Venus Concept Inc.

Venus Concept reported Q3 2025 total revenue of $13.8 million, down $1.2 million or 8% year over year. Gross profit was $8.8 million, down $1.1 million or 11%, and gross margin was 64% versus 66.1% in Q3 2024. Operating loss was $9.5 million versus $7.2 million last year; net loss attributable to stockholders was $22.6 million, or $12.14 per share, versus $9.3 million, or $13.1 per share; adjusted EBITDA loss was $7.8 million versus $5.9 million. EBD revenue increased 2% to $9.5 million. For guidance, the company is not providing full-year 2025 financial guidance, but it is targeting sequential growth in Q4, in part from a limited commercial launch of Venus Nova in December.

Rajiv De Silva framed the quarter as a mix of stabilization and ongoing turnaround progress. He said EBD sales showed 2% growth and that the company is seeing signs of stabilization in that business, while also emphasizing the new Venus Nova clearance as the first product from the focused R&D strategy and a key part of the long-term growth plan. His tone was constructive but cautious, with repeated references to continuing challenges in hair restoration, financing pressure, and the need to improve the balance sheet and pursue strategic alternatives.

Domenic Della Penna focused on the quarter’s financial pressure points and balance-sheet improvement. He highlighted $13.8 million of revenue, $8.8 million of gross profit, 64% gross margin, and a $7.8 million adjusted EBITDA loss, noting margin pressure from U.S. tariffs and lower fixed-cost absorption. He also cited $5.9 million of cash, about $30.1 million of debt, $11.5 million of debt converted in Q3, and $29 million exchanged year to date, plus $3.9 million of gross proceeds from equity capital market transactions.

There was no analyst Q&A because no additional questions were queued. The call therefore did not surface follow-up debate on the Venus Hair sale, the Venus Nova launch, or liquidity beyond management’s prepared remarks. Management did, however, state that it is not providing full-year 2025 guidance amid lender/investor discussions and market conditions impacted by trade disruptions.