Hyperfine, Inc. Reports Second Quarter 2026 Financial Results

About this update from Hyperfine, Inc.

Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared AI-powered portable magnetic resonance (MR) brain imaging system—the Swoop® system—today announced second quarter 2026 financial results and provided a business update. “Q2 was another strong quarter for Hyperfine, marked by solid growth in placements and revenue, continued gross margin expansion, disciplined operating expense management, and a strengthened balance sheet. One year into the launch of the next-generation Swoop® system and our entry into the neurology office market, we are seeing broader use across care settings and international markets. We are executing on our strategy to expand MRI access across sites of care, increase the clinical utility of our technology, and broaden our international reach. With record U.S. scan volume, continued momentum across hospital and office settings, and international commercial progress, portable brain MRI is moving from early adoption toward broader mainstream clinical use,” said Maria Sainz, Chief Executive Officer and President of Hyperfine, Inc. Recent Achievements and Business Highlights Obtained CE Marking and UK Conformity Assessment (UKCA) approval for both the next-generation Swoop® system and the latest Optive AI™ software in Europe. Announced the European launch of the next-generation Swoop® system, with initial systems sold. Achieved record U.S. Swoop® system scan volume milestones across multiple sites of care, reflecting expanding clinical utility and increasingly diverse use cases across hospital and office settings. Formed a Global Neurosurgery Advisory Council of leading neurosurgeons from around the world to help guide the role of the Swoop® system in neurosurgical care. Presented results from the PRIME study showing portable MRI substantially reduces time to imaging in emergency departments. Expanded Swoop® system evidence base with new peer-reviewed Stroke and Journal of Neurosurgery publications, adding to more than 180 publications and 280 scientific presentations to date. Second Quarter 2026 Financial Results Revenues for the second quarter of 2026 were $3.9 million, increasing 44.8% compared to $2.7 million in the second quarter of 2025. Sold 12 commercial Swoop® systems in the second quarter of 2026, increasing 50.0% compared to 8 in the second quarter of 2025. Gross profit for the second quarter of 2026 was $2.0 million, compared to $1.3 million in the second quarter of 2025, representing 50.7% gross margin in the second quarter of 2026, compared to 49.3% gross margin in the second quarter of 2025. Research and development expenses for the second quarter of 2026 were $3.9 million, decreasing 14.9% compared to $4.5 million in the second quarter of 2025. Sales, marketing, general, and administrative expenses for the second quarter of 2026 were $6.6 million, increasing 3.2% compared to $6.4 million in the second quarter of 2025. Net loss for the second quarter of 2026 was $9.3 million, equating to a net loss of $0.09 per share, as compared to a net loss of $9.2 million, or a net loss of $0.12 per share, for the second quarter of 2025. The second quarter of 2026 net loss includes a $0.6 million loss from a change in the fair value of warrant liabilities, compared to a less than $0.1 million gain in the second quarter of 2025. Cash and cash equivalents were $43.5 million as of June 30, 2026, compared with $35.1 million as of December 31, 2025, primarily reflecting financing activities completed during the first half of 2026. 2026 Financial Guidance Management continues to expect revenue for the full year 2026 to be approximately $20 to $22 million, representing 55% growth at the midpoint as compared to full year 2025. Management continues to expect cash burn 1 for the full year 2026 to be approximately $26 to $28 million, representing a 10% decline at the midpoint as compared to full year 2025. 1 Cash burn is calculated as change in cash and cash equivalents less net financing proceeds. Conference Call Hyperfine, Inc. will host a conference call at 1:30 p.m. PT/ 4:30 p.m. ET on Thursday, August 6, 2026 to discuss its second quarter 2026 financial results and provide a business update. Those interested in listening should register online by visiting https://investors.hyperfine.io/ and clicking on News & Events. Participants are encouraged to register more than 15 minutes before the start of the call. A live and archived audio webcast will be available through the Investors page of Hyperfine, Inc.’s corporate website at https://investors.hyperfine.io/ . About Hyperfine, Inc. and the Swoop® Portable MR Imaging® Systems Hyperfine, Inc. (Nasdaq: HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop® system—the first U.S. Food and Drug Administration (FDA)-cleared, portable, ultra-low-field, magnetic resonance brain imaging system capable of providing imaging at multiple points of professional care. The mission of Hyperfine, Inc. is to revolutionize patient care globally through transformational, accessible, clinically