Cerus (CERS) FY2025 results: revenue $234 million, up 16.1% on the year
Cerus Corp. (CERS) reported revenue of $234 million for fiscal 2025, the year ended 31 December 2025, up 16.1% on the year before. Net income was -$16 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$234 million
+16.1% on the year
FY2018FY2025
Operating margin
-3.7%
-7.1% a year earlier
FY2018FY2025
Net income
-$16 million
FY2018FY2025
Diluted EPS
-$0.08
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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%.
IFC volumes up over 50%: Fourth-quarter IFC volumes, including kits and finished therapeutic doses, rose over 50% year over year. U.S. IFC sales were $4.2 million in the quarter, up from $3.0 million.
Product gross margin declined: Product gross margin was 51.5% in the fourth quarter, against 53.9%, and 54.5% for 2025, against 55.2%. Product gross profit rose 9% in the quarter and 13% for the year.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
4.8
11.4
-43.2
-57.4%
Capital expenditure
3.7
2.8
4.6
+31.4%
Free cash flow
1.1
8.5
-47.8
-87.0%
Free cash flow margin
0.5%
4.2%
-25.6%
Cash from investing
-6.2
-8.1
8.6
Cash from financing
0.2
5.0
10.7
-95.3%
Depreciation and amortisation
1.4
1.9
2.6
-23.1%
Share-based compensation
22.9
22.9
20.3
0.0%
Diluted shares, weighted
191m
185m
180m
+3.3%
Shares outstanding at period end
192m
186m
181m
+3.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
64.2
56.1
52.6
+14.4%
Non-controlling interest
0.7
0.8
0.8
-1.3%
Debt
84.0
84.3
80.0
-0.4%
Operating lease liabilities
10.2
11.7
13.8
-12.9%
Other liabilities
62.8
48.1
50.6
+30.6%
Total liabilities and equity
222
201
198
+10.4%
Fixed assets
9.2
7.2
8.6
+28.7%
Goodwill
1.3
1.3
1.3
0.0%
Investments
62.9
60.2
54.2
+4.5%
Cash and equivalents
20.0
20.3
11.6
-1.5%
Receivables
30.4
29.8
35.5
+2.0%
Inventory
56.1
38.1
39.9
+47.1%
Other assets
42.0
44.1
46.6
-4.7%
Total assets
222
201
198
+10.4%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.