Financial Performance - First quarter 2025 revenues were $21.8 million, down 11% from $24.5 million in Q1 2024[2] - Gross margin for Q1 2025 was 56.0%, compared to 60.3% in Q1 2024[2] - Net loss for Q1 2025 was $(50.3) million, including a goodwill impairment of $(48.0) million, compared to a net loss of $(4.7) million in Q1 2024[3] - Adjusted EBITDA for Q1 2025 was $0.8 million, down from $1.6 million in Q1 2024[3] - The company reported an adjusted net loss of $(0.6) million for Q1 2025, compared to an adjusted net income of $0.7 million in Q1 2024[22] Future Projections - The company expects Q2 2025 revenues to be between $18 million and $20 million, with a gross margin of 55% to 57%[4] - The company anticipates operating cost reductions of approximately $1 million per quarter starting in Q2 2025[1] Cash Flow and Operations - Cash provided by operations in Q1 2025 was $3.0 million, compared to $1.4 million in the same period in 2024[3] Balance Sheet - Total assets decreased from $126.6 million at the end of 2024 to $79.8 million by March 31, 2025[18] - Stockholders' equity fell from $63.3 million at the end of 2024 to $14.8 million by March 31, 2025[18] Taxation - Adjusted income taxes reflect the tax effect of reconciling items using local jurisdiction tax rates[23]
Harvard Bioscience(HBIO) - 2025 Q1 - Quarterly Results