Filing Flows › Eton Pharmaceuticals (ETON) › Q3 2025
Eton Pharmaceuticals (ETON) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Eton Pharmaceuticals (ETON) reported revenue of $22.5M for the third quarter 2025 (Q3 2025), +118% from a year earlier and +19% from the quarter before. Operating margin was -6.1%, net loss $1.9M (8.6% of revenue).
Eton Pharmaceuticals, Q3 2025: revenue $22.5M (+118% year over year), operating margin -6.1%, net loss $1.9M, operating cash flow $12.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.5M | +19% | +118% |
| Operating profit | −$1.4M | — | — |
| Net earnings | −$1.9M | — | — |
| Operating cash flow | $12.0M | +51% | +307% |
| Free cash flow | $11.7M | +48% | +298% |
What changed
Revenue was $22.5M in Q3 2025, up 118% year over year and up 19% from the previous quarter.
Gross margin was 35.0%, down 26.1 points from a year earlier. Operating costs exceeded revenue by $1.4M, an operating margin of -6.1%. Operating expenses grew 59% against revenue growth of 118%. The fastest-growing cost line was Research & development (+120%). The quarter ended with a net loss of $1.9M, narrower than the previous quarter's $2.6M loss.
Operating cash flow was $12.0M (up 307% year over year). Non-cash charges added back $1.0M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $11.9M. Capital expenditures of $284K left free cash flow of $11.7M.
Questions
What was Eton Pharmaceuticals' revenue in the third quarter 2025?
Eton Pharmaceuticals (ETON) reported revenue of $22.5M for the third quarter 2025 (Q3 2025), +118% from a year earlier and +19% from the quarter before.
Was Eton Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $1.4M (-6.1% of revenue) and net loss $1.9M.