STOCK TITAN

Hyperfine Q3 2026 revenue rises 73% to $6M

Management continues to expect 2026 revenue of approximately $20 million to $22 million and net cash burn of approximately $26 million to $28 million.

Available on EDGAR Accepted by SEC EDGAR Learn about SEC filing dates
(High)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

Form Type
8-K

Rhea-AI Filing Summary

Hyperfine, Inc. reported third-quarter 2026 revenue of $6.0 million, up 73% from $3.4 million a year earlier. Gross profit was $3.4 million, up 83%, and gross margin was 57%, compared with 54% in the third quarter of 2025. It sold 14 Swoop systems, versus 8 a year earlier. Operating loss improved 19% to $7.3 million; net loss was $6.0 million, or $0.06 per share, compared with $11.0 million, or $0.14 per share. Revenue exceeded net cash burn for the first time.

Net cash burn was $5.6 million, compared with $5.9 million a year earlier and $7.9 million in the second quarter of 2026; cash and cash equivalents were $37.9 million as of September 30, 2026. Management continues to expect full-year 2026 revenue of approximately $20 million to $22 million and net cash burn of approximately $26 million to $28 million. Hyperfine launched Swoop system Model 2 in Europe and the UK following CE and UKCA marking, with sales in four international markets. It expects to file a replacement Form S-3 shelf registration statement, which is expected to register an aggregate offering amount of $150 million, including a $50 million at-the-market offering program; the existing shelf is scheduled to expire in November 2026.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

0 major · 0 points

How the balance works

Positive

  • Moderate pointThird-quarter revenue rose 73% year over year to $6.0 million.
  • Moderate pointGross profit increased 83% year over year to $3.4 million, with gross margin at 57% versus 54%.

Negative

  • None.

Filing Explained

At September 30, 2026, Hyperfine reported 91,143,884 Class A shares outstanding and $13,352 thousand in long-term debt, net.

The attached statements report 91,143,884 Class A shares issued and outstanding at September 30, 2026, compared with 82,166,458 at December 31, 2025, and list long-term debt, net, of $13,352 thousand. The higher share count reduces existing holders’ percentage ownership absent offsetting changes.

For the nine months ended September 30, 2026, the cash-flow statement reports $11,375 thousand net from at-the-market share issuance and $13,626 thousand net from debt issuance.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue $6.0 million Third quarter 2026; up 73% from the third quarter of 2025
Gross profit $3.4 million Third quarter 2026; up 83% from the third quarter of 2025
Gross margin 57% Third quarter 2026, compared with 54% in the third quarter of 2025
Operating loss $7.3 million Third quarter 2026; improved 19% from the third quarter of 2025
Net loss $6.0 million Third quarter 2026, compared with $11.0 million in the third quarter of 2025
Net cash burn $5.6 million Third quarter 2026, compared with $5.9 million in the third quarter of 2025 and $7.9 million in the second quarter of 2026
Cash and cash equivalents $37.9 million As of September 30, 2026
2026 revenue guidance Approximately $20 million to $22 million Full-year 2026 expectation; 55% growth at the midpoint compared with full-year 2025
net cash burn financial
"net cash burn is calculated as change in cash and cash equivalents less net financing proceeds"
Net cash burn is the amount of cash a company uses over a period after accounting for any cash it brings in; think of it as how much money a household spends from savings each month after receiving paychecks. It matters to investors because it shows how quickly a company is depleting its cash reserves, indicating how soon it may need to raise more money, cut costs, or risk running out of funds—factors that affect valuation and ownership dilution.
at-the-market offering financial
"a $50 million “at-the-market” offering program prospectus supplement"
An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.
warrant liabilities financial
"change in fair value of warrant liabilities"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
Contrast PMR study medical
"Completed enrollment in the Contrast PMR study"
isotropic T1 sequence technical
"introduces an isotropic T1 sequence"
A magnetic resonance imaging (MRI) scan setting that produces isotropic T1-weighted images means the picture is made of cubic voxels with equal resolution in all three directions and highlights differences in tissue composition using T1 contrast. Like taking a photo that can be rotated and cropped without losing detail, isotropic T1 sequences make it easier to reconstruct clean 3D views, which matters to investors because image quality affects clinical diagnoses, trial data reliability, and the market value of imaging technologies and related products.
Revenue $6.0 million Up 73% compared with the third quarter of 2025
Gross profit $3.4 million Up 83% compared with the third quarter of 2025
Gross margin 57% Compared with 54% in the third quarter of 2025
Operating loss $7.3 million Improved 19% compared with the third quarter of 2025
Net loss $6.0 million Compared with $11.0 million in the third quarter of 2025
Net cash burn $5.6 million Compared with $5.9 million in the third quarter of 2025 and $7.9 million in the second quarter of 2026
Guidance

