Heartbeam (BEAT) Q1 2026 earnings summary

Executive summary

• Signed first commercial partnerships with ClearCardio and Atelier Health, establishing flagship accounts in New York City, Dallas, South Florida, and Southern California, targeting the direct pay and concierge cardiology segments.

• Advanced clinical validation with the ALIGN-ACS pilot study for heart attack detection, enrolling ahead of schedule, and initiated pilot studies for ischemia detection using a 12-lead ECG patch.

• Developed a working prototype of an extended-wear, on-demand 12-lead ECG patch and launched limited commercial rollout.

• Entered a strategic AI collaboration with Mount Sinai to develop next-generation cardiac algorithms for MI detection and wellness.

• Strengthened balance sheet with $11.5 million public offering in April-May 2026, including full exercise of over-allotment option.

Financial highlights

• Net loss for Q1 2026 was $4.7 million, a 14% improvement from $5.5 million in Q1 2025; net loss per share improved to $(0.12) from $(0.18) year-over-year.

• Net cash used in operating activities was $3.6 million in Q1 2026, a 19% decrease year-over-year.

• Operating expenses for Q1 2026 were $4.7 million, down from $5.5 million in Q1 2025, driven by lower R&D costs.

• Cash and cash equivalents totaled $2.0 million as of March 31, 2026, down from $4.4 million at year-end 2025; pro forma cash post-offering was $12.4 million.

• Raised $1.5 million via ATM equity sales in Q1 2026; $11.5 million gross raised in subsequent underwritten offering.

Outlook and guidance

• Cash outflow for 2026 expected to be below $16 million, down from previous guidance of $17–$19 million.

• Funding runway extends into 2027, supporting commercialization and clinical milestones.

• Revenue in Q2 2026 expected to be modest, with scaling anticipated in the second half of the year and into 2027; break-even targeted at 30,000 patients.

• Focused on scaling efficiently with a high-margin, subscription-based business model and minimal field force.

• Management is focused on achieving clinical and regulatory milestones to support future capital raises.