Inotiv (NOTV) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 5.9% year-over-year to $138.1M; full year revenue up 4.5% to $513M, driven by DSA segment growth.

• Q4 net loss attributable to shareholders was $8.6M ($0.25/share), improved from $18.9M ($0.73/share) in Q4 2024.

• Q4 Adjusted EBITDA was $11.8M (8.5% margin), up from $5.4M (4.1%) in Q4 2024.

• Q4 operating loss decreased to $6.8M, and full year operating loss down to $30.9M.

• Overcame a significant cybersecurity incident in Q4, with minimal disruption to client delivery and continued business momentum.

Financial highlights

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

• Full year Adjusted EBITDA: $34M (6.6% margin), up from $18.2M (3.7%) in 2024.

• Cash and cash equivalents at year-end were $21.7M; net debt at $402.1M as of September 30, 2025.

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

• Q4 interest expense: $15.7M, up from $12.3M in Q4 2024.

Outlook and guidance

• Not providing formal fiscal 2026 guidance due to market and tariff uncertainties; will resume guidance when visibility improves.

• Early Q1 2026 trends show continued strength in DSA quoting and awards, with optimism for ongoing revenue growth.

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