Filing Flows › PAVmed (PAVM) › Q4 2025
PAVmed (PAVM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 27, 2026
PAVmed (PAVM) reported revenue of $52K for the fourth quarter 2025 (Q4 2025), +420% from a year earlier and +940% from the quarter before.
PAVmed, Q4 2025: revenue $52K (+420% year over year), net loss $2.8M, operating cash flow −$1.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $52K | +940% | +420% |
| Operating profit | −$6.8M | — | — |
| Net earnings | −$2.8M | — | — |
| Operating cash flow | −$1.6M | — | — |
What changed
Revenue was $52K in Q4 2025, up 420% year over year and up 940% from the previous quarter.
Operating costs exceeded revenue by $6.8M, an operating margin of -13082.7%. Total costs grew 32% against revenue growth of 420%. The fastest-growing cost line was Research & development (+127%). The quarter ended with a net loss of $2.8M, narrower than the previous quarter's $6.0M loss. Minority interests bore $1.5M of it: to shareholders the quarter was a loss of $1.3M. Non-operating items added $4.0M, -147% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.6M. Non-cash charges added back $18K of depreciation and amortization and $232K of share-based compensation. Working capital and other items added $1.0M. Capital expenditures of $14K exceeded it, leaving free cash flow of −$1.6M.
Questions
What was PAVmed's revenue in the fourth quarter 2025?
PAVmed (PAVM) reported revenue of $52K for the fourth quarter 2025 (Q4 2025), +420% from a year earlier and +940% from the quarter before.
Source: PAVmed 10-K on SEC EDGAR.