Cerus (CERS) Q4 FY2025 earnings: revenue $85 million

Cerus Corp. (CERS) reported revenue of $85 million for Q4 FY2025, the quarter ended 31 December 2025. Net income was -$2 million, and diluted earnings per share $-0.01. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue

$85 million

+62.1% on the quarter

Q1 FY2018Q4 FY2025

Operating margin

-0.8%

Q1 FY2018Q4 FY2025

Net income

-$2 million

Q1 FY2018Q4 FY2025

Diluted EPS

-$0.01

Q1 FY2018Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 kept.

Full-year revenue rose 16%: Total revenue for 2025 was $233.8 million, up 16% from $201.3 million in 2024. Product revenue was $206.1 million, up 14%; government contract revenue was $27.7 million, up 31%.
Net loss narrowed to $15.6 million: Net loss attributable to Cerus was $15.6 million, or $0.08 per share, for 2025, against $20.9 million, or $0.11, in 2024. Fourth-quarter net loss was $2.2 million, or $0.01 per share, against $2.5 million.
EMEA product revenue grew 20%: EMEA product revenue was $67.4 million for 2025, up 20%, and $21.8 million in the fourth quarter, up 36%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Revenue	85.4	52.7	n/a	+62.1%
Research and development	16.4	15.8	n/a	+3.6%
Selling, general and administrative	20.8	18.6	n/a	+11.9%
Operating income	-0.6	1.2	n/a
Operating margin	-0.8%	2.3%	n/a
Interest expense	2.0	2.1	n/a	-7.3%
Pre-tax income	-2.1	0.1	n/a
Income tax	0.1	0.1	n/a	+40.0%
Effective tax rate	n/a	130.8%	n/a
Net income	-2.2	-0.0	n/a
Net margin	-2.6%	-0.0%	n/a
Diluted EPS	-$0.01	$0.00	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Operating cash flow	6.2	1.9	n/a	+221.7%
Capital expenditure	1.3	1.8	n/a	-28.7%
Free cash flow	4.9	0.1	n/a	+5,105.3%
Free cash flow margin	5.7%	0.2%	n/a
Cash from investing	-1.4	-2.5	n/a
Cash from financing	-1.0	0.3	n/a
Depreciation and amortisation	0.4	0.4	n/a	+2.9%
Share-based compensation	4.9	5.6	n/a	-12.4%
Diluted shares, weighted	192m	192m	n/a	+0.1%
Shares outstanding at period end	192m	202m	n/a	-4.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	A year earlier	On the quarter
Shareholders' equity	64.2	61.5	n/a	+4.5%
Non-controlling interest	0.7	0.7	n/a	0.0%
Debt	84.0	85.0	n/a	-1.2%
Operating lease liabilities	10.2	10.7	n/a	-4.8%
Other liabilities	62.8	57.3	n/a	+9.5%
Total liabilities and equity	222	215	n/a	+3.1%
Fixed assets	9.2	6.6	n/a	+39.8%
Goodwill	1.3	1.3	n/a	0.0%
Investments	62.9	62.8	n/a	+0.1%
Cash and equivalents	20.0	15.7	n/a	+27.4%
Receivables	30.4	29.8	n/a	+2.0%
Inventory	56.1	53.1	n/a	+5.6%
Other assets	42.0	45.9	n/a	-8.5%
Total assets	222	215	n/a	+3.1%

Questions

What was Cerus' revenue in Q4 FY2025?

Cerus (CERS) reported revenue of $85 million for Q4 FY2025, the quarter ended 31 December 2025.

How much did Cerus earn in Q4 FY2025?

Net loss for Q4 FY2025 was $2 million, and the diluted loss per share $0.01.

When did Cerus report Q4 FY2025 results?

Cerus filed its 10-K for the year that ended with the quarter on 2 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2015	Q1 FY2016	Q2 FY2016	Q3 FY2016	Q4 FY2016	Q1 FY2017 †	Q2 FY2017 †	Q3 FY2017 †	Q4 FY2017	Q1 FY2018	Q2 FY2018	Q3 FY2018	Q4 FY2018 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	9.7	7.6	9.3	10.2	10.1	7.0	9.5	10.8	16.2	13.6	15.4	15.4	31.7	43.2	52.4	52.7	85.4	53.7	57.4	57.7
Cost of revenue	6.2	4.3	5.0	5.5	5.6	3.7	4.4	5.3	9.1	7.3	7.7	8.1	8.4	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	3.5	3.4	4.3	4.7	4.5	3.3	5.2	5.4	7.1	6.2	7.7	7.3	23.2	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	36%	44%	46%	46%	45%	47%	54%	50%	44%	46%	50%	47%	73%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
R&D	7.2	6.9	8.6	7.0	8.8	9.2	8.9	7.9	7.8	9.4	9.9	10.8	12.4	16.6	18.9	15.8	16.4	14.5	14.4	14.3
SG&A	11.3	11.7	12.4	12.2	12.4	13.7	14.1	12.2	12.5	13.6	14.4	14.0	14.8	20.3	21.2	18.6	20.8	19.9	22.9	21.9
Operating income	-15.0	-15.3	-16.7	-14.3	-15.1	-18.1	-16.2	-12.4	-10.9	-13.4	-12.6	-13.6	-15.5	-5.9	-3.4	1.2	-0.6	-0.4	-1.9	0.4
Operating margin	-155%	-201%	-181%	-140%	-149%	-258%	-170%	-115%	-67%	-98%	-82%	-88%	-49%	-14%	-7%	2%	-1%	-1%	-3%	1%
Interest expense	0.6	0.7	0.7	0.6	0.5	0.5	0.5	1.1	0.9	0.9	1.0	1.1	1.1	2.1	2.1	2.1	2.0	1.9	1.7	1.2
Pre-tax income	-16.5	-16.1	-17.2	-14.8	-14.7	-18.6	-13.2	-13.4	-11.6	-13.8	-13.2	-14.1	-16.1	-7.6	-5.6	0.1	-2.1	-1.6	-2.9	-0.5
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	131%	n/a	n/a	n/a	n/a
Net income	-14.8	-16.9	-18.2	-14.4	-13.5	-18.6	-17.1	-13.4	-11.5	-13.9	-13.3	-14.2	-16.2	-7.7	-5.7	-0.0	-2.2	-1.6	-2.9	-0.6
Net margin	-153%	-221%	-196%	-141%	-133%	-265%	-179%	-124%	-71%	-102%	-86%	-92%	-51%	-18%	-11%	-0%	-3%	-3%	-5%	-1%
Diluted EPS	-$0.15	-$0.17	-$0.18	-$0.14	-$0.13	-$0.18	-$0.16	-$0.12	-$0.10	-$0.11	-$0.10	-$0.11	-$0.12	-$0.04	-$0.03	$0.00	-$0.01	-$0.01	-$0.01	$0.00
Operating cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-12.9	n/a	-10.3	-8.9	-4.9	-7.1	-0.8	-2.4	1.9	6.2	-3.0	-2.7	3.0
Capital expenditure	0.2	0.0	0.1	0.2	0.2	0.2	0.2	0.0	n/a	0.1	0.1	0.5	0.5	0.1	0.5	1.8	1.3	0.2	0.9	0.6
Free cash flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-12.9	n/a	-10.4	-9.0	-5.4	-7.6	-1.0	-2.9	0.1	4.9	-3.3	-3.5	2.4
Shares outstanding	99m	102m	103m	103m	99m	104m	134m	136m	103m	131m	134m	136m	137m	200m	202m	202m	192m	200m	202m	202m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 2 March 2026: the filing.