Management continues to expect full-year 2026 revenue of approximately $20 million to $22 million, representing 55% growth at the midpoint compared with full-year 2025, and net cash burn of approximately $26 million to $28 million, representing a 10% decline at the midpoint compared with full-year 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did HYPR report in Q3 2026?

Hyperfine reported $6.0 million in third-quarter 2026 revenue, up 73% from $3.4 million in the third quarter of 2025. The company described the quarter's revenue as a record.

What is Hyperfine's 2026 revenue and net cash burn outlook?

Management continues to expect full-year 2026 revenue of approximately $20 million to $22 million and net cash burn of approximately $26 million to $28 million. The company stated these ranges represent 55% growth and a 10% decline, respectively, at the midpoint compared with full-year 2025.

What is the status of Hyperfine's Contrast PMR study?

Enrollment in the Contrast PMR study is complete, and an FDA submission remains on track and is expected by the end of 2026. Hyperfine described enrollment completion as a milestone toward expanding the Swoop system's labeling.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000183376900018337692026-11-092026-11-09

 

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): November 09, 2026

 

 

Hyperfine, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39949

98-1569027

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

351 New Whitfield Street

 

Guilford, Connecticut

 

06437

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (866) 796-6767

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

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

Class A common stock, $0.0001 par value per share

 

HYPR

 

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 November 9, 2026, Hyperfine, Inc. issued a press release announcing its results for the third quarter ended September 30, 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

Description

99.1

Press Release dated November 9, 2026

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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.

 

 

 

HYPERFINE, INC.

 

 

 

 

Date:

November 9, 2026

By:

/s/ Brett Hale

 

 

 

Brett Hale
Chief Administrative Officer, Chief Financial Officer, Treasurer and Corporate Secretary

 


 

img66230450_0.jpg

Exhibit 99.1

 

Hyperfine, Inc. Reports Third Quarter 2026 Financial Results

GUILFORD, Conn.--(BUSINESS WIRE)--November 9, 2026--Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared AI-powered portable MRI system for the brain—the Swoop® system—today announced third quarter 2026 financial results and provided a business update.

“Q3 2026 marked the beginning of a new trajectory for Hyperfine. We delivered record revenue, gross profit, and gross margin, and for the first time quarterly revenue exceeded net cash burn, demonstrating the operating leverage of our business. The combination of AI with accessible brain imaging enables diagnostic insights at scale, sooner, and in more care settings, from the health system to the community. Beyond our current business, I am excited about the opportunities for our Swoop® system in the evolving brain health and longevity fields. This is the new Hyperfine,” said Maria Sainz, President and Chief Executive Officer of Hyperfine, Inc.

Recent Achievements and Business Highlights

•
Completed enrollment in the Contrast PMR study, a key milestone toward expanding the Swoop® system's labeling, with FDA submission remaining on track and expected by the end of 2026.
•
Launched Swoop® system Model 2 in Europe and the UK following CE and UKCA marking, with sales into four international markets, and signed an exclusive distributor agreement for Kuwait and the United Arab Emirates.
•
Received FDA clearance and CE and UKCA marking for the latest Optive AI™ software. The software release improves noise correction, adds guided scanning, and introduces an isotropic T1 sequence.
•
Published NEURO PMR study results in the Journal of Neuroimaging, showing 92% concordance between portable MRI and high-field MRI in blinded review, and 98% concordance when paired with clinical information.
•
Expanded Swoop® system evidence base with new peer-reviewed Stroke and Journal of Neurosurgery publications, adding to more than 180 publications and 280 scientific presentations to date.

