Venus Concept (VERO) investor relations material

Executive summary

• Q3 2025 revenue was $13.8 million, down 8% year-over-year, mainly due to softness in the hair restoration business and a delayed sale.

• EBD sales grew 2% year-over-year to $9.5 million, showing stabilization despite a challenging environment.

• Net loss for Q3 2025 widened to $22.6 million, compared to $9.3 million in Q3 2024.

• Launched Venus Nova, a next-generation multi-application platform, with FDA 510(k) clearance and a limited commercial launch planned for December.

• Progressed on the pending $20 million sale of the Venus Hair Business to MHG Coal Limited, though faced delays and legal challenges in closing.

Financial highlights

• Gross profit for Q3 2025 was $8.8 million, down 11% year-over-year; gross margin declined to 64% from 66.1%.

• Operating loss increased to $9.5 million from $7.2 million; adjusted EBITDA loss was $7.8 million, compared to $5.9 million in Q3 2024.

• Operating expenses for Q3 2025 rose 7% to $18.3 million, driven by higher selling, marketing, and G&A costs.

• Cash and cash equivalents were $5.9 million as of September 30, 2025; total debt obligations were $30.1 million, down from $39.7 million at year-end 2024.

• 198 systems were delivered in Q3 2025, down from 253 in Q3 2024.

Outlook and guidance

• Management targets sequential revenue growth in Q4, supported by the limited commercial launch of Venus Nova.

• No full-year 2025 financial guidance provided due to ongoing strategic reviews, lender discussions, and market uncertainties.

• Management expects continued revenue pressure from tight credit markets, high interest rates, and global economic uncertainty.