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Vicarious Surgical Inc. (RBOT)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 showed disciplined cost control: total operating expenses fell 35% YoY to $11.503M and GAAP net loss improved to $11.058M ($1.86 EPS), reflecting reductions across R&D, G&A, and S&M .
  • Management emphasized an operational pivot: targeting design freeze by year-end 2026, initiating targeted outsourcing of non-core capital equipment, and executing a ~15% headcount reduction to materially lower burn in 2026, while maintaining FY2025 cash burn guidance at ~$50M .
  • The company strengthened liquidity via an October registered direct offering (gross $5.9M; net ~$5.2M), ending Q3 with $13.4M in cash and investments and quarterly burn of $10.5M .
  • Versus S&P Global consensus, Q3 EPS beat (actual -$1.91 vs est. -$2.33*) and EBITDA missed modestly (actual -$11.15M* vs est. -$9.00M*), underscoring progress on expense discipline but continued pre-revenue development costs [GetEstimates]*.
  • Catalyst: narrative shift from prior expectations of clinical patients in 2025 to a 2026 design-freeze milestone, plus outsourcing/layoffs and liquidity raise—key drivers of estimate revisions and near-term stock reaction focus .

What Went Well and What Went Wrong

What Went Well

  • Material OpEx reduction: total operating expenses down 35% YoY to $11.503M, with R&D down 26%, G&A down 45%, and S&M down 71% .
  • EPS beat vs consensus: Q3 EPS -$1.91 vs -$2.33* estimate; GAAP net loss improved YoY to $11.058M [GetEstimates]*.
  • Tangible system stability improvements: surgeons in weekly OR labs saw IPOM suturing time drop from ~40 minutes to ~14 minutes, highlighting progress in reliability and usability .

Quoted management: “We’ve made important progress toward design freeze and have commenced implementation of a detailed plan to reduce our burn rate while keeping development timelines on track.” — CEO Stephen From .

What Went Wrong

  • EBITDA below consensus and continued pre-revenue status: Q3 EBITDA actual -$11.15M* vs -$9.00M* estimate, reflecting ongoing development and lack of revenue [GetEstimates]* .
  • Timeline extension: prior messaging suggested first clinical patients in 2025, while current plan targets design freeze by year-end 2026, a notable slip in commercialization trajectory .
  • Need for external capital and restructuring: October financing (gross $5.9M) and ~15% headcount reduction indicate continued pressure on runway/burn management .

Financial Results

P&L Summary

MetricQ3 2024Q2 2025Q3 2025
Total Operating Expenses ($USD Millions)$17.755 $13.519 $11.503
Loss from Operations ($USD Millions)$(17.755) $(13.519) $(11.503)
GAAP Net Loss ($USD Millions)$(17.091) $(13.215) $(11.058)
Diluted EPS ($USD)$(2.90) $(2.23) $(1.86)
Interest and Other Income ($USD Thousands)$802 $264 $158

Operating Expense Breakdown

MetricQ3 2024Q2 2025Q3 2025
Research & Development ($USD Millions)$10.800 $9.050 $7.993
General & Administrative ($USD Millions)$5.747 $4.120 $3.160
Sales & Marketing ($USD Millions)$1.208 $0.349 $0.350

Non-GAAP Reconciliation

MetricQ3 2024Q2 2025Q3 2025
Net Loss ($USD Millions)$(17.091) $(13.215) $(11.058)
Change in Fair Value of Warrant Liabilities ($USD Thousands)$(138) $1,590 $287
Adjusted Net Loss ($USD Millions)$(16.953) $(13.255) $(11.345)
Adjusted EPS ($USD)$(2.87) $(2.23) $(1.91)
Weighted Avg Shares (Basic & Diluted)5,899,616 5,938,282 5,954,405

KPIs

KPIQ1 2025Q2 2025Q3 2025
Cash & Investments ($USD Millions)$37.4 $24.0 $13.4
Quarterly Cash Burn ($USD Millions)$11.7 $13.4 $10.5
Short-term Investments ($USD Millions)$34.763 $20.053 $10.250
Cash & Cash Equivalents ($USD Millions)$2.599 $3.910 $3.164
Weighted Avg Diluted Shares5,924,397 5,938,282 5,954,405

Note: Company remains pre-revenue (no revenue line items reported in Q1–Q3 2025 filings) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash Burn ($USD Millions)FY 2025~$50 ~$50 Maintained
2026 Cash BurnFY 2026N/AQualitative: management “confident in driving a material reduction” (unquantified) N/A

