,631 |
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1,255 |
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Property and equipment, net |
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56,033 |
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50,909 |
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Other long term assets |
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2,503 |
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2,549 |
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Total assets |
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1,803 |
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1,804 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
60,339 |
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$ |
55,262 |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
4,552 |
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$ |
4,051 |
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Deferred grant funding |
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500 |
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957 |
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Deferred revenue |
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1,578 |
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1,544 |
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Due to related parties |
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56 |
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50 |
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Accrued expenses and other current liabilities |
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3,468 |
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5,130 |
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Total current liabilities |
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10,154 |
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11,732 |
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Long-term debt, net |
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13,123 |
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— |
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Warrant liabilities |
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1,971 |
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1,730 |
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Long term deferred revenue |
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713 |
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729 |
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Other noncurrent liabilities |
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17 |
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66 |
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Total liabilities |
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25,978 |
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14,257 |
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STOCKHOLDERS' EQUITY |
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Class A Common stock, $0.0001 par value per share; 600,000,000 shares authorized; 83,464,909 and 82,166,458 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |
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8 |
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8 |
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Class B Common stock, $0.0001 par value per share; 27,000,000 shares authorized; 15,055,288 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |
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2 |
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2 |
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Additional paid-in capital |
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372,990 |
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371,011 |
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Accumulated deficit |
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(338,639 |
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(330,016 |
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Total stockholders' equity |
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34,361 |
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41,005 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ |
60,339 |
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$ |
55,262 |
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HYPERFINE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended |
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2026 |
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2025 |
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Sales |
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Device |
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$ |
3,257 |
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$ |
1,522 |
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Service |
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646 |
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615 |
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Total sales |
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$ |
3,903 |
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$ |
2,137 |
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Cost of sales |
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Device |
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$ |
1,646 |
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$ |
985 |
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Service |
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278 |
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269 |
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Total cost of sales |
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$ |
1,924 |
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$ |
1,254 |
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Gross profit |
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1,979 |
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883 |
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Operating Expenses: |
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Research and development |
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$ |
3,845 |
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$ |
5,037 |
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General and administrative |
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4,130 |
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4,208 |
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Sales and marketing |
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2,562 |
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2,540 |
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Total operating expenses |
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$ |
10,537 |
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$ |
11,785 |
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Loss from operations |
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$ |
(8,558 |
) |
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$ |
(10,902 |
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Interest income |
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$ |
254 |
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$ |
317 |
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Interest expense |
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(83 |
) |
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— |
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Change in fair value of warrant liabilities |
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(241 |
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1,618 |
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Other income (expense), net |
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5 |
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(451 |
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Loss before provision for income taxes |
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$ |
(8,623 |
) |
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$ |
(9,418 |
) |
Provision for income taxes |
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— |
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— |
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Net loss and comprehensive loss |
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$ |
(8,623 |
) |
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$ |
(9,418 |
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Net loss per common share attributable to common stockholders, basic and diluted |
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$ |
(0.09 |
) |
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$ |
(0.12 |
) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
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97,695,133 |
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75,697,199 |
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HYPERFINE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(Unaudited)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(8,623 |
) |
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$ |
(9,418 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation |
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274 |
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229 |
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Stock-based compensation expense |
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647 |
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945 |
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Loss on disposal of property and equipment, net |
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5 |
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— |
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Change in fair value of warrant liabilities |
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241 |
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(1,618 |
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Amortization of debt discount and issuance costs |
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17 |
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— |
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Other |
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6 |
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11 |
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Changes in assets and liabilities: |
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Accounts receivable, net |
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1,463 |
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626 |
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Unbilled receivables |
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(738 |
) |
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412 |
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Inventory |
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|
763 |
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|
1,193 |
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Prepaid expenses and other current assets |
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|
(1,401 |
) |
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|
(1,241 |
) |
Other long term assets |
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(69 |
) |
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|
128 |
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Accounts payable |
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|
504 |
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|
600 |
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Deferred grant funding |
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|
(457 |
) |
|
|
413 |
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Deferred revenue |
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18 |
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|
|
(80 |
) |
Due to related parties |
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|
6 |
|
|
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(7 |
) |
Accrued expenses and other current liabilities |
|
|
(1,667 |
) |
|
|
(1,435 |
) |
Operating lease liabilities, net |
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3 |
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(7 |
) |
Net cash used in operating activities |
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$ |
(9,008 |
) |
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$ |
(9,249 |
) |
Cash flows from investing activities: |
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Purchases of property and equipment |
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(242 |
) |
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(472 |
) |
Net cash used in investing activities |
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$ |
(242 |
) |
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$ |
(472 |
) |
Cash flows from financing activities: |
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Proceeds from issuance of debt, net |
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$ |
13,641 |
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|
$ |
— |
|
Proceeds from exercise of stock options |
|
|
42 |
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|
|
33 |
|
Proceeds from issuance of Class A common stock under “at-the-market” offering program, net |
|
|
803 |
|
|
|
129 |
|
Proceeds from issuance of Class A common stock with warrants under February 2025 Offering, net |
|
|
— |
|
|
|
5,420 |
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Net cash provided by financing activities |
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$ |
14,486 |
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|
$ |
5,582 |
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
5,236 |
|
|
|
(4,139 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
36,042 |
|
|
|
37,673 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
41,278 |
|
|
$ |
33,534 |
|
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets |
|
|
|
|
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Cash and cash equivalents |
|
$ |
40,778 |
|
|
$ |
33,093 |
|
Restricted cash |
|
|
500 |
|
|
|
441 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
41,278 |
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|
$ |
33,534 |
|
Supplemental disclosure of noncash information: |
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|
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|
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Issuance of warrants in connection with Loan Agreement, net |
|
$ |
495 |
|
|
$ |
— |
|
Initial measurement of warrant liabilities |
|
$ |
— |
|
|
$ |
2,858 |
|
Unpaid purchase of property and equipment |
|
$ |
28 |
|
|
$ |
509 |
|
Unpaid debt issuance and financing costs |
|
$ |
15 |
|
|
$ |
238 |
|