Filing Flows › Delcath Systems (DCTH) › Q3 2025
Delcath Systems (DCTH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Delcath Systems (DCTH) reported revenue of $20.6M for the third quarter 2025 (Q3 2025), +84% from a year earlier and -15% from the quarter before. Operating margin was -1.9%, net earnings $830K (4.0% of revenue).
Delcath Systems, Q3 2025: revenue $20.6M (+84% year over year), operating margin -1.9%, net earnings $830K, operating cash flow $4.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.6M | -15% | +84% |
| Operating profit | −$388K | -115% | — |
| Net earnings | $830K | -69% | — |
| Operating cash flow | $4.8M | -35% | — |
| Free cash flow | $4.3M | -37% | — |
What changed
Revenue was $20.6M in Q3 2025, up 84% year over year and down 15% from the previous quarter. HEPZATO KIT was the largest line at 94% of revenue. HEPZATO KIT added $9.2M year over year (up 92%), 98% of the total change.
Gross margin was 87.2%, up 1.9 points from a year earlier. Operating costs exceeded revenue by $388K, an operating margin of -1.9%. Operating expenses grew 69% against revenue growth of 84%. The fastest-growing cost line was Research & development (+107%). Net earnings were $830K, down 55% year over year. The tax line was a benefit of $455K on pre-tax earnings of $375K. Non-operating items added $763K, 203% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $4.8M, 575% of net earnings. Non-cash charges added back $100K of depreciation and $5.6M of share-based compensation. Working capital and other items used $1.8M. Capital expenditures of $459K left free cash flow of $4.3M.
Questions
What was Delcath Systems' revenue in the third quarter 2025?
Delcath Systems (DCTH) reported revenue of $20.6M for the third quarter 2025 (Q3 2025), +84% from a year earlier and -15% from the quarter before.
Was Delcath Systems profitable in the third quarter 2025?
Operating loss was $388K (-1.9% of revenue) and net earnings $830K.
Source: Delcath Systems 10-Q on SEC EDGAR.