Third Quarter 2026 Financial Results

•
Revenues for the third quarter of 2026 were a record $6.0 million, increasing 73% compared to $3.4 million in the third quarter of 2025 and 53% compared to $3.9 million in the second quarter of 2026.
•
Sold 14 commercial Swoop® systems in the third quarter of 2026, increasing 75% compared to 8 sold in the third quarter of 2025.
•
Gross profit for the third quarter of 2026 was a record $3.4 million, compared to $1.8 million in the third quarter of 2025, representing a record 57% gross margin in the third quarter of 2026, compared to 54% gross margin in the third quarter of 2025.
•
Research and development expenses for the third quarter of 2026 were $3.9 million, decreasing 3% compared to $4.0 million in the third quarter of 2025.
•
Sales, marketing, general, and administrative expenses for the third quarter of 2026 were $6.7 million, relatively flat compared to $6.7 million in the third quarter of 2025.
•
Operating loss for the third quarter of 2026 was $7.3 million, the Company's narrowest quarterly operating loss, an improvement of 19% compared to $8.9 million in the third quarter of 2025. Revenue grew 73% and gross profit grew 83% while total operating expenses decreased 1%, reflecting the operating leverage of the business.
•
Net loss for the third quarter of 2026 was $6.0 million, equating to a net loss of $0.06 per share, as compared to a net loss of $11.0 million, or a net loss of $0.14 per share, for the third quarter of 2025. The third quarter of 2026 net loss includes a $1.5 million gain from a change in the fair value of warrant liabilities, compared to a $2.3 million loss in the third quarter of 2025.
•
Net cash burn1 for the third quarter of 2026 was $5.6 million, the Company's lowest quarterly net cash burn, compared to $5.9 million in the third quarter of 2025 and $7.9 million in the second quarter of 2026. Third quarter 2026 revenue exceeded net cash burn for the first time.
•
Cash and cash equivalents were $37.9 million as of September 30, 2026. The Company did not generate any financing proceeds during the third quarter of 2026.

2026 Financial Guidance

 


img66230450_1.jpg

•
Management continues to expect revenue for the full year 2026 to be approximately $20 to $22 million, representing 55% growth at the midpoint as compared to full year 2025.
•
Management continues to expect net cash burn1 for the full year 2026 to be approximately $26 to $28 million, representing a 10% decline at the midpoint as compared to full year 2025.

1Net cash burn is calculated as change in cash and cash equivalents less net financing proceeds, including net proceeds from shares issued under the Company’s “at-the-market” offering program, the Company’s February 2025 registered direct offering, the Company’s October 2025 underwritten public offering, warrant exercises, and the Company’s March 2026 debt financing. Cash and cash equivalents were $40.8 million as of March 31, 2026, $43.5 million as of June 30, 2026 and $37.9 million as of September 30, 2026; net financing proceeds in the aggregate were $10.6 million for the quarter ended June 30, 2026 and $0.0 million for the quarter ended September 30, 2026. Cash and cash equivalents were $25.4 million as of June 30, 2025; net financing proceeds in the aggregate were $2.1 million for the quarter ended September 30, 2025. Cash and cash equivalents were $37.6 million as of December 31, 2024, $21.6 million as of September 30, 2025, $35.1 million as of December 31, 2025, and $37.9 million as of September 30, 2026; net financing proceeds in the aggregate were $8.1 million for the nine months ended September 30, 2025 and $25.0 million for the nine months ended September 30, 2026. Net financing proceeds in the aggregate were $27.3 million for the year ended December 31, 2025. All quarterly numbers presented herein are unaudited. The Company has not provided a reconciliation of full year 2026 net cash burn guidance to forward-looking net change in cash and cash equivalents, because the amount and timing of future financing proceeds cannot be predicted without unreasonable efforts.

Corporate Update

The Company expects to file a new registration statement on Form S-3 to replace its existing shelf registration statement, which is scheduled to expire in November 2026. The new universal shelf registration statement is expected to register an aggregate offering amount of $150 million, including a $50 million “at-the-market” offering program prospectus supplement, which is consistent with the existing registration statement.

Conference Call

Hyperfine, Inc. will host a conference call at 1:30 p.m. PT/ 4:30 p.m. ET on Monday, November 9, 2026 to discuss its third 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 Swoop® Portable MR Imaging® Systems

The Swoop® Portable MR Imaging® systems are U.S. Food and Drug Administration (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.

About Hyperfine, Inc.

Hyperfine, Inc. (Nasdaq: HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop® system—the first 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 Hyperfine logo, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc. The Swoop logo, Optive AI logo, and Optive AI are trademarks of Hyperfine, Inc.