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 & Q-1)Current Period (Q3 2025)Trend
Product timeline / clinical entryQ1: “just a few quarters away… first clinical patients. 2025 will be the year… clinical-stage” Targeting design freeze of production-equivalent system by year-end 2026; clinical entry follows; acknowledges potential outsourcing-related disruption Extended timeline; commercialization further out
Burn reductionQ2: OpEx down 24% YoY; maintained ~$50M FY burn guide 35% YoY OpEx reduction; outsourcing plan; ~15% headcount reduction; maintaining ~$50M FY2025 burn Intensifying cost discipline
Outsourcing strategyN/APA Consulting engaged; gap analysis; RFPs; outsource non-differentiated capital equipment; protect core robotics/camera/software New initiative to improve capital efficiency
Surgeon testing / stabilityN/AWeekly OR labs; cadaver lab; IPOM suturing time improved from ~40 to ~14 minutes; increased stability/reliability observed Increased hands-on validation
Capital markets / liquidityN/AOct registered direct offering (gross $5.9M; net ~$5.2M) to support runway and cost actions Liquidity bolstered

Management Commentary

  • Strategic focus: “Sharpening our execution and capital discipline strategies… progress toward design freeze… reduce our burn rate while keeping development timelines on track.” — CEO Stephen From .
  • Design freeze milestone: “Our main priority remains achieving design freeze… target completion by year-end 2026.” — CEO .
  • Outsourcing framework: Retain core innovation (robotic arms, camera, software); outsource less-unique capital equipment; PA Consulting engaged, analysis done by end of November .
  • Cash burn outlook: “We continue to expect full year 2025 cash burn to be approximately $50 million… confident in driving a material reduction… exploring further opportunities to bolster our balance sheet.” — CFO Sarah Romano .
  • Communication posture: Frequent updates via LinkedIn/IR; increased transparency on controlled builds and QMS .

Q&A Highlights

  • Timeline clarification: Design freeze targeted for end of 2026; outsourcing may cause some disruption; plan to communicate changes timely .
  • Outsourcing engagement: PA Consulting (Boston) delivering gap analysis and RFP support by end of November; fixed-fee engagement; aiming to have outsourcing in place by end of Q1 to materially lower 2026/2027 budgets .
  • Cost actions: ~15% headcount reduction executed to control burn post fundraise .
  • Surgeon hands-on/testing: Weekly OR labs and a recent cadaver lab; IPOM suturing time reduced from ~40 to ~14 minutes, indicating improved system stability .
  • Partner relationships: Ongoing engagement with hospital systems and surgeons; strong interest and active simulation/use in Vicarious’s onsite OR suite .

Estimates Context

  • Q3 2025 EPS: actual -$1.91 vs consensus -$2.33* — a beat driven by lower OpEx across categories and interest income; non-GAAP adjusted EPS -$1.91 [GetEstimates]*.
  • Q3 2025 EBITDA: actual -$11.15M* vs consensus -$9.00M* — a miss reflecting continued development-phase costs and pre-revenue status [GetEstimates]*.
  • Revenue: consensus $0.0* across near-term quarters; company remains pre-revenue per filings [GetEstimates]* .
  • Forward estimates: EPS and EBITDA estimates moderate in 2026 as cost structure is expected to improve; however, management has not quantified 2026 burn guidance yet [GetEstimates]* .

Values marked with an asterisk (*) are retrieved from S&P Global.

Quarterly Consensus vs Actuals

MetricQ3 2025Q4 2025Q1 2026Q2 2026
Primary EPS Consensus Mean ($)-2.33*-1.44*-1.22*-1.19*
Primary EPS Actual ($)-1.91 ———
EBITDA Consensus Mean ($USD)-9,000,000*-12,000,000*-6,000,000*-6,000,000*
EBITDA Actual ($USD)-11,151,000*———
Revenue Consensus Mean ($USD)0.0*0.0*0.0*0.0*

Values marked with an asterisk (*) are retrieved from S&P Global.

Key Takeaways for Investors

  • Expense discipline is working: OpEx down 35% YoY and EPS beat consensus; expect near-term estimate revisions to incorporate tighter burn trajectory and restructuring actions [GetEstimates]*.
  • Timeline extension is the dominant narrative change: from 2025 clinical patients to 2026 design freeze; this pushes commercialization expectations further out and may weigh on sentiment/valuation multiples .
  • Outsourcing could be a lever for material burn reduction in 2026–2027, while protecting core differentiation (robotics/camera/software); watch for November analysis and Q1 vendor selections .
  • Liquidity improved post-October offering; monitor cash/investments trajectory and subsequent capital markets activity given Q3 burn of $10.5M and year-end guide of ~$50M .
  • Technical progress is tangible: surgeon lab performance improvements and weekly testing suggest rising stability, supporting eventual clinical readiness, albeit on a longer timeline .
  • Near-term trading: stock likely reacts to the combination of EPS beat, extended timeline, and cost actions; further disclosures on outsourcing and burn targets could be incremental catalysts .
  • Medium-term thesis: execution on design freeze, successful outsourcing, and controlled burn are prerequisites; absent revenue, valuation hinges on de-risking technical milestones and visibility into clinical pathway .

Sources: Q3 2025 8-K press release and financials , Q3 2025 earnings call transcript , October 2025 financing press release , Q2 2025 press release , Q1 2025 press release . Values marked with an asterisk (*) are retrieved from S&P Global.