PetVivo Holdings reported a 51% jump in revenue to $303,000 for the quarter ended September 30, 2025, driven by strong demand for its Spryng and PrecisePRP products. The Spryng platform, which has been adopted by a growing number of veterinary practices, contributed $180,000 of the total, while the newer PrecisePRP line added $123,000, reflecting a shift toward lower‑margin, high‑volume offerings.
Gross profit rose to $220,000, but the gross margin fell to 72.6% from 89.5% a year earlier. The decline is largely attributable to the lower cost structure of PrecisePRP, which carries a smaller margin than Spryng. The company’s cost of goods sold increased by 18% year‑over‑year, while revenue grew 51%, compressing the margin.
Net loss widened to $3.007 million, a 36% improvement over the same quarter a year earlier but still significant. The loss was driven by a $1.2 million interest expense related to a debt‑discount on convertible notes that were converted during the quarter. Management also disclosed a “substantial doubt” about the company’s ability to continue as a going concern, underscoring the need for additional financing.
Operating expenses fell 3% to $2.3 million, reflecting disciplined cost management. Cash on hand increased to $768,000, while total liabilities dropped 79% to $1.1 million, a result of the company’s focus on balance‑sheet strength. The liquidity improvement, however, is offset by the ongoing net loss and the going‑concern warning.
Management reiterated its focus on revenue growth and cost control, noting that the expansion into companion animal and equine markets is accelerating. CEO John Lai emphasized that the U.S. animal‑health market is expected to double to $11.3 billion by 2030, positioning PetVivo to capture a larger share. CFO Garry Lowenthal highlighted the balance‑sheet improvements and the need to manage debt‑related costs.
The quarter’s results illustrate a company that is gaining market traction but still faces significant financial headwinds. Revenue growth is offset by margin compression and a widening net loss, while the going‑concern disclosure signals that the company must secure additional capital to sustain operations. Investors and analysts will likely scrutinize the company’s ability to convert its top‑line momentum into profitability in the coming quarters.
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