Filing Flows › TriSalus Life Sciences (TLSI) › Q3 2025
TriSalus Life Sciences (TLSI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
TriSalus Life Sciences (TLSI) reported revenue of $11.6M for the third quarter 2025 (Q3 2025), +57% from a year earlier and +3% from the quarter before. Operating margin was -77.9%, net loss $10.8M (93.5% of revenue).
TriSalus Life Sciences, Q3 2025: revenue $11.6M (+57% year over year), operating margin -77.9%, net loss $10.8M, operating cash flow −$3.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.6M | +3% | +57% |
| Operating profit | −$9.0M | — | — |
| Net earnings | −$10.8M | — | — |
| Operating cash flow | −$3.7M | — | — |
What changed
Revenue was $11.6M in Q3 2025, up 57% year over year and up 3% from the previous quarter.
Gross margin was 83.5%, down 2.8 points from a year earlier. Operating costs exceeded revenue by $9.0M, an operating margin of -77.9%. Operating expenses grew 24% against revenue growth of 57%. The fastest-growing cost line was General & admin (+41%). The quarter ended with a net loss of $10.8M, wider than the previous quarter's $8.3M loss.
Operating cash flow was −$3.7M. Non-cash charges added back $163K of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items added $3.5M. Capital expenditures of $216K exceeded it, leaving free cash flow of −$3.9M.
Questions
What was TriSalus Life Sciences' revenue in the third quarter 2025?
TriSalus Life Sciences (TLSI) reported revenue of $11.6M for the third quarter 2025 (Q3 2025), +57% from a year earlier and +3% from the quarter before.
Was TriSalus Life Sciences profitable in the third quarter 2025?
Operating loss was $9.0M (-77.9% of revenue) and net loss $10.8M.