Filing Flows › Exagen (XGN) › Q3 2025
Exagen (XGN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Exagen (XGN) reported revenue of $17.2M for the third quarter 2025 (Q3 2025), +38% from a year earlier and +0.2% from the quarter before. Operating margin was -18.0%, net loss $7.1M (41.1% of revenue).
Exagen, Q3 2025: revenue $17.2M (+38% year over year), operating margin -18.0%, net loss $7.1M, operating cash flow $2.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.2M | +0.2% | +38% |
| Operating profit | −$3.1M | — | — |
| Net earnings | −$7.1M | — | — |
| Operating cash flow | $2.9M | — | — |
| Free cash flow | $2.7M | — | — |
What changed
Revenue was $17.2M in Q3 2025, up 38% year over year and roughly flat from the previous quarter.
Gross margin was 58.4%, up 2.6 points from a year earlier. Operating costs exceeded revenue by $3.1M, an operating margin of -18.0%. Operating expenses grew 13% against revenue growth of 38%. The fastest-growing cost line was Research & development (+17%). The quarter ended with a net loss of $7.1M, wider than the previous quarter's $4.4M loss. Net interest and other expense of $4.0M was the main reason.
Operating cash flow was $2.9M. Non-cash charges added back $600K of depreciation and amortization and $593K of share-based compensation. Working capital and other items added $8.8M. Capital expenditures of $275K left free cash flow of $2.7M.
Questions
What was Exagen's revenue in the third quarter 2025?
Exagen (XGN) reported revenue of $17.2M for the third quarter 2025 (Q3 2025), +38% from a year earlier and +0.2% from the quarter before.
Was Exagen profitable in the third quarter 2025?
Operating loss was $3.1M (-18.0% of revenue) and net loss $7.1M.
Source: Exagen 10-Q on SEC EDGAR.