INTELLIGENT BIO SOLUTIONS INC. (INBS)·Q4 2025 Earnings Summary

Executive Summary

• Q4 FY2025 revenue was $0.84M, up 16% year over year and 16% sequentially, driven by higher-margin cartridge sales; the company reiterated progress toward FDA 510(k) clearance for U.S. expansion beyond Forensic Use Only settings .
• Gross margin initiatives continued; management highlighted operational streamlining, localization, and system upgrades, though Q4 gross margin and EBITDA remained negative on continued investment (EBITDA Q4: -$2.64M*) .
• No Wall Street consensus (S&P Global) was available for EPS or revenue, limiting “vs. estimates” analysis; company’s early Q4 pre-announcement calling for ~16% growth was achieved in the final print* .
• Strategic catalysts: pending FDA clearance and U.S. entry, accelerating cartridge mix, and international distribution expansion (active customers >450; 18 distribution partners) .

What Went Well and What Went Wrong

• What Went Well

  • Double-digit topline growth: “Fourth quarter sequential and year-on-year revenue growth of 16%, supported by increased demand for drug testing cartridges.” Q4 revenue reached $843,884 (vs. $727,824 prior year; +16%) and +16% QoQ vs. Q3’s $728,867 .
  • Regulatory momentum toward U.S. expansion: CEO: “Our FDA regulatory pathway remains on track, and we are committed to achieving FDA clearance to expand into the U.S., the world’s largest drug screening market.” .
  • Commercial scaling and recurring mix: Cartridge revenue increased 9% QoQ and 24% YoY in Q4; 115 new accounts in FY2025; active customers now exceed 450 across 24 countries, supported by 18 distribution partners .

• What Went Wrong

  • Profitability still negative: Despite margin work, EBITDA and EBIT remained negative in Q4 (EBITDA: -$2.64M*; EBIT: -$2.88M*) amid continued investment in regulatory and growth initiatives* .
  • Cash draw through year-end: Cash and cash equivalents at June 30, 2025 were $1.02M, down from $2.81M at March 31, 2025 and $6.30M at June 30, 2024, underscoring the need to balance growth and liquidity .
  • Q4 gross margin lighter vs. Q3: Company emphasized actions to improve gross margins, but Q4 gross profit and margin stepped back vs. Q3 levels as the mix and spending cadence fluctuated (Q4 gross profit $0.34M*, margin ~39.8%* vs. Q3 $0.34M and 46.8%) .

Financial Results

• Year-over-year detail: Q4 revenue $0.84M vs. $0.73M in Q4 FY2024 (+16% YoY) and +16% QoQ vs. Q3 .
• Cash and cash equivalents: $1.02M at 6/30/25; total assets $8.25M; total shareholders’ equity $2.81M .
• Note: Asterisks denote values retrieved from S&P Global due to lack of directly disclosed quarterly line items in company documents. Values retrieved from S&P Global.

Segment breakdown: Not disclosed; company reports single product system (readers and cartridges) and highlights revenue mix shifts to higher-margin cartridges .

KPIs (commercial and mix)

Guidance Changes

Note: The company did not issue formal quantitative guidance ranges for revenue, margins, EPS, or operating lines in Q4 materials .

Earnings Call Themes & Trends

(Transcript unavailable; themes drawn from company 8-K press releases)

Management Commentary

• CEO (Harry Simeonidis): “Fiscal 2025 was a pivotal year… As we enter fiscal 2026, we’re focused on… accelerating growth, advancing operational excellence, and expanding beyond Forensic Use Only settings in the U.S. Our FDA regulatory pathway remains on track…” .
• CFO (Spiro Sakiris): “We’ve achieved an enormous amount over fiscal 2025, delivering quarter-on-quarter growth, with accelerated momentum in the second half.” .
• Q3 setup on profitability path: “We’ve also seen a notable reduction in losses this quarter, reflecting ongoing improvements in cost control and operational efficiency.” (CEO, Q3 release) .

Q&A Highlights

• No Q4 FY2025 earnings call transcript was available in our document set, and no call materials were found for the quarter [ListDocuments: no earnings-call-transcript]. Focus items for investor dialogue likely include FDA 510(k) timing, commercialization milestones in the U.S., cartridge mix trajectory, and funding/liquidity planning given cash trends .

Estimates Context

• S&P Global consensus: Not available for Q4 FY2025 (no EPS or revenue consensus or estimate counts returned in our query). We therefore benchmark actuals primarily against prior periods and the company’s preliminary Q4 revenue indication of ~+16%, which was achieved* .
• Implications: With accelerating cartridge mix and continued operating investment, models may focus on FY2026 sequential revenue run-rate and gross margin sustainability post-U.S. clearance; however, without published consensus, estimate “beat/miss” cannot be determined*.

Note: Asterisks denote values retrieved from S&P Global. Values retrieved from S&P Global.

Key Takeaways for Investors

• Execution on revenue growth: Q4 delivered +16% YoY and +16% QoQ growth, consistent with the early pre-announcement; cartridge-led recurring mix is a core driver .
• U.S. regulatory catalyst: FDA 510(k) pathway described as “on track;” clearance remains the key unlock for the largest addressable market and a potential stock catalyst .
• International readiness: Completed multilingual system and localized websites, plus growing distributor network, positioning the platform for broader adoption .
• Profitability still out of reach near term: EBITDA and EBIT remain negative as the company funds regulatory and commercial scaling; monitor gross margin trajectory and operating expense discipline* .
• Liquidity watch: Cash fell to $1.02M at FY-end; investors should track funding plans relative to clinical/regulatory timelines and inventory build for U.S. rollout .
• KPIs trending positively: 115 FY new accounts; active base >450; cartridge growth outpacing readers supports higher gross margin over time .
• Setup into FY2026: With Q1 FY2026 (reported in November) pre-announcing record revenue (context beyond Q4), market focus shifts to sustained sequential growth and visibility on FDA timing as the primary narrative drivers .

Citations:

• Q4 FY2025 results press release and 8-K:
• Q4 FY2025 preliminary revenue release (Aug 7):
• Q3 FY2025 results press release and 8-K:
• Q2 FY2025 results press release and 8-K:

Note: Asterisks denote values retrieved from S&P Global (GetFinancials/GetEstimates) where company did not directly disclose quarterly line items. Values retrieved from S&P Global.