Filing Flows › Elutia (ELUT) › Q4 2025
Elutia (ELUT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 13, 2026
Elutia (ELUT) reported revenue of $3.3M for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and -2% from the quarter before. Operating margin was -200.6%.
Elutia, Q4 2025: revenue $3.3M (+16% year over year), operating margin -200.6%, net earnings $70.8M, operating cash flow −$24.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3M | -2% | +16% |
| Operating profit | −$6.6M | — | — |
| Net earnings | $70.8M | — | — |
| Operating cash flow | −$24.8M | — | — |
What changed
Revenue was $3.3M in Q4 2025, up 16% year over year and down 2% from the previous quarter.
Gross margin was 58.5%, up 11.6 points from Q4 2024. Operating costs exceeded revenue by $6.6M, an operating margin of -200.6%. Operating expenses fell 3% while revenue rose 16%. The fastest-growing cost line was Research & development (+67%). Net earnings were $70.8M. The effective tax rate was 0.0%. Non-operating items added $77.3M, 109% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$24.8M. Non-cash charges added back $297K of depreciation and amortization and $872K of share-based compensation. Working capital and other items used $96.8M. Capital expenditures of $854K exceeded it, leaving free cash flow of −$25.7M.
Questions
What was Elutia's revenue in the fourth quarter 2025?
Elutia (ELUT) reported revenue of $3.3M for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and -2% from the quarter before.
Was Elutia profitable in the fourth quarter 2025?
Operating loss was $6.6M (-200.6% of revenue) and net earnings $70.8M.
Source: Elutia 10-K on SEC EDGAR.