Filing Flows › IGC Pharma (IGC) › Q3 2025
IGC Pharma (IGC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
IGC Pharma (IGC) reported revenue of $191K for the third quarter 2025 (Q3 2025), -54% from a year earlier and -42% from the quarter before.
IGC Pharma, Q3 2025: revenue $191K (-54% year over year), net loss $1.8M, operating cash flow −$2.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $191K | -42% | -54% |
| Operating profit | −$2.9M | — | — |
| Net earnings | −$1.8M | — | — |
| Operating cash flow | −$2.1M | — | — |
What changed
Revenue was $191K in Q3 2025, down 54% year over year and down 42% from the previous quarter. White Labeling Services was the largest line at 80% of revenue. White Labeling Services lost $213K year over year (down 58%), 96% of the total change.
Gross margin was 51.8%, up 3.8 points from a year earlier. Operating costs exceeded revenue by $2.9M, an operating margin of -1517.8%. Operating expenses grew 53% against a revenue fall of 54%. The fastest-growing cost line was Research & development (+73%). The quarter ended with a net loss of $1.8M, wider than the previous quarter's $1.6M loss. Non-operating items added $1.1M, -59% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$2.1M. Non-cash charges added back $119K of depreciation and amortization. Working capital and other items used $388K. Capital expenditures of $29K exceeded it, leaving free cash flow of −$2.1M.
Questions
What was IGC Pharma's revenue in the third quarter 2025?
IGC Pharma (IGC) reported revenue of $191K for the third quarter 2025 (Q3 2025), -54% from a year earlier and -42% from the quarter before.
Source: IGC Pharma 10-Q on SEC EDGAR.