Revenue: As of FY2025, the actual value is USD 36.97 M, beating the estimate of USD 36.6 M.EPS: As of FY2025, the actual value is USD -0.9, missing the estimate of USD -0.83.EBIT: As of FY2025, the actual value is USD -22.99 M.<h4>Segment Revenue</h4><ul><li>Biologics and Drug Delivery Revenue: Increased 10% to $19.0 million for the year ended December 31, 2025, from $17.3 million for the year ended December 31, 2024. Disposable products revenue for Biologics and Drug Delivery increased 31% to $7,338 thousand in 2025 from $5,606 thousand in 2024. Services and license fees revenue for Biologics and Drug Delivery remained nearly flat at $11,702 thousand in 2025 compared to $11,704 thousand in 2024.</li><li>Neurosurgery Navigation and Therapy Revenue: Increased 44% to $14.8 million for the year ended December 31, 2025, from $10.3 million for the year ended December 31, 2024. Disposable products revenue for Neurosurgery Navigation and Therapy increased 44% to $14,831 thousand in 2025 from $10,285 thousand in 2024.</li><li>Capital Equipment and Software Revenue: Decreased 18% to $3.1 million for the year ended December 31, 2025, from $3.8 million for the year ended December 31, 2024. Systems and software products revenue decreased -38% to $1,690 thousand in 2025 from $2,735 thousand in 2024. Services revenue increased 33% to $1,410 thousand in 2025 from $1,060 thousand in 2024.</li><li>Total Revenue: Increased 18% to $36,971 thousand in 2025 from $31,390 thousand in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Cost of Revenue: Increased 16% to $14.3 million for the year ended December 31, 2025, compared to $12.3 million for the year ended December 31, 2024.</li><li>Gross Profit: Increased to $22.7 million for the year ended December 31, 2025, from $19.1 million for the year ended December 31, 2024.</li><li>Gross Margin: Remained consistent at 61% for both the years ended December 31, 2025 and December 31, 2024.</li><li>Research and Development Costs: Increased 12% to $13.9 million for the year ended December 31, 2025, compared to $12.4 million for the year ended December 31, 2024.</li><li>Sales and Marketing Expenses: Increased 14% to $16.5 million for the year ended December 31, 2025, compared to $14.5 million for the year ended December 31, 2024.</li><li>General and Administrative Expenses: Increased 38% to $16.5 million for the year ended December 31, 2025, compared to $12.0 million for the year ended December 31, 2024.</li><li>Operating Loss: Was - $24,164 thousand for the year ended December 31, 2025, compared to - $19,734 thousand for the year ended December 31, 2024.</li><li>Net Loss: Was - $25,540 thousand for the year ended December 31, 2025, compared to - $18,914 thousand for the year ended December 31, 2024.</li><li>Interest Income: Decreased to $1.2 million for the year ended December 31, 2025, from $1.4 million for the year ended December 31, 2024.</li><li>Interest Expense: Increased to $2.4 million for the year ended December 31, 2025, compared to $0.5 million for the year ended December 31, 2024.</li><li>Cumulative Deficit: The company had a cumulative deficit of - $216.9 million at December 31, 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Flows Used in Operating Activities: Was - $23.9 million for the year ended December 31, 2025, an increase of - $15.0 million from - $8.95 million for the year ended December 31, 2024.</li><li>Net Cash Flows Provided by Investing Activities: Was $0.6 million in 2025.</li><li>Net Cash Flows Provided by Financing Activities: Was $50.2 million in 2025.</li><li>Cash and Cash Equivalents: Totaled $45.9 million at December 31, 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Customer Concentration (Neurosurgery): The five largest hospital customers accounted for approximately 21% of neurosurgery navigation disposable product revenues in 2025.</li><li>Customer Concentration (Biologics and Drug Delivery): One pharmaceutical customer, PTC Therapeutics, Inc., accounted for approximately 15% of biologics and drug delivery revenues in 2025, and 8% of total revenues in 2025 and 9% in 2024.</li><li>Partnerships: ClearPoint Neuro, Inc. had more than 60 biologics and drug delivery partners at December 31, 2025, similar to 2024.</li><li>Goodwill: A goodwill balance of $7.5 million was recognized from the IRRAS acquisition.</li><li>Debt: The aggregate amount of indebtedness under the 2025 NPA was $50.9 million as of December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>Revenue is expected to grow over the coming years due to a larger combined organization, expanded product offerings, and increased customer reach, resulting from the IRRAS acquisition. The IRRAS acquisition is anticipated to impact the cost of revenue and reduce overall gross margins in the near term, while research and development costs and sales and marketing expenses are expected to increase over time. The company’s existing cash and cash equivalent balances at December 31, 2025, are deemed sufficient to support operations for at least the next twelve months based on current forecasts.

ClearPoint Neuro | 10-K: FY2025 Revenue Beats Estimate at USD 36.97 M