Filing Flows › Shoulder Innovations (SI) › Q4 2025
Shoulder Innovations (SI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Shoulder Innovations (SI) reported revenue of $14.4M for the fourth quarter 2025 (Q4 2025), +65% from a year earlier and +23% from the quarter before. Operating margin was -59.0%, net loss $7.8M (53.9% of revenue).
Shoulder Innovations, Q4 2025: revenue $14.4M (+65% year over year), operating margin -59.0%, net loss $7.8M, operating cash flow −$8.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.4M | +23% | +65% |
| Operating profit | −$8.5M | — | — |
| Net earnings | −$7.8M | — | — |
| Operating cash flow | −$8.8M | — | — |
What changed
Revenue was $14.4M in Q4 2025, up 65% year over year and up 23% from the previous quarter.
Gross margin was 76.7%, down 0.9 points from a year earlier. Operating costs exceeded revenue by $8.5M, an operating margin of -59.0%. Operating expenses grew 90% against revenue growth of 65%. The fastest-growing cost line was Research & development (+176%). The quarter ended with a net loss of $7.8M, narrower than the previous quarter's $8.7M loss.
Operating cash flow was −$8.8M. Non-cash charges added back $905K of depreciation and $381K of share-based compensation. Working capital and other items used $2.3M. Capital expenditures of $2.3M exceeded it, leaving free cash flow of −$11.1M.
Questions
What was Shoulder Innovations' revenue in the fourth quarter 2025?
Shoulder Innovations (SI) reported revenue of $14.4M for the fourth quarter 2025 (Q4 2025), +65% from a year earlier and +23% from the quarter before.
Was Shoulder Innovations profitable in the fourth quarter 2025?
Operating loss was $8.5M (-59.0% of revenue) and net loss $7.8M.