Profound Medical (PROF) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $6 million, up 43% year-over-year and 13% sequentially, driven by recurring and capital equipment sales.

• Full year 2025 revenue was $16.1 million, a 51% increase from 2024.

• Gross margin for Q4 2025 was 67%, down from 71% in Q4 2024, mainly due to product mix and introductory pricing in new international markets.

• Net loss for Q4 2025 was CAD 8.2 million (CAD 0.27 per share), compared to CAD 4.9 million (CAD 0.20 per share) in Q4 2024.

• Cash position at year-end 2025 was $59.7 million, with expectations for declining cash burn and a path to cash flow positivity as revenues grow.

Financial highlights

• Q4 2025 revenue: $6 million (recurring: $2.3 million; capital equipment: $3.7 million).

• Full year 2025 revenue: $16.1 million (recurring: $9.7 million; capital equipment: $6.4 million).

• Gross margin: 67% in Q4 2025 vs. 71% in Q4 2024; full year 2025 gross margin: 71% vs. 66% in 2024.

• Operating expenses for 2025 rose to $52.6 million from $40.1 million in 2024, mainly due to headcount, sales force, and CAPTAIN trial costs.

• Net loss: CAD 8.2 million (Q4 2025) vs. CAD 4.9 million (Q4 2024); full year net loss: $42.6 million ($1.41/share) in 2025.

Outlook and guidance

• Expectation of high double-digit to low triple-digit revenue growth in 2026, with a target of approximately 120 TULSA-PRO installs by year-end.

• Management aims for positive cash flow and net profitability as recurring revenue becomes dominant.

• Cash burn declining, with profitability projected at $80-85 million in annual revenue.

• Expects reduced BPH procedure times and expanded market opportunity with TULSA-AI Volume Reduction module.