Revenue growth remains highly volatile, swinging from a 128% expansion in 2025Q4 to a 35.1% contraction in 2025Q1, while gross margins have fluctuated between 35.6% and 53.8%.
| Sales/Revenue | 15.33M | 13.56M | 12.89M | 11.03M | 6.81M | 1.5M | 294K | 0 |
| Revenue Growth % | 30.66% | 5.22% | 16.84% | 61.9% | 355.48% | 408.84% | - | - |
| Cost of Goods Sold | 7.48M | 6.81M | 7M | 6.28M | 5.91M | 2.66M | 771K | 0 |
| COGS % of Revenue | - | 50.21% | 54.3% | 56.88% | 86.69% | 178.01% | 262.24% | - |
| Gross Profit | 7.85M | 6.75M | 5.89M | 4.76M | 907K | -1.17M | -477K | 0 |
| Gross Margin % | 51.2% | 49.79% | 45.7% | 43.12% | 13.31% | -78.01% | -162.24% | - |
| Gross Profit Growth % | - | 14.63% | 23.84% | 424.48% | 177.72% | -144.65% | - | - |
| Operating Expenses | 42.59M | 43.84M | 49.12M | 52.87M | 74.78M | 63.7M | 23.01M | 19.97M |
| OpEx % of Revenue | - | 323.22% | 381.03% | 479.26% | 1097.46% | 4258.09% | 7827.89% | - |
| Selling, General & Admin | 26.33M | 26.39M | 26.62M | 30.38M | 46.63M | 37.86M | 8.42M | 6.58M |
| SG&A % of Revenue | - | 194.55% | 206.49% | 275.37% | 684.25% | 2530.68% | 2864.29% | - |
| Research & Development | 16.26M | 17.45M | 22.5M | 22.49M | 28.16M | 25.84M | 14.59M | 13.39M |
| R&D % of Revenue | - | 128.67% | 174.55% | 203.89% | 413.21% | 1727.41% | 4963.61% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -34.74M | -37.09M | -43.22M | -48.12M | -73.87M | -64.87M | -23.49M | -19.97M |
| Operating Margin % | -226.64% | -273.43% | -335.33% | -436.14% | -1084.15% | -4336.1% | -7990.14% | - |
| Operating Income Growth % | - | 14.2% | 10.17% | 34.87% | -13.88% | -176.14% | -17.64% | - |
| EBITDA | -33.19M | -34.88M | -42.22M | -47.06M | -72.86M | -64.14M | -23.2M | -19.83M |
| EBITDA Margin % | -216.52% | -257.2% | -327.5% | -426.59% | -1069.25% | -4287.57% | -7891.84% | - |
| EBITDA Growth % | 21.91% | 17.37% | 10.3% | 35.41% | -13.59% | -176.45% | -17.02% | - |
| D&A (Non-Cash Add-back) | 1.55M | 2.2M | 1.01M | 1.05M | 1.01M | 726K | 289K | 141K |
| EBIT | -36.47M | -37.09M | -43.22M | -48.12M | -73.87M | -64.87M | -23.49M | -19.97M |
| Net Interest Income | 877K | 1.02M | 2.49M | 3.84M | 761K | 18K | 70K | 630K |
| Interest Income | 960K | 1.02M | 2.49M | 3.84M | 761K | 18K | 70K | 630K |
| Interest Expense | 83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -38K | 1.51M | 2.5M | 3.88M | 710K | 17K | 64K | 553K |
| Pretax Income | -34.78M | -35.57M | -40.72M | -44.24M | -73.16M | -64.85M | -23.43M | -19.41M |
| Pretax Margin % | -226.88% | -262.29% | -315.9% | -401% | -1073.73% | -4334.96% | -7968.37% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -34.78M | -35.57M | -40.72M | -44.24M | -73.16M | -64.83M | -23.36M | -18.79M |
| Net Margin % | -226.88% | -262.29% | -315.9% | -401% | -1073.73% | -4333.76% | -7944.56% | - |
| Net Income Growth % | 13.68% | 12.64% | 7.95% | 39.54% | -12.85% | -177.57% | -24.34% | - |
| Net Income (Continuing) | -34.78M | -35.57M | -40.72M | -44.24M | -73.16M | -64.85M | -23.43M | -19.41M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.36 | -0.43 | -0.56 | -0.62 | -1.04 | -0.92 | -0.93 | -4.06 |
| EPS Growth % | 23.56% | 23.21% | 9.68% | 40.38% | -13.04% | 1.08% | 77.09% | - |
| EPS (Basic) | - | -0.43 | -0.56 | -0.62 | -1.04 | -0.92 | -0.93 | -4.06 |
| Diluted Shares Outstanding | 97.7M | 94.2M | 72.41M | 71.32M | 70.45M | 70.33M | 25.2M | 4.62M |
| Basic Shares Outstanding | 97.7M | 94.2M | 72.41M | 71.32M | 70.45M | 70.33M | 25.2M | 4.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and capital exhaustion
