HSCS

MKT CAP:$4M

HeartSciences Inc.

Market Cap

$4M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$2.09-$1.05 (-33.44%)

Apr 21, 2026

Company Details

HeartSciences Inc., a medical technology company, focuses on applying AI-based technology to an ECG to expand and improve clinical usefulness. It develops artificial intelligence-enhanced electrocardiography (AI-ECG) solutions, an algorithm...

CEO

Andrew Simpson

IPO Date

Jun 16, 2022

Website

heartsciences.com

Key Metrics TTM

Revenue

$6.3K

-66.4% YoY

Net Income

-$9M

EPS (Diluted)

-$8.67

Free Cash Flow

-$7M

Revenue / Share

$0.00

Gross Margin

-975.5%

Operating Margin

-131866.5%

Net Margin

-139796.9%

FCF Margin

-115327.5%

P/S

714.3x

P/E

—

Earnings Reports

Q1 2026

Sep 11, 2025

$1.9KEPS -$1.58

FY 2025

Jul 24, 2025

$4.3K-76.6%EPS -$9.34

Q4 2025

Jul 24, 2025

$4.3KEPS -$1.88

Q3 2025

Mar 13, 2025

$0-100.0%EPS -$2.57

Q1 2025

Sep 12, 2024

$0EPS -$2.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$7.5K	-$5.2K	-$674.4K
Q2 22	$0	-$6.6K	-$956.9K
Q3 22	$2.7K	-$4.6K	-$1M
Q4 22	$4.1K	-$3.6K	-$2M
Q1 23	$3.2K	-$5.2K	-$1M
Q2 23	$0	-$6.8K	-$2M
Q3 23	$1.9K	-$5.7K	-$1M
Q4 23	$0	-$6.8K	-$2M
Q1 24	$0	-$7.3K	-$1M
Q2 24	$3.9K	-$5.3K	-$2M
Q3 24	$14.7K	$6.4K	-$2M
Q4 24	$0	-$9.2K	-$2M
Q1 25	$0	-$33.3K	-$2M
Q3 25	$0	$0	-$2M
Q4 25	$4.3K	-$28.8K	-$2M
Q1 26	$1.9K	$1.1K	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	441.9x	—
Q4 22	774.1x	—
Q1 23	1282.2x	—
Q2 23	2023.5x	—
Q3 23	2110.1x	—
Q4 23	1695.4x	—
Q1 24	4893.9x	—
Q2 24	456.8x	—
Q3 24	398.5x	—
Q4 24	350.7x	—
Q1 25	171.9x	—
Q3 25	242.4x	—
Q4 25	857.7x	—
Q1 26	630.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$717.5K	-$717.5K
Q2 22	-$768.1K	-$770.0K
Q3 22	-$966.3K	-$966.3K
Q4 22	-$1M	-$3M
Q1 23	-$2M	-$2M
Q2 23	-$1M	-$8M
Q3 23	-$1M	-$1M
Q4 23	-$2M	-$2M
Q1 24	-$1M	-$1M
Q2 24	-$988.2K	-$990.1K
Q3 24	-$2M	-$2M
Q4 24	-$2M	-$2M
Q1 25	-$2M	-$2M
Q3 25	-$2M	-$2M
Q4 25	-$2M	-$2M
Q1 26	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$1.9K
Q3 22	$0
Q4 22	$2M
Q1 23	$7.2K
Q2 23	$7M
Q3 23	$3.5K
Q4 23	$7.6K
Q1 24	$4.9K
Q2 24	$2.0K
Q3 24	$8.8K
Q4 24	$109.6K
Q1 25	$833
Q3 25	$15.7K
Q4 25	$7.8K
Q1 26	$814

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-72.2%	+147.4%
Q1 23	-57.2%	+110.2%
Q2 23	—	+85.5%
Q3 23	-28.8%	+18.9%
Q4 23	-100.0%	-19.3%
Q1 24	-100.0%	-7.2%
Q2 24	—	-11.3%
Q3 24	+653.8%	+17.5%
Q4 24	—	+17.6%
Q1 25	—	+56.0%
Q3 25	-100.0%	+50.7%
Q4 25	-70.4%	+25.0%
Q1 26	—	-0.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1.6K	21.2%
Q2 22	$834	—
Q3 22	$115.8K	4227.4%
Q4 22	-$49.9K	-1201.6%
Q1 23	$145.7K	4553.8%
Q2 23	$1.9K	—
Q3 23	$1.5K	77.6%
Q4 23	$99.2K	—
Q1 24	$124.6K	—
Q2 24	$105.8K	2713.8%
Q3 24	$96.1K	653.7%
Q4 24	$78.4K	—
Q1 25	$54.6K	—
Q3 25	$54.8K	—
Q4 25	$95.9K	2205.6%
Q1 26	$174.6K	9187.3%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$401.1K	$268.1K
Q2 22	$545.8K	$404.5K
Q3 22	$699.0K	$396.7K
Q4 22	$1M	$618.6K
Q1 23	$434.2K	$990.7K
Q2 23	$849.0K	$919.1K
Q3 23	$643.3K	$660.4K
Q4 23	$534.4K	$1M
Q1 24	$565.6K	$757.7K
Q2 24	$757.3K	$807.4K
Q3 24	$509.5K	$1M
Q4 24	$1M	$824.5K
Q1 25	$1M	$817.4K
Q3 25	$1M	$1M
Q4 25	$929.1K	$962.5K
Q1 26	$997.2K	$878.1K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$918.3K	$0	$918.3K
Q1 23	$4M	$0	$4M
Q2 23	$3M	$0	$3M
Q3 23	$2M	$0	$2M
Q4 23	$2M	$0	$2M
Q1 24	$575.7K	$0	$575.7K
Q2 24	$100.1K	$0	$100.1K
Q3 24	$7M	$0	$7M
Q4 24	$6M	$0	$6M
Q1 25	$4M	$0	$4M
Q2 25	$4M	$0	$4M
Q3 25	$3M	$0	$3M
Q4 25	$1M	$0	$1M
Q1 26	$3M	$0	$3M
Q2 26	$2M	$0	$2M
Q3 26	$3.4B	$0	$3.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	33K	0.0%	—
Q2 22	33K	0.0%	—
Q3 22	33K	+0.3%	—
Q4 22	33K	+0.0%	+0.3%
Q1 23	56K	+69.8%	+70.4%
Q2 23	82K	+45.4%	+147.8%
Q3 23	83K	+1.7%	+151.2%
Q4 23	101K	+21.2%	+204.4%
Q1 24	103K	+2.1%	+83.0%
Q2 24	109K	+5.9%	+33.2%
Q3 24	538K	+391.8%	+544.2%
Q4 24	677K	+25.8%	+568.7%
Q1 25	778K	+14.9%	+652.8%
Q3 25	986K	+26.8%	+801.4%
Q4 25	1M	+12.9%	+107.0%
Q1 26	1M	+17.0%	+92.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$346	12
Q1 23	$267	12
Q2 23	$0	12
Q3 23	$163	12
Q4 23	$0	12
Q1 24	$0	12
Q2 24	$325	12
Q3 24	$1.2K	12
Q4 24	$0	15
Q1 25	$0	15
Q3 25	$0	15
Q4 25	$290	15
Q1 26	$127	15

Revenue / Employee