Filing Flows › Exagen (XGN) › Q4 2025
Exagen (XGN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Exagen (XGN) reported revenue of $16.6M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -4% from the quarter before. Operating margin was -29.9%, net loss $4.7M (28.1% of revenue).
Exagen, Q4 2025: revenue $16.6M (+22% year over year), operating margin -29.9%, net loss $4.7M, operating cash flow −$3.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.6M | -4% | +22% |
| Operating profit | −$5.0M | — | — |
| Net earnings | −$4.7M | — | — |
| Operating cash flow | −$3.0M | -202% | -930% |
What changed
Revenue was $16.6M in Q4 2025, up 22% year over year and down 4% from the previous quarter.
Gross margin was 55.4%, down 6.7 points from Q4 2024. Operating costs exceeded revenue by $5.0M, an operating margin of -29.9%. Operating expenses grew 20% against revenue growth of 22%. The fastest-growing cost line was SG&A (+22%). The quarter ended with a net loss of $4.7M, narrower than the previous quarter's $7.1M loss.
Operating cash flow was −$3.0M. Non-cash charges added back $600K of depreciation and amortization and $705K of share-based compensation. Working capital and other items added $355K. Capital expenditures of $44K exceeded it, leaving free cash flow of −$3.1M.
Questions
What was Exagen's revenue in the fourth quarter 2025?
Exagen (XGN) reported revenue of $16.6M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -4% from the quarter before.
Was Exagen profitable in the fourth quarter 2025?
Operating loss was $5.0M (-29.9% of revenue) and net loss $4.7M.
Source: Exagen 10-K on SEC EDGAR.