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EBR Systems (NONE.) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · EBR Systems (NONE.) Q2 2026 earnings results →
Q2 2026 Revenue up 1451% year over year to $2.6M · 662¢ of every $1 of revenue lost · operating margin -621.8%
EBR Systems made $2.6M in Q2 2026 (16× Y/Y): WiSE CRT System $2.6M, Surgical tool kits $16K, Battery replacements $13K. Operating margin -621.8%, net loss $17.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
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What changed this quarter
Revenue was $2.6M in Q2 2026, up 1451% year over year and up 12% from the previous quarter. WiSE CRT System was the largest line at 99% of revenue. WiSE CRT System added $2.5M year over year (up 1692%), 100% of the total change. Battery replacements declined 35%.
Gross margin was 13.0%, down 37.0 points from Q2 2025. Operating costs exceeded revenue by $16.4M, an operating margin of -621.8%. Operating expenses grew 49% against revenue growth of 1451%. The fastest-growing cost line was General & admin (+92%). The quarter ended with a net loss of $17.5M, wider than the previous quarter's $17.1M loss.
Operating cash flow was −$17.2M. Non-cash charges added back $284K of depreciation and amortization and $936K of share-based compensation. Working capital and other items used $1.0M. Capital expenditures of $2.9M exceeded it, leaving free cash flow of −$20.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $2.6M | 16× | -621.8% | −$17.5M | −$17.2M |
| Q1 2026 | 10-Q | May 11, 2026 | $2.4M | — | -684.7% | −$17.1M | −$20.3M |
| Q4 2025 | 10-K | Mar 18, 2026 | $935K | — | n/m | −$14.0M | −$15.0M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $512K | — | n/m | −$12.2M | −$13.1M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $170K | — | n/m | −$12.0M | −$11.5M |
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About EBR Systems
EBR is a U.S. based medical device company that developed the WiSE CRT System (“WiSE”), an implantable cardiac pacing system able to provide stimulation to endocardial heart tissue for the correction of heart rhythm conditions without requiring the use of leads. That implantable device is part of a cardiac resynchronization therapy (“CRT”), offering endocardial heart tissue stimulation without the complications associated with traditional lead-based systems. Cardiac rhythm management (“CRM”) systems use leads to conduct electricity from an implantable pulse generator (“IPG”) to electrodes that deliver therapeutic electric pulses to heart tissue. While leads are a critical part of most CRM systems, they have long been recognized as a primary shortcoming of these systems and are a leading cause of device failure.
In its own words, from its 10-K, filed Mar 18, 2026.
EBR Systems against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 16× against the peers' median +5%. Operating margin: -621.8% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NONE. EBR Systems | Q2 2026 | $2.6M | 16× | -621.8% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: EBR Systems 10-Q on SEC EDGAR · CIK 1347123 · Surgical & Medical Instruments & Apparatus
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results