relevant diagnostic imaging. Founded by Dr. Jonathan Rothberg in a technology-based incubator called 4Catalyzer, Hyperfine, Inc. scientists, engineers, and physicists developed the Swoop® system out of a passion for redefining brain imaging methodology and how clinicians can apply accessible diagnostic imaging to patient care. For more information, visit hyperfine.io . The Swoop® Portable MR Imaging® systems are FDA cleared for brain imaging of patients of all ages. They are portable, ultra-low-field magnetic resonance imaging devices for producing images that display the internal structure of the head where full diagnostic examination is not clinically practical. When interpreted by a trained physician, these images provide information that can be useful in determining a diagnosis. The Swoop® system also has CE Mark in the European Union and UKCA Mark in the United Kingdom. The Swoop® system is commercially available in a select number of international markets. Hyperfine, Swoop, and Portable MR Imaging are registered trademarks of Hyperfine, Inc. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results of Hyperfine, Inc. (the “Company”) may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations about the Company’s financial and operating results, including, the Company’s expected revenue and cash burn for the full year 2026, the Company's cash runway, the Company’s goals and commercial plans, including the Company’s commercial rollout of the Company’s Optive AI™ software and next generation Swoop® system, the acceleration of the adoption of the Swoop® system across multiple sites of care in the hospital, neurology office and international markets, the benefits of the Company’s products and services, progress on improvements and advancements in the Company’s products and services, and the Company’s future performance, including its financial performance, and its ability to implement its strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the success, cost and timing of the Company’s product development and commercialization activities, including the degree that the Swoop® system is accepted and used by healthcare professionals; the Company’s ability to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the ability of the Company to obtain and maintain regulatory clearance or approval for its products, and any related restrictions and limitations of any cleared or approved product; the ability of the Company to identify, in-license or acquire additional technology; the ability of the Company to maintain its existing or future license, manufacturing, supply and distribution agreements and to obtain adequate supply of its products; existing and potential future National Institutes of Health funding pressures; existing and potential future effects from U.S. export controls and tariffs; the ability of the Company to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using the Company’s products and services; the Company’s ability to successfully complete and generate positive data from the PRIME study, ACTION PMR study, Contrast PMR study, CARE PMR study and NEURO PMR study; the Company’s ability to generate clinical evidence of the benefits of the Company’s products and services and to progress on product advancements and improvements; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including those under “Risk Factors” therein. The Company cautions readers that the foregoing list of factors is not exclusive and that readers should not place undue reliance upon any forward-looking statements which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. HYPERFINE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited)     June 30, 2026     December 31, 2025   ASSETS             CURRENT ASSETS:             Cash and cash equivalents   $ 43,458     $ 35,085   Restricted cash     1,306       957   Accounts receivable, less allowance of $495 and $1,372 as of June 30, 2026 and December 31, 2025, respectively     4,217       5,254   Unbilled receivables     1,572       1,268   Inventories     6,789       7,090   Prepaid expenses and other current assets     1,899       1,255   Total current assets     59,241       50,909   Property and equipment, net     2,262       2,549   Other long term assets     1,496       1,804   Total assets   $ 62,999     $ 55,262   LIABILITIES AND STOCKHOLDERS’ EQUITY             CURRENT LIABILITIES:             Accounts payable   $ 2,422     $ 4,051   Deferred grant funding     1,306       957   Deferred revenue     1,661       1,544   Due to related parties     61       50   Accrued expenses and other current liabilities     4,179       5,130   Total current liabilities     9,629       11,732   Long-term debt, net     13,235       —   Warrant liabilities     2,542       1,730   Long term deferred revenue     835       729   Other noncurrent liabilities     —       66   Total liabilities     26,241       14,257   STOCKHOLDERS’ EQUITY             Class A Common stock, $0.0001 par value per share; 600,000,000 shares authorized; 90,987,381 and 82,166,458 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively     