Grail 2025 Q3 Earnings Narrows Losses with 29.2% Net Loss Reduction

Grail (GRAL) reported fiscal 2025 Q3 earnings on Nov 12, 2025, with results exceeding expectations. The company narrowed losses by 29.2% to a net loss of $88.98 million and refined full-year cash burn guidance to $290 million. Management highlighted progress toward FDA approval and strategic partnerships, including a $110M investment from Samsung.

Revenue

Grail’s total revenue rose 26.3% year-over-year to $36.19 million, driven by strong performance in its core Screening segment. Screening revenue accounted for $32.81 million, reflecting a significant portion of the company’s total revenue. Development services revenue contributed $3.39 million, with no amortization of intangible assets recorded. The growth underscores the commercial traction of its Galleri platform.

Earnings/Net Income

Grail narrowed its per-share loss to $2.46 in 2025 Q3, a 37.6% improvement from $3.94 in 2024 Q3. The company’s net loss also decreased by 29.2% to $-88.98 million, marking a record high for fiscal Q3 net income in two years. This improvement highlights effective cost management and operational efficiency. The narrowing losses indicate a positive trend in financial performance.

Price Action

Grail’s stock price declined 4.29% on the latest trading day but gained 0.15% over the prior week and surged 20.34% month-to-date. The stock’s volatility reflects investor sentiment amid the company’s strategic advancements and clinical progress.

Post-Earnings Price Action Review

The strategy of buying Grail shares on the date of its revenue raise announcement and holding for 30 days yielded positive returns, with an average gain of 12.5% per quarter. This outperformed the SPY ETF’s average quarterly return of 6.1% over the same period. The results indicate favorable post-revenue raise performance, driven by investor optimism and potential for continued growth.

CEO Commentary

CEO Robert Ragusa highlighted a 39% increase in Galleri volumes and 29% revenue growth in Q3 2025, driven by commercial expansion and 420,000 tests sold since launch. Strategic collaborations, including Samsung’s $110M equity investment for Asian market access and Galleri’s launch in Canada via Medcan, were emphasized. Ragusa reiterated disciplined cost management and a 50% reduction in 2025 cash burn guidance, framing the company’s runway as extending into 2030.

Guidance

Grail refined U.S. Galleri revenue growth guidance to the “middle of the 20% to 30% range” for 2025 and updated full-year cash burn to $290 million. CFO Aaron Freidin confirmed Q3 revenue of $36.2 million and a 55% non-GAAP adjusted gross margin. The company reaffirmed its modular PMA submission to the FDA in Q1 2026 and anticipates NHS Galleri data readouts mid-2026.

Additional News

Grail secured a $110 million equity investment from Samsung to expand its Asian market access, marking a key strategic partnership. The company also announced a promotional price reduction for Galleri, though no permanent ASP changes were confirmed. Additionally, Guggenheim Securities upgraded Grail to “Buy” with a $100 price target, citing strong clinical data from the PATHFINDER 2 study and potential for U.S. reimbursement growth.

Key Takeaways:

• Grail’s revenue growth and reduced losses position it for long-term scalability.

• Strategic partnerships, including Samsung and Medcan, are pivotal for international expansion.

• The FDA PMA submission in Q1 2026 and NHS data mid-2026 remain critical milestones.