Filing Flows › Exagen (XGN) › Q2 2025
Exagen (XGN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Exagen (XGN) reported revenue of $17.2M for the second quarter 2025 (Q2 2025), +14% from a year earlier and +11% from the quarter before. Operating margin was -15.3%, net loss $4.4M (25.8% of revenue).
Exagen, Q2 2025: revenue $17.2M (+14% year over year), operating margin -15.3%, net loss $4.4M, operating cash flow −$2.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.2M | +11% | +14% |
| Operating profit | −$2.6M | — | — |
| Net earnings | −$4.4M | — | — |
| Operating cash flow | −$2.9M | — | — |
What changed
Revenue was $17.2M in Q2 2025, up 14% year over year and up 11% from the previous quarter.
Gross margin was 60.4%, up 0.3 points from a year earlier. Operating costs exceeded revenue by $2.6M, an operating margin of -15.3%. Operating expenses grew 12% against revenue growth of 14%. The fastest-growing cost line was Research & development (+26%). The quarter ended with a net loss of $4.4M, wider than the previous quarter's $3.8M loss.
Operating cash flow was −$2.9M. Non-cash charges added back $500K of depreciation and amortization and $443K of share-based compensation. Working capital and other items added $611K. Capital expenditures of $209K exceeded it, leaving free cash flow of −$3.1M.
Questions
What was Exagen's revenue in the second quarter 2025?
Exagen (XGN) reported revenue of $17.2M for the second quarter 2025 (Q2 2025), +14% from a year earlier and +11% from the quarter before.
Was Exagen profitable in the second quarter 2025?
Operating loss was $2.6M (-15.3% of revenue) and net loss $4.4M.
Source: Exagen 10-Q on SEC EDGAR.