Harvard Bioscience, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting revenues of $20.5 million, which exceeded its guidance but represented a decrease from $23.1 million in Q2 2024. The company reported a net loss of $(2.3) million, an improvement from a net loss of $(2.9) million in the prior year period, and Adjusted EBITDA increased to $1.5 million from $1.3 million.
A significant development was the amendment to the company's credit agreement, where lenders agreed to waive events of default related to prior refinancing milestones and non-compliance with financial covenants as of June 30, 2025. The lenders also agreed not to test financial covenants for the fiscal quarter ended September 30, 2025, provided the company complies with payment obligations and minimum liquidity requirements.
This waiver provides critical short-term relief, though the company must complete steps towards refinancing or repayment of the credit agreement by December 5, 2025. Cash provided by operations for the quarter was $2.8 million, a substantial improvement from cash used in operations of $(0.8) million in Q2 2024. For Q3 2025, the company expects revenues of $19 million to $21 million and a gross margin in the 56% to 58% range.
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