Profusa 2025 Q3 Earnings Significant Net Loss Increase Despite EPS Improvement

Profusa (PFSA) reported its fiscal 2025 Q3 earnings on Nov 19, 2025, with a revenue decline of 100% to $0 and a 788.7% increase in net loss to $-22.19 million. The company’s EPS improved by 45.7% to -$0.70, but the recapitalization reduced net debt to $14 million as of October 31.

Revenue

The total revenue of Profusa decreased by 100.0% to $0 in 2025 Q3, down from $75,000 in 2024 Q3.

Earnings/Net Income

Profusa narrowed losses to $0.70 per share in 2025 Q3 from a loss of $1.29 per share in 2024 Q3 (45.7% improvement). Meanwhile, the company's net loss widened to $-22.19 million in 2025 Q3, representing a 788.7% increase from the $-2.50 million loss recorded in 2024 Q3. While the EPS improvement indicates progress in cost management, the substantial net loss underscores persistent financial challenges.

Price Action

The stock price of Profusa has dropped 6.11% during the latest trading day, has plummeted 16.75% during the most recent full trading week, and has plummeted 47.50% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Profusa (PFSA) shares on the date of earnings releases and holding for 30 days yielded moderate returns but underperformed the market. The 3-year CAGR was 9.76%, trailing the SPY's 13.60% CAGR. The maximum drawdown was -34.13%, which is higher than the SPY's -28.08% maximum drawdown, indicating higher risk. The Sharpe ratio was 0.46, suggesting the risk-adjusted return was acceptable but lower than the SPY's 0.67 Sharpe ratio. In conclusion, while the strategy provided modest returns, it exposed investors to significant volatility and underperformed the broader market.

CEO Commentary

Christian Stock, CEO of Profusa, emphasized the company’s focus on advancing its Lumee™ Glucose Platform and regulatory efforts for the Lumee Oxygen reader. He noted that the business combination with NorthView Acquisition Corporation in July 2025 has strengthened operational capabilities and market reach. Despite the Q3 financial challenges, Stock highlighted progress in product development and recapitalization efforts to position the company for 2026 revenue targets. The tone of the commentary was cautiously optimistic, balancing recognition of current losses with strategic investments in long-term growth.

Guidance

The company did not provide specific quantitative guidance for future periods but reiterated its focus on regulatory approvals for the Lumee Oxygen reader and scaling the Lumee™ Glucose Platform.

Additional News

1. M&A Activity: Profusa completed a business combination with NorthView Acquisition Corporation on July 11, 2025, enhancing operational capabilities and market reach.

2. Recapitalization: Net debt was reduced to $14 million as of October 31, 2025, supporting financial stability.

3. Product Development: The company is advancing its Lumee™ Glucose Platform for continuous glucose monitoring and aims to commercialize the Lumee Oxygen reader in Europe by early 2026.