Filing Flows › Delcath Systems (DCTH) › Q4 2025
Delcath Systems (DCTH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Delcath Systems (DCTH) reported revenue of $20.7M for the fourth quarter 2025 (Q4 2025), +37% from a year earlier and +0.8% from the quarter before. Operating margin was -10.5%, net loss $1.9M (9.1% of revenue).
Delcath Systems, Q4 2025: revenue $20.7M (+37% year over year), operating margin -10.5%, net loss $1.9M, operating cash flow $8.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.7M | +0.8% | +37% |
| Operating profit | −$2.2M | — | -172% |
| Net earnings | −$1.9M | -328% | — |
| Operating cash flow | $8.2M | +73% | — |
| Free cash flow | $7.7M | +78% | — |
What changed
Revenue was $20.7M in Q4 2025, up 37% year over year and up 1% from the previous quarter. HEPZATO KIT was the largest line at 92% of revenue.
Gross margin was 85.5%, down 0.4 points from Q4 2024. Operating costs exceeded revenue by $2.2M, an operating margin of -10.5%. Operating expenses grew 100% against revenue growth of 37%. The fastest-growing cost line was Research & development (+222%). The quarter ended with a net loss of $1.9M, after a profit of $830K the previous quarter. Non-operating items added $850K, -64% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $8.2M. Non-cash charges added back $80K of depreciation and $4.5M of share-based compensation. Working capital and other items added $5.6M. Capital expenditures of $550K left free cash flow of $7.7M.
Questions
What was Delcath Systems' revenue in the fourth quarter 2025?
Delcath Systems (DCTH) reported revenue of $20.7M for the fourth quarter 2025 (Q4 2025), +37% from a year earlier and +0.8% from the quarter before.
Was Delcath Systems profitable in the fourth quarter 2025?
Operating loss was $2.2M (-10.5% of revenue) and net loss $1.9M.
Source: Delcath Systems 10-K on SEC EDGAR.