9       8   Class B Common stock, $0.0001 par value per share; 27,000,000 shares authorized; 15,055,288 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively     2       2   Additional paid-in capital     384,684       371,011   Accumulated deficit     (347,937 )     (330,016 ) Total stockholders’ equity     36,758       41,005   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 62,999     $ 55,262     HYPERFINE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (Unaudited)     Three Months Ended June 30,     Six Months Ended June 30,       2026     2025     2026     2025   Sales                         Device   $ 3,170     $ 2,128     $ 6,427     $ 3,650   Service     734       568       1,380       1,183   Total sales   $ 3,904     $ 2,696     $ 7,807     $ 4,833   Cost of sales                         Device   $ 1,603     $ 1,097     $ 3,249     $ 2,082   Service     321       271       599       540   Total cost of sales   $ 1,924     $ 1,368     $ 3,848     $ 2,622   Gross profit     1,980       1,328       3,959       2,211   Operating Expenses:                         Research and development   $ 3,865     $ 4,541     $ 7,710     $ 9,578   General and administrative     3,907       3,859       8,037       8,067   Sales and marketing     2,677       2,523       5,239       5,063   Total operating expenses   $ 10,449     $ 10,923     $ 20,986     $ 22,708   Loss from operations   $ (8,469 )   $ (9,595 )   $ (17,027 )   $ (20,497 ) Interest income   $ 272     $ 239     $ 526     $ 556   Interest expense     (533 )     —       (616 )     —   Change in fair value of warrant liabilities     (571 )     46       (812 )     1,664   Other income (expense), net     3       85       8       (366 ) Loss before provision for income taxes   $ (9,298 )   $ (9,225 )   $ (17,921 )   $ (18,643 ) Provision for income taxes     —       —       —       —   Net loss and comprehensive loss   $ (9,298 )   $ (9,225 )   $ (17,921 )   $ (18,643 ) Net loss per common share attributable to common stockholders, basic and diluted   $ (0.09 )   $ (0.12 )   $ (0.18 )   $ (0.24 ) Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted     99,797,156       78,077,118       98,751,951       76,893,733     HYPERFINE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) (Unaudited)       Six Months Ended June 30,       2026   2025 Cash flows from operating activities:             Net loss   $ (17,921 )   $ (18,643 ) Adjustments to reconcile net loss to net cash used in operating activities:             Depreciation     538       512   Stock-based compensation expense     1,550       1,492   Loss on disposal of property and equipment, net     6       —   Change in fair value of warrant liabilities     812       (1,664 ) Amortization of debt discount and issuance costs     129       —   Other     16       15   Changes in assets and liabilities:             Accounts receivable, net     1,037       899   Unbilled receivables     (304 )     457   Inventory     274       733   Prepaid expenses and other current assets     (669 )     (749 ) Other long term assets     170       (34 ) Accounts payable     (1,603 )     1,339   Deferred grant funding     349       130   Deferred revenue     223       (230 ) Due to related parties     11       (2 ) Accrued expenses and other current liabilities     (897 )     (1,404 ) Operating lease liabilities, net     3       (10 ) Net cash used in operating activities   $ (16,276 )   $ (17,159 ) Cash flows from investing activities:             Purchases of property and equipment     (272 )     (992 ) Net cash used in investing activities   $ (272 )   $ (992 ) Cash flows from financing activities:             Proceeds from issuance of debt, net   $ 13,641     $ —   Proceeds from exercise of stock options     254       37   Proceeds from issuance of Class A common stock under “at-the-market” offering program, net     11,375       835   Proceeds from issuance of Class A common stock with warrants under February 2025 Offering, net     —       5,184   Net cash provided by financing activities   $ 25,270     $ 6,056   Net increase (decrease) in cash and cash equivalents and restricted cash     8,722       (12,095 ) Cash, cash equivalents and restricted cash, beginning of period     36,042       37,673   Cash, cash equivalents and restricted cash, end of period   $ 44,764     $ 25,578   Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets             Cash and cash equivalents   $ 43,458     $ 25,420   Restricted cash     1,306       158   Total cash, cash equivalents and restricted cash   $ 44,764     $ 25,578   Supplemental disclosure of noncash information:             Issuance of warrants in connection with Loan Agreement, net   $ 495     $ —   Initial measurement of warrant liabilities   $ —     $ 2,858   Unpaid purchase of property and equipment   $ 5     $ 86   Noncash acquisition of fixed assets   $ 27     $ —   Unpaid debt issuance and financing costs   $ 15     $ 2       View source version on businesswire.com: https://www.businesswire.com/news/home/20260806773078/en/

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