Profusa 2025 Q3 Earnings Widening Net Loss Despite 45.7% EPS Improvement

Profusa (PFSA) reported fiscal 2025 Q3 earnings on Nov 20, 2025, marked by a 100% revenue decline to $0 and a 788.7% surge in net loss to $22.19 million. Despite a 45.7% improvement in EPS to -$0.70, the stock has plummeted 47.5% month-to-date. The company’s merger with NorthView Acquisition Corp. reduced net debt to $14 million, while strategic fundraising efforts and EU commercialization plans highlight long-term growth ambitions.

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. The net loss per share decreased due to an increased share count, but the overall financial strain remains significant.

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 purchasing Profusa shares on the day of earnings release and holding for 30 days has historically underperformed. A 3-year backtest of 9 quarters with flat revenue showed an average 28.4% loss, with median losses at 26.0%. The range of 15.6% to 35.2% underscores the strategy’s consistent failure compared to holding or waiting for better entry points.

CEO Commentary

Ben Hwang, Ph.D., Chairman and CEO, Profusa

emphasized the merger with NorthView as a pivotal move to strengthen the balance sheet, reducing net debt by $34 million. He highlighted operational milestones, including expanded European sales of Lumee™ Oxygen and manufacturing capabilities, and outlined a path to $200-250 million in revenue by 2030. Despite current losses, Hwang expressed cautious optimism, noting the potential for $0.5-2 million in 2026 and $9-13 million in 2027. The focus on Lumee’s European launch underscores strategic confidence in market expansion.

Guidance

The company expects to generate $0.5 to $2 million in revenue in 2026 and $9 to $13 million in 2027, driven by the EU and US commercialization of Lumee. These targets reflect confidence in scaling operations post-merger.

Additional News

1. M&A Activity: Profusa completed its merger with NorthView Acquisition Corp., reducing net debt to $14 million and raising $19 million through a convertible PIPE note and ELOC.

2. EU Commercialization: The company plans a EU launch of Lumee in early 2026, targeting 35% population coverage in its initial markets.

3. Digital Treasury Investment: Profusa allocated an additional $1 million to digital treasury assets to support growth strategies.