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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Hinge Health (HNGE) investor relations material
Hinge Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $154.2 million, up 53% year-over-year, with calculated billings of $624.2 million, and client count grew 25% to 2,560, driven by expansion in large employer and federal segments.
Surpassed 1.5 million lifetime members, with strong commercial momentum and robust engagement on the AI-powered platform.
Product innovation included the launch of Robin AI care assistant, advanced motion tracking, and a shift to proprietary AI-powered technology.
Net loss for the nine months was $560.4 million, primarily due to $625.8 million in IPO-triggered stock-based compensation expense.
Completed IPO in May 2025, raising $255.7 million in net proceeds, mainly used for employee tax obligations.
Financial highlights
Q3 2025 revenue: $154.2 million (up 53% year-over-year), exceeding guidance; LTM calculated billings: $624.2 million.
GAAP gross margin improved to 82% (non-GAAP: 83%), up from 79% last year; operating margin (non-GAAP) rose to 20% from -4%.
Free cash flow for Q3 2025 was $81.3 million, with a margin of 53%; net cash from operating activities was $82.4 million.
Cash, cash equivalents, and marketable securities totaled $496.9 million at quarter end.
Net loss for Q3 was $1.8 million; basic and diluted net loss per share for Q3 2025 was $(0.02).
Outlook and guidance
Q4 2025 revenue expected at $155–$157 million (33% year-over-year growth at midpoint); non-GAAP income from operations projected at $34–$36 million, with a 22% margin at midpoint.
Full-year 2025 revenue guidance raised to $572–$574 million (47% year-over-year growth at midpoint); non-GAAP income from operations expected at $106–$108 million (19% margin).
Management expects continued revenue growth driven by client expansion and high retention rates (98% as of December 2024).
Continued investment in growth, R&D, and operational efficiency, with cash reserves expected to be sufficient for at least 12 months.
What drives the 2025 stock-based comp surge?
What drives revenue growth beyond client adds?
Update on AI-powered motion tracking transition?
Quantify AI's impact on product development
HingeSelect provider quality assessment criteria
Future product market entry criteria
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Next Hinge Health earnings date
Q4 202517 Feb, 2026
Next Hinge Health earnings date
Q4 202517 Feb, 2026
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