Inotiv (NOTV) Q4 2025 earnings summary

Executive summary

• Achieved strong year-over-year revenue growth in Q4 and full year 2025, driven by the Discovery and Safety Assessment (DSA) segment.

• Q4 FY 2025 revenue rose 5.9% year-over-year to $138.1 million, with full-year revenue up 4.5% to $513.0 million.

• Q4 operating loss decreased 48.5% to $6.8 million; full-year operating loss down 64.2% to $30.9 million.

• Adjusted EBITDA for Q4 2025: $11.8M (8.5% margin); full year: $34M (6.6% margin), both up significantly from prior year.

• Managed a cybersecurity incident in Q4 with minimal disruption to operations and maintained business momentum.

Financial highlights

• FY 2025 net loss was $68.6 million (13.4% of revenue), improved from $108.9 million (22.2%) in FY 2024.

• Net loss attributable to common shareholders in Q4 2025: $8.6M ($0.25/share), improved from $18.9M loss ($0.73/share) in Q4 2024.

• Cash and cash equivalents at year-end were $21.7 million; total debt was $402.1 million.

• Capital expenditures for FY 2025 totaled $16.6 million (3.2% of revenue), down from $22.3 million in FY 2024.

• DSA Q4 revenue increased 15.7% year-over-year; DSA awards up 61% year-over-year.

Outlook and guidance

• Not providing formal fiscal 2026 guidance due to market and tariff uncertainties.

• Management remains optimistic about continued DSA growth and margin improvement, with positive trends in quoting and awards in the first two months of the new fiscal year.

• Management remains focused on improving cash flow, margins, and client metrics, with continued execution of strategic plans.

• DSA net awards increased approximately 61% year-over-year in Q4, supporting future growth.

• Q1 is typically the weakest quarter due to holiday seasonality.