Use of Non-GAAP Financial Information

Hyperfine, Inc. has presented certain financial information in accordance with U.S. GAAP and on a non-GAAP basis. The non-GAAP financial measure included in this press release is net cash burn. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measure does not include the impact

 


img66230450_1.jpg

of items that management does not consider indicative of Hyperfine, Inc.’s core operating performance. Management believes that this non-GAAP financial measure, taken in conjunction with GAAP financial measures, provides useful information for both management and investors by excluding certain financing proceeds that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the Company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the Company’s operating results as reported under U.S. GAAP. Hyperfine, Inc. encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. The reconciliation between the most directly comparable GAAP measure, net change in cash and cash equivalents, and historical non-GAAP net cash burn is presented in footnote 1 above. A reconciliation of the Company’s full-year 2026 net cash burn guidance to the most directly comparable GAAP measure is not provided because the Company is unable to predict certain components of such measure, including future financing proceeds, without unreasonable efforts. Future financing proceeds could cause the Company’s actual net change in cash and cash equivalents to differ materially from its net cash burn guidance.

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 net cash burn for the full year 2026, the Company’s goals and commercial plans, the acceleration of the adoption of the Swoop® system across multiple sites of care in the hospital, office-based, wellness and longevity, and mobile settings, 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, including its entrance into new markets. 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 and Contrast 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; the inability to maintain the listing of the Company’s Class A common stock on the Nasdaq Stock Market; 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

 


img66230450_1.jpg

HYPERFINE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

September 30,
2026

 

 

December 31,
2025

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,872

 

 

$

35,085

 

Restricted cash

 

 

778

 

 

 

957

 

Accounts receivable, less allowance of $539 and $1,372 as of September 30, 2026 and December 31, 2025, respectively

 

 

5,180

 

 

 

5,254

 

Unbilled receivables

 

 

1,314

 

 

 

1,268

 

Inventories

 

 

6,378

 

 

 

7,090

 

Prepaid expenses and other current assets

 

 

2,228

 

 

 

1,255

 

Total current assets

 

 

53,750

 

 

 

50,909

 

Property and equipment, net

 

 

2,094

 

 

 

2,549

 

Other long-term assets

 

 

1,949

 

 

 

1,804

 

Total assets

 

$

57,793

 

 

$

55,262

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

 

$

1,692

 

 

$

4,051

 

Deferred grant funding

 

 

778

 

 

 

957

 

Deferred revenue

 

 

1,737

 

 

 

1,544

 

Due to related parties

 

 

8

 

 

 

50

 

Accrued expenses and other current liabilities

 

 

6,317

 

 

 

5,130

 

Total current liabilities

 

 

10,532

 

 

 

11,732

 

Long-term debt, net

 

 

13,352

 

 

 

—

 

Warrant liabilities

 

 

1,026

 

 

 

1,730

 

Long term deferred revenue

 

 

830

 

 

 

729

 

Other noncurrent liabilities

 

 

309

 

 

 

66

 

Total liabilities

 

 

26,049

 

 

 

14,257

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Class A Common stock, $0.0001 par value per share; 600,000,000 shares authorized; 91,143,884 and 82,166,458 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

 

 

9

 

 

 

8

 

Class B Common stock, $0.0001 par value per share; 27,000,000 shares authorized; 15,055,288 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

385,651

 

 

 

371,011

 

Accumulated deficit

 

 

(353,918

)

 

 

(330,016

)

Total stockholders’ equity

 

 

31,744

 

 

 

41,005

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

57,793

 

 

$

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)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Device

 

$

5,243

 

 

$

2,891

 

 

$

11,670

 

 

$

6,541

 

Service

 

 

717

 

 

 

546

 

 

 

2,097

 

 

 

1,729

 

Total sales

 

$

5,960

 

 

$

3,437

 

 

$

13,767

 

 

$

8,270

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

Device

 

$

2,290

 

 

$

1,328

 

 

$

5,539

 

 

$

3,410

 

Service

 

 

288

 

 

 

261

 

 

 

887

 

 

 

801

 

Total cost of sales

 

$

2,578

 

 

$

1,589

 

 

$

6,426

 

 

$

4,211

 

Gross profit

 

 

3,382

 

 

 

1,848

 

 

 

7,341

 

 

 