According to the quarterly income statement data, Hyperfine's revenue growth has exhibited significant volatility, swinging from a 128% expansion in 2025Q4 to a 35.1% contraction in 2025Q1, suggesting that the company's commercial adoption remains highly sensitive to lumpy hospital capital expenditure cycles and procurement timing.
The erratic nature of top-line performance indicates that the company has yet to establish a predictable, recurring revenue base. Investors should monitor whether the recent deceleration reflects a saturation of early-adopter clinical sites or merely the inherent unpredictability of high-ticket medical device sales.
As reported in the financial filings, Hyperfine's gross margin has fluctuated between a low of 35.6% in 2024Q4 and a peak of 53.8% in 2025Q3, highlighting the challenges in achieving consistent manufacturing efficiencies for its proprietary low-field magnetic resonance hardware platform.
The inability to maintain a steady gross margin suggests that the company is likely grappling with variable production costs or unfavorable shifts in the product mix between hardware and higher-margin software services. Sustained profitability will likely require a more consistent margin profile that exceeds the current mid-50% range.
Based on the provided income statement, Hyperfine continues to operate with a massive disconnect between gross profit and operating expenses, as evidenced by consistent quarterly operating losses that frequently exceed $8 million, indicating that the company has not yet achieved the necessary scale to leverage its overhead.
The persistent reliance on heavy R&D and SG&A spending relative to gross profit suggests that the current business model is not yet self-sustaining. Without a significant inflection in revenue volume, the company appears to be trapped in a cycle of high fixed-cost absorption that prevents meaningful operating margin improvement.
Data from the income statement reveals that Hyperfine's R&D and SG&A expenses remain stubbornly high, with quarterly R&D spending often exceeding $4 million, which underscores the significant capital intensity required to maintain the company's proprietary imaging technology and commercial infrastructure in a competitive medical device market.
The company's expense discipline appears secondary to the necessity of funding clinical validation and market education. This cost structure warrants further investigation into whether management can successfully pivot toward a leaner operating model as the installed base of Swoop units matures.
As indicated by the reported figures, the company's persistent net losses and limited cash reserves suggest a precarious financial position, raising questions about the long-term viability of the current growth strategy without the potential for significant dilutive financing or a fundamental restructuring of the cost base.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which may indicate that the market's valuation of the company's technology is disconnected from its immediate financial reality. Investors should monitor the cash runway closely, as the current trajectory appears to necessitate a liquidity event in the near term.
Quick answers to the most common questions about buying HYPR stock.
For fiscal year 2025, Hyperfine, Inc. (HYPR) reported total revenue of $13.6M.
Hyperfine, Inc. (HYPR) reported a net loss of $35.6M for the fiscal year ending 2025.
Hyperfine, Inc. (HYPR) reported an operating income of $-37.1M, resulting in an operating profit margin of -273.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Hyperfine, Inc. (HYPR) generated $6.8M in gross profit for the year, representing a gross profit margin of 49.8%. This demonstrates the company's core pricing power and production efficiency.