4,059

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

3,913

 

 

$

4,048

 

 

$

11,623

 

 

$

13,626

 

General and administrative

 

 

4,051

 

 

 

4,152

 

 

 

12,088

 

 

 

12,219

 

Sales and marketing

 

 

2,675

 

 

 

2,568

 

 

 

7,914

 

 

 

7,631

 

Total operating expenses

 

$

10,639

 

 

$

10,768

 

 

$

31,625

 

 

$

33,476

 

Loss from operations

 

$

(7,257

)

 

$

(8,920

)

 

$

(24,284

)

 

$

(29,417

)

Interest income

 

 

291

 

 

 

187

 

 

 

817

 

 

 

743

 

Interest expense

 

 

(549

)

 

 

—

 

 

 

(1,165

)

 

 

—

 

Change in fair value of warrant liabilities

 

 

1,516

 

 

 

(2,303

)

 

 

704

 

 

 

(639

)

Other income (expense), net

 

 

18

 

 

 

17

 

 

 

26

 

 

 

(349

)

Loss before provision for income taxes

 

$

(5,981

)

 

$

(11,019

)

 

$

(23,902

)

 

$

(29,662

)

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net loss and comprehensive loss

 

$

(5,981

)

 

$

(11,019

)

 

$

(23,902

)

 

$

(29,662

)

Net loss per common share attributable to common stockholders, basic and diluted

 

$

(0.06

)

 

$

(0.14

)

 

$

(0.24

)

 

$

(0.38

)

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

106,110,069

 

 

 

79,028,987

 

 

 

101,231,610

 

 

 

77,613,306

 

 

 


img66230450_1.jpg

HYPERFINE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(23,902

)

 

$

(29,662

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation

 

 

789

 

 

 

809

 

Stock-based compensation expense

 

 

2,512

 

 

 

2,109

 

Loss on disposal of property and equipment, net

 

 

6

 

 

 

120

 

Change in fair value of warrant liabilities

 

 

(704

)

 

 

639

 

Amortization of debt discount and issuance costs

 

 

246

 

 

 

—

 

Other

 

 

21

 

 

 

22

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

74

 

 

 

1,070

 

Unbilled receivables

 

 

(46

)

 

 

926

 

Inventory

 

 

685

 

 

 

(221

)

Prepaid expenses and other current assets

 

 

(998

)

 

 

(802

)

Other long term assets

 

 

274

 

 

 

51

 

Accounts payable

 

 

(2,400

)

 

 

2,112

 

Deferred grant funding

 

 

(179

)

 

 

438

 

Deferred revenue

 

 

294

 

 

 

(105

)

Due to related parties

 

 

(42

)

 

 

(16

)

Accrued expenses and other current liabilities

 

 

1,008

 

 

 

(221

)

Operating lease liabilities, net

 

 

3

 

 

 

(10

)

Net cash used in operating activities

 

$

(22,359

)

 

$

(22,741

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(293

)

 

 

(1,122

)

Net cash used in investing activities

 

$

(293

)

 

$

(1,122

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of debt, net

 

$

13,626

 

 

$

—

 

Proceeds from exercise of stock options

 

 

259

 

 

 

130

 

Proceeds from issuance of Class A common stock under “at-the-market” offering program, net

 

 

11,375

 

 

 

2,906

 

Proceeds from issuance of Class A common stock with warrants under February 2025 Offering, net

 

 

—

 

 

 

5,184

 

Net cash provided by financing activities

 

$

25,260

 

 

$

8,220

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

2,608

 

 

 

(15,643

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

36,042

 

 

 

37,673

 

Cash, cash equivalents and restricted cash, end of period

 

$

38,650

 

 

$

22,030

 

Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,872

 

 

$

21,564

 

Restricted cash

 

 

778

 

 

 

466

 

Total cash, cash equivalents and restricted cash

 

$

38,650

 

 

$

22,030

 

Supplemental disclosure of noncash information:

 

 

 

 

 

 

Issuance of warrants in connection with Loan Agreement, net

 

$

495

 

 

$

—

 

Initial measurement of warrant liabilities

 

$

—

 

 

$

2,858

 

Unpaid purchase of property and equipment

 

$

72

 

 

$

5

 

Noncash acquisition of fixed assets

 

$

27

 

 

$

—

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

735

 

 

$

—

 

 

 


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